The Diversity Project’s progress report showed that 85% of respondents are collecting data on pay gaps, but only 63% of those are publishing the information externally.
In addition, 70% of members are working towards goals surrounding race and ethnicity, but a third of members are not collecting social mobility data. The survey was completed by 83 members of the Diversity Project, a 16% increase from last year.
Baroness Helena Morrissey, chair of the Diversity Project, said: “In a difficult economic environment, it’s great to see firms continuing to build their commitment to greater diversity with more actions being taken. It’s also encouraging that more employee-led initiatives are helping to build momentum.
“But there are some ‘areas to address’ – only 35% of firms are collecting social-economic data, for example. The Diversity Project will be releasing a social mobility toolkit in January to address this and will work with all our member firms over the coming year to help resolve the remaining issues around data as highlighted by the report.”
The Diversity Project survey found that 37.8% of respondents had completed some benchmark within the field of LGBTQ+DE&I, versus 25.7% in 2022. Despite the increase, 47.6% of organisations said they held no plans to complete initiatives in the next 12 months. The wealth management sector topped the tables for this initiative, with over 65% reporting they had completed a LGBT+ benchmark.
Matt Cameron, CEO of LGBT Great, said: “This year more firms engaged on the goals and progress tool reporting, and it is inspiring to see its momentum build across member firms of all sizes. The reporting highlights that many firms are placing an increased focus on action and that they have committed to one or more of the goals.
“In 2023, many members also reported on additional diversity and inclusion dimensions, such as flexible working, menopause and carers and families, and these data insights will play a valuable role in aligning the resources, and strategy, of the Diversity Project for 2024 and beyond. Thank you to all that took part”.
In the new areas of the report, 47% of firms responded that they have taken action to give support related to menopause, but only 26% have committed to the Diversity Project menopause pledge.
In addition, just a third of members have committed to the disability confidence scheme in any capacity, and almost half of organisations said they had no plans to start in the next 12 months.