Now seems the right time to ask: will the diversity agenda survive the recession? Or will it prove to be a fair-weather strategy, unable to survive the economic choices leaders must make to ensure their firm’s survival?

Before the diversity officers start packing their boxes, I want to offer three reasons why this agenda is so important and how we can keep senior leaders on track.

First, our best chance of working our way out of the current business climate is to engage the skills, innovation and tenacity of our staff on immediate business challenges. We simply can’t afford to have a percentage of staff feeling marginalised and therefore under-contributing.

Second, the business case for diversity has been well articulated. We know that diverse groups of people are more creative and flexible. We know that clients like to do business with firms that can attract the most talented individuals. Those truths do not change in a recession. Holding firm to the values of diversity builds competitive advantage, especially as other companies may begin to waver in this climate.

Third, HR should not abandon employee brand. Having a culture of fairness, meritocracy, respect and inclusion are significant cultural values that build an employee brand. To depart from those values now would break the trust of staff.

So how do we keep on track? We must keep talking, measuring and investing.

At Citi, investing in our staff through development plans, formal schemes or informal mentoring has proven its success in the past and will continue to do so in the future. As tough as it may look now, there is also great opportunity for growth.