WASHINGTON–There were just slight increases in the representation of minorities (racial/ethnic groups other than White) and women in management positions from 2007 to 2020, according to a new study from the GAO.
The study, part of a series of reports issued since 2018 that have reviewed the share of women and different racial/ethnic groups in the financial services industry, challenges associated with recruiting and retaining diverse staff, and practices to expand opportunities, is titled “Financial Services Industry: Overview of Representation of Minorities and Women and Practices to Promote Diversity,” and is based on data from the Equal Employment Opportunity Commision (EEOC).
When it comes to senior management positions, GAO said it found:
- EEOC data (for 2007–2015) showed that Asian representation increased from 4% to 5%. Black and Hispanic representation was about 3%. Female representation remained around 29% in that period.
- EEOC data (for 2018–2020) showed representation for both minorities and women was relatively flat or marginally increased. Black and Hispanic representation remained at about 3% and 4%, respectively. Female representation increased from 31% to 32% in that period.
The Challenges
“Representatives of financial services firms and other stakeholders with whom GAO spoke for the November 2017 report (GAO-18-64) described challenges in recruiting and retaining members of minority groups and women,” GAO said in releasing its findings. “They also identified practices that could help address the challenges, including recruiting students from a broad group of schools and academic disciplines and establishing management-level accountability to achieve diversity goals.”
The full report can be found here.
Still Free in ’23! The Freshest CU Headlines. Right to Your Inbox.
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.