Strategies for Enhancing Data Collection and Diversity Reporting in Financial Services Institutions

Title: Organizations Urged to Collect More Data to Drive Gender Equity and Diversity

In a recent study conducted by Deloitte, it was revealed that many organizations are only scratching the surface when it comes to collecting comprehensive data to drive gender equity and diversity initiatives. The study found that 23% of organizations measure progress regarding diversity commitments through adherence to compliance standards, which may focus on activities rather than their impact.

Despite the importance of data collection in achieving gender equity, some European countries prohibit diversity monitoring. However, gathering diversity data and employee feedback through regular pulse checks can help organizations identify blind spots and evaluate the effectiveness of their programs. Building employee trust is crucial in this process, and leaders can achieve this by being transparent about how the data will be used.

Assessing diversity data is key in setting measurable goals and creating accountability. Shockingly, only 32% of the largest US public companies conduct a gender pay-gap analysis, with even fewer reporting the results. Benchmarking findings against industry peers and leveraging technology can help organizations generate insights faster and minimize unconscious bias.

Reporting progress on diversity goals, both internally and externally, can boost transparency and trust within organizations. However, the study found that a significant number of organizations are not establishing accountability or measuring progress in their equity commitments. Financial services firms, in particular, have been lacking in publicly available diversity and inclusion information.

To demonstrate commitment to gender diversity, organizations should engage with stakeholders both within and outside the organization. Encouraging allyship and sponsorship opportunities, linking performance expectations to DEI goals, and investing in succession planning are just a few ways leaders can foster engagement and showcase their commitment to gender diversity.

Overall, organizations have a significant opportunity to drive positive change in gender equity and diversity by collecting more data, assessing it effectively, reporting progress transparently, and engaging with stakeholders. By taking these actions now, organizations can work towards creating a more equitable world and achieving gender equity goals.