Making Work Work: FSCS committed to diversity
The Financial Services Compensation Scheme (FSCS) recognise the importance of creating a diverse and inclusive workplace where everyone can succeed in achieving their personal and professional goals. This case study outlines how the company is putting diversity at the forefront of its strategy and operations.
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About FSCS
The Financial Services Compensation Scheme (FSCS) protects people when financial firms fail. If financial firms have gone out of business, and can’t pay, FSCS can step in to pay compensation.
Set up by the government, FSCS is independent and its service is free to use. Customers keep 100% of the compensation they are owed when they claim directly through FSCS. FSCS covers all regulated financial services in the UK, with around 240 employees based in the City of London.
The issue
Since its launch in 2001, it has come to the aid of millions of people and paid out billions in compensation. As an organisation, it wants to ensure all employees understand their personal connection to its customers and purpose; can give their very best each day; and are motivated to contribute to organisational success.
What FSCS did
FSCS recognises the importance of creating a diverse and inclusive workplace where everyone can succeed in achieving their personal and professional goals.
The company believes strongly in championing inclusion at all levels of the organisation and is incredibly proud to have been recognised in several national awards in this space: FT Financial Adviser Diversity in Finance Awards first-ever Employer of the Year in 2019; being placed in The Inclusive Top 50 UK Employers – FSCS is the UK’s 4th most inclusive employer – an increase of 22 places from 2021, and being recognised as one of the Top 30 Employers for Working Families this year.
FSCS has several equity, diversity and inclusion initiatives that underpin its strategy, and it works closely with external bodies:
- It is a member of Working Families (the UK’s work-life balance charity whose mission is to remove barriers that people with caring responsibilities face in the workplace).
- It offers enhanced paternity leave of 26 weeks full pay.
- It offers 20 days’ paid dependants leave to any employee with caring responsibilities.
- It recently launched a new structured development programme (Career Pathways) – to support employees to reach their full potential and remove any potential barriers to progression; helping them learn new skills and provide development opportunities to reach their goals.
- FSCS’ Smarter Working approach centres around people taking ownership for their working day: allowing flexibility in where they work, when they work and what they wear.
- It was an early signatory of the Change the Race Ratio (a campaign to increase racial and ethnic participation in British business).
How FCS worked with Business in the Community
FSCS works closely with Business in the Community (BITC), and colleagues from FSCS have served on the Leadership Teams for BITC’s Age at Work and Race at Work campaigns.
FSCS is a founding signatory of the Race at Work Charter that looks to improve outcomes for BAME employees in the UK.
- It is a signatory of the Women in Finance Charter (a commitment to build a more balanced and fair industry).
- It is a Disability Positive Employer and Mindful Employer – with 15 mental health first aiders and takes part in the annual Time to Talk Day.
The Financial Services Compensation Scheme (FSCS) recognise the importance of creating a diverse and inclusive workplace where everyone can succeed in achieving their personal and professional goals. This case study outlines how the company is putting diversity at the forefront of its strategy and operations.
IMPACTS AND OUTCOMES
- FSCS has reduced its gender pay gap from 18% in favour of men to 1.3% in favour of women in just 3 years.
- 75% of its Executive Team are female
- 67% of its Board members are female
- 50% of its Senior Managers are female
- FSCS is listed in the Working Families’ The Top 30 Employers in 2022
- FSCS is the 4th most Inclusive Employer on The Inclusive Top 50 UK Employers 2021/22 List.