We believe that our diverse perspectives and experiences make us stronger and better able to help our customers, employees and communities achieve brighter financial futures. And we believe that all – regardless of race, ethnicity, gender identity, sexual orientation, disability, veteran status, religion or age – should feel valued, have a sense of belonging, be treated equitably, and enjoy the freedom to be themselves.
DIVERSITY, EQUITY & INCLUSION OFFICE
As we continue to raise the bar for diversity and inclusion both at Discover and on behalf of our customers and communities, we must ensure that we have appropriate attention, focus and resources to meet those ambitions. Our DE&I office is run by two Officers, our Chief Diversity Officer and our SVP of DE&I. The office is dedicated to fostering a more inclusive environment, achieving a more diverse workforce, and increasing our impact as a company through programs to benefit employees, customers and the communities in which we operate.
Our DE&I Office focuses on four distinct pillars:
We know that the key to our success is not just treating everyone equally—it is removing systemic barriers to create equity and a fair, unprejudiced opportunity for each person to succeed. We recognize that not everyone starts from the same place, and that we must take the actions required to decrease imbalances and create an even playing field. To achieve full equity at Discover, our DE&I office is working to understand and address the differing needs that are informed by demographic traits—such as ethnicity, nationality, age, gender, disability and sexual orientation—within our team of 18,000 individuals.
Having a dedicated and experienced DE&I team—working in partnership with leaders throughout the organization—will help us realize our goal of being a more diverse, equitable and inclusive company. It will increase our ability to drive real and lasting change in this critical area, which will ultimately strengthen our company and our communities.
DE&I GOALS AND EVALUATION
As part of our expanded commitment to DE&I, we introduced four measurable pillars that the company will work toward in our focus areas of Diversity, Equity, Inclusion and External Impact.
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Diversity: Increase representation of women leaders to 50% and minority leaders to 40% by 2025 from a 2020 baseline. In 2020, women represented 34% of officers and 39% of directors. Minorities represented 27% of officers and 24% of directors. -
Equity: Reduce inconsistencies and biases in our practices; establish equity measures and reporting for full talent cycle by 2022. -
Inclusion: Achieve equal inclusion scores among all employee groups by 2024. -
External Impact: Increase contributions and opportunities for underserved communities.
Additionally, all Discover officers now have annual DE&I performance goals. These goals are focused on attracting, developing and retaining a diverse workforce and supporting the broader DE&I strategy of the company. DE&I goals are included in our officers’ overall annual performance goals.
GOVERNANCE
We believe that the most powerful thing a company can do to promote DE&I is to lead from the top.
Diversity among our Executive Committee itself is an important indicator of success. This group has 29% minority representation, with women also composing 20% of the group. Further, our Executive Committee has a DE&I Steering Committee which works with our DE&I office to activate our next-generation DE&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 DE&I initiatives.
In addition, a small group of employees across business units and locations who have demonstrated a strong passion for Diversity, Equity and Inclusion comprise our D&I Task Force. This group identifies gaps and deficiencies, and recommends actions in a number of areas, including:
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Our goal is to achieve 50% representation of women in leadership positions by 2030
- Racial climate and how it is experienced by employees.
- Education, training and coaching to address and prevent racial insensitivity and discrimination.
- Resources to foster healthy discussion.
- Effective reporting and actions to address racial injustices.
DE&I information is also shared with our Board of Directors at least twice a year.
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 welcome and employees feel comfortable and empowered to discuss DE&I.
Along with the other signatories, Discover has committed to four initial goals as part of the pledge that will catalyze further conversation and action around DE&I in the workplace and foster collaboration among participating companies:
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Continue to make workplaces trusting places to have complex, and sometimes difficult, conversations about diversity and inclusion.
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Implement and expand unconscious bias education.
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Share best—and unsuccessful—practices.
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Create and share strategic inclusion and diversity plans with our Board of Directors.
EMPLOYEE RESOURCES
Discover recognizes that increasing our knowledge of each other’s diverse perspectives and experiences builds understanding and can help us foster a culture that further embraces diversity, equity and inclusion.
This year we expanded our DE&I resources available to employees with the launch of DVersity, an online resource and education center containing information on how to help drive change and limit bias that could show up in our actions, processes and environment.
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.
Supplier Diversity
As a large financial institution, Discover has the opportunity to influence DE&I efforts among our suppliers as well. We are committed to developing a supplier network that is more inclusive of businesses owned by minorities, women, veterans, people with disabilities and members of the LGBTQ+ community. By doing this, we support a goal that is much larger than Discover—affecting systemic change by promoting economic growth across groups who have historically been disadvantaged economically. Partnering with diverse suppliers is also critical to our long-term success as the diversity of backgrounds and perspectives these suppliers bring drives innovation and growth to meet the changing needs of our diverse customer base.
We encourage diverse suppliers to register with us through our supplier registration portal in order to join a database reviewed by our sourcing team when bid opportunities present themselves. This allows us to procure goods and services while providing equal opportunity for diverse suppliers who compete for our business.