In conversation with… Heidi Physick

What do you see as the biggest challenges in building a truly diverse workforce in credit and financial services?

One of the biggest challenges is ensuring genuine commitment at the very top of the organisation. Without visible sponsorship from senior leaders, diversity efforts often struggle to gain real traction. Another challenge is the availability of diverse talent within the industry today – which is why we need to think long-term and invest in grassroots initiatives that build talent pipelines from school and university onwards. It’s also essential to create workplace cultures that don’t just accept difference, but actively support and celebrate it. Finally, for younger generations, such as Gen Z and Gen A, purpose matters. Many don’t have a clear understanding of the opportunities in credit and financial services, so we must work harder to showcase the purpose and impact of our industry in a way that resonates with them.

Why do these challenges persist, and what role should all leaders play in dismantling them?

These challenges persist partly because diversity and inclusion are too often seen as separate from the core business agenda, rather than integral to performance and growth. There’s still a perception in some organisations that DEI is a “HR initiative” rather than a shared responsibility for all leaders. In addition, many traditional hiring and selection practices remain rigid, focusing on fixed views of skills, experience, or education. This can unintentionally exclude talented individuals with different but equally valuable backgrounds. To dismantle these barriers, leaders at every level need to take accountability – making diversity and inclusion a business priority, challenging outdated approaches to recruitment and development, and role modelling inclusive behaviours that set the tone for the entire organisation.

One of this year’s themes is the ‘business case for inclusion’, can you share examples where diversity has driven commercial or operational success? 

I’ve seen first-hand how diversity directly strengthens business outcomes. For example, having a gender-balanced Executive Committee and Senior Leadership Team has brought greater breadth of perspective to our decisions. This has improved how we engage with partners and intermediaries, ultimately helping us build stronger, more trusted relationships externally.

Another example came from our Race, Ethnicity and Cultural Heritage employee group. They highlighted that our holiday planning didn’t reflect the needs of colleagues observing different religious and cultural events. By adapting our approach, we created a more inclusive system that respected those occasions while also improving operational planning and reducing last-minute pressures.

What role do you see male leaders playing in accelerating progress on inclusion, and how does attending this event help them do that? 

Male leaders are so important to accelerating progress, and I work with some amazing men who role model listening, being open to learning, and challenging bias when they see it. I would also call out sponsoring up and coming female talent — using influence to open doors, recommend women for opportunities, and advocate for them when they’re not in the room. I think small actions also matter: ensuring women’s voices are heard in meetings, questioning outdated assumptions, and if they are also parents, it’s powerful to see male leaders openly prioritise childcare and flexible working. Attending the conference can give male leaders the chance to do some of that listening and learning and consider some practical steps to increase diversity and inclusion in their won organisation.

Any advice for the next generation looking to develop their careers?

My biggest piece of advice would be to back yourself and be willing to take brave steps, even when they feel uncomfortable. Growth rarely happens in your comfort zone, so actively seek out experiences that stretch you. Don’t get too caught up in chasing job titles – instead, focus on building a breadth of skills and experiences that will serve you over the long term. Ask for help when you need it, and equally, offer your support to others. Some of the most valuable opportunities come through the relationships you build.

What is the best career advice you’ve ever received?

It wasn’t a single piece of advice, but something I learned from working alongside a wide variety of leaders. Early in my career, I believed that to succeed as a leader you had to fit a certain mould – usually someone very assertive and outspoken. I worried that because I didn’t fit that template, I wouldn’t be effective. Over time, I realised that there is no one “right” way to lead. I discovered that I could shape my own style of leadership, one that felt true to me – and that I could be just as effective and successful.

What are you most looking forward to at this year’s Women & Diversity in Credit Conference, and what outcome would you most like to see for attendees post-event? 

I am really looking forwards to the sessions on Gen Z and how the industry needs to prepare for a new generation, and also the sessions focusing on allyship and remote work bias. I’d love attendees to leave feeling they’ve gained some real practical insights and strategies they can apply to their own organisations, as well as opportunity to consider new career paths, ways to develop confidence and most of all feeling connected to other women and allies in our industry.

Come see Heidi speak at this year’s Women & Diversity in Credit Conference