Small steps in building diverse teams can lead to big benefits, asset managers stated while unpacking the importance of diversity and inclusion at the recent TradeTech FX US conference.
Along with identifying that it is incumbent on trading desks to hire a diverse team, experts highlighted some of the tangible benefits they have seen along with sharing success stories about personnel additions.
Sabrin Chowdhury, global head of inclusion and diversity at PIMCO, made clear the high importance of including diverse individuals in day-to-day activities, with micro-inclusions just one of the ways firms can maximise their workforce and facilitate even larger returns.
“All of us, regardless of our visible and invisible differences, are affected by inclusions or exclusions but when you add differences (around gender, race, sexual orientation) these are magnified. There’s been a lot of research done around how we as managers can make sure that we are truly being reflective on how we assign work or give credit when it’s due and even who we choose to take off the trade desk for a coffee.
“Research has found that investing in these micro-inclusions really has a macro impact in terms of employee engagement and productivity.”
Speaking to the importance of this top-down approach to influence real change within organisations and the responsibility of managers, Inderjit Takk, vice president and head of FX and derivatives trading at Mackenzie Investments, asserted that when heading up a trading team, taking the onus is paramount.
“As head of a desk I think it’s important to have a diverse desk, it’s been proven over and over that diversity leads to better results. But, as a leader, what is important is when you’re selecting or hiring is to look for potential.
“[…] I actually hired somebody last year who had never traded, but when I interviewed her I felt ‘this is somebody I can train’, which has been a large investment on my part but as a leader, I have to be willing to invest. If you see the potential in someone, give them that opportunity.”
Chowdhury agreed, adding that if a business is not thinking about how to unlock the potential of diversity, and the individuals available to leverage, then research demonstrates that they are missing out.
“A more diverse team leads to more activity and there’s a business case which comes with that. Of course the goodwill or the moral case for having diverse teams exists, but there is a real business comparative that shows that companies with more gender diverse teams outperform those that are less so.”
Read more: The TRADE launches Diversity & Inclusion Survey for 2024
Speaking to the personal side of things and importance of a sense of belonging – aside from diversity and inclusion holding the potential to enhance business results – Telmo Simoes, managing director of institutional sales, emerging markets, at ATFX Connect, explained that while returns are importance, firms must appreciate that their workforce are first and foremost, people.
He stated: “It’s not all about geopolitics, it’s not about what’s the best liquidity, or the best algo. We’re taking about people as well. Hopefully going forwards we are going to have more of these topics […] business does not trump everything.”
In addition, Simoes highlighted the importance of Human Resources (HR) departments in the organisational set-up, stating that real influence starts there.
“It’s very important that HR has to keep up to date with the latest practises, guidelines, policies […] That will definitely trickle down from top to bottom, HR plays a very, very important role in promoting and enforcing inclusion and acting against discrimination as well.”
The panel concurred, with Chowdhury concluding that fundamentally, embedding and integrating diversity and inclusion learning at every step and every stage of a business’ workflow is what leads to true advancement.