Introduction

Introduction

The Black Talent Charter reflects the aspiration to create a world in which all talent can thrive equally in business and at every level across the financial and professional services sectors.  Equality of opportunity is a moral imperative. In addition, a diverse workforce and diversity in senior leadership are good for business, especially in international global markets – they are good for customers and investors, good for business growth and profitability, and good for workplace culture.

The vision of the Black Talent Charter is to change the landscape for the recruitment and promotion of black talent in business within 10 years by

• enabling businesses to attract and retain talented black professionals as part of a diverse, motivated workforce

• creating a vibrant, competitive market with genuine equality of opportunity for black talent

• enabling black professionals to pursue rewarding careers to the highest levels in their firms and sectors

• promoting real meritocracy in the sector with a workforce more truly reflective of the UK working population

The Charter also reflects a recognition by signatory firms and supporting institutions that, while there has been a focus and progress on diversity in other areas, there is a particular problem with the recruitment, career progression, retention and promotion of black talent in the financial and professional services sectors.

The Challenge

Black talent is disproportionately overlooked and underserved, particularly in financial and professional services, the sectors of the economy which typically have the highest remuneration.

The serious under-representation of black talent in finance and the professions is not due to a gap in educational attainment – black talent has a higher representation at universities than in the UK working population (8% in all universities and 4% at the top 20).  Furthermore, the under-representation is exacerbated by the ‘stay gap’ – with black professionals less likely to stay and progress in their firms than their peers.

The Black Talent Charter is a comprehensive response to this problem.  It is much more than ‘just a charter’.  It is a coalition of leading firms and businesses, who have pledged to work together across their sectors to develop and share expertise in the recruitment of black talent and the creation of cultures, action plans and challenging but realistic targets to enable such talent to thrive and to realise its full potential.

The Black Talent Charter has developed a unique three-year, tripartite plan programme on the back of careful research with the assistance of leading management consultants.  It was unveiled at a reception and presentation at the Mansion House on 29 June 2022.  Its aim is to create a cross-sectoral network of high-profile signatories and supporters working in collaboration:

• to create a broader and deeper market for the recruitment and promotion of black talent across sectors

• to develop and share best practice in recruitment and culture

• to make the business community reflect the UK population in the representation of black talent within 10 years, instead of the 30 years that it would otherwise take, according to work commissioned for the Charter from a leading management consultancy.