Decoding the networking strategies of Asian and Black workers in the London Insurance Market

Abstract

PurposeThis study utilizes Bourdieu’s concepts of field, capital and habitus to investigate the networking strategies of Asian and Black knowledge workers in the London Insurance Market. It also examines the factors contributing to the success or failure of these strategies. The trading activities of the London Insurance Market are underpinned by interdependent relations among its participants. It provides an appropriate context for examining the networking strategies adopted by Asian and Black workers to accelerate their careers.Design/methodology/approachThis research employed a qualitative methodology, gathering data from 24 participants through semi-structured interviews. Participants were selected using purposive, convenience, and snowball sampling methods. Thematic analysis was used to analyze data and develop aggregated concepts from the identified themes and subthemes.FindingsThe London Insurance Market accords great importance to networking. Interpersonal connections significantly influenced career progression, often overshadowing educational attainments. Asian and Black workers faced systemic nepotism and limited access to influential networks in this field. Participants strategically used their interactions to overcome these challenges and advance their careers. Many believed that their careers had a better chance of progressing through informal networks than through formal channels such as Human Resources. Some participants declined to engage in the commonly accepted networking practices, choosing alternative ways to further their careers.Practical implicationsFindings underscore the need for implementing specific organizational policies to address systemic biases and nepotism, particularly in front-office recruitment. Such policies could include prioritizing merit-based hiring practices and developing targeted initiatives to reduce the underrepresentation of minority ethnic workers in front-office positions. By adopting these measures, organizations can create more equitable career advancement opportunities and leverage the full potential of their diverse workforce.Originality/valueThis study contributes to the existing literature on minority ethnic workers' careers, networking theory and workplace diversity. It provides insights into the networking strategies of Asian and Black workers within the London Insurance Market, revealing that these strategies are dependent on contextual factors. The study also highlights the pervasive practice of nepotism deeply ingrained in the habitus of the London Insurance Market and which acts as a barrier for gaining access to influential networks.