Diversity, equity, and inclusivity (DEI) in an organisation help bring unique perspectives and ideas to create more innovative, productive, and resilient enterprises. It also contributes to equality of opportunity and treatment in the workplace at all stages of the employment relationship, including recruitment, retention, promotion, remuneration, and access to training and skills development.
Over the past three decades, the gender gap in organisations has narrowed, attributed to labour mobility worldwide. There has been an increasing global awareness that all workers have a right to a dignified and respectful workplace irrespective of their sexual orientation and ethnicity, which helps to promote an open and inclusive workplace. However, labour market disruption due to the COVID-19 has had devastating consequences globally. According to International Labour Organization (ILO), women’s employment declined by 5% globally in 2020 compared with around 4% for men.
Globally, banks are reporting diversity and inclusivity to ensure that all genders and backgrounds have a more equitable and inclusive workplace. Companies and banks benefit from a diverse workforce by attracting new customers as people want to do business with institutions that share their values.
Citigroup Inc (Citigroup) is a provider of diversified financial services. Its portfolio of offerings comprises retail, commercial, and investment banking, securities brokerage, trade and securities services, and wealth management solutions. In 2021, the company reported 51% women participation in its workforce, an increase of 0.2 percentage points over 2020. Representation of women in the company at the senior management level increased to 37.6% by 2 percentage points over 2020.
In 2021, the representation of Asian employees of Citigroup in the US was 19% which increased by 2 percentage points from 2020. Black & African American and Hispanic & Latino employees represented 11% and 18% of the US workforce, respectively.
As of late 2021, Citigroup has already invested over $1 billion in strategic initiatives to help close the racial wealth gap and increase economic mobility in the US.
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