The latest findings from the survey conducted by the Chartered Insurance Institute (CII) on Corporate Chartered equality, diversity & inclusion (EDI) point to the value of integrating EDI initiatives within business practices.
The results highlight how businesses have seen tangible improvements by adopting measures that extend beyond mere compliance in EDI training, actively seeking talent from marginalised groups, and diligently gathering diversity-related data.
Companies that participated in the survey reported significant advancements in their creative and innovative capabilities, along with a surge in employee engagement, attributed to the implementation of such EDI practices.
The research expands on a preliminary study conducted in 2021, which focussed on Chartered firms’ EDI adoption in various domains, including leadership, operations, and company culture. The updated results reveal a notable growth in companies recognising the impact of EDI policies in achieving a workforce and executive team that mirror societal diversity more accurately.
Additionally, there’s been a rise in firms acknowledging how these policies enhance comprehension and awareness of EDI matters and assist in uncovering leadership biases.
Since mandating an EDI policy for Corporate Chartered status in 2019, the CII has been committed to not only tracking the effectiveness of these policies but also in guiding best practices in EDI.
Findings indicated that the most embraced EDI initiatives include ‘family and carer-friendly policies’, with an 87% implementation rate, marking an increase from 2021. Other significant practices span leadership embodying an inclusive culture and accountability at the senior level for EDI.
The study observed the most considerable gains in better representation and narrowed salary gaps as outcomes of these EDI policies since 2021. However, areas like systematic diversity data collection, measuring progress towards diversity goals, and the creation of People Networks for business insights were less commonly adopted.
Vivine Cameron, CII’s EDI manager, remarked: “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.”
All 784 Chartered companies were invited to take part in the poll, with the CII suggesting it be filled by those with the deepest insight into their organisation’s EDI strategies. The objective was to gauge the adoption level of EDI practices among Corporate Chartered firms and their impact on business performance.
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