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.
HDFC Bank Ltd (HDFC) offers personal and corporate banking, private and investment banking, and other related financial solutions to individuals, MSMEs, government and agriculture sectors, financial institutions and trusts, and non-resident Indians. In 2021, the company reported 18.1% women participation in its workforce, a decrease of 0.2 percentage points over 2020. Representation of women in the company at the senior management level increased to 9% by 0.3 percentage points over 2020.
HDFC Bank Ltd has adopted a gender diversity target to increase the representation of women in its workforce to 25% by 2025. To achieve this objective, they are working simultaneously on talent acquisition, as well as talent retention.
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