National Employment Savings Trust Corp., which runs the assets of multiemployer plan NEST, London, will work to improve diversity among its top executives over the next five years, according to a new corporate plan published Monday.
The plan commits NEST to increasing the number of women in its executive team to three out of seven from one – Helen Dean, who serves as CEO.
NEST, which has £13 billion ($16.8 billion) in assets, will also increase the number of top executives from black, Asian and minority ethnic groups to one from none by 2025.
NEST also said that, by 2025, at least 12% of leadership as well as one member of the executive team will be people with a disability.
The seven positions on NEST's executive team are CEO, chief risk officer, CIO, chief financial officer, chief operating officer, general counsel, managing director NEST Experience – the participant communication unit – and executive director of NEST Insight, its research unit.
In efforts to support these targets, NEST will establish diversity working groups to identify and implement actions to help introduce the changes.
Over the course of next year NEST will also launch apprenticeships and internships aimed at developing employees from diverse backgrounds by partnering with local schools and local councils. NEST is also launching graduate programs targeting all U.K. universities instead of only the top ones.
"Since June, I have had discussions with members of staff and have been inspired by the ideas and tangible changes which have been proposed. But we want to do more than listen and I am optimistic that working together we will achieve the targets we have set in our diversity and inclusion strategy. Targets hold NEST accountable and we will regularly report on our progress," Ms. Dean said in a news release Monday.
"Encouraging diversity in recruitment and hiring practices, as well as enabling all of our staff to realise their potential, will drive better performance, better decisions and, in the end, better service for our members. It is also the right thing to do," she said.
NEST currently has an equally split workforce between men and women, while 26% of NEST's staff are from black, Asian and minority ethnic backgrounds.
Among its other objectives outlined in the plan, NEST said it intends to strengthen its modern slavery policy.