In an organization, diversity, equality, and inclusivity (DEI) help bring diverse viewpoints and ideas to build more inventive, 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 organizations 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. The labor 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.
Truist Financial, Lloyds Banking Group, U.S. Bancorp, Toronto-Dominion Bank, and CBA are major banking companies with a significant women representation in their global workforce.
Truist Financial is a financial holding company that offers retail and commercial banking products and related financial solutions through subsidiaries. In 2021, the banking company reported 63.5% women participation in its workforce, a decrease of 0.8 percentage points over 2020. The company announced objectives to increase hiring from historically Black colleges and universities (HBCUs) from 3% to 5% by 2023.
Lloyds Banking Group is a provider of a wide range of banking and other financial services primarily in the UK, has 57.8% of women participating in its workforce in 2021, a decrease of 0.1 percentage points over 2020. The company working hard to make sure that 50% of its senior roles are held by women by 2025.
U.S. Bancorp is a diversified financial services company that offers retail and commercial banking, private banking, and wealth management solutions through its subsidiaries, reported 56.6% women participation in its workforce in 2021, a decrease of 0.2 percentage points over 2020.
In 2021, Toronto-Dominion Bank and CBA reported 56.5% and 56.1% women participation in their workforce, respectively.
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