As social, economic, and environmental factors spotlight the creation and maintenance of diverse, equitable and inclusive workplaces as a business imperative, credit union leaders have strived to understand how to transform their workplace while realizing value from their efforts. To provide guidance to credit union leaders, Filene conducted a study in 2021 to explore diversity, equity, and inclusion (DEI) practices within the industry and how such practices create value.
Now in its second year, Filene’s Diversity, Equity & Inclusion Practices & Policies Survey highlights the importance of strategic and measurement practices for credit union interested in activating their DEI journey. This year we explored whether the adoption of practices related to DEI strategy, goals, and tracking, help credit unions design impactful systems for managing and leveraging DEI.
Credit Union Implications
With increasing competition and limited resources, credit unions must find ways to extract value from their DEI efforts. The first year of our study revealed a bundled and strategic approach to DEI is important for realizing value. This year’s study emphasizes the importance of integrating DEI strategy, governance, goal and tracking practice bundles for deriving value from organizational DEI efforts.
While credit unions may implement a range of DEI practices, the potential for a performance impact resides in the implementation strategy. It is not enough for credit unions to create a set of DEI goals. Instead, they must collect data, track progress, and establish internal accountability structures for guiding and evaluating DEI progress.
With mounting concerns about social justice over the last few years, DEI has come to the forefront of organizations’ agendas and leaders have promised to expand their commitments to diversity and inclusion efforts. Yet, making a commitment to action is quite different from engaging in action to drive change.
Download the report for insights and strategies on realizing business value from your organizations DEI efforts.