Diversity, equity, and inclusivity (DEI) in an organization help bring unique prospects and ideas to create more innovative, productive, and resilient enterprises. DEI contributes to equality of opportunity and treatment in the workplace at various 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 reduced, 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. According to International Labour Organization (ILO), women’s employment declined by 5% globally in 2020 compared with around 4% for men due to disruption by COVID-19.
Banks are reporting diversity and inclusivity to ensure a more equitable and inclusive workplace for all genders and backgrounds. In April 2022, the UK Financial Conduct Authority (FCA) finalized new rules to encourage the disclosure of diversity data. The FCA’s Policy Statement contains new rules designed to improve transparency about the diversity of company boards and their executive management.
Lloyds, HSBC, NatWest, Standard Chartered, and Barclays are major banks in the UK with a significant women representation in their global workforce.
Lloyds is a provider of a wide range of banking and other financial services primarily in the UK. In 2021, Lloyds reported 57.8% women participation in its workforce, a decrease of 0.1 percentage points over 2020. Representation of women in the company at the senior management level increased to 37.7% by 0.7 percentage points over 2020. By 2025, Lloyds Banking Group Plc aims to increase a minimum of 3% of Black representation and 50% of women representation in senior roles.
HSBC is a provider of banking and financial solutions that offers retail, business, commercial banking, private banking, and wealth management services through its subsidiaries. In 2021, the company reported 51.8% women participation in its workforce. Representation of women in the company at the senior management level increased to 31.7% by 1.4 percentage points over 2020. The company aims to have 35% women in senior leadership roles by 2025
NatWest is a provider of personal and commercial banking, and other financial solutions through its two major subsidiaries. The company reported 50% women participation in its workforce in 2021, an increase of 1 percentage point over 2020. In the same year representation of women in the company at the senior management level decreased to 29% by 10 percentage points over 2020.
In 2021, Standard Chartered and Barclays reported 45.5% and 45% women participation in their workforce, respectively. The representation of women in Barclays at the senior management level was 28% and in Standard Chartered was 30.7%.
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