Firms implementing equality, diversity and inclusion practices and policies have positive business outcomes, research has revealed.
Data from the CII’s 2023 Corporate EDI survey found respondents said practices such as EDI training that goes beyond compliance requirements, attracting talent from underrepresented groups and collecting diversity data led to positive outcomes.
These included improvements in creativity and innovation as well as increases in employee engagement levels.
The data showed an increase in proportion of respondents saying that EDI policies had directly led to a “more representative workforce and senior leadership team”.
It also highlighted EDI policies have helped leaders to identify biases and raise awareness and understanding of EDI.
The research was sent out to 784 chartered firms with the recommendation it should be completed by the person with the highest understanding of EDI practices in their organisation.
The most widely adopted EDI policies across firms included ‘family and carer friendly policies’ with 87 per cent of firms saying they had implemented them to a ‘moderate or great extent'.
In terms of the impact of EDI policies on business outcomes the largest improvements have been in areas such as ‘better representation’ and ‘decreased salary discrepancies’.
While the least adopted policies included the systematic collection of diversity data (27 per cent), measurement of progress against diversity targets (27 per cent) and establishing ‘people networks’ to inform business decisions (25 per cent).
Vivine Cameron, equality, diversity and inclusion manager for the CII, said: “These data clearly show the positive benefits that firms can enjoy from prioritising the incorporation of EDI practices.
“The CII encourages and champions the adoption of equality, diversity and inclusion across the insurance and financial sectors. Creating a safe space for all will drive our profession forwards, allowing businesses to thrive and reap the many benefits associated with having a diverse workforce.”
In 2019 the CII made it a requirement for firms to have an EDI policy in place in order to achieve corporate chartered status.
It also committed to measuring the impact of such policies, and creating best practice guidance around EDI.
alina.khan@ft.com
