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.
The Bank of New York Mellon Corp (BNYMC) is a provider of investment solutions. Its portfolio of offerings consists of investment services, assets servicing, Pershing, custody, corporate trust, foreign exchange, securities finance, clearing, and collateral management services. In 2021, the company reported 41% women participation in its workforce. Representation of women in the company at the senior management level decreased to 26% by 3 percentage points over 2020.
In 2021, the representation of Asian employees of BNY Mellon in the US was 17% which increased by 0.8 percentage points from 2020. Black & African American and Hispanic & Latino employees represented 10% and 7% of the US workforce, respectively.
BNY Mellon aims to increase the proportion of senior women from 28% to 33% across its EMEA region by the end of 2025.
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