We want to ensure that our employee population reflects our customers. We also want to make sure that all employees, regardless of their demographic profile, feel a sense of belonging, can be themselves at work, are treated fairly and respectfully, feel supported and engaged, and can thrive and contribute fully to Discover’s success.
Governance
We believe that the most powerful thing a company can do to promote D&I is to lead from the top.
Diversity among our Executive Committee itself is an important indicator of success. This group has 25 percent minority representation, while women compose about a third of the group. Further, our Executive Committee has a D&I Steering Committee to develop our next-generation D&I strategy, including goals and a roadmap for success.
Discover CEO and President Roger Hochschild serves as the Steering Committee’s Executive Sponsor. He is joined by 12 senior vice presidents and vice presidents representing nearly all of our business units. Together, these leaders support a variety of D&I initiatives, including:
- Serving as Executive Sponsors of our Employee Resource Groups (ERGs).
- Hosting training and speaker sessions on D&I topics, such as unconscious bias.
- Creating Business Unit D&I Committees.
Additionally, D&I information is shared with our Board of Directors at least twice yearly to inform succession planning for executive-level employees.
On an enterprise level, Discover has committed to the Equity Pledge announced by The Chicago Network’s Campaign for Advancing Women Leaders in the Workplace. The pledge is a public commitment to work toward achieving 50 percent representation of women in leadership positions by 2030. The commitment includes abiding by the Equity Principles, a cornerstone of the campaign, to remove barriers, define success, evolve culture, enhance community, and maintain accountability. Discover’s Executive Vice President, President of Payment Services, Diane Offereins, is the Chair of The Chicago Network. Currently, 34 percent of our executive-level employees are women. We’ve identified improvements in this area as our best opportunity to successfully meet the terms of the pledge by 2030.
In 2019, Roger Hochschild signed the CEO Action on Diversity and Inclusion Pledge, joining over 70 other CEOs of U.S. companies who are committed to supporting a more inclusive workplace for employees, communities, and society at large. The CEO Pledge outlines actions that undersigned companies will take to cultivate a trusting environment where all ideas are welcomed and employees feel comfortable and empowered to discuss D&I.
Along with the other signatories, Discover has committed to four initial goals that will catalyze further conversation and action around D&I in the workplace and foster collaboration among participating companies:
D&I Goals and Evaluation
We introduced annual D&I goals for all Discover officers. These goals are focused on attracting, developing, and retaining a diverse workforce and supporting the broader D&I strategy of the company. D&I goals are included in our officers’ overall annual performance goals.
Pay Equity
We work hard to pay our employees equally for their work, and we constantly monitor our performance and address any discrepancies or issues. We use a salary recommendation calculator to help ensure internal pay equity.
Discover partners with an independent, third-party consultant to conduct a companywide pay equity analysis that includes race and gender to identify pay discrepancies. Our review considers compensation drivers, including level, function, and geography.
Based on our latest review, women and minorities at Discover earn on average between $0.99 and $1.02 for every $1 earned by men and non-minorities. We shared this data publicly for the first time in 2018, given our commitment to transparency and to improving our performance.
Read more about our overall approach to employee compensation.
Continue to make our workplaces trusting places to have complex, and sometimes difficult, conversations about diversity and inclusion.
Implement and expand unconscious
bias education.
Share best—and
unsuccessful—practices.
Create and share strategic inclusion and diversity plans with our Board of Directors.
Supplier Diversity
As a large financial institution, Discover has the opportunity to influence D&I efforts among our suppliers, as well as within our own ranks. We seek to procure goods and services while providing equal opportunity for diverse suppliers to compete for our business. We encourage diverse suppliers to register with us through our supplier registration portal.
- William Frey, Diversity Explosion.