In this week’s interview, Black British Business Awards finalist and Goldman Sachs’ Executive Director Tobi Rufus, explains why sponsorship is the most effective intervention to advance Black talent. He also talks about the challenges he faced on his career journey, and why now is the time to have those bold and brave racial equity conversations to advance Black professionals in leadership ranks.
Fair Play Talks: Can you briefly tell us about your career journey to date?
Tobi Rufus: I grew up in East London, attended a state school and a FE college, and during my lower sixth I got the opportunity to attend a Sutton Trust Summer Scheme at Oxford University. After a gap year working in the City, I read law at Hertford College in Oxford. I then trained and qualified as a finance lawyer at Allen & Overy (working in six cities) where I spent seven and a half years. I then did seven years in the legal division of Goldman Sachs. Last year, I moved to become a senior lender at Goldman Sachs’ Private Bank.
Fair Play Talks: What specific challenges did you encounter along the way to the top?
Tobi Rufus: I found it difficult to navigate my career, as often I did not have the hard conversations or ask for the real feedback. I think a message can be more powerful from individuals who are invested in you and who you have a good rapport with and often that is born out of affinity. Lacking those leaders in the upper echelons meant often I had to find my own path as there were not those Black senior leaders to call upon.
The unwritten rules are important and if you come from a background where those rules are not prevalent or even acknowledged, it’s hard to decipher them and act on them. I found this particularly difficult. Lastly, I think I assumed that people knew what I was capable of, until I realised that one needs to communicate clearly and set out their worth. So I struggled to be afforded opportunities.
Fair Play Talks: In your opinion, are there any specific challenges that Black professionals face on their journey to the top that White/other groups do not face in your industry?
Tobi Rufus: Sponsorship – Having senior leaders (sponsors/mentors) advocating for them in the decision making process especially as it relates to promotion and career advancement opportunities. According to Harvard Business Review, 20% of White employees have sponsors, compared to just 5% of Black employees. Sponsorship is by far the most effective intervention to advance Black talent.
Network – Many Black professionals will not have the network that White counterparts have as such may find it difficult to navigate their organisations, and promote their personal brand
Authentic self – It’s common for Black professionals to have an imposter syndrome code switch which means they don’t bring their true authentic self to the workplace. This in turn can affect productivity and confidence at work.
Fair Play Talks: Are you involved in promoting Black talent, race equality or other diversity initiatives?
Tobi Rufus: Yes, I have been. I mentor a number of diverse individuals both internally at my firm, and outside the company. For a number of years, I co-chaired the GS Stephen Lawrence Charitable Trust working group, which provides scholarship to young Black men university students from lower social economic backgrounds.
Fair Play Talks: In your opinion, are companies doing enough to stamp out discrimination and what more could they be doing to promote racial equity in the workplace?
Tobi Rufus: Companies have made progress to move the needle on racial equity. However, I think they still need to continue to promote dialogue on racial equity and educate people on the lived experience of their Black colleagues, as well as foster a culture of allyship, to increase the levels of Black senior leaders across the industry. 2020 was a good start but the momentum needs to continue.
Fair Play Talks: Given the focus on diverse talent, what more can organisations be doing to attract Black/minority talent, as well as retain them?
Tobi Rufus: 1. Attract – Provide opportunities for Black professionals to network and learn about opportunities. This is especially important for university students who at times omit themselves from the application process. Organisations need to demystify misconceptions and offer opportunities to meet other Black professionals.
2. Retain – Offer career development opportunities, sponsorship initiatives and access to senior leaders. Promote internal mobility opportunities for those that wish to switch roles. Increase levels of senior Black talent and visible role models capable of demonstrating the path to leadership.
Fair Play Talks: In your opinion, can organisations promote equality and fairness to enhance belonging and inclusion that will resonate with all groups?
Tobi Rufus: Yes, I strongly believe this. We live in an increasingly intersectional society and many firms such as ours manifest this through allyship initiatives, education resources and Inclusion Networks, which help to foster a sense of community amongst all.
Fair Play Talks: Can Black and other minority communities be doing more to promote race equity?
Tobi Rufus: Yes, I strongly believe in giving back to the community, and mentoring future talent so they too can join the industry and have successful careers. We need to be bold and brave to talk about lived experiences and continuing the momentum and dialogue on racial equity. Black Inclusion Networks can play a key role to advance this. It’s also important to have this all year round, and not just during Black History Month.
Fair Play Talks: What was your reaction when you heard that you’re one of the 2022 Black British Business Awards (BBBAwards) finalists?
Tobi Rufus: Immense pride, honour and gratitude
Fair Play Talks: How important are awards and organisations like The BBBAwards in the UK to promote Black/minority talent and Black role models?
Tobi Rufus: Extremely important, they inspire the future generations on what can be achieved, it’s also important to celebrate Black excellence and all the great work and achievements of Black talent. To have many successful Black individuals gathered together in one place is so powerful.
Fair Play Talks: What advice would you give to young Black/minority youth to encourage them to pursue their dream job or business venture?
Tobi Rufus: Go to networking and recruiting events as they are a great way to learn about the role, the firm and the culture, but also expand your network. Organisations are offering so many initiatives right now aimed at Black talent, so make use of these to get your foot into the door. You are good enough, so put yourself forward. Also remember that your career is a marathon, not sprint.
Fair Play Talks: Who is your inspiration/role model in the DE&I space?
Tobi Rufus: Sir Peter Lampl, Chair of the Sutton Trust. He still has the passion and desire for social mobility and invests in this. Having re connected and spoken with him recently, his unrivalled drive for change is as strong today as it was previously.
Fair Play Talks: What podcast/vlog/book would you recommend to help other Black professionals get ahead?
Tobi Rufus: My top recommendations are:
1. Year of the Yes, by Shonda Rhimes.
2. Lord Simon Woolley’s autobiography, Soar.
3. The excellent Ted Talk, “Trust your struggle”, by my dear friend Zain Asher (also a CNN host).
RELATED ARTICLES
Read our interview with Tesco’s Campaigns Director Kené Umeasiegbu on racial equity at work here.
Credit Suisse UK’s Sean Alleyne,explains why it’s vital that business leaders really connect and listen to Black and minority talent to successfully attract and retain them. Click here to read more.
Check out the full list of this year’s BBBAwards finalists here.
Sign up for our newsletter
