Diversity efforts bearing fruit, says SIFMA

Race and gender diversity at leading global financial firms has improved since early this decade, but has remained static for the past two years, a Securities Industry and Financial Markets Association report showed. The SIFMA 2007 Report on Workforce Diversity and Organizational Practices surveyed 31 member firms — 66% of which are global institutions and 77% of which have revenues more than $1 billion. The survey showed that white men compose 45% of the participants’ employees, compared to 53% in 2003. White women compose 31% of the surveyed workforce, up from 29% in 2003 but down from a 33% high in 2005; women of color matched 2005’s results at 11%. Men of color in these particular workplaces are at an all-time high of 11%, up from 9% in 2001. Asians and Pacific Islanders are an increasingly represented group, the survey showed, topping all average percentages for participating firms’ people of color representation. SIFMA’s survey also showed that firms are increasingly encouraging managers to diversify their departments, with 34% of participating firms offering monetary bonuses for diversity. However, 53% do not offer rewards for diversification. Nearly 70% of surveyed firms have diversity councils, compared to 31% in 2001; the top three issues addressed by the councils are race (84%), gender (84%) and sexual orientation (68%). “SIFMA members have made inroads in leveraging diverse talent and instituting practices and programs that support inclusive organizational cultures,” Jyoti Chopra, SIFMA Diversity Committee chair and managing director said in a statement. Towers Perrin MGMC, a Stamford, Conn.-based global professional services firm, conducted the survey.