Equality, diversity and inclusion (EDI) has ‘positive business outcomes’ for firms implementing EDI practices and policies, a new survey has found.

Data from the Chartered Insurance Institute’s (CII) 2023 Corporate Chartered EDI survey has found practices such as EDI training that ‘goes beyond compliance requirements’, attracting talent from underrepresented groups and systemically collecting diversity data has led to positive outcomes for firms.

Respondents to the survey said where these measures had been implemented, firms had witnessed improvements in creativity and innovation and increases in employee engagement levels.

The survey, which builds on initial research on the adoption of EDI practices by firms carried out in 2021, found an increase in the proportion of firms saying EDI policies had directly led to a ‘more representative workforce and senior leadership team’.

There has also been an increase in the proportion of firms that have noticed a raised awareness and understanding of EDI, which has ‘helped leaders identify biases’.

The survey was sent to the ‘responsible members’ of all 784 chartered firms.

It found the most widely adopted EDI practices across firms were family and carer-friendly policies, with 87% of respondents saying their firm had implemented them to a ‘moderate or great extent’.

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%).

CII EDI manager, Viviene Cameron said the data “clearly shows 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.”

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