Young Wall Streeters were surveyed about their experiences in finance — and their responses were brutal

“A resounding sentiment voiced during the focus groups is that the commitment to inclusion must be absolute and ingrained in the organization’s DNA,” the report said. “Inclusion, as many leaders know, is the more challenging and elusive element to achieve and sustain.”

The report includes responses from some of the people surveyed. One respondent left Wall Street for a job at a tech firm because life was just too brutal:

“I transitioned to tech where the company says: ‘We care about you.’ That message alone gives you a sense of belonging and value. In banking, the messages are conveyed through your bonus. Not everyone is motivated solely by money. We want to feel engaged.”

Another said:

“Finance could be better served if they tried to flatten their organizational structure and get to know their people — even at the department level. I’m much more than simply a pitchbook.”

The report emphasized that attempts to build an inclusive environment must be authentic. That sentiment was echoed by one survey respondent:

“To build an inclusive culture, you have to be authentic and genuine about it. Simply updating a website or recruiting materials to show underrepresented talent doing cool work won’t change an employee’s mind if they are considering Facebook. They have to do more.”

Another person surveyed said it was easy to see through the PR efforts:

“Banks feel they are above fray and when they do outreach. People can see through that. If you tell someone you are doing ‘XX,’ they’ll do a quick reference check to see if it’s true. I have to experience the change as a part of the firm’s culture.”

In addition to noting the importance of inclusion, the report advises Wall Street firms to adopt a mission that employees can get behind and allows for more flexibility and freedom. While Goldman Sachs CEO Lloyd Blankfein has broken the mold in recent weeks — lamenting President Donald Trump’s decision to withdraw the US from the Paris Agreement on climate change, for example — bank CEOs have typically kept quiet post-financial-crisis.

One survey respondent said:

“I envied my counterparts at the Googles and LinkedIns of the world — any time a crisis popped up, the CEOs would take a stance and employees would feel energized to act. That would never happen in finance, they’ve always tried to be neutral.”