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Ageism in the City: Is the financial sector
well prepared?
by
Sasha Scott
That seems to depend on what area we look at.
Many
companies are reviewing current employment policy & there
is widespread understanding that ageist descriptors in
adverts will perhaps fall foul
of the regulations- such as asking for 'young' & 'dynamic'.
However
some recent evidence points towards a lack of response
from firms. A recent survey
conducted by Simmons & Simmons that showed 93%
of companies believe new regulations will
have little effect.
Looking
at the US & Irish experience this is unfounded:
- The
US has lived with such legislation for nearly 40 years & between
1992 and 2002
- 17,000
age-related discrimination cases were launched and 10,000
of those were successful in getting compensation.
- In Ireland to date Ageism accounts for 19% of discrimination
claims.
However
apart from getting policy in order to comply the other
significant & topical part
of the jigsaw is cultural attitudes & the inherent
risk of harassment at work on the basis
of age.
Here
the financial sector in the UK is a unique beast. Ask yourself
at what age a financial professional
is considered 'old'? Is the cut off 40 or is it younger?
Can a 38 year old broker who has worked in the market since
they were 21 be considered 'past it' or on 'the graveyard
shift'. How does such a person feel when being passed over
for promotion or fails to get a new job with a competitor.
Is their experience valued or is there
a questioning of ability given the age.
How come you are not more senior 'you have been in the market forever?'
The
City's perception of what constitutes 'old' is a lot more
raw & aggressive
than in retail or media industries. Thus are City employers starting to
reduce the cutural, attitudinal & behavioural risks associated to
this attitude?
Do managers who recruit understand what they can not say at the selection
stage - and as importantly have they had the opportunity to debate & question
their own attitudes & perceptions around age within their teams.
These
attitudes to age diversity are key in attracting & retaining
talent for all employers. Line managers
need to appreciate that age discrimination will cover 'old'
and 'young' and both groups can add significant
value to the bottom line.
Further
information on age & the City, email Sasha
Scott of Inclusive Diversity
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