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5 THINGS WE LEARNT AT BAME TALENT - BREAKING THE BARRIERS
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ADDRESSING THE IMBALANCE: KEY FINDINGS FROM OUR GENDER PARITY SURVEY
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investments PRACTICE
Altus Partners has deep-rooted relationships with an enviable range of Private Equity General and Limited Partners. We focus on searches for both Investment and Investor Relations professionals, from Analyst through to Director Level. We pride ourselves on our network of professionals within the banking, consultancy, practice and buy-side communities, as well as our ability to attract the most sought-after talent for our clients.
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The Altus Partners Finance Practice partners with Fund Finance teams and the finance and strategy functions of Private Equity backed businesses. We harness the relationships already established from our Investments/Private Equity teams and thus possess a true sense of the dynamism and technical abilities required within the Portfolio finance function. With the capacity to work on both interim and permanent mandates we provide an accelerated yet highly efficient offering to our clients, providing valued versatility in times of transformation.
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SEIZING THE NEW OPPORTUNITY FOR DIVERSITY: HOW CAN WE REBUILD AFTER COVID-19?
4 days agoAccording to the World Economic Forum, the impact of the global pandemic has increased the global gender gap from 99 years to 135 years. That’s a whole generation. What’s more, in the US, 2.5 million women have left the workforce since the pandemic, compared to only 1.8 million men. Vice President, Kamala Harris, has called the impact of Covid-19 on the female workforce a “national emergency”. These figures are daunting, to say the least. But with new research looking at the changing preferences around work in general, now is the time to rethink old structures and drive more positive change to overturn these statistics. For example, The University of Southampton's recent study found that 73% of employees would now prefer to work from home some of the time. Similarly, EY’s recent survey found that 67% of UK employees would prefer hybrid working, particularly among millennials. This kind of research provides critical insight into how we can better retain talent—particularly among women. If rigid structures are no longer preferable, companies need to adjust to meet these new needs or face a significant dip in employees. In our latest webinar, Seizing the New Opportunity for Diversity, our speakers discuss what can be done to counteract this drop in workplace diversity and how we might build a more inclusive future. Here are the key learnings, with commentary from: Dimple Mistry, HR Regional Head (Europe), GICLucy Heintz, Partner at Actis Pamela Brent, Senior Associate at WovenLight Is the influx of remote working having a positive or negative impact on gender inclusivity in the workplace? As you might expect, the short answer to this question is: both. With differing opportunities and barriers for individuals, it’s hard to agree on a blanket argument for either. As Lucy explains further, “Flexibility has long been cited as a key change that would enable women to remain in career roles. However, research has shown that [during the pandemic] more women have taken on caring and household duties. The risk here is that women then become more invisible when away from the office.” She continues to share that, “I’ve worked remotely for eighteen years, and I experienced that invisibility—feeling that I needed to work much harder in terms of brand, image and exposure.” Should companies be implementing specific policies to ensure gender diversity in the modern working environment? It’s logical that, given the global shift in ways of working as a result of the pandemic, companies should be reviewing their policies to ensure they are aligned with new structures and requirements. This presents us with yet another pivotal moment to review our diversity policies and take a more detailed look into any outdated activity, as Dimple goes on to explain, “Now is the time to go through those policies with a fine-tooth comb to see if there is any indirect negative or exclusionary practices or language. We should look at our workforce and ask ourselves how we can leverage on and adjust policies to encourage better inclusion. Finally, we also need to be think about intersectionality – where a layering of different characteristics can present additional barriers and challenges… how do you ensure your policies work for everyone?” What ideas and initiatives have a long-term opportunity for successful inclusivity? With hybrid working set to remain in place at most companies well into the future, what ongoing changes can we implement that will stand the test of time, but also bring about a more appealing environment for marginalised genders? For Pamela’s team, one answer is in the diversification of contracts: “One thing which we are doing differently is hiring more part-time roles across our team. It’s extremely rare to have that kind of flexibility across teams, and to a certain extent it will be an experiment in how we deal with it, but it’s something we’re willing to pursue and challenge ourselves to adapt to in order to make sure we are reaching the people who want those roles. After all, now is an exciting time to be trying out different approaches.” To explore the opportunity for diversity in your workplace in more detail, watch the full webinar here. For further information about Altus Partners’ Diversity & Inclusion practice, please contact Milly at Camilla@altus-partners.com.
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ADAM ELLWOOD APPOINTED AS PRINCIPAL
9 days agoAdam Ellwood Appointed as Principal joining the Private Equity Fund Finance & Operations Practice 1st June 2021Will work with Principal Dylan Rosser to continue European GrowthLondon, 1st June 2021 – Altus Partners, the leading Private Equity Search firm today announced that Adam Ellwood has been appointed as Principal and will work with Principal Dylan Rosser to continue to build upon the success of the Private Equity practice. “I am very much looking forward to working closely with Dylan. We bring complementary skills and styles deeply rooted in a shared view of the future” said Adam.Adam has specialised in Fund Finance for several years, building a far-reaching network and enviable track record. He joined Altus Partners in 2021 from a Virgin fast track company - Investigo. At Investigo, Adam held a senior role, managing a team and enabling significant growth in the area. Before this, he was a senior recruiter for the global search firm - The Morgan McKinley Group.“We are delighted to welcome someone with Adam’s experience and knowledge to the business," said Ed Chamberlain, CEO. “The Altus Partners Fund Finance and Operations Practice has achieved phenomenal success in recent years, expanding its reach into Europe. With Adam’s network and expertise, we will be able to further this offering.” About Altus PartnersAt Altus Partners, we operate as one unified, award-winning team, with a diversity of expertise across the private equity industry. With demands on identifying the right talent never being higher, we continue to build a truly unique platform in order to deliver a customized offering that meets both the short and long-term needs of our clients.We have completed over 1,000 executive searches, advising clients with the same rigour whether the mandate is for a Board-level position, an Analyst hire or an interim assignment.We set out with a mission to provide an executive search service based upon a sophisticated understanding of the nuances of our target industry, but also tailored to the particular needs of every individual client. As we find ourselves now, despite all our growth and success, Altus Partners is proud to remain committed to upholding those same high standards. We know what great leaders can do and are passionate about delivering the best leadership solutions for our clients.For more information visit www.altus-partners.com, and follow us on LinkedIn and Twitter.For media inquiries, please contact:Altus PartnersCamilla English Operations ManagerT: +44 203 137 3253E: camilla@altus-partners.com
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THE ROUTE TO PRIVATE EQUITY CFO: EXPERT ADVICE ON HOW TO GET THERE
about 1 month agoThe Route to Private Equity CFO: Expert Advice on How to Get ThereThe Chief Financial Officer (CFO) role is more crucial than ever in contributing to the success of Private Equity backed business. During turbulent times, when financial resources are more stretched and timelines more uncertain, businesses rely on CFOs to provide expertise and leadership. Naturally, there is no ‘one-size-fits-all’ way to work as a CFO, especially within private equity, but there are several important factors to consider for those looking to step up and lead a business. To take a more detailed look into these requirements, we gathered a panel of industry leaders together to discuss how they transitioned from senior finance leaders to private equity-backed CFOs.Here are the key learnings from our Route to Private Equity CFO webinar, with commentary from: Maria Carradice, Managing Director at Mayfair Equity PartnersPhil Symes, CFO at RedingtonBrian Southward, CFO at Roboyo Are there key attributes needed to become a private equity CFO? Before embarking upon the journey to becoming a private equity-backed CFO, it’s important to go back to the basics: what does it take to succeed in this role? What attributes must you have to hit the ground running? Maria begins the webinar by stressing the importance of being, as she puts it, “a jack-of-all-trades. Depending on the business, you may have to head up the IT, cybersecurity or data protection side of things. You may also have to head up HR or operations functions.” While it can be useful to have previous experience in these areas, what Maria believes is most crucial for the role is that insatiable hunger to learn. Phil echoes this thinking, with a focus on resilience. “It’s a pressurised job. You have to hit your numbers. That’s key if you want a good relationship with the private equity house. Don’t try and cheat—be transparent. That said, it’s a very rewarding job in terms of the breadth of work you do. And if you want to be the CFO of a commercial business, this is a good way to do it.” What are the realities of being a private equity CFO? The role of the CFO has been changing at a rapid rate. As Brian states: “It’s a role that has gone from the back of the office to the front line. This is down to increased expectation from enterprises, as well as accelerating change, a constant pursuit of growth and profits, the volume of data and the need to extract value from it, and greater compliance requirements driven by regulation and consumer expectations. Essentially, today’s CFO needs to be a superhero.” And while the DNA of being a CFO in any industry is the same, there are key challenges that separate this role from the rest in private equity. In a private equity environment, these challenges are often more heightened and exaggerated than in commercial business. As Brian continues: “It’s all about speed, discipline and focus. But the need to cover ground - often new ground - fast and successfully means that the reality is gripping and the sense of achievement exhilarating.” For those looking to take on this role, what key advice do our panellists have? For Brian, though he recognises that everyone’s routes will differ, he believes “you’ve got to be a technical specialist in finance. But what I believe is perhaps even more important is the need to be a leadership figure and have an inquisitive nature—a desire to learn.” For Maria, a key trait that will inevitably bolster success is when “a CFO is a right-hand-man for the CEO. To do this, you need to understand the commercials of the business and how that business makes money.” Finally, Phil closes by stressing the importance of references. “As a CFO, you are going to be checked out—and checked out carefully. Therefore, it’s worth thinking about who you are going to give as references and, in particular, whether they are credible to a private equity house. Most of the time, you’ll find you know more people than you thought!” To explore the route to becoming a private equity CFO in more detail, watch the full webinar discussion here. To hear about the latest senior mandates within PE backed businesses, sign up to our newsletter here - https://lnkd.in/dJCYeM7
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WHY IS DIVERSITY & INCLUSION VITAL TO YOU & YOUR MISSION AT ALTUS PARTNERS
about 1 month agoOn May 11th, we're hosting the first in a series of three events addressing inclusion and diversity in the world of PE and finance. Our first event is Are You and Your Business Seizing the New Opportunity for Diversity?. It discusses if remote working is a good thing – or a potential disaster – in terms of gender inclusivity. But why is D&I (diversity and inclusion) so essential to us at Altus Partners? Here is an interview with our founder and MD Ed Chamberlain to explain more. Why is D&I vital to you and your mission at Altus Partners?The word inclusion is, in my opinion, the most crucial factor. An inclusive environment is one where everyone is welcome. Individuals are personalities in their own right, rather than having a label placed on you due to implicit, conscious, or unconscious bias. If you have an inclusive workplace, you will, in turn, have a diverse one. They go together – but it must start with inclusivity. In turn (because of differing backgrounds), a diverse group of people leads to diversity in thoughts. It allows individuals to be challenged and learn to take onboard other perspectives. This personal growth has benefits for the business as well as the individual. But you can't reap the rewards of a diverse workforce if everyone doesn't feel safe to be themself. On a personal level, I grew up in an industrial town and a world away from Private Equity, working in many factory-based jobs and helping to provide for my family from a young age. In trying to move away from this world and bettering my opportunities, I faced constant bullying and labels. I am acutely aware this is far from the discrimination others meet, and I do not make light of that. However, it further empowers the fact that Altus Partners can help change the industry for the better and hopefully create more inclusive environments and opportunities for others in the future. This industry has a vast reach, so if we can help diversify the people working in it, hopefully, it will trickle down into the businesses these PE companies own. It is a domino effect across sectors, and we believe that will help make the world a better place. What positive impact have you seen the push in D&I (from search firms in particular) had on PE?The efforts of organisations like Level 20 and the Diversity Project are inspiring. They understand the level of influence search firms has on effecting change in the industry. For instance, the Diversity Project brought competing search firms together to not only pledge their commitment but act on it with initiatives and workstreams that all have an impact on D&I. We're proud to be working with them. At Altus, our commitment to D&I meant changing how we report certain things to clients and approaching specific searches. It's also about opening up the conversation around the commercial benefits of D&I. Many people feel uncomfortable putting the two together, but if you want to get everyone involved in the movement, some might need to see there is an opportunity to be convinced. What part is Altus Partners playing in this? The only way to change the industry is to create movements and raise the voice of different initiatives to ensure they stay current. We need to be an ally of those underrepresented in the industry keep supporting issues like gender diversity until that change is seen, not just whilst it's a hot topic. That's why we've created the ID2021 series of events and campaigns this year. The three core areas it will look at are gender diversity (in particular retention of women in the industry), ethnic diversity and mental health.We do all the things every day within our retained searches to support D&I in the industry. As part of our candidate registration and screening process, we ensure that:● We look for candidates from a wide range of backgrounds● We provide regular training for our team around best interview practice and mental health● We use psychometric screening to remove bias and understand each individual better ● Sharing redacted CVs and shortlists to remove unconscious bias How can we remove unconscious bias in the screening process of potential candidates for roles?Training! It's fascinating that every person I interview to join Altus Partners, I'll ask if they've had training on interviewing a candidate. So, few of them have, and the same goes for clients. People seem to think they do not need training because it is just a conversation. But, without training, bias, whether conscious or unconscious, is likely to happen, and the only way to remove that is with training. Interviewers need to have benchmarks and run structured interviews so that people can be assessed on the same set of parameters – it's something we cover in-depth in our masterclass training. We're also working on a piece of technology that will allow us to automate the process of redacting CVs automatically for our clients. We (the recruiters) will be able to see the candidate information in full, but it will remove as much prejudgment as possible for the client. This will level the playing field, allowing clients to focus on raw talent and motivation rather than someone's background. When it comes to D&I, we must appreciate the influence search companies have on driving change within their sectors. The Private Equity industry isn't the same as it was even 10 years ago, but it still has quite a way to go. We're committed to never standing on the side-lines and to propelling change within the companies we work with. If you're interested in attending our event on May 11th, Are You and Your Business Seizing the New Opportunity for Diversity? Get your tickets here.
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5 RESOLUTIONS WORTH KEEPING IN 2021
5 months ago5 Resolutions worth keeping in 2021When the clock struck midnight many of us let out a sigh of relief as the curtain fell on 2020. However, for all it’s turbulence and tragedy the year also saw swells in movements pushing for equality. Civil and social rights activists raised their voices and were a catalyst for change across society. But their impact wasn't just seen on social media or the news. Businesses came under scrutiny and a spotlight was placed on the diversity, or a lack of, on boards and in the c-suite. Amazing work was done by not-for-profits including 30% Club, Level 20 and Diversity Project to give a voice to the underrepresented and address this much-needed change. But these champions of inclusivity can’t do it alone. These organisations need the support of stakeholders and industry influencers to see the vital change we need. At Altus, we’re committed to addressing diversity within PE and the financial sector and we're hoping in 2021 you'll be too. In early 2020, we hosted the event Each for Equal. During this event, we surveyed our attendees to find out more about inclusivity in their workplace – with a particular focus on gender. We found that 44 per cent of businesses do not have an effective gender parity strategy currently in place, and nearly half of employees feel that their company doesn’t have a hiring policy that's inclusive. With all the challenges 2020 threw at us, diversity may have slipped to the bottom of the priority list, but we implore you not to let it fall to the wayside.We spent much of 2020 speaking to experts at our various online webinars and events about this topic. One of the most important things we learnt is that action is needed. This year rather than picking resolutions like cutting down on biscuits, which will be broken by week three, why not focus on something that will have a real positive impact on your organisation and the industry as a whole? In the spirit of doing, here are our 5 ways you can promote diversity in your industry or organisation. Policies that do more than ticking boxes Improve recruitment and retention through policies that have substance. When we conducted our survey we asked what recruitment methods our attendees wanted to see, these were the top four:diverse hiring panelsexamples of under-represented people who have succeeded in an organisation applicant pools beyond traditional sourcesdevelopment and mentoring initiatives in schools, colleges, and universities You can’t be what you can’t seeRole models and examples are essential to influence and demonstrate diversity. At our event on BAME talent, Tingting Peng – Head of Investor Relations & Business Development, ESO Capital – said “there are so few senior role models, so the career path for ethnic groups is unclear. You find yourself asking, how do I look up to someone and who do I speak to ask difficult questions?” Provide the role models your team need to inspire change. Training and culture How can you make sure D&I is ingrained in your company culture? By making it part of your training. Show your team why it's important and what your organisation is doing to champion it. Inclusion is a significant part of the culture which has an impact on employee retention and commercial success. 95% of respondents in our survey said cultural workplace inclusivity is important in their decision to remain at their current company. Put in place cognitive diversityDiversity of thought, backgrounds and experience is important. Having many perspectives, that stem from the cultural differences between people, will result in creative problem solving and innovation. Actions speak louder than words Create your strategy with a clear plan and stick to it. Be transparent with your policies, why you are doing it and how you hope it will be better for everyone. Encourage employees to get involved and come forward with any ideas or suggestions they may have. Altus Partners is an advocate for progressive change and we practice what we preach. Our team are passionate about diversity and inclusion, this not only reflects how we do recruitment but what we talk about. We host regular events, surveys and discussions to help stimulate conversation and education within our industry. If you’re interested in finding out more about past events you can read our highlights in the links below: 5 things we learnt at BAME talent - breaking the barriers4 things we learnt at empower for change: each for equalHow to promote gender equality in private equityAt Altus Partners, we welcome partnership with businesses that seek to empower change and be progressive. If you are interested in discussing your recruitment strategy, please contact us at camilla@altus-partners.com
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ALTUS PARTNERS ANNOUNCES NEWLY PROMOTED PRINCIPAL DYLAN ROSSER
5 months agoAltus Partners Announces Newly Promoted Principal Dylan Rosser04th January 2021New promotion following a record-breaking year for Altus Partners London, 04th January 2021 – Altus Partners, the leading Private Equity Search firm today announced, that it has promoted Dylan Rosser to Principal. This promotion was effective beginning January 1, 2021."Dylan has proven his ability to deliver exceptional client service, drive strong business growth and strengthen the overall culture of our firm," said Ed Chamberlain, CEO. "He continually serves our clients as a trusted leadership advisor to the finance community, building long-term relationships and advising them on a multitude of complex talent and human capital issues." About Altus PartnersAt Altus Partners, we operate as one unified, award-winning team, with a diversity of expertise across the private equity industry. With demands on identifying the right talent never being higher, we continue to build a truly unique platform in order to deliver a customized offering that meets both the short and long-term needs of our clients.We have completed over 1,000 executive searches, advising clients with the same rigour whether the mandate is for a Board-level position, an Analyst hire or an interim assignment.We set out with a mission to provide an executive search service based upon a sophisticated understanding of the nuances of our target industry, but also tailored to the particular needs of every individual client. As we find ourselves now, despite all our growth and success, Altus Partners is proud to remain committed to upholding those same high standards. We know what great leaders can do and are passionate about delivering the best leadership solutions for our clients.For more information visit www.altus-partners.com, and follow us on LinkedIn and Twitter.For media inquiries, please contact:Altus PartnersCamilla English Operations ManagerT: +44 203 137 3253E: camilla@altus-partners.com
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blogCHANGE MANAGEMENT AND THE FUTURE OF HR
10 months agoFor the past six months, if you work in HR, you might feel as though you haven’t had a moment to come up for air. The HR department has been at the forefront of adapting policies, managing employee wellbeing and putting out fires amidst the pandemic. That’s why we hosted our recent panel to see what changes HR is facing and how to better prepare yourself. Ed Chamberlain, the founder of Altus and co-host Lucy Chamberlain, founder of C&C search, were joined by a brilliant panel including: Rachel Patterson, Human Resources Consultant Sally Miles, Business Consulting, People Practice & Development at TWYO CONSULTING LtdWe’ve highlighted some of the key questions you asked during the session and our panellist's answers. How can HRs encourage more traditional leadership teams to embrace remote working? Rachel: This is a global conversation that I’m having. How can we take this ‘new normal’ and make a lasting change in the office? It’s about how we address or position the justification for working from home. The key is building on the trust that has formed in the last few months and using that trust to move forward for lasting change. I like to twist the argument on its head. People often say that the argument for WFH is reduced costs and people being happier. The question is how can we motivate our employees and how can we retain and engage them – WFH from home wins on that. Sally: For me, it’s about the bottom line and the impact. For a lot of us, we’re working with leaders who are less concerned in engagement and culture and care more about the bottom line and shareholders. There are effective ways to manage costs and facilities when working remotely. You can easily attribute it to the bottom line and that’s a business angle to go in on. When it comes to managing those old fashioned working mindsets, you need to hold the mirror up to leadership and those boards. Ask them what or why do you want employees in the office and around you? Is it for the sake of the employees or the ego of leaders? I work with one organisation where I’ve implemented a tool called Office Vibe. It gives real-time engagement surveys, which we can make bespoke to different areas of change and that gives us feedback. Since doing this, and working from home, the engagement levels have shot up. We now have all the data and rationale to build a business case when talking to the leadership team. It comes back to a knowledge of how your team best wants to work and engage. It’s been fantastic for us. 90% of people don’t want to come back to the old way of working. Only 2% wanted to come back to the way things were and one of those was the CEO.In this strange time, what key actions should HRs focus on? Rachel: People are going to remember how you made them feel during this time. Don’t worry about every communication or policy being perfectly right. It’s about getting out there and doing good stuff that is going to boost morale. For me, a key focus I have is upskilling my managers to make them more comfortable with building connections. The pandemic has extenuated the areas when managers aren't communicating. Anxiety is high for everyone, so I would say the advice is to communicate and encourage managers to talk to their team and not just about work. Check how they are, how things are and ask ‘how can I support you’. Sally: Technology is king right now. Despite the horrific situation, L&D has pivoted quickly. Moving online means you can continue to upskill staff. Tech is also great for wellbeing, surveys of engagement, webinars. We can use tech more effectively than we did before and HR pros should run with that.How do you manage culture-shifting with lots of people WFH?Sally: Trust is the biggest issue. With any policy put in place, there needs to be a framework. Whether that’s set hours or days that people are working, they like a sense of structure and belonging. It's also about measuring people on output. Decide as an organisation what that is and then allow people to work in that framework the best way they can. Rachel: It’s important to recognise the environment. Facebook, for example, gave everyone a Friday off just because it’s been difficult. I’ve had clients stall quarterly performance reviews, saying they’ll push them back to just the end of the year because they’re stressful. It’s about recognising the environment and pivoting HR policies. How do you deal with people's fear of coming back to the office? Sally: There are guidelines with social distancing and risk assessments to manage the return. But it’s also understanding fear and investing in staff where you can. I have some clients who can pay for their staff to get taxis so they don’t have to rely on public transport but not everyone can do that. I listen to Kevin Gaskell, he’s a turn-around guru. He turns businesses around by taking the vision and breaking it down into manageable chunks. For example 100 day plans, or even further. That way every success, every milestone is communicated. How do you think the role of the HR will change post-COVID? Sally: HR needs to understand business revenue, bottom line and the customer. There is a real opportunity for HR pros to step-ups and be confident and open and honest with opinions. Take on the responsibility to understand commercials of the business and the economics of how the business may change. When HR understands the bottom line, they have more impact and bring about more confidence in leaders and staff. What are the key skills to improve yourself in HR?Sally: One of the great things about not commuting means I can read and learn more. Read the Harvard Business Review, look at Quartz. Mckinsey reports and try listening to podcasts to keep learning and ask your network if you have questions. Rachel: I’d always recommend joining or building a network of other pros. Having like-minded people in your industry can give you real-time direct competitor analysis. Which does help when you're justifying initiatives. You also need to practice what you preach. Take the advice you’re giving. Take time to learn for yourself, either work-related or just something you enjoy. I did the CIPD qualification and that taught me how to communicate and form an argument. This meant I’m much better at persuading people around change.Just take some time for yourself as well. HR has been hard, this is our time. It’s such a polarised situation. Now it’s about organising priority and focusing on what matters. This period, whilst exhausting, has opened up the opportunity for HR professionals to show the value they add to businesses. Be creative with your ideas and solidify your seat at the management table. To hear more incredible insight from Sally Miles, why not check out our upcoming Behavioural Science Series for HR and Talent Professionals, event series. Get your free tickets here.
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diversityHOW TO PROMOTE GENDER EQUALITY IN PRIVATE EQUITY
10 months agoWhilst 2020 continues to be a rollercoaster year, at Altus we are continuing to focus on our Empower for Change series. This includes a series of events (now online), addressing gender parity, BAME talent and mental health. We may all be riding the corona-coaster daily, but that doesn't mean these industry challenges have disappeared. Our first event addressed gender parity. You can read more about the panel and key takeaways from the event here. It's important that as well as talking about these challenges, we also determine ways to measure change. How else can we see progress? As such we surveyed our attendees to answer the question, how far have we come, what matters, and what should we be doing?Hiring strategies There's been much debate about effective hiring strategies. Many believed that blind hiring and hiring quotas would provide the shift needed to bring a gender balance into the workforce. But was this enough? From a choice of 19, we asked our attendees to choose the 5 most effective hiring strategies. The top four selected were:diverse hiring panels. (65% examples of women who have succeeded in an organisation (56%)applicant pools beyond traditional sources (56%)development and mentoring initiatives in schools, colleges, and universities (50%)Employees also recognised the organisational ripple effect of diversity and inclusion. 41% thought that if there was training around D&I and its effects thereof, it would be an important hiring strategy. Interestingly, blind hiring (20%), hiring quotas (14%) are no longer considered to be leading strategies for effective hiring, and even balanced shortlists (36%) and bias training (38%) just fall outside the top 5. Takeaway:It appears that our participants want examples and action rather than a hiring process modification. Employees recognise that companies must evolve with these effective strategies to recruit and, more importantly, retain talent. The current situationWhile 56% of respondents confirmed their business has a gender-parity strategy in place, which is a progressive step, this is counter measured by the extent of what businesses are doing to provide an effective strategy. According to the Women in the Workplace 2019 study by McKinsey, there are over 7 initiatives listed that help address the issue. However, we found that 65% found their businesses ran less than 5 initiatives or none at all. Takeaway:To effect real change, initiatives can no longer be tokens or used for commercial purposes, it must be genuine. Employees recognise it is not enough just to tick a box and paying lip-service will affect recruitment and retention rates. One of the initiatives, highlighted by the panel, which could be introduced is gender-neutral policies. This was supported by a huge 82% of employees that said they would like their company to adopt this strategy.Making inclusion part of your strategy Strategy is the mind of a company, and the individuals working are the engine room. But culture and values are the heart of the business and provide identity. Inclusion is becoming a significant part of the culture and the degree of that has a commercial impact in the form of retention. 95% of respondents have placed cultural workplace inclusivity is important in their decision to remain at their current company. Measurement of culture is the examples and initiatives set in place, if businesses do not extend their gender parity policies then this will filter into a workplace culture that does not value inclusivity, which will result in resignations and ultimately affect the bottom line. Takeaway:Inclusivity is a relatively new concept within hiring and its integration into policies has been varied. Only 11% of those surveyed have a detailed plan on inclusive hiring. It's clear that many businesses have not prioritised gender parity strategies, but without one, we cannot expect change. It's positive to see that 85% believe their career has not been held back by the lack of policies. This demonstrates incredible resilience and strength to break through barriers. It is this testimony that allows increasing sponsorship in the workplace and better mentoring to navigate challenges ahead. Despite this, just under 30% felt discriminated in the workplace over the past 3 years. This may be a number that continues to decrease, it is important that businesses aim for 0%. No person should ever attend their workplace and feel discriminated against, irrespective of their differences.So what needs to change for it to work? Here are the top 5 suggestions from our event and survey:Action plans rather than postponing them or delaying their introduction into the wider business.Better recruitment and retention through gender-neutral policies that have substance (not just ticking boxes). Role models and examples are essential to influence and demonstrate gender parityTraining staff about diversity and inclusion, and tangible impacts and effects that can happen in the wider businessPut in place cognitive diversity. Many perspectives stemming from the cultural differences between people will result in creative problem solving and innovation. We hope these findings influence individuals and companies to take action. At Altus Partners, we welcome partnership with businesses that seek to empower change and be progressive. We can help provide hiring structures that implement effective recruitment strategies. If you are interested in discussing options, please contact us at info@altus-partners.com
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diversity5 THINGS WE LEARNT AT BAME TALENT - BREAKING THE BARRIERS
11 months agoThis July we hosted the second event in our series of talks as part of our Empower for Change campaign. The first was on gender diversity and you can read more about it here. Our most recent talk focussed on BAME talent within finance and what is needed to turn up the dial on diversity within organisations. Altus’ founder Ed Chamberlain was joined by an excellent panel including: Lydia Ofori – CEO at Victoria Lion PartnersNicole Downer – Managing Partner and Head of Investor Relations, MV CreditRachel Green – Associate Director, Aviva Investors. Ambassador of the Diversity Project and co-founder of #TalkAboutBlackTingting Peng – Head of Investor Relations & Business Development, ESO CapitalArfan Akhtar – Associate Director, Altus PartnersHere are 5 key things we learnt at the webinar. Inclusion means belonging Tingting kicked off our webinar with a fantastic quote: “Diversity is being invited to the party, inclusion is being asked to dance and belonging is dancing like no one is watching.” When it comes to getting BAME talent into the industry we don’t just need to focus on opening the doors but creating an environment of inclusivity. As Tingting went on to say, “you need a sense of belonging, that you have value contribution and are seen.” But how can we create this environment where inclusivity is an ongoing process? Nicole had some suggestions. “Training and mentoring is where you start. Conversations like this one, talking in public, debating and being open about it. It's a difficult topic and some people feel uncomfortable talking about it. People might identify themselves differently to how they’re seen. There are a lot of complex issues. There needs to be open debate and a clear process internally.”Leading from the top: you can’t be what you can’t see “There are so few senior role models, so the career path for ethnic groups is unclear. You find yourself asking, how do I look up to someone and who do I speak to ask difficult questions?” Tingting has hit the nail on the head. To feel comfortable asking uneasy questions and to be able to see a potential future path, BAME hires need relatable role models. “We need to understand unconscious bias. The issues we think we’re comfortable with but aren’t.” Says Nicola. But it’s not just about how we behave with our employees, it’s also about widening the talent pool. “We need to think about how we recruit and be prescriptive about hiring across socioeconomic and gender diversity. The industry must move away from hiring the same people from X, Y, Z school and have a degree in finance from a certain university. We need a robust hiring process that makes it clear you want to be diverse.” Mentoring and sponsoring Apart from the recruitment process, there are other ways senior leaders can support diverse talent. Nicole goes on to suggest that, “firms can do a lot more, especially London ones, and should do more with subsets in our group. Working with young people in more challenging economic situations. We should open the possibility of what a career in finance involves.” Lydia builds on this, “the idea of encouraging the youth is exciting but I'm conscious that the road to where they want to be is skill and skills need training. Make it clear what is required and help them get through it. Also mentoring shouldn’t just be diverse to diverse, but across everyone. That way when the next generation joins they can relate to everyone across the business. As well as mentoring sponsorship is also needed. Someone within an organisation backing you, giving you visibility in the community or organisation and that can push you up to the c suite. That needs to happen.” But it’s not just the senior leaders who are needed to make the change, says Arfan. “To get an Obama you need a Martin Luther King to start breaking the barriers. Seniors need to do more now for the next generation but it takes grassroots, middle and seniors to work together to get change.”Networks and being your own championHowever, if you’re part of the BAME community, you can’t just rely on the industry for change. You need to be your own champion, says Rachel. “We’ve spoken about what organisations can do but there should be an onus on individuals as well. Irrespective of if there is a program or not, we know there is an unspoken code, we know it's not a meritocracy, so self promote in your networks. You need to challenge your mindset that meritoriously doesn’t work. We also work in political firms as well we need to be able to understand that and why and how decisions are made.” Rachel suggests that BAME talent should consider their mindsets and adapt to have a growth mindset. “BAME talent, we have to challenge the way we’ve been taught to think. Seek people who will challenge you so you are broken and built back up over again. The breaking down is removing the stuff that you know isn’t good. Getting rid of cultural baggage you don’t need. it’s toxic.” However, Rachel doesn't suggest you go completely alone. “ Nepotism exists, so never underestimate the value of your network. I have a mentoring circle outside of where I work, someone I can speak to about career progression, someone for politics. Surround yourself with people who will challenge and develop you.”If you’re still feeling unsure follow Rachel’s advice and “fake it till you believe it. You do belong. You were hired for the job.”What can organisations do? “Data. Companies need to publish about the pay-gap for minorities. Also D&I shouldn’t be in HR, HR protects the business D&I should be accountable to the c-suite and the CEO.” Says Rachel. Tingting expands on the need for the D&I role. “Think about having a dedicated D&I professional, how that person can contribute value. From where I am in investment management, it’s all about making money. You make money you get a bonus. But the quantifiable value you add to the firm by leading D&I needs to be accounted for.” At Altus Partners we are passionate about driving diversity in Private Equity. The Empower for Change initiative is one activity we are doing in order to promote change. Our third and final talk will focus on mental health and will take place in October. You can join our mailing list to keep up to date with all future events.
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blogADDRESSING THE IMBALANCE: KEY FINDINGS FROM OUR GENDER PARITY SURVEY
11 months ago44 per cent of businesses do not have an effective gender parity strategy currently in place, and 42 per cent of employees feel that their company does not have a hiring policy that is truly inclusive. This is according to the results of our latest survey which explored how organisations were performing when it came to gender inclusion, and what employees felt needed to change for gender parity initiatives to work. Altus Partners is committed to improving diversity and inclusion in the private equity and venture capital industry and as part of this commitment, in May, we ran the first of our Empower for Change: Each for Equal events. The webinar focused on the importance of gender diversity in business, and how to overcome the imbalance we currently have in our sector. Following the event, we surveyed our attendees to get their thoughts on how things stand - here’s a summary of our key findings. The need for grassroots initiatives Interestingly, while 56 per cent of our respondents said their current employer had an effective gender parity strategy in place, 82 per cent would like to see their company adopt a more detailed strategy to address the imbalance. This isn’t surprising when we dig deeper into the number of gender parity initiatives currently running; almost a quarter (24 per cent) said their company does not run any such initiatives, while a further 41 per cent say they are running less than five. Furthermore, 24 per cent of respondents reported having ‘no idea’ if their employer was running any schemes to promote gender equality. We strongly encourage all businesses to implement grassroots initiatives that will support and enable people from all backgrounds enter our industry. Effective hiring strategies Looking to recruitment, one in five businesses are not adopting any of the following practices; blind hiring, diversified talent pools, balanced shortlists, diverse hiring panels, statistical analysis and reporting. We would consider these vital for any organisation wanting to promote change and enhance the way their company operates. When asked about the most important factors of a hiring strategy that addresses gender imbalance, our respondents overwhelmingly said that the incorporation of diverse hiring panels was key. This was closely followed by the need to widen the application pool beyond traditional sources and promote stories of women who have succeeded in the organisation. Driving change To conclude the survey, we asked our participants what they felt needed to change in order for gender parity initiatives to succeed. A number of respondents referenced the importance of flexible working arrangements and better enhanced paternity leave. Others said it was not just to do with childcare and that significant work needed to be done to address conscious and unconscious bias in the workplace. Many also called out the need for leaders to have real desire and commitment to make necessary changes. As Lara Markham, Investment Manager at Graphite Capital said during our Empower for Change event, “you can have all the initiatives but if senior management doesn’t actually believe in the diversity drive and just see it as boxing, there just isn’t a chance of change.” To see what else was discussed at the event, take a look at our blog, 4 things we learnt at Empower for Change: Each for Equal.
