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Industrial and Commercial Bank of China: Workforce Diversity and Inclusion in 2021

Industry: Financial Services
Current: ESG

In 2021, ICBC reported 49.3% women participation in its workforce, a decrease of 0.4 percentage point
In 2021, representation of women in ICBC at the senior management level was 8.3%, remaining unchanged over 2020
The banking industry reports diversity and inclusion to create a more equitable and inclusive work environment

A diverse, equitable, and inclusive (DEI) organisation brings unique perspectives and ideas that make the enterprise more innovative, productive, and resilient. In addition, it promotes equality of opportunity and treatment at all levels of the employment relationship, including recruitment, retention, promotion, remuneration, and training.

Due to labour mobility worldwide, the gender gap in organisations has narrowed over the past three decades. 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.

Banks report diversity and inclusivity to ensure 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.

Industrial and Commercial Bank of China Ltd (ICBC) provides a range of personal and commercial banking, wealth management, and treasury management services. In 2021, the company reported 49.3% women participation in its workforce, a decrease of 0.4 percentage points over 2020. Representation of women in the company at the senior management level was 8.3%, remaining unchanged over 2020.

Chinese banks have few women in senior positions, and one of the reasons could be China's policy which states women should retire at 55, whereas men should retire at 60.

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