Hello and welcome to Working It. This week, we have an intriguing story about a Citibank analyst who was fired for exceeding the bank’s meal expenses claim limit. Don’t forget to check out the nearly 500 reader comments on this article. In addition, we dive into the topic of diversity, equity, and inclusion in the financial services sector, revealing a new regulatory framework that could have far-reaching effects. And in Office Therapy, we address the issue of negative colleagues and how to handle them. If you have any truth, lies, or illicit sandwiches to share, please email me at [email protected].
Bullies in the City are getting the red card. There’s a major development happening in the City that is set to change the game. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have released parallel consultation papers proposing a new regulatory framework for diversity, equity, and inclusion in the financial sector. These proposals aim to address non-financial misconduct, such as bullying, harassment, and discriminatory practices, by incorporating them into the existing regulatory frameworks. Additionally, the PRA intends to consider established patterns of behavior when conducting “fit and proper assessments.” PwC has provided a useful guide for further reading. Katy Bennett, PwC’s diversity, equity, and inclusion consulting director, believes that these proposals have wider implications than initially anticipated. It’s rare for regulators to disrupt the status quo, but these proposals are doing just that. Katy adds that the regulators are focusing not only on good behavior in the workplace but also on behavior outside of work. Violating the non-financial conduct rules could have an impact on an individual’s status and employment prospects within the financial services industry.
Another significant aspect of these proposals is the requirement for companies to collect more data about their staff, specifically their gender/sex, ethnicity, disability, sexuality, faith, and, on a voluntary basis, information on social mobility and being a parent. This data will need to be reported to the regulator and will form the basis of each company’s diversity strategy. While many companies are already collecting this type of data, it is crucial to connect diversity targets with the overall strategy, with CEOs taking responsibility for ensuring these targets are met. This increased data collection and reporting will provide more information and allow for necessary corrective actions where inequality exists. If these changes are implemented as planned, the FCA and PRA will publish policy statements in 2024, giving regulated companies a year to comply. Companies with fewer than 250 employees will be exempt, similar to gender pay gap reporting. Although there is still a long way to go, as the consultation runs until December 18, 2021, these proposals offer a positive step towards benchmarking and improving diversity in the financial sector. And where the City leads, other industries may follow.
If you have any thoughts on the City’s diversity, equity, and inclusion consultation, whether positive or negative, feel free to email me at [email protected]. Comments can be kept anonymous for print.
In this week’s episode of the Working It podcast, we focus on the topic of meetings. As we all know, managers spend a significant portion of their time in meetings, and sometimes they seem to multiply uncontrollably. How can we regain control? We speak to Professor Joe Allen from the University of Utah, who heads the Center for Meeting Effectiveness. Joe shares some dos and don’ts, with the first rule being to start meetings on time. We also hear from Kaz Nejatian, the chief operating officer at Shopify, who has successfully reduced the number of meetings at the company through his “chaos monkey” program.
Moving on to Office Therapy, we address the issue of negative colleagues and their impact on the workspace. One reader is a manager dealing with a senior team member who refuses to acquire new skills, resulting in them being assigned monotonous tasks and constantly complaining about their situation. Additionally, the manager has a graduate trainee who lacks ambition and is influenced by the negative team member. The reader has tried mentoring the trainee through one-on-one meetings, but the change in attitude is only temporary. We sought advice from Naomi Shragai, a workplace psychotherapist, who suggests that the senior team member may be trying to bring the new recruit down due to envy or a desire for attention. Naomi recommends exploring possible changes in location or structure to prevent the new recruit from being exposed to continuous negativity. It’s also important to have an open conversation with the senior employee and make them aware of the negative impact they have on others. Dealing with negative colleagues can be challenging, as their negative energy can have a profound effect on the overall workplace atmosphere.
If you have any questions, problems, or dilemmas for Office Therapy, or if you believe you have better advice for our readers, feel free to send them to me via email at [email protected] or as a voice note. We respect anonymity and will ensure no one will know who the sender is.
Here are five top stories from the world of work:
1. Influencers and CEOs are flocking to LinkedIn as the quality of interaction on other platforms declines. Hannah Murphy explains why many people are choosing LinkedIn to build their personal brand and discusses the potential financial opportunities for those with large followings.
2. Employers are actively recruiting women who have taken extended career breaks for “returnship” programs. Brooke Masters explores the trends in targeting untapped talent pools of formerly senior women.
3. Retirement is no longer a cut-off point at 60 or 65 for many professionals. Michael Skapinker argues that longer lives call for a change in focus rather than an end to paid work.
4. Goldman Sachs CEO David Solomon has decided to end his high-profile DJ gigs. The CEO has recognized the need to prioritize his role at the company.
5. The use of casual dress codes in the workplace is gaining popularity, but it’s important to strike the right balance between comfort and professionalism.
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