Racial and Ethnic Representation
and Investment FrameworkÂ
A Research Report and Recommendations
for Beneficial State FoundationÂ
Racial and Ethnic Representation
and Investment FrameworkÂ
A Research Report and Recommendations
for Beneficial State FoundationÂ
Key steps to improve a bank’s racial and ethnic demographics within their internal workforce, and methods to improve a commitment to diversity, equity and inclusion.
Although African Americans comprise over 13% of the national population, and Latinos 18%, executive banking positions are only 3% Black and 4% Latino.
Black and Latino bank workers are concentrated in entry-level, low wage and semi-skilled positions instead of management or executive positions, which are not sufficient wealth generating opportunities of employment.
The financial industry must take on a stronger, more explicit commitment to Racial and Ethnic Representation and Investment (RERI). This framework outlines multiple ways to strengthen this commitment to RERI.
The framework includes best and promising practices for banks to improve Racial and Ethnic Representation within the internal workforce:
It also includes best and promising practices to strengthen Racial and Ethnic Representation and Investment within the hiring process:
NCRC developed the Racial and Ethnic Representation and Investment (RERI) framework, which outlines benchmarks for racial and ethnic representation in all job levels of the banking industry. Based on Equal Employment Opportunity Commission (EEOC) national industry averages, our RERI framework includes a four-tiered grading system for banks to analyze their internal diversity progress across all job levels.Â
This RERI framework was developed with the support of Beneficial State Foundation. Recommended standards are separate, but in tandem, to internal standards created by Beneficial State Foundation.