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.
Morgan Stanley is a provider of financial services that provides institutional securities, wealth management, and investment management services through its subsidiaries. In 2021, the company reported 39% women participation in its workforce which remain unchanged over 2020. Representation of women in the company at the senior management level increased to 27% by 1 percentage point over 2020.
In 2021, the representation of Asian employees of Morgan Stanley in the US workforce was 19% which remain unchanged over 2020. Black & African American and Hispanic & Latino employees represented 7% and 8% of the US workforce, respectively.
Morgan Stanley has set goals to increase the number of women officers globally by 25%, and Black and Hispanic officers in the U.S. by 50%.
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