- “Working Toward a Brighter Future” Report Highlights Progress To-Date and Outlines Ambitious Commitment to Make Meaningful Change
Discover released “Working Toward a Brighter Future,” its first Diversity, Equity & Inclusion (DE&I) Report, documenting the progress the company has made along its DE&I journey and outlining its multi-year goals to continue creating opportunities for its customers, employees and communities.
“We see DE&I as more than just the right thing to do – we see it as a core business practice, helping to empower all people, build an environment of belonging and achieve a lasting impact”
The report highlights the company’s workforce diversity and includes examples and data that demonstrate the company’s commitment to a more equitable environment. The report also outlines strengths and areas for improvement.
“We see DE&I as more than just the right thing to do – we see it as a core business practice, helping to empower all people, build an environment of belonging and achieve a lasting impact,” said Roger Hochschild, CEO and president of Discover. “We recognize that a diverse organization attracts the best talent, retains the best talent, and makes better decisions, all of which allow us to better serve our customers.”
The report provides detailed data on how Discover’s workforce diversity compares to local market talent, as well as the banking & consumer finance and technology industries. Other data points out gender and race/ethnicity representation among leadership within Discover, and the impact of pay equity efforts, hiring and promotions in the workplace.
“I’m proud of the way we’ve continued to challenge ourselves and push towards creating some truly transformative opportunities,” said Jonita Wilson, Chief Diversity Officer of Discover. “As we continue to tackle challenges both within and beyond our walls, we hope to inspire others to join us, learn from our shared experiences, and explore what we can all do to be better.”
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The report highlights how Discover’s DE&I practice is woven through all facets of the company and business, including:
– Opened a new customer care center in Chatham, a neighborhood in Chicago’s South Side. The center created jobs and helped connect with an under-leveraged pool of diverse talent and suppliers.
– Discover’s workforce diversity either exceeds or matches the workforce availability in each of the metropolitan areas where they operate.
– Representation of women and people of color is higher at nearly every level relative to other U.S. companies, and specifically to the banking and technology sectors.
– Since 2018, women and minorities at Discover earned on average between $0.99-$1.03 for every $1.00 earned by men and non-minorities, after accounting for factors such as role, tenure and geography.
– Increased spend with diverse suppliers by more than 30% from 2020, which includes a 92% increase in spending with veteran-owned businesses, an 80% increase with minority-owned businesses and a 27% increase in women-owned businesses.
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– More than 70% of Discover’s corporate giving is directed toward under-invested communities.
– In 2020, a team of leaders from BOLD (Black Organizational Leadership at Discover) helped develop three card designs that celebrate Black Culture, joining the Pride card design developed in 2015 celebrating the LGBTQ+ community. The card designs are now available to Discover cardmembers everywhere.
In addition to highlighting progress to-date, the Discover DE&I report outlines several opportunities for improvement and North Star goals to help keep the company accountable:
- In pursuit of diversity: Discover strives to increase representation of women and people of color at all management levels to 50% and 40%, respectively, by 2025. Additionally, Discover strives to increase representation of Black and Latinx at all management levels to 15% by 2025.
- To ensure equity: Discover is establishing measures to identify and address potential biases, which will improve recruiting, retention and internal mobility.
- To foster inclusion: Discover is working toward achieving equally strong inclusion scores in annual employee surveys across all identity groups by 2024.
- To increase external impact: Discover is using their full platform of jobs, supplier spend, charitable contributions, products and more to advance equity and motivate others to effect change.
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