Many companies in London promised to be more inclusive in 2020. They said they would hire more people from different backgrounds, especially Black people. After the Black Lives Matter movement, companies wanted to show they cared about diversity. In 2024, people are asking if they have kept their promises.
In 2020, inclusion was an important topic. Many companies in London, especially in finance, wanted to improve. They promised to give Black employees more chances. They also supported events like Black History Month. Businesses joined programs that encouraged diversity. Many young people felt hopeful, especially those from minority groups. They thought London could be a place where everyone could succeed.
London companies need to be transparent, accountable, and proactive about inclusion. They should collect and share data on diversity and inclusion, invest in employee development programs, and create a culture that values diversity and respects everyone. By doing these things, companies can fulfil their moral and ethical obligations and benefit from a more inclusive and innovative workforce.
Recent Changes in Inclusion Efforts (2024)
But now, in 2024, things have changed. Companies should be focusing on diversity like they did before. Some companies have stopped holding events like Black History Month. Others have reduced their efforts to hire people from underrepresented groups. Many people who worked on diversity and inclusion (DEI) programs have left. This worries young Black professionals. They feel that the City is no longer committed to its promises.
One big problem is the need for more precise data. It is hard to tell if companies have progressed in hiring and supporting Black employees. Many companies need to share detailed information about their employees. They do not show how many Black people they hire or how much they are paid. The ethnicity pay gap, the pay difference between Black and white employees, is still a problem. With data, it’s easier to know if inclusion is necessary or if companies just pretend to care.
Why Are Companies Pulling Back on Inclusion?
There are many reasons why companies are stepping back from inclusion. One reason is that some companies need clear plans to make big promises. They realised that real change is more complicated than they thought. Another reason is the economy. Companies are facing financial problems and may focus on other things. Some companies are taking “performative” actions. They do good things, like hosting events, but must make fundamental changes inside their organisations.
How This Affects Young Black Professionals in the City
The pullback on inclusion affects young Black professionals a lot. Many feel they were hired to make the company look good, not for its commitment to diversity. This is known as tokenism. Some young professionals are leaving their jobs because they do not feel supported. They can only advance their careers with mentors or programs to help them grow. This is called hitting a “career ceiling.” Many talented young people are leaving the City of London because they do not see a future there.
Is There Still Hope for Inclusion in the City?
Even though things look tough in 2024, some people believe there is still hope for inclusion. DEI experts, like Mark Lomas at Lloyd’s of London, say companies can improve if they try harder. Some companies have started to publish reports on their inclusion efforts. For example, they share data on their ethnicity pay gaps. This is a step in the right direction. However, experts say companies need to do more. They must focus on long-term changes. This means creating supportive environments and tracking progress with data.
The Bottom Line
The City of London made big promises about inclusion after 2020. But by 2024, many of those promises have yet to be kept. Companies focus less on diversity, and young Black professionals feel the effects. Companies must be more open with their data and commit to real change. But there is still hope. Some companies are trying to improve. Young people can keep pushing for workplace inclusion. Before joining a company, ask about its diversity efforts. Check if they are genuinely committed to inclusion.
As young professionals, you have to ask questions. Find out what companies are doing to support inclusion. Are they closing the ethnicity pay gap? Do they have programs for underrepresented groups? If companies are not transparent, hold them accountable. Inclusion is not just a promise—it needs real action. Keep pushing for change, and make sure your voice is heard.
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