The Sunday Telegraph reports that Barclays Capital has confirmed that it is paying headhunters a premium to recruit women or people from ethnic minority backgrounds as it wants to diversify the mix of staff working at the investment bank.
It seems that Barclays Capital will pay headhunters a fee of 34% of the first year's compensation if the successful candidate is a woman or from an ethnic minority. The bank is believed to pay 27.5% for all other candidates.
Richard Routledge, the global head of human resources at Barclays Capital, is quoted by the Sunday Telegraph as saying: 'We looked at our staff population and we judged that it did not reflect the environment we live in and the context we do business in. What we want to do is kick-start our diversity effort by giving an incentive to the people we use to recruit, so that they can identify quality candidates who are either women or from ethnic minorities'.
Let's hope that the bank can rely on its headhunters to continue to put up the best candidate for the job and to resist the temptation merely to introduce those who they are likely to make more money from.