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AgBank: Workforce Diversity and Inclusion in 2021

Industry: Financial Services
Current: ESG

In 2021, AgBank reported 45% women participation in its workforce which remained unchanged over 2020
In 2021, AgBank had no representation of women in its senior management
The banking industry reports diversity and inclusion to create a more equitable and inclusive work environment

A diverse, equitable, and inclusive (DEI) organization 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 organizations 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.

Globally, banks report diversity and inclusivity to ensure a more equitable and inclusive workplace for all. Companies and banks benefit from a diverse workforce by attracting new customers as people want to do business with institutions that share their values.

Agricultural Bank of China Ltd (AgBank) is a bank that offers personal, business, and investment banking; cash, wealth management; custody, payment, and settlement services; agro-business banking; foreign exchange trading; financial market solutions; private banking; and e-banking products and services. In 2021, the company reported 45% women participation in its workforce, which remained unchanged over 2020. There was no representation of women in the company at the senior management level.

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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