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NatWest Group PLC: Workforce Diversity and Inclusion in 2021

Industry: Financial Services
Current: ESG

In 2021, NatWest Group PLC reported 50% women participation in its workforce, an increase of 1 percentage point over 2020
In 2021, the representation of women at the senior management level was 29%, a decrease of 10 percentage points over 2020
NatWest Group PLC intends to have at least 14% Black, Asian, and Minority Ethnic leaders in senior UK roles by 2025

In an organization, diversity, equality, and inclusiveness (DEI) assist bring diverse viewpoints and ideas to build more innovative, productive, and resilient businesses. At all stages of the employment relationship, including hiring, retaining employees, promoting them, compensating them fairly, and giving them access to training and skill development, it also helps to ensure that everyone has the same opportunities and is treated fairly.

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.

NatWest Group Plc (NatWest), formerly known as the Royal Bank of Scotland Plc, is a provider of personal and commercial banking, and other financial solutions through two major subsidiaries. In 2021, the company reported 50% women participation in its workforce, an increase of 1 percentage point over 2020. Representation of women in the company at the senior management level (Executive Management Team) decreased to 29% by 10 percentage points over 2020.

By 2025, NatWest Group PLC aims to increase the current 10% representation of Black, Asian, and Minority Ethnic executives in senior UK positions to at least 14%, whereas the company aims to increase Black representation in senior UK roles by 3%.

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