Business minister, Margot James, has called on FTSE 350 companies to increase diversity, with the largest companies urged to take up the McGregor-Smith review recommendations on black and ethnic minority progression in the workplace
Key recommendations from the McGregor-Smith review include:
- publishing a breakdown of the workforce by race and pay;
- setting aspirational targets; and
- nominating a board member to deliver on those targets.
According to the review GDP could increase by up to 1.3% a year, which is a £24bn a year boost, if workers from BME backgrounds progressed at the same rate as their white colleagues.
Margot James said: ‘It simply makes no business sense for people to be left behind because of their ethnic background and I am asking FTSE 350 companies to play their part in driving the agenda for greater diversity in the workplace.
‘Genuine and lasting change must come from within the business community and I encourage companies to take forward Baroness McGregor-Smith’s recommendations.’
In the coming months, Margot James will lead the first meeting of the Business Diversity and Inclusion Group, which was set up following the publication of the McGregor-smith review.
The group aims to join business leaders and organisations to remove barriers and increase diversity in the workplace.
Baroness McGregor Smith said: ‘I’m delighted to see the government playing its part in calling on the UK’s largest businesses to improve diversity and inclusion in the workplace.
‘FTSE 350 companies must help to bring about change by committing to greater transparency and accountability on this vitally important issue as set out in the recommendations in my review.’
Race in the workplace: the McGregor-Smith review is available here.
