Runnymede Trust’s ‘Colour of Money’ report (April, 2020) revealed shocking levels of economic and racial inequality in Britain, and the pandemic has worsened this; ethnic minority workers have been three times more likely than their white counterparts to have their hours reduced (TUC, 2021).
Only 13 FTSE 100 companies publish their ethnicity pay gap (EPG) – a critical step in measuring performance.
Whilst the moral case for addressing ethnicity pay gaps is clear, the business and investment case is not sufficiently acknowledged. There is only focus on representation in the board room and at senior management level rather than on tackling deeper racial inequalities where minorities are disproportionately represented.
What will this project try to achieve?
Building off the success of their Good Work campaign, ShareAction will focus on 1. the financial sector, which includes high-paying companies with diversity challenges 2. facilities management and logistics 3. warehousing and delivery, two low-paying sectors where minorities are disproportionately represented.
Societal expectations have evolved and good practice roadmaps already exist. There is now a wealth of evidence not least from government consultations on making EPG reporting mandatory. ShareAction want to seize this moment to encourage leadership both by companies and ultimately by government.
Who might be interested in this project?
Policy makers, institutional investors and individual savers and civil society.