This second annual DEI study from Arizent explores the state of inclusion across industries, the effect that a dedication to DEI can have on businesses, and how HR professionals can continue to champion diversity at their firms.
NEW YORK, Oct. 26, 2022 /PRNewswire-PRWeb/ -- New research conducted by Arizent — parent company of American Banker, The Bond Buyer, Digital Insurance, Employee Benefit News, Financial Planning and National Mortgage News — finds that diversity is alarmingly low across industries, but companies where employees feel a genuine commitment to DEI are the ones most likely to be healthy, thriving organizations.
According to Arizent's report, non-white employees reported that they are less likely than their white counterparts to feel valued at their companies. 60% of BIPOC men and women agree that their input is regularly requested on meaningful items compared to 80% of their white peers. Additionally, non-white women encounter the most unhealthy work environments and are least likely to receive help or support from people with power in their organizations.
"We used a 20-point measurement tool to evaluate workplace toxicity and found that, despite working in substantially similar work environments, women of color are more likely to have unhealthy workplace experiences," says Janet King, VP of Research for Arizent. "The research shows that workplace environments can result in significantly different experiences for employees, depending on the intersectionality of their identities."
The research also reveals a severe lack of diversity across surveyed industries, with non-white employees accounting for 22% of insurance, 19% of banking, 17% of wealth management and just 7% of accounting roles. While more than 95% of respondents agreed that they can learn from colleagues with different demographic backgrounds, only 66% believe that diverse companies make better decisions.
Despite any skepticism of DEI efforts across industries, the report shows that companies that have made active commitments to and investments in DEI, like implementing Employee Resource Groups (ERGs) or using equitable hiring practices, see positive results almost immediately.
"We found that companies which are perceived by their employees as having a genuine commitment to inclusion are more likely to be healthy workplaces for all employees, regardless of their demographic characteristics," said Kerry Gross, Director of Research Intelligence at Arizent. "Employees at these companies are also more likely to say their companies encourage curiosity and demonstrate honesty at all levels, which are hallmarks of leading companies."
The research indicates these companies are most likely to provide diversity training at all levels of the organization, implement recruiting policies to ensure an equitable number of applicants from minority groups, create ERGs and provide career and leadership development and mentorship programs targeted towards employees from underrepresented groups.
Click here to download the report and explore its findings, which include actionable steps for organizations looking to prioritize DEI.
Additional coverage from American Banker on DEI initiatives in the financial services industry can be read here.
Research Background/Methodology
This survey was conducted online during July 2022 with 771 employees at U.S. companies. 87% of responses originate from white collar industries like banking, accounting, wealth management, insurance and other professional services. Respondents hold all levels of positions, ranging from non-management roles to executives, while hailing from a broad range of age groups and other demographics.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Arizent Research
Arizent Research delivers actionable insights through full-service research solutions that leverage their first-party data, subject matter expertise, and highly engaged communities across the banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management communities. They conduct research to support original insights and analysis for their various editorial and content brands, as well as custom research programs for clients in the industries they serve.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
Media Contact
Janet King, Arizent, 207-807-4806, [email protected]
SOURCE Arizent
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