CII data shows EDI practices have a positive impact on businesses

Data from the Chartered Insurance Institute’s (CII) 2023 Corporate Chartered Equality Diversity & Inclusion (EDI) survey indicates positive business outcomes for firms implementing EDI practices and policies.

Respondents said that practices such as ‘EDI training for colleagues that goes beyond compliance requirements’, ‘attracting talent from underrepresented groups’, and ‘systematically collecting diversity data’ had led to positive outcomes for their firms, including improvements in creativity and innovation, and increases in employee engagement levels.

In 2019 the CII made it a requirement for firms to have an EDI policy in place in order to achieve Corporate Chartered status. The CII also committed to measuring the impact of such policies, and create best practice guidance around EDI.

The survey was sent to the ‘Responsible Members’ of all 784 Chartered Firms, with the recommendation that it should be completed by the person with the highest understanding of EDI practices in their organisation. The research aims to understand the extent to which Corporate Chartered firms have adopted EDI practices, and how these practices may have impacted business outcomes.

The most widely adopted EDI practices across firms were said to be ‘family and carer friendly policies’, with 87% of respondents saying their firm had implemented them to a ‘moderate or great extent’, a 5pp (percentage point) increase since 2021. Other widely adopted practices include ‘leaders role modelling an inclusive culture throughout the organisation’ (82%), ‘senior leaders being accountable for EDI, with responsibilities cascaded through all levels’ (77%), and ‘leaders supporting positive actions to address disadvantages faced by individuals with protected characteristics’ (71%).

In terms of the impact of EDI policies on business outcomes, the largest improvements seen since 2021 have been in areas such as ‘better representation’ and ‘decreased salary discrepancies’.

The least widely adopted EDI practices were the systematic collection of diversity data (27%), the measurement of progress against diversity targets (27%), and establishing People Networks to inform business decisions (25%).

The EDI survey data reinforces the recommendations made last week in the CII sponsored Young Foundation EDI report.

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.”