6234 Wibf Utopia PDF Report Nov 2022

100 DIVERSE
VOICES:
A framework for the
future of work in financial
and professional services
Jasmine Virhia
Yolanda Blavo
Grace Lordan
NOVEMBER 2022
This research study was directed by Dr Grace Lordan,

on behalf of Women in Banking and Finance’s Accelerating
Change Together four-year research programme.
Foreword
Ever since its launch in November 2020, under the

excellent guidance of Women in Banking & Finance’s
previous president, Vivienne Artz OBE, the Accelerating
Change Together (ACT) programme has become an
increasingly important source of information and
statistics for WIBF in its conversations with industry
influencers, government and regulators, partners and
trade associations.
Why? Because it shares the voice of individuals employed in the UK financial

services industry, allowing their insights to be incorporated into the development
of sustainable best practice on the diversity and inclusion front. And it is this best
practice that supports WIBF’s broader remit of helping women progress their
careers in financial services.
The report that follows is a significant body of work, capturing rich and deep
conversations that reveal, perhaps unsurprisingly, that we are still very much in a
period of transition in the world of work. Corporations continue to swing between
options ranging from a return to the office to, increasingly less often, allowing people
to work from home.
What we are all keen to see is that productivity and performance improve – after all
these are the real reasons why companies should be adopting the highest levels of
diversity and inclusion. And what is clear is that no one believes they have the right
long-term strategy in place. The only consensus appears to be that ‘remote first’ has
no negative impact on productivity and, in many cases, can increase productivity quite
significantly.
In designing the UTOPIA framework, Dr Grace Lordan and the team have identified a
set of actions that firms can adopt to attract and retain the most diverse talent while
the future landscape for work continues to evolve and while the lines between work
and home life remain blurred. Retaining trust, therefore, is key, as well as the concept
of minimising employee ill-being, and we will need to continue to press pause and
listen to an audience we can influence, i.e. the individual employees.
This report – the latest from our four-year partnership with The Inclusion Initiative at
the London School of Economics and Political Science (LSE) – is also perfectly aligned
with the GOOD FINANCE framework, launched in 2021, which is designed to embrace
diversity, inclusion and the advancement of women, as well as maximising productivity.
I would like to take the opportunity to thank everyone involved in the development of
the report, including the sponsors without whom this work is not possible, as well as
the LSE research team of Dr Grace Lordan, Dr Jasmine Virhia and Yolanda Blavo. Thank
you too to the WIBF team involved in this latest publication. I am looking forward to
the conversation the report generates and encourages as we head into 2023.
Anna Lane
ANNA LANE
President & CEO
WIBF
1 1 0 0 d i ve r s e vo i c e s : a f ra m ewo r k fo r t h e f u t u re of wo r k i n f i n a n c i a l a n d p rofe s s i o n a l s e r v i c e s
Women in Banking & Finance (WIBF) and
The Inclusion Initiative at LSE are indebted
to 100 workers in financial and professional
services in the UK who gave their time for
qualitative interviews. We are also indebted
to Barclay Simpson, Bruin, Fides, Pure Search,
Robinson Hambros, Rathbones and The Return
Hub for connecting us with the colleagues for
the interviews. Last but not least, we thank our
partners and the WIBF team of volunteers, who
have made this four-year programme possible.
Recruiters:
Sponsors:
Supporters:
Contents
Linking between frameworks 4
Executive summary 5
Where should you start 7
Selected quotes from the

100 diverse voices 8
The UTOPIA framework 9
The UTOPIA framework in detail 15
Conclusions 26
References 27
Bios 29
Contacts 30
Linking between
frameworks
GOOD FINANCE and UTOPIA
The GOOD FINANCE framework was created by Dr Grace Lordan1, on

behalf of WIBF’s Accelerating Change Together research programme. The
GOOD FINANCE framework comprises of actions that a company can take
to ensure that they retain and develop their most talented employees,
including women.
The GOOD FINANCE framework mode of working will allow firms

was put forward as an approach, to get the best from talent and be
that if followed, can help move the more productive.
financial and professional services
This report is part of WIBF’s
sector through to its next gender
Accelerating Change Together Year 2
convergence. At its root were two
research programme. We interviewed
key ideas. First, that to accelerate the
100 diverse voices in financial and
progress of women in the sector we
professional services in the UK to
need to move beyond interventions by productivity and operational
learn what the ideal future of work
that are compliance based (e.g. need. Overall, the GOOD FINANCE
looks like for them. Primarily, we were
transparency of pay, targets and framework encapsulates how to build
interested in understanding what
quotas) which firms ‘have to do’ a more inclusive and productive
the ideal future of work looks like as
towards real culture change. In its financial and professional services.
defined by the 100 diverse voices
essence, real culture change will UTOPIA is a framework specific
as a collective. Does this collective
only happen when enough inclusive to the current transition towards a
view imply gains for women and
leaders with diversity mindsets are different way of working.
under-represented talent? And does
within organisations giving equal
the vision of the 100 diverse voices
opportunities, voice and visibility to
for the future of work align with
all talent, including women. Second,
the GOOD FINANCE framework
context matters, so firms should be
and Changing the Narrative
evaluating the changes they make
concerning flexibility.
to correct inequalities for women
and other under-represented The overall vision of the 100 diverse
talent, to ensure such changes are voices that we met is captured by the
actually working. UTOPIA framework introduced in this
report. UTOPIA describes how best
Since the GOOD FINANCE
firms in financial and professional
framework was written, workers in
services should handle the transition
financial and professional services
to a new way of working. UTOPIA
have transitioned to working from
is perfectly aligned with the GOOD
home and back again because of
FINANCE framework. It underlines
COVID-19. At the time of writing,
the importance of trust, autonomy,
firms are still working out what their
psychological safety and inclusive
optimal work week should look like in
leadership. UTOPIA also proposes
terms of ‘at home’ versus ‘at office’
that the future of work is flexibly
hours. We also do not know what
hybrid, with flexibility determined
Executive
Summary
To understand how to navigate the future of
work this study undertook a listening tour of 100
colleagues across financial and professional services,
inviting people of all genders and at different stages
of their career to participate.
The 100 diverse voices were invited to participate in the study by a set of
recruiters with diverse networks including Barclay Simpson, Bruin, Fides,
Pure Search, Robinson Hambros and The Return Hub.
Out of the 100 participants, 68 One, CIBC, Citi, Credit Suisse,

Out of the
identified as a woman, 31 identified Deloitte, DLA Piper, Eversheds,
as a man, and one as gender fluid. 74 Sutherland, EY, Fidelity, Freshfields,
100 participants,
identified as British. Racial identity Goldman Sachs, HIG Capital, HSBC,

68 identified as a woman,
was also captured with 59 identifying Hyve Group, Investec, Jefferies,
31 identified as a man,
and one as gender fluid.
as White, 29 identifying as Asian, and JO Hambro Capital Management,
nine identifying as Black. JPMorgan, Kingswood Group,
KPMG, Lazard, Lightyear, Liontrust,
The participants were from all
Lloyds, London Stock Exchange
career stages. This study captured
Group, Mastercard, Moody’s, Morgan
voices from entry level up to the
Stanley, Natwest, Northern Trust,
27 were Analyst or Entry level,
industry’s most senior positions: 27
Northstar Partners, PA Consulting,
30 were Associate or VP level,
were Analyst or Entry level, 30 were
Protiviti, PwC, Rathbones, Ridgeway,
29 were Director or Manging
Associate or Vice President (VP) Director level and
Santander, Schroders, SenseOn,
level, 29 were Director or Managing
Standard Chartered, Stripe Inc,
14 were C-Suite or
Director level and 14 were C-Suite or Global Heads.
Tandem Bank, TD Securities, UBS,
Global Heads. 38 participants were
Unicredit and Visa.
income generating.
By analysing these interviews we
We also asked individuals to state
created the UTOPIA framework: a
any aspects of visible or invisible
framework that encapsulates the
diversity about themselves they
ideas of the 100 diverse voices
wanted us to know about. Responses
regarding the future of work. A
included, parenting (18 participants,
summary of this framework is
15 women), caring (two participants),
provided on page 9. The predominant
mental or physical conditions or
focus of discussions concerned
disabilities (four participants),
the re-organisation of work that
neurodiversity (six participants),
is happening right now, and we
sexual orientation (seven
note that those we interviewed
participants) and socioeconomic
neglected many topics regarding the
status (three participants).
longer run future of work, such as
The colleagues we interviewed virtual campuses, RegTech and the
came from a variety of firms. These preferences of cohorts yet to enter
included: Ashhurst, Aviva, Bailie the labour market.
Gifford, Balderton Capital, Bank of
We therefore propose UTOPIA
America, Barclays, BlackRock, BNP
as a framework for financial and
Paribas, Brewin Dolphin, Broadridge
professional services firms to follow
Financial Solutions, Bruckhaus
for the re-organisation of work as it is
Deringer, C.Hoare & Co, Canaccord,
happening now.
Capital Generation Partners, Capital
Executive Summary
UTOPIA allows for workplaces firms quantify the degree to which

that maximise productivity, while inclusive leadership is present in their
simultaneously embracing diversity, firm and propose some very simple
inclusion and the advancement survey questions to enable this
of women. quantification. We also suggest that
rather than focussing on maternity
It was striking that the there are
or parental leave firms should
no differences in the perspectives
enable employees to take time-outs,
of women and other colleagues
therefore allowing employees to
with respect to their support for
manage major life events or simply
this framework. Neither did we find
have a long break, trusting they
any notable difference between
will return.
individuals at different stages of
their career. Overall, UTOPIA offers a series of
actions to enable leaders in financial
There was no difference across any
and professional services navigate
declared aspects of diversity in the
towards a new model of work. We
opinion that the themes embodied
hope that you will embrace the
within UTOPIA can benefit all talent.
UTOPIA framework whether you are a
Where differences arise, they are
senior leader in your organisation, or
in personal experience, rather than
right at the beginning of your career.
with respect to visions on the future
Moreover, once you have followed
of work. We do note that it was
some of the actions, we ask that you
perceived that the elements that
evaluate and track their effectiveness
make up UTOPIA can benefit both
so that an evidence base of ‘what
men and women. However, UTOPIA
works’ for individuals, teams and
does have the potential to benefit
organisations can be built as we
women more than men. This suggests
navigate the future of work.
that UTOPIA is a useful approach
to addressing inequalities between
men and women in financial and
professional services.
UTOPIA puts forward many actions

that will be familiar to leaders in
financial and professional services,
providing evidence that what has
become industry standard is working.
These actions include: activities that
improve team cohesion, utilising
team consultations as mechanism
to decide on change and a
prioritisation of accelerating women
to senior roles to secure support for
underrepresented talent. However,
some of the actions may surprise. For
example, we put forward that leaders
should focus on reducing ill-being
rather than enhancing wellbeing.
UTOPIA also clearly highlights
that the 4-day work week is not an
optimal model overall. We ask that
Where should
you start?
So where should you start with the actions
recommended by the UTOPIA framework? For us
everything starts with inclusive leadership skills.
Regardless of whether you are a big organisation, or a small to medium

enterprise it is imperative that you equip anyone who leads people to be
an inclusive leader.
At its core this means the leader is in UTOPIA, a starting point is to

giving every person in their team delineate what outputs employees
equal opportunities, visibility and are expected to produce within
voice. Second, inclusive leaders a given timeframe and employ a
should let go of wanting to know feedback cycle so that output per
what their team are doing every work week can be better defined, and
second of every day and focus on their unique measure of productivity
what they are achieving in terms uncovered. These are our three
of output. Autonomy improves chosen actions to focus on in UTOPIA.
psychological safety, and also gives To choose your own, please consider
time back to the inclusive leader. the full list of actions in the Table on
It also enables the inclusive leader page 9.
to find the most optimal mode of
work, and shift their gaze from
presenteeism. Last, given that the
inclusive leader has shifted their
gaze away from presenteeism, now
is the time for to define output at
their team level. As recommended
Selected quotes
from 100
diverse voices
“I think in terms of being in the “You have individuals who from

office there is no substitute for an emotional standpoint need
being around your team, and to be in the office. They need
having that ability to just quickly that environment and that social
ask a question or ask somebody to interaction because otherwise
read something over… But again, they are completely isolated
equally from my perspective now at home.”
being a mum, it really helps me
that I don’t have to commute
every single day… I think it’s “I just think that as an
important to be in an environment organisation you need to create
where people understand your an environment where flexibility
circumstances.” exists. And set probably a “I think we definitely need to
certain set of rules so that you focus more on the infrastructure
don’t create too much disparity and way of working because,
“For new graduates, who joined across the organisation and you know, hybrid working
during the pandemic, it’s very all functions within the same is very, very different to
difficult to coach them, help them organisation.” supporting people remotely as
and support them over sharing a well as supporting people in
screen. They learn so much more the office… I would like to see
being in the office with the team, “We have a policy which says better support to empower and
who can help them and teach more or less, we trust you to facilitate people doing hybrid
them things.” work wherever you want to work working and then from that
and to get the job done. But really allow the teams and the
we would prefer, and we think companies to sort of get the
“I think there has to be a real it’s good for the culture and power that they will do from that
purpose for people going to the teamwork and collaboration etc. because, you know, it’s the new
office. I don’t think anyone’s if people are able to be present way of working.”
in a position to be just forcing in the office, for example, two
people to go in four days for days a week.”
example, for the sake of it. If
you’ve got something to go in
for that’s meaningful to be with “Let’s keep the eye on the
other people, who do it for sure, collaboration and making sure
but if you are perfectly capable that people are managing to
of doing it in the comfort of do their jobs properly and the
your own home, and it’s not team is working effectively as
impacting anyone else, it’s opposed to taking the register
not inconveniencing anyone... because what purpose does that
crack on”. serve, not very much.”
The UTOPIA
framework
UTOPIA Actions
Umbrella Diversity: • Firms should ask their employees in routine surveys to declare aspects
of their visible and invisible diversity so they become more aware of the
In the future of work the definition of dimensions of diversity that their employees choose to identify with.2
diversity goes beyond categorising • Firms should take steps identify the degree to which they have inclusive
employees based on one aspect of leaders in their organisation who create equal opportunities, voice,
their diversity. and visibility for all talent, including women1. They can do this in two
steps. First, audit diversity at the team level using the usual data they
collect. Second, ask each team member if they get more, equal or less
opportunities as compared to other team members.
• Firms should enable inclusive leadership skills by supplying inclusive

leadership training.3
• Promoting women into senior leadership roles is a strategy that can

support underrepresented talent with different or additional aspects
of diversity.4
• Embracing Umbrella Diversity, firms should enable affinity group

members and their allies to come together and decide on key issues that
will help re-define the firm’s culture.5
Trust and the • Experimentation within firms is the best way to understand what is
Organisation of Work:
needed for operations to run smoothly while allowing for maximum
productivity.6
In the future of work there is no ‘one- • Leaders should make time for activities that build team cohesion that are
size-fits-all’ approach with respect to inclusive, and fun.7
the optimal organisation of work and • Leaders need to let go of wanting to know what their team are doing
time in the office, like the four-day every second of every day and focus on what they’re achieving.6
work week. Rather, the model that is • Firms should enable employees to take time-outs, therefore allowing
needed to optimise operations and employees to manage major life events or simply have a long break,
productivity needs to be identified at trusting they will return.8
the team, function and firm level. Once • Firms can go one step further and spotlight role models who take
identified, all team members should extended time-outs as a direct route to changing social norms at an
be present when needed and be given accelerated pace.9
trust to arrange their own work with
the remainder of the time.
Productivity: • Leaders should delineate what outputs employees are expected

to produce within a given timeframe and focus on output over
The future of work focuses on presenteeism. They should also employ a feedback cycle so that output
per work week can be better defined, and their unique measure of
productivity over presenteeism.
productivity uncovered.10
• Define productivity within teams and encourage team members to audit

how and where their time is spent.
The UTOPIA Framework
UTOPIA Actions
Ill-Being: • Firms should prioritise monitoring ill-being of their workers, rather

than wellbeing.11
In the future of work employers will • HR departments can make things difficult rather than easier for those
focus on reducing ill-being rather than who suffer from ill-being in the workplace. These systems may need a
improving wellbeing among workers. n overhaul to ensure a future of work with lower levels of ill-being in
Firms will also prioritise psychological the workplace.12
safety in the workplace, as well as • Leaders should focus on creating a psychologically safe space to work
providing fair pay and work-life balance and giving workers fair pay and more productive work-life balance.13
to their employees. These are enabling factors to allow workers to pursue happiness that
aligns with their own tastes and preferences.
Antecedent: • Firms should consider being ‘remote first’ and the role of the virtual
campus early to ensure it only has a positive impact on the inclusion of all
UTOPIA is a framework that guides talent, with a particular emphasis on women.14
firms through a transition phase that • Leaders should think more creatively about how the organisation of work
is the antecedent of a larger and may change beyond the current post-pandemic adjustments. We provide
more fundamental re-organisation some guidance on pertinent issues in this report. These include: virtual
campuses14, gender identity in the next generation of workers, ‘quiet
of work in financial and professional
quitting*’15-16 and what is possible for those in income generating roles
services. The 100 diverse voices that are regulated.
we met largely focussed on what is
happening now. There are though,
big gains for inclusive leaders and
firms taking a longer run perspective
to the future of work in gaining a
competitive advantage.
A phenomenon, that at the time of writing has gained increasing media attention, and refers to workers performing only the duties that are required of their role
*
within defined working hours rather than going above and beyond. Despite the term, it is unconnected to workers quitting their jobs outright.
BACKGROUND
We have detailed how the GOOD
FINANCE framework led to two key
ideas. First, that to accelerate the
progress of women in the sector we
need to move beyond interventions
that are compliance based (e.g.
transparency of pay, targets and
quotas) which firms ‘have to do’
towards real culture change. In its
essence real culture change will
only happen when enough inclusive
leaders with diversity mindsets are
within organisations giving equal
opportunities, voice and visibility to
all talent, including women. Second,
context matters, so firms should be
evaluating the changes they make to
correct inequalities for women and
other under-represented talent, to caring responsibilities, can cause an ‘at home’ versus ‘at office’ hours.
ensure they are actually working. illusory correlation which also assigns We also do not know what mode
lower labour market attachment, of working will allow firms to get
Lordan17 also analysed data of 1,703
rather than an opportunity for higher the best from talent and be more
workers in financial and professional
productivity. This can lead to women productive. The media is though
services collected by The Wisdom
being seen erroneously to be less constantly reporting the ‘gut feelings’
Council. The research was conducted
serious about their progression. of firm’s CEOs and senior leaders
in September/October 2020, a
Analysing the same dataset, The encompassing models that require
time of enormous uncertainty and
Wisdom Council highlighted that workers to be back in the office ‘9
change as a result of the COVID-19
women do not lack any ambition in to 5’ versus being fully autonomous
pandemic. In her work, she found
this regard. Together the findings versus everything in between,
a dominant role for flexibility in the
of Lordan and The Wisdom Council including a big campaign for a four-
workplace for the progression of
resulted in a call to action: that day work week19-20.
women. She also highlighted the
we need to change the narrative
benefits of offering flexibility for This led to the work for this report,
around flexibility to one of higher
all workers. In her findings, those part of WIBF’s Accelerating
productivity and move away from a
who have more flexibility in where Change Together Year 2 research
story of constraints which suggests
they work and how they work, programme, which interviewed the
lower potential and productivity.
also work longer hours, are more 100 diverse voices in UK financial
This is in addition to the narrative
satisfied and exhibit a lower intention and professional services. Overall,
that there is a shortage of women
to leave. Lordan emphasised that we were interested in understanding
with the ambition to become our
this finding aligns well with other what the ideal future of work looks
most senior leaders in financial and
credible evidence that heightened like as defined by the 100 diverse
professional services across the UK18.
flexibility for all workers leads to voices as a collective. Does this
greater productivity and happier Since these studies were written, collective view imply gains for
workers. She also emphasised that workers in financial and professional women and under-represented
an over focus on the constraints that services have transitioned to working talent? And does the vision of the
women face when devising policies from home and back again. However, 100 diverse voices for the future of
for the workplace, may paradoxically at the time of writing, firms are still work align with the GOOD FINANCE
hold them back. The narrative that working out what their optimal work framework and Changing the
women need flexibility to balance week should look like in terms of Narrative concerning flexibility.
The overall vision of the 100 diverse JO Hambro Capital Management,

voices that we met is captured by JPMorgan, Kingswood Group,
the UTOPIA framework introduced KPMG, Lazard, Lightyear, Liontrust,
in this report. Notably, there are Lloyds, London Stock Exchange
no differences in the perspectives Group, Mastercard, Moody’s, Morgan
of women and other colleagues Stanley, Natwest, Northern Trust,
with respect to their support for Northstar Partners, PA Consulting,
this framework. In addition, the Protiviti, PwC, Rathbones, Ridgeway,
consensus reached on all the themes Santander, Schroders, SenseOn,
embodied within UTOPIA is that Standard Chartered, Stripe Inc,
they can benefit all talent. However, Tandem Bank, TD Securities, UBS,
for some elements it was raised that Unicredit and Visa.
women would benefit specifically.
An overview of the seniority level
That is, UTOPIA benefits both
of the colleagues interviewed is
men and women, but has the
provided in the table below, along
potential to benefit women more
with a breakdown of whether they
than men. Overall, this suggests
are in income generating versus non
that UTOPIA is a useful approach
income generating roles.
to addressing inequalities between
men and women in financial and Overview of Seniority of Colleagues Interviewed:
professional services.
Total Number Income Non-Income Total Number
Seniority Level
APPROACH of Colleagues Generating Generating of Women
To understand better the ideal Early Career (e.g.

27 9 18 20
future of work for financial and Analyst, or entry level)
professional services workers in the
Mid Career (e.g.
UK, we undertook a listening tour 30 15 15 20
associate or VP)
with 100 diverse voices at various
stages of their career. Colleagues Senior (e.g. Director
were called to interview through the or Managing Director,
29 9 20 19
help of recruiters (Barclay Simpson, excluding C-Suite and
Bruin, Fides, Pure Search, Robinson Global Heads)
Hambros, and The Return Hub).

C Suite or Global
The colleagues we interviewed 14 5 9 9
Heads
came from a variety of firms. These
included: Ashhurst, Aviva, Bailie Totals 100 38 62 68
Gifford, Balderton Capital, Bank of
America, Barclays, Blackrock, BNP Notes: Aggregated profiles of the participants interviewed to protect anonymity.
Paribas, Brewin Dolphin, Broadridge Colleagues are categorised as either being in income generating roles, or non-
income generating roles. They are categorised as a woman if they self-identify as a
Financial Solutions, Bruckhaus
woman. The position of the colleagues interviewed are also documented.
Deringer, C.Hoare & Co, Canaccord,
Capital Generation Partners, Capital
One, CIBC, Citi, Credit Suisse,
Deloitte, DLA Piper, Eversheds,
Sutherland, EY, Fidelity, Freshfields,
Goldman Sachs, HIG Capital, HSBC,
Hyve Group, Investec, Jefferies,
Out of the 100 participants, 68 identified as coming from a working-

identified as a woman, 31 identified class background.
as a man, and one as gender fluid.
A total of 10 participants cited mental
38 were income generators and 62
or physical conditions or disabilities
worked in support functions. The
as invisible characteristics. Six
participants were from all career
participants discussed neurodiversity
stages, and we captured voices from
and two participants mentioned
entry level up to the industry’s most
mental health conditions. One person
senior positions: 27 were Analyst or
discussed a physical health condition.
Entry level, 30 were Associate or VP
Additionally, one person mentioned
level, 29 were Director or Manging
having a disability.
Director level and 14 were C Suite or
Global Heads. 74 participants identified as British.
Of the 100 participants, 59 identified
We also asked individuals to state
as White, 29 identified as Asian and
any aspects of visible or invisible
nine identified as Black. One person
diversity about themselves
identified as Mixed Race-White and
they wanted us to know about.
Asian, one as Arab, and one any other
Interestingly, parenting (18
ethnic background.
participants, 15 women) was the most
commonly self-identified diversity Interviews were conducted via
characteristic. Two participants Zoom with a 45-minute allocation.
identified as carers. Seven people Interviews were usually recorded.
described their sexual orientation Three participants requested an
their aspect of invisible diversity. One interview without recording. In these
person identified as bisexual. Five instances, detailed notes were taken
of the participants self-described as by the interviewer. No difference was
gay. Of these five, one also identified detected in the themes identified
as queer. One participant identified from responses across these two
as lesbian. Three participants interview modes.
The interviews were conducted by 1. Approximately how many years

Jasmine Virhia (interview lead), have you worked in financial
Yolanda Blavo, and Grace Lordan, services?
three academic researchers from
2. What gender do you identify as?
The Inclusion Initiative at the LSE,
and co-authors of this report. The 3. What is your nationality?
interview approach was semi-
4. What is your race?
structured. Participants were told
at the beginning of the interview 5. Are there any aspects of your
that they would not be identified. visible or invisible diversity that
In addition, they were assured that you would like to add?
no direct quote or narrative would
All interviews were recorded and
be relayed in this work that would
transcribed by Business Friend
identify them. Relevant to this
Transcription Services. Jasmine
report*, each participant was asked
Virhia and Yolanda Blavo conducted
to reflect on the following questions:
separate thematic analyses for the
1. Given the transition towards purpose of inter-rater reliability,
hybrid work owing to the which was confirmed by Grace
pandemic, what is your ideal Lordan. Similarities and differences
vision for the future of work? in dominant and sub-themes were
What jobs in your firm need subsequently identified, with a
people to be in the office 9 to particular emphasis in finding any
5pm, if any? differences across groups.
2. Given what you describe, what The dominant themes identified were
groups of workers do you think aggregated to create the UTOPIA
are the most and least productive framework, which captures the ideal
within your described ideal? What future of work as described by a
groups of workers do you think collective of 100 diverse voices for
are the happiest? financial and professional services
in the UK. Where differences
Once interview participants had
arise across groups they are noted
finished speaking, they were asked
explicitly in our reporting. There is
to expand on parts of their reflection
an overall consensus on the value of
requiring more information or
the UTOPIA framework for the 100
asked to comment more on specific
diverse voices, and the expectation
themes raised. In addition, after
that if followed it will benefit all
this discussion we asked a number
workers. However, it was noted that
of questions that that captured the
a number of participants expected
demographics and background of the
that some elements may benefit
participant. These are:
women more as compared to men. A
summary of the UTOPIA framework
can be found in the table on page 9.
Full details of the UTOPIA framework
are available in the text that follows.
* In the interviews participants also were asked to reflect to on three other questions that are relevant for forthcoming reports. These are: a) When it comes
to diversity, we count the women and other key demographics as a pulse point for diversity. What are one or two pulse points that capture inclusion within
organisations, and how can they be measured or proxied? b) Given the pulse points you have chosen, and the proxies for measurement you have suggested, does
your firm already have data to track these pulse points? [If not, how could this tracking be embedded in your organisation? To what extent, if at all, would your
organisation’s current time and budget constraints affect the implementation of this tracking] c) Do you recognise the Great Resignation? Who are the people
who are leaving, what are their motivations and where are they going?
The UTOPIA
framework
in detail
UTOPIA
UMBRELLA DIVERSITY (seven participants), ableism*
(15 participants), educational
The ‘U’ in UTOPIA is ‘Umbrella
background (eight participants),
Diversity’, implying that the future
physical health (five participants),
of work warrants a focus on diversity
mental health (three participants),
that includes, and goes beyond
language and multilingualism
gender. When thinking about the
(seven participants), LGBTQI+ (20
future of work 38 participants
participants), neurodiversity (13
commented on the importance
participants), race and ethnicity
of a focus on women, with 74
(26 participants), religion (four
participants commenting on diversity
participants) and socioeconomic
and advocating for a definition of
status (23 participants).
diversity that includes women but
14 participants (10 women)
goes beyond any one categorisation.
raised the specific importance
We note that there were no different
of intersectionality. Regarding
perspectives between women and
the importance of considering
other colleagues when it comes to
intersectional aspects of gender,
embracing Umbrella Diversity for
one participant said:
the future of work in financial and
professional services. In particular, “ I think what is missing is people
the idea of diversity of thought was understanding that it is not just
raised by 11 participants with one one thing….I am not just a woman,
person commenting: I am not just a mother, I am
not just an Indian woman who
“In the future, I would want
happens to be a mother…. and all
to see in my workplace,
those different pieces make your
the respect for diversity of
identity.”
thinking, instead of trying to
make everybody assimilate to Umbrella Diversity implies that we
must get to know colleagues as
the [existing] culture”
human beings and beyond their
This comment raises a question as assignment to any one category.
to whether women may need to It encompasses persons of all
adapt to the status quo in order backgrounds, demographics and
to ascend to senior leadership, personalities. It is then up to the
and with that adaptation comes a leaders of the team to ensure that
conformity of their own unique ideas everyone in their team gets equal
and perspective that can benefit the opportunities, voice, and visibility,
business. Instead of being enabled to while also having a good idea of
think differently, they may be pushed the diversity that is missing from
towards conformity.21 their team so they can rectify it
in recruiting. This moves diversity
Along with diversity of thought
from a politically correct box ticking
participants raised a number of
exercise to being a strength that
other aspects of diversity. These
leaders in their teams can harness.
include, generational diversity
* Ableism is defined as the discrimination and social prejudice against people that are disabled or perceived to be disabled.
The UTOPIA Framework in detail
UTOPIA – Umbrella Diversity
It is noteworthy that while diversity and take steps to secure it in their Women as leaders are attractive for
can be advantageous for improved recruitment process. To thrive ‘umbrella’ diverse teams provided
decision-making, implementing these at retaining diverse talent a firm they haven’t conformed to ascend
decisions can be challenging due to needs to have an awareness of the the ranks, and have empathy for
dissenting opinions. To overcome proportion of inclusive leaders they others who have navigated a similar
this barrier, inclusive leaders should have. path of being underrepresented
take these varying perspectives into talent.4
consideration throughout the entirety
ACTION: Firms should take
of the decision-making process to
steps to identify the degree ACTION: Promoting women
optimise team performance.22
to which they have inclusive into senior leadership roles is a
As a first step to embracing Umbrella leaders in their organisation strategy that can help support
Diversity, alongside the established who create equal opportunities, underrepresented talent with
measures of diversity gathered voice, and visibility for all talent, different or additional aspects
within a firm, firms should become including women. They can do of diversity.
more familiar with the aspects of this in two steps. First, audit
visible and invisible diversity that are diversity at the team level, using
This is an important point when
important to their colleagues. the usual data that they collect.
we think beyond comparisons of
Second, ask each team member
cisgender men and women in the
if they get more, equal, or less
ACTION: Firms should ask their workplace, as we typically aim for
opportunities as compared to
employees in routine surveys an environment with 30% women
other team members.
to declare aspects of their so that the work culture is a better
visible and invisible diversity match for them. This is supported
so they become more aware It is likely that many leaders within by Usui23 and Lordan and Pischke24.
of the dimensions of diversity financial and professional services It is also intuitive given that tipping
that their employees choose to firms lack inclusive leadership theory suggests that culture change
identify with. skills. Colleagues are promoted into happens in organisations when the
management roles based on the share of men reaches a particular
core competency of a particular point25-27 with this point estimated to
We note that team members will
role, rather than their ability to lead be between 30%-55%. It is though
be mechanically more willing to
people inclusively. This causes issues, mechanically impossible that we
reveal aspects of their visible and
where well-meaning managers will reach a 30% threshold, across all
invisible diversity if they are led
struggle with leading team members groups of underrepresented talent
by an inclusive leader and feel
who are different to them in terms in the workplace, beyond women.
psychologically safe, along as
of background, demographics or The power to change firm culture to
responses depending on the diversity
personality. Other less well-meaning allow ‘umbrella’ diversity to thrive will
of their employee population.
managers lean into hiring people who then come from members of affinity
Therefore, this action is a pulse point
are ‘like me’ to the detriment of the groups (including allies) within
for both inclusion and diversity.
business (Lordan)1. organisations coming together.
The psychological safety experienced
by an individual is largely down
to their direct manager. When a ACTION: Firms should enable ACTION: Embracing Umbrella
manager is an inclusive leader, an inclusive leadership skills in Diversity, firms should enable
individual will feel psychologically their business by supplying affinity group members and
safe. Likewise, firms will do better inclusive leadership training. their allies to come together
in terms of achieving Umbrella and decide on key issues that
Diversity if they have a leader who will help re-define the firm’s
both recognises the value of diversity culture.
UTOPIA
TRUST AND THE
ORGANISATION OF WORK:
We asked participants to describe
their thoughts on the ideal way to
organise the future of work. There
was no consensus of which mode of
working was heralded as the ideal
approach, however 95 participants
suggested some version of hybrid
working. 30 participants emphasised
trust (seven out of 30 mid-level,
20 out of 43 senior) as a necessary
ingredient to enable hybrid working
to operate effectively going forward.
Zero participants mentioned fully From one participant: The experiences of six participants
virtual working. regarding neurodiversity (ADHD,
“I have been often taken to
Asperger’s, Autism and Dyslexia)
Notably, only five participants (two meetings that are absolutely
and a sensory processing condition
women, three men) mentioned terrifying for me, and I’m literally
highlighted the adjustments such
a traditional work week in the thirty years younger than every
individuals make regarding space and
office as their personal ideal. One other white male in a suit next
noise within working environments,
participant stated that hybrid to me. I’m like I’m the token
as well as differing preferences for
working “reduces loyalty to the young person, I’m usually the
written or verbal communication,
firm” and stated that people should token young brown girl, but this is
which is easier to manage whilst at
be required to return to offices. An different for me, I’ll be the young
home.
additional eight participants (five person as well.”
out of 27 early-career, three out of 29 We conclude that there are
Another said:
senior) highlighted the benefit of a simply different preferences for
traditional working week for learning “I was able to survive most of working style. How can the future
opportunities and to circumvent the pandemic without putting my of work evolve in a way that is
communication issues. Three men video on as well, because for me it both productive for the firm and
of colour* early-on in their careers felt like a bit of a safety blanket.” simultaneously inclusive?
said that visibility in an office
One person mentioned that for A key point to make about the
environment is crucial to their career,
many LGBTQI+ people, the office future of work is that an array of
where networking in person was
became a safe space for those who ideal approaches were mentioned,
described as their competitive edge.
were unable to express their true encompassing fully autonomous
In contrast, two women of colour
identities within home environments working (28 participants; 10 out of 27
(one early-career, one mid-level)
over the lockdown periods. In early-career, nine out of 30 mid-level
reported an increased sense of safety
contrast, for employees with long- and nine out of 43 senior) (i.e. the
and confidence by virtue of online
term health conditions, working at worker chooses when they are in the
calls. One woman acknowledged that
home is an enabler. Being able to office versus at home with no set
working more frequently in-person
attend medical appointments and days) to hybrid working with set days
with senior management would
manage conditions in a way that in the office (31 participants; seven
accelerate her career but prioritising
did not bring unwanted attention early-career, 13 mid-level, 11 senior).
her personal life was more important.
to individuals was highlighted as Six participants highlighted a desire
a benefit of autonomous working. to work abroad.
* Use of the phrase “of colour” is to protect the anonymity of individuals within small sample sizes.
UTOPIA – Trust and the Organisation of Work
The four-day work week, trials of the regulators will soften their “Sometimes I’m told: ‘You really
which are currently underway in requirements on that front, but should be in on this Thursday,’
the UK are outdated if we listen I don’t think so, especially given and actually I didn’t want to be
to our 100 diverse voices, relying the way things are going. I think, in on this Thursday because I’ve
too much on the assumption that if anything, risk, compliance and got just Zooms and what’s the
there is a direct correlation between governance is going to get even point of me being in my office,
productivity and time spent on the more stringent.” just because they want to see me
job28. Instead, most of those who in the office? I’m going to be on
So how much additional autonomy
suggested more hybrid working Zoom back to back from seven…
should workers be given? The
approaches, highlighted stabilised what’s the point?”
starting point is deciding what
or increased productivity in relation
is optimal with respect to hybrid If a leader is unclear about where
to flexible working (51 participants).
working for the operations of they should start with respect to
From the perspective of one
the team, adding in some time to experimentation, they can consult
participant:
build team identity through social their team members, rather than
“I don’t think overall my interactions. There is no one size going with their ‘gut’ feeling. Leaders
productivity has changed, it’s fits all. This implies an experimental can invite team members to share
just more a matter of when I get approach, where the team vary the their experiences of “what your
it done within the day. I’m not amount of at-home versus on-site working week looks like” to better
strictly confined to nine to five. working and evaluate what works for understand the differing needs of
If I worked really, really late one them and those that they serve. An diverse individuals, and blend that
night, I can just sleep until ten, experimental approach ensures that with their knowledge of operational
ten-thirty and then work a bit later the mode of work picked isn’t driven need to determine an experimental
in the morning and then finish a by the ego or hunch of the team starting point.
bit later.” leader, or senior leaders of the firm.
According to 53 participants (15
It also aligns with an approach that
Right now, the roles where the senior women, 6 senior men), the
couples the organisation of work with
demand from senior leaders to key is to bring people into the office
productivity, while de-coupling it
return fully to the office are income when they need to come together
from traditional presenteeism.
generating roles. A continued refusal with others to produce, or in line with
to give any level of heightened operations. After that, colleagues
autonomy to income generating roles ACTION: Experimentation should be given as much autonomy
will negatively impact the gender within firms is the best way as possible over their own tasks.
pay gap, given that they are of the to understand what is needed It is also worth building in a few
most highly paid in society29. When for operations to run smoothly times a year when the team come
probed as to whether technological while allowing for maximum together for social connections and
advances could solve the issue of productivity. interpersonal communication. These
having regulated workers at home, moments should be fun!
one participant said:
What should be avoided however
“You know, every single email, is simply bringing people into the ACTION: Leaders should
voicemail, discussion on the office and having them on Zoom or make time for activities that
phone, Skype chat link, whatever, Teams all day. In-person collaboration build team cohesion that are
across the entire company in real for creative and problem-solving inclusive, and fun.
time is fed through AI. So, we will purposes (36 participants; seven
look for the sentiment of guilt and out of 27 early-career, 15 out of
Heightened autonomy in the
fear and all those different things 43 senior) should be prioritised
workplace will only work if leaders
and if anything is flagged up that alongside the learning opportunities
trust their team members and vice
will be looked into. You haven’t for those most junior (56 participants;
versa, with the role of trust for the
got that level of control over what 16 early-career, 24 senior).
people are doing at home. I’m
sure we will get there or maybe
UTOPIA – Trust and the Organisation of Work
future of work being mentioned by Linked to trust, 25 participants time-outs firms can effectively
30 participants30. For example, raised the issue of career breaks, change this narrative.
sabbaticals, and parental leave. As
“We get a lot more from our
adults we now need to work longer
people when they feel trusted, ACTION: Firms can go one
and for one reason or another will
to be able to make their own step further and spotlight role
want or need to take months, rather
decisions... for some people going models who take extended
than weeks, leave from our employer.
to the gym in the morning and time-outs as a direct route to
To attract and retain top talent firms
coming in at 10am…we used to changing social norms at an
in the financial and professional
hear about people saying, I’ve accelerated pace.
services sector will become more
got kids, I’m trying to get them
encouraging of such time-outs.
out to school, my youngest one
Doing so not only allows employees By nature of their position, leaders
was kicking off and it was really
manage their life events more easily set the example for acceptable
stressful and I had to like throw
but would also benefit women who behaviours for their subordinates9.
them at the nanny and get into the
take maternity leave. The increased When leaders prioritise their
office for 9am. One of the things
number of men undertaking parental wellbeing, including taking extended
I’m always saying to people is, ‘I’d
responsibilities was also viewed breaks, it affects how other
rather have you here for six hours
as a direct product of heightened employees manage their time and
where you’re really productive
autonomy, that will contribute to the wellbeing34 through altering social
than for ten hours when you’re
progression of women in the sector norms. Relatedly, 50 participants (37
really stressed, ‘cos your mind is
(nine participants). women) highlighted that those with
still in the kitchen.”
parenting and caring responsibilities
One participant said:
Putting trust in team members particularly benefit from flexible
will evoke the Pygmalion effect, “…Actually, the dads too, to be working patterns, specifically women.
a psychological phenomenon in honest. I think they’ve realised
Overall, if the UK is to remain a
which high expectations lead to that it’s important for them to
global financial hub, organisations
improved performance. Overall, spend time at home with their
must foster connection with their
trusting employees to manage family and not be in the office
employees to prevent the working
work and non-work responsibilities every day too…which I don’t think
relationship becoming “just another
benefits performance30-31. For they would have done before
laptop and set of credentials”, while
example, Bloom32 found that Covid.”
choosing a mode of work that
allowing employees from various
enables the firm to thrive in terms
backgrounds, including engineering,
ACTION: Firms should enable of productivity and run smooth
marketing, finance, and technology,
employees to take time-outs, operations.
to participate in hybrid working
therefore allowing employees
resulted in a 1.8% increase in self-
to manage major life events
reported productivity. Some leaders
or simply have a long break,
may fear that employees will take
trusting they will return.
advantage of remote work and will
not perform well. However, there
is evidence that supports that As highlighted by Lordan17, there is
when employees are allowed to a narrative that surrounds women
work with heightened autonomy, it who take maternity leave that links to
improves work engagement, without lower levels productivity. This makes
compromising performance33. it difficult for returners to get equal
opportunities, visibility, and voice
when they do return. These effects
ACTION: Leaders need to let go
are independent of the impacts of
of wanting to know what their
the time off itself and are caused by
team are doing every second
narratives that are linked to taking
of every day and focus on what
leave. Enabling all workers to take
they’re achieving.
UTOPIA
PRODUCTIVITY: the pandemic first began and they
Unless you’re on an assembly line, were like, well how do I know if
the amount of time you work hasn’t they’re working? …. why do you
actually been shown credibly to link think you know whether they’re
outputs. It is therefore no surprise working when you’re in the office?
that productivity was raised by a You’re in meetings all day, so what
number of participants (18) who would you know about what your
emphasised the need to focus team are doing when you’re, you
on output over presenteeism. 51 know, back-to-back in meetings
participants (14 out of 27 early- and they’re at their desks? Why
career and 26 out of 43 senior, 16 of would you assume they were
which were senior women) reported being productive?... I think that
stabilised or increased productivity being able to offer flexibility to
from adopting heightened autonomy the people is the way forward in
via a hybrid model. Overall, the my opinion and is one of the ways
majority view is that in the future in which organisations can start to
of work leaders should focus on differentiate themselves.”
output over hours, and this is what
should be assessed when it comes to
ACTION: Leaders should
promotions, appraisals and pay.
delineate what outputs
One participant said: employees are expected
to produce within a given
“I think we’ve got to sort of let
timeframe and focus on output
go of that quite old-fashioned
over presenteeism. They should
sense [where] we judge people’s
also employ a feedback cycle
impact on how many hours they
so that output per work week
spent chained to their desk. I can
can be better defined, and their
remember saying to one of my
unique measure of productivity
team in my old role actually, when
uncovered.
UTOPIA – Productivity
There is though a demand in the Productivity is clearly front of women). If you have a requirement
sector to replace the metric of hours mind when deciding the mode of for people to be in the office, the
with a metric for productivity. There working at the individual level. When time and cost of the journey must be
is no simple metric that can cross deciding between working remotely worth it, especially given increasing
functions and occupations in financial or in an office, people considered awareness of environmental impacts.
and professional services. However, the type of work they were doing One participant said:
creating a definition that is team (remotely, 31 participants; in-office,
“There’s a chunk of your day you
specific is very possible, and should 24 participants) and if there was a
don’t need to be commuting.
be undertaken by the leader in requirement for them to prioritise
Personally, I think for me and a lot
collaboration with their team. one environment over another.
of my colleagues, would probably,
Whilst working remotely, 16 if anything, give a company more
ACTION: Define productivity participants focus on individual hours on the days we’re remote
within teams and encourage deep thinking and reflecting (four that are productive hours. But
team members to audit how and participants), reviewing and writing you have more flexibility to stop
where their time is spent. documentation (seven participants), and start when you want.”
detailed analysis and planning (five
In contrast, another participant said:
participants). They commented on
the often-independent nature of “Suddenly [you] found you were
Some points to consider when such tasks, where distractions and missing the commute because it
defining productivity at the team interruptions from open plan offices was a buffer. It was that sort of
level include (with the handy did not allow them to complete tasks re-entry to home life, you could
acronym DONE): efficiently. clear off a few emails, you might
even read a book or read a few
Development: Inclusive leaders “It’s very hard to get into flow
articles that you needed to look
can ask: has a particular work when you’re in an open plan
at and then you could naturally
assignment allowed people office…I think there are challenges
segue into home life. Whereas
to develop their skills and when you’re sitting in an open
when your bedroom is over your
knowledge? plan office, in the middle of
right shoulder, not your desk,
multiple different teams… people
Objectives and output: Clearly you lose that sense of separation
are always coming up to you
defined objectives at both between two very different parts
whether it’s just to have a chat or
the team and individual level of your life.”
come and ask you for something,
will streamline work and allow
which is perhaps urgent for them Overall, it is clear that the future of
for timely trouble shooting, in
but not necessarily urgent in the work is hybrid, with the mix between
addition to enabling a team level
grand scheme of things.” autonomous working and being
measure of productivity to be
on-site still under negotiation. It
derived. It should be noted that dedicated
is important that this negotiation
working space within people’s homes
Narrative vs Necessity: do is driven by productivity and
is not a luxury afforded to all. Some
outdated narratives surrounding operations needs rather than one or
access to office space should remain
productivity and presenteeism few persons viewpoints.
a priority. Paradoxically, it would
exist within your organisation?
make more sense for senior leaders,
Engagement: how engaged are with access to large home offices,
people with the work they are to share their onsite solo offices to
doing? Levels of engagement will junior colleagues who do not have a
provide an indication as to how dedicated home office when they are
productive people are. It comes not being used.
as no surprise that individuals
Productivity within a remote
often excel at things they enjoy,
environment was also linked to
so where possible allow some
the time gained from cutting out
element of job crafting.
the commute (48 participants; 28
UTOPIA
ILL-BEING
There has been an increase in the This is at the minimum providing It is also imperative that HR deal with
number of scholars and thought an environment that is free of issues of ill-being as they come up,
leaders who have advocated for bullying, burnout, discrimination, and rather than brushing them away and/
employers improving the happiness overwork, where declines to mental or making it harder for the person
of their employees35-36, based on health are not directly attributable who is having ill-being so they quit
correlations between happiness to an employer. Additionally, or disengage. Overall, minimising ill-
and self-reported productivity. Of microaggressions can have negative being in the workplace necessitates a
course, correlation does not equate implications for employee health, humanistic approach, where workers
to causation, and these studies are such as increased anxiety and are enabled to engage in self-care
limited in not revealing the part of depression and can lead to decreased through time off when issues arise.
the happiness distribution that drives productivity in the workplace;
the significant correlation. From the therefore it is critical for leaders to
perspective of 100 diverse voices, ACTION: HR departments can
create a space in which employees
it is likely to be the bottom of the make things difficult rather
are able to be their authentic selves
distribution with 57 participants (18 than easier for victims of ill-
without fear of repercussions.38
out of 27 early-career, 14 out of 30 being in the workplace. These
It also involves providing an
mid-level and 25 out of 43 senior) systems may need an overhaul
environment that is psychologically
mentioning that we should minimise to insure a future of work with
safe so that people do not feel
ill-being in the workplace, such as lower levels of ill-being in the
stressed or uncomfortable while in
burnout, overwork, and isolation. In workplace.
the workplace, so they can freely
contrast, zero mentioned maximising contribute and add value. The
happiness. For example, one starting point for minimising ill-being
participant said: requires measuring it.
“I mean, the amount of stress,

that you have to face when trying ACTION: Firms should prioritise
to juggle everything, especially monitoring ill-being of their
when you talk to some women, workers, rather than wellbeing.
they’re trying to do it all and it’s
impossible. And so you have the
guilt of not doing it 100% in the
office and same at home, and
then you get so many people
burning out”
A focus on minimising ill-being

rather than maximising wellbeing
is intuitive. Enabling the happiness
of workers over a certain threshold
is highly personal and too difficult
for employers. However, protecting
workers against ill-being while at
work is the absolute responsibility
of employers. Prioritising reducing
ill-being of workers is particularly
relevant to financial sector which
has recently experienced increased
turnover due to high levels of
employee stress and burnout.37
UTOPIA – Ill-being
According to one participant: The only responsibilities employers Visible examples of senior
have to provide happiness to workers leadership committing to sustainable
“If people are experiencing banter
beyond minimising ill-being at work working patterns and prioritising
or bullying or whatever, is there
and providing a psychologically safe psychological safety will set the tone
a good process in place where
environment, resides with providing for a future of work that enables all
they can raise that and action will
adequate work-life balance, in talent and increases the retention of
be taken? Again, if you allow any
addition to fair pay. 38 participants women. By focussing on ensuring
of those types of actions to carry
(31 women) mentioned the necessity that ill-being is minimised in the
on or be present that will erode
for the future of work to continue workplace, a firm can mechanically
instantly any sense of belonging.”
to allow a work-life balance that has increases retention and productivity
To minimise ill-being in the occurred over the past two years. The given the clear link to overwork,
workplace, leaders must ensure a large number of women emphasising burnout and other aspects of
psychologically safe environment for work life balance bellies the fact ill-being40-41.
their team members, so that people that they still take on more of the
do not feel stressed or ostracised caring responsibilities, and it is a
while in the workplace.13 Providing direct means to retain them in the
a psychologically safe environment workplace.
also allows colleagues to thrive
individually, and contribute their
unique insights for the betterment of ACTION: Leaders should focus
the business. Overall, psychological on creating a psychologically
safety implies that an employee feels safe space to work and giving
able to give their perspective without workers fair pay and greater
fear. Moreover, in psychologically work-life balance. These are
safe environments workers do not enabling factors to allow
have to conform.39 workers to pursue happiness
that aligns with their own tastes
“Psychological safety is massively and preferences.
important in so many aspects.
Particularly in areas…where there
isn’t necessarily such a thing as a
right answer.”
UTOPIA
ANTECEDENT However, we note that currently 4. 1 participant mentioned
UTOPIA is a framework that guides the experience of the virtual developments in RegTech, that
firms through a transition phase campus is more appealing for men have the potential to push the
that is the antecedent of a more as compared to women42. boundaries of what is possible
fundamental re-organisation of in the organisation of work for
work. Our 100 diverse voices largely those in incoming generating
ACTION: Firms should consider
focussed on what is happening now, roles that are regulated. Overall,
being ‘remote first’ and the
however nine participants discussed it was viewed that these changes
role of the virtual campus early
that there are big gains for leaders would allow more access to home
to ensure it only has positive
and firms in taking a longer run working for income generating
impacts on the inclusion of
perspective to the future of work to workers that have returned to
all talent, with a particular
get a competitive edge. The ‘A’ in traditional work weeks.
emphasis on women.
UTOPIA then stands for Antecedent,
to recognise that the UTOPIA
ACTION: Leaders should think
framework is there to guide the 2. 1 participant raised how
more creatively about how
current re-organisation of work owed unprepared all industry is for
the organisation of work may
to the COVID-19 pandemic, and we the next generation of workers,
change beyond the current
expect more changes to be realised where year on year there have
post-pandemic adjustments.
as technology and preference been increases in referrals to
changes shift the re-organisation of Gender Development Services
work further. This implies that the in the UK for young adults not
issue of inclusivity of women in the identifying with the gender that
sector is ever evolving, with shifts corresponds to their sex at birth43,
not bounded to be positive. and estimates from 2018 suggest
that 12% of 16-17 year olds have
Notably, very few people mentioned
a non-binary gender identity42. In
issues regarding the future of work
contrast, the conversation about
beyond the current re-organisation.
non-binary gender identity within
This is typical of present bias, which
firms is avoided.
impacts all humans. However, some
important issues for the longer run 3. 1 participant raised the issue of
re-organisation of work were raised. ‘quiet quitting’, and emerging
These are: evidence that Gen Z and young
millennials are not buying into
1. The benefits of virtual campuses,
extrinsic rewards to the same
and their potential to humanise
extent of older cohorts15-16. This
remote interactions, and address
bellies the importance of getting
issues of inclusion that remain
the organisation of work right so
unresolved were raised with
employees have more autonomy,
scepticism (six participants).
and go to work in environments
One participant said:
with higher levels of psychological
“I know there’s a lot of banging safety and lower levels of ill-being.
about with the Metaverse now,
I think we’re still quite far away
from that really being something
feasible.”
Quotes from
100 diverse
voices
“I think really it’s about “I think the ideal is that we “I think a lot of the noise we’re
individualisation and don’t go back to a culture hearing at the moment about
personalisation, and about where presenteeism is valued…I different teams working hybrid,
creating a workplace that enables genuinely think it’s actually really some people are like hybrid
people to work in a way that hard for people to make that just doesn’t work because of
allows them to bring their best. decision to go back to work, X, Y and Z, my team’s not as
And that’s not being incognisant having had all of the flexibility of productive or the performance
of the impact of your choices picking up their children or going isn’t high or whatever it is, and
on others, you know. I work in a to the gym or whatever it is that actually is that because we’re
business with clients. We can’t as they’ve found the time for. But I working remotely or is that
an organisation think solely about think it is important that people because there’s other problems
our own needs and not the needs are in the office sometimes and in the team or other things
of our clients, otherwise they’re create that connection.” that are going on? And how do
not going to continue to be our you set up managers in your
clients.” workplace to be able to manage
“I think particularly people who a hybrid team effectively,
are learning – earlier in your because that’s difficult, right,
“When I’m at home, I’m doing career you need to overhear and I don’t actually think people
much more written tasks. I will conversations, you need to just have fully got their heads around
get the emails done, I’ll get the be in the room and listen.” how to do that really well.”
spreadsheet work done, whereas
in the office much more sort
of longer term, strategic focus “I can feel presenteeism kind of “I said I’m clearing more space
because I’m going to have the coming back in… there’s the old in my diary on the days that I’m
conversations with my boss. I school thinking that unless you’re in, in order that there are gaps
would say actually that the type there, you don’t really count.” for people to come. I thought,
of work that I do, or that I focus even if I don’t successfully
on more, is quite different from achieve it as much as I would
when I’m in the office and when want to in terms of gaps,
I’m at home.” people hearing a senior say that
encourages people to do the
same thing. And I don’t want
“You know, there are so many people to come into the office
different ways of looking at it. and just stand there or sit there
I’ve certainly got to the point on Teams meetings.”
where I’m just like this is the way
I like to work. You work the way
that you like to work and we’ll
just find a way to, you know, do it
all together.”
Conclusions
The UTOPIA framework brings together the ideas of 100
diverse voices across financial and professional services
regarding the future of work.
This framework encapsulates the importance of diversity, autonomous

working, trust from leaders to their team members and back again,
productivity beyond presenteeism and a focus on minimising ill-being
over maximising wellbeing. We have emphasised that UTOPIA is a guide
for employers to consider during the re-organisation of work that is
happening now, and that we expect a more fundamental shift in the
future of work to come subsequently. This will be shaped by the tastes
and preferences of generations soon to enter the workforce, as well as
technology shifts.
UTOPIA is aligned with the GOOD We hope that you will embrace the
FINANCE framework. It underlines UTOPIA Framework whether you are
the importance of trust, autonomy, a senior leader in your organisation,
psychological safety and inclusive or right at the beginning of your
leadership. UTOPIA also emphasises career. Moreover, once you have
the comparative advantage women followed some of the actions, we
have in being the most senior leaders ask that you evaluate and track their
of financial and professional services, effectiveness so that an evidence
aligned with the proposition that we base of ‘what works’ for individuals,
need leaders in the future of work teams and organisations can be built
that are both highly competent as we navigate the future of work.
and highly empathic. UTOPIA also
proposes that the future of work
is flexibly hybrid, with flexibility
determined by productivity and
operational need. This aligns with
a need to change the narrative
regarding flexibility, away from a
story that describes workers with
lower labour market attachment
and towards the true link between
autonomy and flexibility.
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Bios
DR. JASMINE VIRHIA

Dr. Jasmine Virhia is a Postdoctoral Researcher in Behavioural Science
at The Inclusion Initiative. She has an academic background in
Cognitive Neuroscience, and is broadly interested in the multi-faceted
nature of human behaviour. She is passionate about investigating
how to create inclusive work cultures and how firms can measure
sustainable change. Her writings are published both in academic
journals and LSE Business Review. Her current research investigates
the link between diversity and productivity, and she also sits on
an advisory board for the Enterprise Research Centre focussing on
mental health and productivity.
YOLANDA BLAVO
Yolanda is a Research Officer in Behavioural Science at The Inclusion
Initiative. She holds an MSc in Organisational and Social Psychology
from the London School of Economics. Her thought leadership has
been published in LSE Business Review. She co-developed and is the
Head Tutor for the Inclusive Leadership Through Behavioural Science
LSE Online Certificate Course, designed for HR, DEI, and talent
management professionals who would like to promote inclusivity
in their organisations. Her research interests are focused on social
identity dynamics, employee voice, and well-being in the workplace.
DR. GRACE LORDAN

Dr. Grace Lordan is the lead researcher on WIBF’s Accelerating
Change Together 4 Year Reseaarch programme. She is the author
of Think Big, the Founding Director of The Inclusion Initiative at
the London School of Economics and an Associate Professor at the
London School of Economics. Her academic writings have been
published in top international journals and she has written for the
Financial Times, Fortune, Reuters, MIT Management Sloan and
Harvard Business Review. Grace is a regular speaker and advisor to
blue chip finance and technology firms. Her website is
www.gracelordan.com
Contacts
WOMEN IN BANKING & FINANCE
Women in Banking & Finance is a forward looking and forward
thinking social enterprise.
We are a volunteer-led membership network, dedicated to connecting

individuals and institutions across the financial services sector,
nationwide, and to increasing women’s visibility, participation and
engagement in financial services at all levels. The ACT Research
Programme is the UK’s first cross-sector research programme
designed to bring a gender lens to the UK financial services industry.
www.wibf.org.uk
THE WISDOM COUNCIL

The Wisdom Council are specialists in consumer insight and
engagement, focusing on the financial services sector. We
specialise in long-term savings and investments, working across
the value chain to bring the consumer voice into the development
and implementation of strategy, product governance and client
experience. The team comprises a unique combination of industry
specialists, qualitative researchers, behavioural experts, innovation
and data analysts. Female founded and led, we are passionate about
improving financial outcomes for all, and believe that improving
diversity within the financial services industry can play a large part in
achieving that.
www.thewisdomcouncil.com
email: contactus@thewisdomcouncil.com
THE INCLUSION INITIATIVE

The Inclusion Initiative (TII) at LSE launched in November 2020. TII
leverages behavioural science insights to advance our understanding
of the factors that enhance inclusion at work. Our first area of focus is
the financial and professional services. Over the next three years we
aim to build an open source research repository that houses rigorous
and relevant research related to inclusion at work, in the financial and
professional services and beyond.
The Inclusion Initiative (TII) brings industry, academics and other

stakeholders together regularly to exchange ideas, highlight new
findings and build partnerships.
www.lse.ac.uk/tii
30 1 0 0 D i ve r s e vo i c e s : A f ra m e wo r k fo r t h e f u t u re of wo r k i n f i n a n c i a l a n d p rofe s s i o n a l s e r v i c e s
© Women in Banking and Finance 2022. All rights reserved.

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100 DIVERSE

This research study was directed by Dr Grace Lordan,

Ever since its launch in November 2020, under the

Why? Because it shares the voice of individuals employed in the UK financial

Linking between frameworks 4

Where should you start 7

Selected quotes from the

The UTOPIA framework 9

The UTOPIA framework in detail 15

The GOOD FINANCE framework was created by Dr Grace Lordan1, on

The GOOD FINANCE framework mode of working will allow firms

Out of the 100 participants, 68 One, CIBC, Citi, Credit Suisse,

identified as British. Racial identity Goldman Sachs, HIG Capital, HSBC,

UTOPIA allows for workplaces firms quantify the degree to which

UTOPIA puts forward many actions

Regardless of whether you are a big organisation, or a small to medium

At its core this means the leader is in UTOPIA, a starting point is to

“I think in terms of being in the “You have individuals who from

• Firms should enable inclusive leadership skills by supplying inclusive

• Promoting women into senior leadership roles is a strategy that can

• Embracing Umbrella Diversity, firms should enable affinity group

Productivity: • Leaders should delineate what outputs employees are expected

• Define productivity within teams and encourage team members to audit

Ill-Being: • Firms should prioritise monitoring ill-being of their workers, rather

The overall vision of the 100 diverse JO Hambro Capital Management,

To understand better the ideal Early Career (e.g.

Hambros, and The Return Hub).

Out of the 100 participants, 68 identified as coming from a working-

The interviews were conducted by 1. Approximately how many years

“I mean, the amount of stress,

A focus on minimising ill-being

This framework encapsulates the importance of diversity, autonomous

DR. JASMINE VIRHIA

DR. GRACE LORDAN

We are a volunteer-led membership network, dedicated to connecting

THE WISDOM COUNCIL

THE INCLUSION INITIATIVE

The Inclusion Initiative (TII) brings industry, academics and other

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