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Guidance relating to Workforce Profile and Employment Practices

Executive Summary

The FDIC's Financial Institution Diversity is a program for assessing the diversity policies and practices of FDIC regulated financial institutions. The FDIC, together with other federal financial regulators, developed and issued the Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies (Policy Statement).

The Standards identified in the Policy Statement offer guidance and a framework that enable a financial institution to voluntarily assess its diversity and inclusion practices in several key areas:

Office of Minority and Women Inclusion (OMWI) agencies have, independently, collected the assessment data they receive to report on diversity progress and trends to raise awareness of diversity policies and practices in an effort to benefit the financial services industry as a whole. The diversity self-assessments have provided valuable insight into the financial industry's diversity and inclusion practices, and has enabled the FDIC to identify areas where financial institutions experience challenges in their implementation of diversity and inclusion practices. The financial institutions self-assessment responses using the Standards help FDIC identify "exemplary" practices. These practices are actions adopted by financial institutions that expand and improve upon their workforce diversity and inclusion.

OMWI agencies have observed that diversity policies and practices continue to develop and expand throughout the industry since the Policy Statement was developed in 2015. As a result, the FDIC has captured exemplary practices that have been shared by its regulated financial institutions in their diversity self-assessments, as well as leading practices shared by industry-related organizations (e.g., National Bankers Association). Informational guides have been developed for the financial institutions' further development or improvement of their diversity policies and practices relating to the Standards.

Guidance for developing or improving diversity policies and practices relating to Standard 2, Workforce Profile and Employment Practices of the Diversity Self-Assessment of FDIC Regulated Financial Institutions

The Importance of Diversity and Inclusion in the Workplace

Diversity and inclusion is embedded in the FDIC's core values, which are integrated throughout the organization and work environment to help the FDIC continue to effectively achieve its mission of preserving and promoting public confidence in the U.S. financial system.

As stated in the FDIC's Diversity, Equity, and Inclusion Strategic Plan:

Diversity is defined by who we are as individuals. The FDIC recognizes that its strength comes from the dedication, experience, talents, and perspectives of every employee. Diversity encompasses the range of similarities and differences each individual brings to the workplace, including but not limited to national origin, language, race, color, disability, ethnicity, gender, age, religion, sexual orientation, gender identity, socioeconomic status, veteran status, and family structures.

Inclusion is the process of creating and maintaining a work culture and environment that recognizes, appreciates, and effectively utilizes the talents, skills, and perspectives of every employee in the achievement of the agency's objectives and mission; connects each employee to the organization; and encourages collaboration, flexibility, and fairness.

Examples of Workforce Diversity Practices

The financial institutions are employing a variety of methods and approaches to identify, attract, recruit, retain and train a diverse and qualified workforce. Conducting a diversity self-assessment enables financial institutions to assess their current diversity maturity to set benchmarks so they can develop strategies that increases their workforce diversity. Additionally, we have observed that while smaller banks have noted their limited resources, methods were nonetheless improvised to implement into their workforce diversity practices.

The FDIC has identified practices that apply to Standard 2, Workforce Profile and Employment Practices, that financial institutions might consider implementing as part of their workforce diversity practices. Some examples are shared for you to consider as you develop and grow diversity practices within your institution's workplace.

Outreach and Recruitment

Employment Postings

Workforce Retention

Informational Resources for Workforce Diversity and Inclusion

Informational resources are provided for further research and exploration, and include:

2. Workforce Profile and Employment Practices

Many financial institutions promote the fair inclusion of minorities and women in their workforce by publicizing employment opportunities, creating relationships with minority and women professional organizations and educational institutions, creating a culture that values the contribution of all employees, and encouraging a focus on these objectives when evaluating the performance of managers. Financial institutions with successful diversity and inclusion programs also regularly evaluate their programs and identify areas to be improved.

  1. 2.1 The financial institution implements policies and practices related to workforce diversity and inclusion in a manner that complies with all applicable laws.

  2. 2.2 The financial institution ensures equal employment opportunities for all employees and applicants for employment and does not engage in unlawful employment discrimination based on gender, race, or ethnicity.

  3. 2.3 The financial institution has policies and practices that create diversity that may include:
    • 2.3(a) Outreach to minority and women organizations.

    • 2.3(b) Outreach to educational institutions serving significant minority and women student populations.

    • 2.3(c) Participation in conferences, workshops, and other events to attract minorities and women and to inform them of employment and promotion opportunities.

  4. 2.4 The financial institution uses both quantitative and qualitative measurements to assess its workforce diversity and inclusion efforts. These efforts may be reflected, for example, in applicant tracking, hiring, promotions, separations (voluntary and involuntary), career development, and retention across all levels and occupations of the financial institution, including the executive and managerial ranks.

  5. 2.5 The financial institution holds management at all levels accountable for diversity and inclusion efforts, for example, by ensuring that such efforts align with business strategies and individual performance plans.