Oct 29 2021
DEI Practice Bundles & Credit Union Performance: Results from Filene’s DEI Practices & Policies Survey, 2021
Do you have an accurate read of where your credit union stands in key areas of managing diversity, equity, and inclusion (DEI) and how to impact performance?
In March 2021, we conducted a study to explore DEI practices and policies within the credit union system and how such practices create value. First, we examined the implementation of individual practices as well as groups of complementary DEI practices. Second, we analyzed the relationship between DEI practices and credit union performance. Finally, we investigated whether high-performing credit unions were more likely to implement certain DEI practices.
Credit Union Implications
Our analyses examined the reach of individual DEI practices within the credit union system, whether specific practices are bundled together for implementation, and how such bundles impact organizational performance.
Many credit unions have adopted DEI practices to create more diverse workforces and train workforces on minimizing bias and interacting effectively with others across difference. Yet, the findings of this study suggest that the adoption of such practices may not be sufficient for impacting financial performance via DEI.
When designing systems for managing and leveraging DEI, credit unions should consider adopting related practices simultaneously.
Instead, a bundled approach emphasizes the complementary and reinforcing nature of DEI practices and communicates an organization’s philosophy or guiding approach to DEI. As a result, the performance effects of individual DEI practices are amplified. Thus, when designing systems for managing and leveraging DEI, credit unions should consider adopting related practices simultaneously.
Download the report and accompanying summary guide of DEI practice bundles to explore the most significant sets of practice bundles that are consistent, related, and reinforcing.
Filene’s Center for Diversity, Equity, and Inclusion is generously funded by: