New York Life has recently released its 2023 DEI report and it’s good. The report outlines NYL’s diversity, equity, and inclusion initiative, approach, actions, and progress made last year. I enjoy studying DEI reports because there’s always something to learn from them and this report has some great takeaways on writing a stunning report. More importantly, though, it is a lesson on how to execute a comprehensive DEI strategy. These outstanding elements of the report show us how we should think about our own DEI strategies.
- The report starts with a forward and reflection from the CEO which demonstrates top-level buy-in and support. Always a good sign.
- We see a summary of NYL’s employee resource groups but it’s clear that ERGs are just one part of their DEI strategy, not the whole strategy.
- A view of their supplier diversity program and their 2022 diverse supplier spend, showing how they impact the business ecosystem (it looks like 2023 numbers have not been finalized).
- Workforce demographic data is shown at various levels, communicating transparency and vulnerability.
- They share what they are doing to build a diverse workforce even before candidates hit the top of their pipeline. This demonstrates industry-level impact.
- Ways they are working to close the wealth gap through affordable housing, small business, and community development.
This DEI Report is outstanding because it gives us a breadth of programs and values progress over perfection. For example, their workforce is largely white and male, but they demonstrate transparency by sharing this data. Also, without 2023 supplier data ready, they still published the report with 2022 data to ensure that they remain accountable for showing that they are working toward progress. The most impressive part of this DEI strategy is its reach beyond the workplace and into the business ecosystem and underrepresented communities. Their investment in communities and focus on closing the wealth gap demonstrates the maturity of their DEI program and encourages other companies to not just continue on their DEI journey, but also continue thinking about how they can grow their reach and amplify their impact. If you’re just starting out and wondering how you can begin to demonstrate your company’s commitment to DEI in a report, check out these three components that make an exceptional DEI report.
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