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.
The gender gap in organisations over the past three decades has narrowed, attributed to labour mobility worldwide. Increasing global awareness that all workers have a right to a dignified and respectful workplace irrespective of their sexual orientation and ethnicity, 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 Goldman Sachs Group Inc (GS) is a bank and financial holding company that offers a range of investment banking, commercial banking, securities, and investment management services. In 2021, the company reported 42.2% women participation in its workforce, an increase of 0.7 percentage points over 2020. Representation of women in the company at the senior management level was 23.4% which decreased by 1.3 percentage points over 2020.
In 2021, the representation of Asian employees in the US workforce was 25.1% of which 45.5% were represented by women. Black & African American and Hispanic & Latinx employees represented 7.1% and 10.2% of the US office, respectively.
Goldman Sachs aims for Black professionals to represent 7% of the vice president population in the Americas and the UK, and for Hispanic & Latinx professionals to represent 9% of its vice president population in the Americas, both by 2025.
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