We are encouraging innovative thinking through our Research Hub, where people have collaborated with colleagues across the Bank and externally on over 50 projects. Meanwhile, our Research Away Days and One Bank Flagship Seminar series expose policy and decision makers to different ideas; from sportspersons to philosophers, and economists to psychologists. Our seminars are broadcast externally so that others can benefit from this diverse knowledge. To empower colleagues, we have implemented an ‘author in the room’ policy so that expert staff can attend senior-level meetings and explain their papers in person and challenge conventional wisdom. Our Bank Underground blog, launched in 2015, enables colleagues to share their diverse opinions outside the Bank’s four walls. 400,000 people viewed the blog last year. Over the same period, its followers and subscribers increased by 60%. Our staff are reaping the benefits of these inclusion and transparency initiatives. Two thirds feel encouraged to try new ideas, three quarters believe that their manager acts on people’s suggestions and ideas, and 60% feel comfortable speaking up on important issues. We have improved on all of these measures since just a year ago. xxiii  But we also need to do more. To get the most out of a diverse workforce, we also need to ensure people can bring their best to work and feel supported. Our wellbeing programme promotes mental and physical wellbeing with staff counsellors, discounted gym-memberships, a Cycle to Work scheme, working life seminars and flexible leave options.
xii  x, xi  This is particularly  important in a rapidly changing world, where information is super abundant and certainty is absent. Indeed, almost all decisions in finance are taken under uncertainty. This makes it especially important that decision makers are exposed to a range of views, with open debate that includes perspectives that challenge the prevailing wisdom. For those central banks with regulatory responsibilities, biases in supervision can be countered by considering a variety of perspectives and debating within diverse supervisory teams. xiii  Diversity must be supported by the right structures for its benefits to be realised. For example, research on central bank committee design shows how diverse decision making benefits from:   Having a clearly defined policy objective;    Having relatively small policy committees, with external members;    Publishing policy decisions, and allowing for external scrutiny of decision-making processes. xiv  These features are integral to the MPC, FPC, PRA Board and Court of the Bank of England. In recent years, we have reinforced them by implementing the recommendations of the Warsh review, including publishing transcripts and putting all policy committees on an equal footing with clear remits. More effective communication  Being diverse can help us to craft communications that people can actually understand. The past few decades have seen enormous strides in central bank transparency – minutes are published, interviews given, speeches rendered, blogs posted. Now it is high time that greater emphasis is placed on how central banks communicate.