60 second interview — Sir Kenneth Olisa, Chair at BusinessLDN

Sir Kenneth Olisa became Chairman of BusinessLDN in January 2023.

A Nottingham native, Sir Kenneth’s executive career has spanned senior leadership roles in global technology companies in the UK, Belgium and the USA. His entrepreneurial career included founding two merchant banks advising high-potential technology businesses. He was the first British-born Black director of a FTSE-100 company (Reuters) and has held non-executive roles on the Boards of major companies. His charitable endeavours include being Chair of welfare-to-work charity, Shaw Trust, founding Chair of the Aleto Foundation (supporting future leaders from tough reality backgrounds), and he has previously served as a Governor of the Peabody Trust and a Director of the West Lambeth NHS Trust. He is current Lord Lieutenant of Greater London. 

Q: WHY IS HAVING AN INCLUSIVE AND DIVERSE WORKING ENVIRONMENT SO IMPORTANT?

Any business that doesn’t understand and empathise with its customers, supply chains, staff, potential recruits and the communities in which it operates is at a competitive disadvantage to those that do. The only way to achieve this is to employ people who can describe and advocate for that range of stakeholders. It is therefore a given that the working environment should attract and retain employees from a wide and relevant pool.

Q: WHAT HAS YOUR CAREER JOURNEY HIGHLIGHTED FOR YOU IN TERMS OF THE VALUE OF EMBRACING DIVERSITY?

My approach to the importance of diversity in business is influenced by my personal experiences as a British-born black man and my professional experience as a business leader and philanthropist over many decades. 

As an only child in a single parent household, I experienced the realities of disadvantage. For example, I remember the shame of handing in my school dinner ticket which was marked with a big black cross signifying me as a recipient of free school meals! But, happily, I benefited from a loving home life and an excellent state education. I was brought up to believe no door was closed to me and that with hard work and optimism I could thrive. 

Unfortunately, to the detriment of our nation, too much talent is wasted and too many opportunities are missed because people from tough reality backgrounds are either denied or fail to seize the opportunities that exist in the UK. 

It is a matter of regret to me that despite all of the advances over my lifetime, recruitment remains in a rut. Rather than focus exclusively on a person’s aptitude, too much emphasis is still placed on which school or university a candidate attended, their parents’ occupation, or worse, the level of their degree. 

For the record I only just managed to get a 3rd (known as a ​‘scrape’). A fact which should be seen in context alongside the benefits of winning an industrial scholarship, learning to play squash, tennis and croquet, attempting horse riding, coxing an eight in the annual competition, volunteering in a local hospital and successfully seeking political office.

Q: WHAT WAS THE SPUR FOR YOUR BUSINESSES IN BECOMING MORE PROACTIVE ON I&D?

I am proud throughout my career, I have pursued a policy of hiring for aptitude and promoting based on contribution and potential.

Q: WHEN IT COMES TO IMPROVING DIVERSITY AT A SENIOR LEVEL, WHAT IS YOUR BIGGEST CONTRIBUTION TO SUPPORTING PEOPLE FROM UNDER-REPRESENTED GROUPS IN THEIR JOURNEY TO THE TOP?

I am a founder member of the Parker Review Committee. In 2017 we made a series of recommendations and set a ​“One by 2021” target for all FTSE 100 boards to have at least one director from a minority ethnic background by December 2021. We also set a similar ​“One by 2024” target for all FTSE 250 boards. At the last count almost all FTSE 100 boards had met the target up from 51% when we started. The FTSE250 is making sterling progress and we are beginning to shift our focus to growing a diverse cadre of senior executives in those companies. 

Q: WHAT ARE THE MOST INNOVATIVE STEPS YOU HAVE SEEN TAKEN ON I&D?

Amongst my philanthropic ventures, I lead an organisation called the Aleto Foundation. This not-for-profit was set up with a clear mission to help arm future leaders from tough reality backgrounds with the social capital (and therefore the confidence) to fulfil their potential. 

It has been a success. Today we work with some of the nation’s largest companies to connect them with young stars who can provide them with the insights into their lived experiences which enable the businesses to empathise with their customers, staff and recruits. 

I was particularly proud to see one of our alumni give the opening address at the Duke of Edinburgh’s memorial service in Westminster Abbey last year in front of a global audience of millions.

Q: ARE THERE ANY OTHER COMPANIES THAT YOU FEEL ARE AT THE FOREFRONT OF THIS JOURNEY?

I don’t believe any company believes it has finished its I&D journey – but most I come across are doing a huge amount of work to drive up the diversity of their workforce. Many of BusinessLDN’s members are doing great things in this space.

Pay is by no means the only measure worth tracking, but this level of transparency gives firms hard data by which to assess the success of their initiatives to better represent the communities they serve at all levels. 

Q: WHAT IS A KEY PIECE OF ADVICE FOR COMPANIES JUST STARTING THEIR INCLUSION AND DIVERSITY JOURNEYS?

I&D is a two-sided coin. On one side is social justice, on the other is competitive advantage. Get the latter right and the former follows.

Learn the lessons of the football manager – hire and promote people who help you to achieve your strategic imperative — to win in your marketplace. Don’t surround yourself with people who are like you. The football manager who used to be a goalkeeper doesn’t recruit a team of goalkeepers! 

A recent study shows only 50% of London’s businesses believe their workforce reflects the communities in which they operate – but 85% are taking steps to improve it. 

But remember – you’re not doing it to placate some social justice lobbyists or to avoid the naughty step category of some third-party survey. You’re doing it to make sure that your business understands and empathise with your customers, supply chains, staff, potential recruits and the communities in which it operates.

That is the only way to win.