Deloitte’s diversity report: does the company walk the talk?
Deloitte’s latest diversity report shows that the company has made some progress over the last few years in improving the ethnic/racial and gender diversity of its workforce, however it admits that there is still much work to be done, especially in terms of female representation.
Deloitte’s 2021 Diversity, Equity, and Inclusion (DEI) Transparency Report reviews the company’s representation data for the US-based workforce, which is made up of more than 65,000 professionals.
“We are encouraged to see consistent growth in key areas of representation, particularly for Black, Hispanic/Latinx, and multiracial professionals. While growth for female representation is positive, there is more work to be done,” Deloitte notes.
Key Observations
Since FY2018, Deloitte US has seen:
- 10.0% growth for Black representation (from 6.0% to 6.6%)
- 12.1% growth for Hispanic/Latinx representation (5.8% to 6.5%)
- 24.1% growth for multiracial representation (2.9% to 3.6%)
- 2.6% growth for female representation (42.8% to 43.9%)
Increased Diversity at Junior Levels
A deeper dive into representation by job level reveals greater representation of Black, Hispanic/Latinx, multiracial, and female professionals at junior levels. Deloitte views this as a sign of progress as they seek to increase representation in the internal talent pipeline through organic promotion.
However, they acknowledge the critical role that recruitment plays in helping to increase overall representation. “There is an opportunity to be more bold in our experienced hire recruiting strategy for these groups,” the company points out.
But what about Diversity in Leadership?
When it comes to leadership though, representation of women and minority ethnic groups remains low. According to Deloitte’s published data, board representation consists of Partners, Principals, and Managing Directors (PPMDs) who are 40% female, 5% Asian, 15% Black, and 5% multiracial.
“There is an opportunity to increase the representation of Asian PPMDs and PPMDs of other racial cohorts, all of which are below current PPMD representation. Furthermore, there is no representation of Hispanic/Latinx PPMDs on the board, highlighting an opportunity to improve ethnic diversity,” the company says.
The same applies to the Executive Leadership Team representation, which consists of PPMDs who are 38.7% female, 9.7% Asian, and 9.7% Black. Hispanic/Latinx PPMD representation (3.2%) is below overall PPMD Hispanic/Latinx representation (3.6%).
Board representation consists of PPMDs who are 40% female, 5% Asian, 15% Black, and 5% multiracial.
Recruitment Data in the Spotlight
Some key observations from examining Deloitte’s recruitment data for FY2020:
- 42.7% of hires were from diverse racial groups.
- Black professionals comprised 8.8% of hiring, which is 31.3% greater than their representation in the firm.
- Deloitte hired American Indian/Alaska Native (0.3%) and multiracial (4.8%) professionals at levels above representation (0.2% and 3.5% respectively).
- Deloitte hired Native Hawaiian/Other Pacific Islander professionals at the same level as representation, contributing to unchanged representation for this cohort.
Diversity Goals by 2025
When it comes to representation, Deloitte is committing to the following goals for the Deloitte US workforce:
- Increase US workforce female representation to 45% by 2025.
- Increase the number of Black and Hispanic/Latinx professionals in the company’s US workforce by 50% by 2025; this is an input to its goal of increasing the overall racial and ethnic diversity of its US workforce to 48% by 2025.
- Increase the representation of racially and ethnically diverse US Partners, Principals, and Managing Directors (PPMDs) to 25% by 2025.
- Increase the number of female US PPMDs by 25% by 2025.
“As we explore opportunities to make a greater impact, we reinforce our commitment to being in this for the long term—well past fluctuations in the news cycle. We are focusing on root causes, embedding diversity, equity, and inclusion into every aspect of the way we operate and inspiring inclusive prosperity within communities by examining and taking action on societal systems that perpetuate inequities,” Joe Ucuzoglu, Chief Executive Officer and Janet Foutty, Executive Chair of the Board of Deloitte US, wrote in their note.
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