Financial firms in Scotland should work to drive diverse top teams, says report from Edinburgh-based Core-Asset Consulting

Balanced top teams still not the norm, study finds.
By Emma Newlands
Published 26th Mar 2024, 12:02 BST
Updated 26th Mar 2024, 14:42 BST
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Betsy Williamson says: 'At a senior level, there are more questions being raised around whether board members with a privileged background really understand their end consumers.' Picture: contributed.Betsy Williamson says: 'At a senior level, there are more questions being raised around whether board members with a privileged background really understand their end consumers.' Picture: contributed.
Betsy Williamson says: 'At a senior level, there are more questions being raised around whether board members with a privileged background really understand their end consumers.' Picture: contributed.

A lack of diversity at senior level could be stymieing Scotland’s financial sector, amid hurdles such as recruitment shortages and economic uncertainty, but there is also significant cause for optimism, according to a new report from a recruiter focused on the industry.

Edinburgh-based Core-Asset Consulting has revealed the ninth annual edition of its Industry Trends and Salary Guide, encompassing trends and predictions for Scotland’s financial services sector in 2024, running the rule over salary levels (which it says enables employers to benchmark pay packets against competitor organisations), and a gauge of market sentiment, activity, and themes impacting the sector.

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Among its conclusions is that senior leadership teams consisting mostly of those from privileged backgrounds “aren’t necessarily meeting the needs or understanding of their end users” – with the firm advising major financial players in Scotland that there is still a way to go before balanced top teams in the sector become the norm.

Core-Asset Consulting founder Betsy Williamson said: “This year's guide particularly highlights persisting challenges like recruitment shortages, gender gaps, and economic uncertainty. However, it’s not all doom and gloom, it’s clear from our research that Scotland's strengths as a global financial hub is continuing to attract top talent."

She also said the topic of diversity, equity, and inclusion (DE&I) has “rightly” become increasingly important, but believes more needs to be done. “At a senior level, there are more questions being raised around whether board members with a privileged background really understand their end consumers,” she stated.

“Socio-economic diversity is a relatively new concept for many of our clients in the professional and financial services sector. Only in the last year or so have we started to see real interest from clients to consider someone’s social status as a factor when it comes to shortlisting and the talent pipeline. Whether or not this can be attributed to greater [environmental, social, and governance] focus, it is without a doubt, a positive shift and an area that will grow throughout this year.”

Williamson founded Core-Asset Consulting in 2005, and it is now a £26 million firm with 16 staff, working across the financial and legal sectors. Last year it ranked 38th in J.P. Morgan Private Bank’s latest annual list of the UK’s Top 200 Women-Powered Businesses.

Related topics:ScotlandEdinburgh
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