In 2018 we were one of the first organisations to conduct a special Cognitive Diversity Survey to gain a better understanding of how our colleagues feel about working at the Bank. The survey measured seven inclusivity metrics including interpersonal interactions, flexible working, communication with leaders as well as recruitment and promotion, and results are cut across twelve different aspects of diversity. Our results indicate colleagues are generally positive about inclusiveness at the Bank on every metric measured by the survey. And 80% of colleagues in our annual employee survey reported they think the Bank takes diversity seriously, 7 percentage points higher than the UK average. And 87% of Bank colleagues say they are treated with respect as an individual, 6 percentage points higher than the UK average. 1  See also my letter to Nicky Morgan, Chair of the Treasury Select Committee, on 4 July 2018. 5  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  5  Let me now turn specifically to ethnic diversity at the Bank. Investing in ethnicity2 Our diversity and inclusion strategy has had a positive impact on BAME diversity at the Bank of England. Since we implemented name-blind recruitment processes in March 2018 around one quarter of all recruitment offers (internal and external) have been to declared BAME candidates. But there is scope for further improvement. The turnover rate of declared BAME colleagues is higher than that for the Bank as a whole – 9.2% compared with 7.5% as of January 2019.
Research on central bank committee design shows that diverse decision‐making bodies benefit from:   Having a clearly defined policy objective;    Having relatively small policy committees, with external members;    Publishing policy decisions, and;    Allowing for external scrutiny. How the Bank of England is becoming more diverse Five years ago we made Diverse and Talented one of four pillars of our strategic plan. Our aim was not just to increase diversity; but also to choose inclusion. Inclusion unlocks the true value of an organisation’s diversity. Only through inclusion can people realise their full potential. That’s why the Bank is focussing on building a culture that values diverse ideas, encourages open debate, and empowers people at all levels to take initiative. Our strategy has three elements:   Inclusive recruitment,    Inclusive culture, and    Inclusive communications. First, inclusive recruitment We are fishing from a larger pond. In recent years our graduates have come from 40 different universities, a six-fold increase in the past decade. Of our 2019 intake, due to join us in September, 46% of graduates are female and 39% are declared BAME students. This compares to a BAME share of 20% five years ago. To support diverse recruitment at all levels our managers are now required to undertake unconscious bias training. We use anonymous CVs for internal and external recruitment and strive for balanced shortlists and interview panels.