Breaking Barriers: Diversity in Middle East Financial Executive Recruitment

“Change is the end result of all true learning.” The quote by Leo Buscaglia rings particularly true in the context of the Middle East’s financial sector as it undergoes a transformative journey towards greater diversity and inclusion. But how are barriers being broken in executive recruitment within this traditionally homogeneous industry?

The landscape of financial executive recruitment in the Middle East is undergoing a significant evolution. The region, known for its rich cultural heritage and economic prowess, has historically grappled with diversity challenges, particularly in the inclusion of women and underrepresented groups in the workforce. However, recent data suggests a shift towards greater gender parity and diversity in the workplace. According to the World Bank, 60% of Qatari women and 53% of Emirati women are now part of the workforce, surpassing the global average of 47.4% (Bain & Company). This indicates a positive trend, but the journey towards a truly diverse and inclusive work environment is far from complete.

The drive for diversity, equity, and inclusion (DEI) in the Middle East and Africa (MEA) is not just a moral imperative but also a strategic one. Employers in the region are recognizing the competitive advantage that a diverse workforce can bring. This growing momentum is evidenced by the increasing number of organizations embedding DEI initiatives into their corporate strategies (Kearney).

To understand the current state and the potential for diversity in financial executive recruitment, it is crucial to examine the barriers that have historically impeded progress. PwC reports that the MENA region loses an estimated $575 billion annually due to legal and social barriers preventing women’s access to jobs (Forbes). This staggering figure highlights the economic impact of underutilizing half the population’s potential.

The UAE government has been proactive in addressing these challenges, implementing policies and initiatives to enhance women’s participation in the workforce. However, the financial services sector, in particular, still struggles to create an inclusive environment. This may be attributed to cultural norms and a history of a homogeneous workforce (Flevy).

Breaking down these barriers requires a multifaceted approach. Financial firms must develop and implement robust diversity initiatives, which include but are not limited to, targeted recruitment strategies, bias-free selection processes, and comprehensive training programs. Fostering an environment that welcomes individuals from all backgrounds is essential for promoting diversity and driving innovation (Gestaldt).

In executive recruitment, the focus should be on not only attracting diverse candidates but also ensuring that the assessment and selection processes are fair and transparent. This can be achieved through structured interviews, diverse hiring committees, and standardized evaluation criteria that focus on skills and competencies rather than personal characteristics or backgrounds.

Moreover, retention and advancement of diverse talent are as critical as recruitment. Financial firms in the Middle East must create pathways for career progression for underrepresented groups, ensuring that diversity is reflected at all levels, especially in senior and executive roles. Mentorship programs, leadership training, and inclusive corporate cultures are vital components of this strategy.

In conclusion, the Middle East’s financial sector stands at a crossroads, with the opportunity to redefine its future through a commitment to diversity and inclusion. While progress is being made, particularly in women’s workforce participation, there is a need for continued effort and strategic action to break down the remaining barriers. By embracing diversity in executive recruitment, financial firms in the Middle East can unlock innovation, enhance decision-making, and secure a competitive edge in the global market.

About

Warners Scott , based in London and Dubai, is a global leader in executive recruitment for Banking & Investments, Accounting & Finance, and Digital & Fintech. With over 18 years of experience, they have built solid relationships with top-tier banks, financial institutions, and accountancies. Their distinct advantage comes from these long-term relationships with hiring managers and internal recruiters, a broad candidate network, and continuous candidate engagement. This unique positioning earns them trust from both talent and hiring managers. Their in-depth understanding of recruitment needs enables them to identify senior C-suite, EVP, SVP, and MD-level hidden, ready-to-move talent that other recruiters cannot reach.

Providing customized recruitment solutions, Warners Scott serves both international and regional clients as true business partners. Their offerings encompass retained, exclusive, and contingency searches, along with permanent, contract, and interim staffing services.

In Banking and Investments, they engage with international and regional banks and investment houses in London and the Middle East, including conventional and Islamic banks. They cover areas such as Private Equity, Asset Management, Investment Banking, Treasury & Global Markets, Wholesale Banking, Digital & Technology, Risk Management & Compliance, and C-Suite Appointments.

In Accounting and Finance, Warners Scott partners with The Big 4 and Top 50 accounting firms, along with globally recognized consultancies. They specialize in Audit, Risk & Compliance, Tax (Private Client, Expatriate, and Corporate Tax), Corporate Finance, Transaction Advisory, Restructuring, Turnaround, Insolvency, Forensic Accounting, Disputes & Investigations, Forensic Technology, eDiscovery, Cyber Security, and Management Consultancy.

In Digital & Fintech, they assist large banks, digital startups, and innovative Fintechs in areas such as FinTech (AI, Blockchain, Cloud Computing, Big Data), InfoSec/Cybersecurity (Application, Infrastructure, Network, Cloud, IoT securities), Digital Leadership, Digital Transformation, Software Development, IT Project/Program management, Data Science & Analytics, Data Privacy, and Data Architecture.

Read more

References

– “Advancing Gender Equity in the Middle East Workforce.” Bain & Company, https://www.bain.com/insights/advancing-gender-equity-in-the-middle-east-workforce/.

– “Breaking Barriers: Why MEA Employers Must Prioritize Diversity, Equity, and Inclusion Now.” Kearney, https://www.middle-east.kearney.com/service/leadership-change-organization/article/breaking-barriers-why-mea-employers-must-prioritize-diversity-equity-and-inclusion-now.

– “Breaking Barriers: How to Foster Fair and Inclusive Recruitment Practices for a Diverse Workforce.” Gestaldt, https://www.gestaldt.com/insights/breaking-barriers-how-to-foster-fair-and-inclusive-recruitment-practices-for-a-diverse-workforce.

– “The Why And How For Diversity, Equity, And Inclusion In The MENA Region.” Forbes, https://www.forbes.com/sites/forbescoachescouncil/2022/05/05/the-why-and-how-for-diversity-equity-and-inclusion-in-the-mena-region/.

– “Middle East Financial Inclusion: Advancing Workplace Diversity Initiatives.” Flevy, https://flevy.com/marcus-insights/middle-east-financial-inclusion-advancing-workplace-diversity-initiatives.