Get an Early Start on Early Careers

Best Practices for Inclusive Hiring in Financial Services

The financial services sector is fiercely competitive when it comes to attracting top talent, especially for early career roles. To stand out, firms need a well-defined Early Careers Value Proposition that not only attracts diverse candidates but also nurtures and retains them. This is particularly important in the context of LGBTQ+ individuals may have experienced microaggressions, discriminatory questions, or a lack of understanding in previous interviews. An inclusive interview process helps to mitigate these negative experiences and creates a space where LGBTQ+ candidates feel safe, respected, and able to showcase their true potential. This is crucial for attracting and retaining top LGBTQ+ talent, who are increasingly seeking out employers who demonstrate a genuine commitment to diversity and inclusion.

Below, we explore a range of recommended best practices for improving your brand profile as well as for inclusive hiring, with a particular focus on creating an interview process that levels the playing field for all. After all, approaches that centre inclusion and psychological safety not only benefit prospective LGBTQ+ talent, but everyone.

Attracting and Retaining Diverse Early Careers Talent

• Employer Brand Profiling: Craft an authentic employer brand that resonates with diverse talent. Showcase your commitment to diversity and inclusion (D&I) through employee testimonials, social media campaigns, and partnerships with relevant organisations. LGBT Great is here to support you with a dedicated platform – LGBT Great Careers – to spotlight and showcase your brand. For more information, get in touch today.
• Promoting Inclusion: Go beyond performative allyship. Embed inclusive practices into your company culture, from recruitment to development and retention. Highlight your company’s DE&I initiatives on your website, social media, and in your recruitment materials.
• Inclusive Interviewing: The interview process is a crucial touchpoint for candidates. Ensure it reflects your commitment to diversity and creates a positive experience for everyone, regardless of their background.

Best Practices for Inclusive Interviewing

1. Standardised Questions Help Level the Playing Field

• Rationale: By asking the same questions to every candidate, you ensure a fair and consistent evaluation process. This eliminates the potential for unconscious bias that can arise from improvised questions.
• Implementation: Develop a comprehensive set of behavioural and situational questions that assess relevant skills and experiences. For example, instead of asking, “Where do you see yourself in five years?”, ask, “Describe a time when you set a challenging goal and exceeded expectations. What steps did you take to achieve it?”

2. Focus in on Behaviours than Hypotheticals

• Rationale: Behavioural questions prompt candidates to share specific examples from their past experiences, revealing their problem-solving skills, decision-making processes, and how they handle real-world challenges. This is far more insightful than hypothetical scenarios.
• Implementation: Ask questions that probe into the candidate’s actions and outcomes in specific situations. For instance, “Tell me about a time when you had to work collaboratively with a team to achieve a tight deadline. What was your role, and how did you contribute to the team’s success?”

3. Promote Diversity in Interview Panels

• Rationale: A diverse interview panel brings a variety of perspectives and lived experiences to the evaluation process. This helps mitigate unconscious bias and ensures a more holistic assessment of each candidate.
• Implementation: Include individuals from different backgrounds, genders, sexual orientations, and ethnicities on your interview panels. Encourage open dialogue and diverse viewpoints during the evaluation process.

4. Be Transparent with Evaluation Criteria:

• Rationale: Clearly defined evaluation criteria provide a framework for consistent and objective assessment. This ensures that all candidates are evaluated based on the same standards, regardless of their background or identity.
• Implementation: Share the evaluation criteria with the interview panel before the interviews. After each interview, have the panel assess the candidate against these criteria, providing specific examples to support their evaluations.

5. Feedback and Debriefing:

• Rationale: Post-interview debriefing sessions allow the panel to discuss their observations and assessments collectively. This helps identify any potential biases or inconsistencies in the evaluation process and ensures a fair and balanced decision.
• Implementation: Schedule time for the interview panel to debrief after each round of interviews. Encourage open and honest discussions and address any concerns or discrepancies that may arise.

Ultimately, by implementing these best practices for inclusive interviewing, financial services firms can create a more equitable and welcoming environment for all early career candidates. This not only benefits the individuals involved but also contributes to a more diverse, innovative, and successful workforce. Remember, the goal is not just to attract diverse talent, but to create a culture where everyone feels valued, supported, and empowered to reach their full potential.

LGBT Great is here as your trusted LGBTQ+ DE&I partner. For more information about our Careers and Membership services, get in touch today.