Diversity, Equity, andInclusion at IFC
KEY FACTS AND DEVELOPMENTS IN FY21

Diversity,Equity &Inclusion

“We are committed to a workplace
where everyone is valued, where differences
are respected and celebrated, and where
opportunity and equitable treatment is afforded
to all. Ensuring diversity is integrated into ourdaily work means creating a culture and practices
that recognize, value, and harness what makes
every individual unique in the broader sense,by acknowledging and respecting differences
including nationality, gender and gender identity,
race, religion, ethnicity, age, sexual orientation,disability, and educational background.”—Excerpted from the World Bank Group Statement of Commitment toDiversity and Inclusion

IFC is committed to Diversity, Equity, and Inclusion (DEI) and to investing in new anddifferent ways to advance the DEI agenda across the organization. As the largest
global development institution focused on the private sector in emerging markets
and developing economies, and as part of the World Bank Group, IFC has a uniqueability to shape best practices in this space.
The following highlights some of the activities, groups, and data sets that will beshaping our strategy and approach in the coming years.

1KEY DEVELOPMENTS IN FY21

Expanding to Include Equity.

Reverse Mentorship Programming.

IFC added the concept of equity to our commitment toIFC worked to foster innovation and staff development

diversity and inclusion in FY21. This was more than just athrough cross-generational knowledge sharing—

name change. The wide range of backgrounds andparticularly well-timed given the challenges of the remoteexperiences among our staff is our biggest asset. Thiswork environment where relationships and inter-officediversity brings innovative ideas to private sector

learning are more complicated. Junior employees (thedevelopment, especially as we tackle inter-generationalmentors) pair up with mid-level managers (the mentees)

issues such as climate change and gender equality.

to share expertise and ideas. This 12-month program built

However, not all staff experience the workplace in theon its success by expanding the pool of mentees to seniorsame way, which can limit both their ability to grow andleaders—vice presidents, directors, senior managers, andIFC’s ability to harness their creative potential. This is why

country managers. In FY21, 27 pairs participated,

equity is important: it helps us even the playing field forcompared with 20 pairs the previous year. According to astaff, providing them with increased—and moresurvey of pilot participants, mentees gained insights into

intentional—access to support and training, which in turn

how millennials think, and 90 percent of mentor

increases the ability to explore a more complete range ofrespondents reported an increased level of comfort in thecareer opportunities.

organization.

Key Personnel Additions.

Challenging Racism.

IFC appointed its first dedicated DEI program manager.

With the global sweep of the #BlackLivesMatterWith this new role in place, IFC is focused on

movement, IFC sought to address racial inequity across its

implementing global, regional, and country-level

Vice Presidential Units (VPUs). Programming included:

strategies and continuing to expand our efforts to recruit,•retain, and promote staff from all backgrounds andVPU-level anti-racism action plans, which included
interactive sessions on unconscious bias, whiteabilities.

supremacy culture at work, confidential internalsurveys, and dedicated online safe spaces;

Creating a Safe Workplace.
Psychologically safe workplaces are those in which•Co-creating a new series of trainings titledemployees feel it is safe to ask questions, raise concerns,“Intergenerational Dialogue on Race: Listen, Learn,admit mistakes, and offer new ideas. Throughout FY21,Act,” to bridge generational differences and help

three sessions were held that focused on psychologicalpeople increase self-awareness.

safety, led by Dr. Constance Noonan Hadley, an•organizational psychologist and lecturer at Boston

IFC representation on the WBG Taskforce on Racism,

University’s Questrom School of Business. These sessions

which was set up to advise WBG Senior Management

garnered an overall 99 percent approval rating by

on how to end racism and racial discrimination in ourattendees.

operations.

2DEI COUNCIL AND EMPLOYEERESOURCE GROUPS

These groups include:

IFC’s DEI Council advises the management team on
meeting diversity goals and fostering a diverse, equitable,and inclusive environment. During FY21, it was co-chairedby Stephanie Von Friedeburg, Senior Vice President,•IFC African Descent Alliance•IFC Gay and Lesbian Organization of BankOperations, and Mohamed Gouled, Vice President, Risk

Employees (GLOBE)

and Finance.
The membership of the DEI Council consists of DEI
Advocates who are nominated by each VPU. They serve
as focal points on DEI matters and act as bridges between•IFC Women’s Network•

IFC Millennial+ Resource GroupIn addition, while not an IFC ERG, IFC participates in thea number of key stakeholder groups, including the senior

World Bank Group Disability Advocacy and Resource

leadership teams, staff, the co-leads of IFC’s four

Employee Group (DARE) to foster connection for

Employee Resource Groups (ERGs), and Human

differently abled employees and advocate for the interests

Resources representatives.

of this community.

IFC’s ERGs are voluntary, employee-led groups whose
aim is to foster a diverse, inclusive workplace that helps
advance the organization, build its culture, and provide
employees with safe spaces to connect, learn, and grow.

3Highlights from ERG Programs

IFC African Descent Alliance focuses on developing
professionals of African descent. In FY21 the group:

In FY21, IFC ERGs engaged in programming aimed toeducate, inspire, connect, and create understanding•

among colleagues across all grade levels.

Partnered with Human Resources for a Careers withImpact webinar for African Descent Students•IFC Women’s Network helps lead efforts to achieve

Launched the Alumni Connect Series to give IFC staff
the opportunity to interact with and learn from IFC

gender equality. Highlights included:

alumni working in other industries•Sharp focus on regional expansion through•programming with the Africa, Asia, and Latin America

IFC Onboarding Leadership Series.

Women’s Network•

Expanded its Leadership & Learning Series, hosting

IFC Millennial+ Resource Group supports generational

two new sessions on personal development:

diversity and inclusion, especially for millennial staff.
Highlights from the last year:– “Self-Leadership: An Essential Skill in ChallengingTimes” by Dr. Vickey Halsey•– “Leading with Humanity and Agency” by Tsheli

Held several discussions including:– “Mindset, Innovation and Impact—A Conversation

Lujabe and Deborah Gray.

with IFC MD Makhtar Diop”– Youth Anti-Racism PanelIFC GLOBE supports the professional development oflesbian, gay, bisexual, and transgender staff and– Co-authored a pilot onboarding program for IFC

consultants. Notable efforts:•Completed the pilot of ADA Buddy to complement theShort Term Consultants (STCs) meant to support

Conducted and released findings from the WBG LGBT+

new STCs with information they need to effectively

Workplace Climate Survey and Report

engage with WBG/IFC as a workplace andintroduce an inclusive and open environment.

•Partnered with IFC HR to support LGBT+ recruiting atMBA LGBT+ job fairs EurOUT and Reaching OUT MBA.

Finally, the ERGs worked—whenever possible—tocross-pollinate groups, including with our colleagues inthe World Bank Group’s Disability Advocacy and Resource
Employee group. Increased co-mingling of ERGs is a goal
we are actively working toward.

4

DIVERSIFYING OURWORKFORCE

GenderAs of the end of FY21, IFC had 4,283 full-time staff,
representing people of 150 nationalities, working in more

Gender equality is a core area of focus for IFC as it moves

than 100 countries.

forward. We have made steady progress to increase theproportion of women in technical and managerial

Nationalities

positions. At the end of FY21, women comprised 43.4
percent of senior GG+1 roles, up from 42.7% in FY20.

We substantially expanded our efforts to recruit diverse
staff by targeting our outreach to underrepresented
groups. This year, IFC participated in more than 100

Efforts to advance gender equality has led to IFC becoming

talent outreach events in 54 countries with more thana more attractive employer for women. Tenure for women

65,000 participants across all regions, helping us build ain FY21 was 8.7 years and men 8.2 years. For the last three

diverse pipeline of talent, including from Sub-SaharanAfrica (SSA).

Hires by Gender
Of the 526 external hires at IFC in fiscal year 2021, 102

Figure 2 shows new hires in FY21 by gender.

were from SSA, helping raise the total representation of
SSA nationals (Figure 1). We also maintained theFIGURE 2. IFC hires by gender, FY21

percentage of staff from SSA who participate in oursignature Young Professionals Program at 27 percent.

FemaleFIGURE 1. Nationality representation of IFC526

employees from Sub-Saharan Africa, FY19–21

13.9%

54%

14.9% 15.1%

Male46%

Note: The numbers represent external hires from July 1, 2020,through June 30, 2021.

Note: Numbers and percentages
are based on staff who are
active or on external service
with pay on June 30, 2021.

1

Note: Sub-Saharan Africa
includes the subregions ofEastern, Middle, Southern, andWestern Africa, excluding
Northern Africa, in keeping with
the United Nations geoschemefor Africa.

20192020

2021

5IFC uses ten (10) grade levels to structure its workforce, ranging fromGA-GJ. Grade levels reflect levels of responsibility, skills, and education.
GA–GD indicates administrative jobs that support operations staff.
The grade GE and above usually requires a Masters or PhD with aminimum of five years of relevant experience. Jobs typically foundin this stream are Investment Officer, Operations Officer, ProgramManager, Knowledge Management Officer, Technical Specialist/Senior Technical Specialist, Economist/Senior Economist, FinancialSpecialists. GG+ roles are defined as senior professionals or managers
with comprehensive and in-depth expertise either in a broad area ofspecialization or in a specialized field. Managers include managers,directors, vice presidents, and managing director. Numbers andpercentages are based on staff who were active or on external service
with pay on June 30, 2021.

Gender Parity

years retention of female staff has been driven by higher
promotions and less turnover compared to men.

After a slight decline, the percentage of women inmanagement rose (Table 1).

To support our gender equality efforts, IFC became EDGE
certified in FY18. EDGE, which stands for Economic

TABLE 1. Women in management at IFC, FY19–21

Dividends for Gender Equality, is a leading global
certification standard for workplace gender equality andWomen in IFC management by fiscal year

certification that is reviewed every two years. In FY21, we
continued to implement actions to address staff

FY19

FY20

FY21

perceptions about equal pay for equal work, career

39.2%

39.1%

39.4%

progression, and recruitment practices in preparation for
IFC’s re-certification in FY22.

Note: The managerial cadre includes manager, director, vice president,and chief executive officer.

As part of the WBG, IFC also supports HeForShe, aWe met an important gender parity milestone for womensolidarity movement initiated by the United Nations,at the Vice Presidency level. In fact, four Vice Presidencies

because of the belief that both women and men aremeet or exceed gender parity at the GG+ level. Figure 3

critical to achieving gender equality.

shows this breakdown.

FIGURE 3. Overview by IFC Vice Presidency of percentage of women in GG+ roles in FY21
IFC

IFC

43.4%

OPERATIONS
Global Industries & Other Departments

38.5%

Latin America & The Caribbean and East Central Asia

45.7%

Middle Ease & Africa

37.5%South Asia, East Asia & Pacific46.5%

NON-OPERATIONS
AMC

36.8%

Corporate Strategy & Resources

59.2%

Economics & Private Sector Development

50.4%

Legal & Compliance Risk

55.3%

Partnerships, Communications & Outreach

59.7%

Risk & Finance

31.7%

Treasury & Syndications

37.7%

Note: AMC= IFC Asset Management Company; Office of the COO included within Global Industries & other Departments

In addition, 54 percent of the directors that IFC nominates to serve on the boards of client companies were women—up
from 44 percent the year prior. We continue to work with our clients to illustrate—and model—the business case fordiversifying corporate boards.

6A New Approach to Monitoring Progress
In FY21, IFC introduced key performance indicators aligned with the World Bank Group’s new diversity goals,
including gender parity targets by grade groups and staff representation across Vice Presidencies (GenderBalance Index). We created a baseline for measuring improvement. Figure 4 presents the baseline formeasuring progress in IFC’s hiring across grades.

FIGURE 4. IFC representation by gender across four grade levels, FY2119%

43%
629

44%

57%
1,734
56%
GE-GF

The Gender Balance Index (GBI)The Gender Balance Index (GBI) promotes greater gender
distribution across all grades. Overall, at the end of fiscal
year 2021, IFC’s GBI was 0.839. A score of 1 indicates
gender parity at a particular grade grouping and IFCoverall. In the index, IFC’s four grade groupings havedifferent weightings, as follows:
GA-GD 10%
GE-GF 20%
GG+ Technical 40%
Managers 30%
The index score indicates a need to hire more women inmanagerial and GG+ technical grades to close thegender gap.

723161%

GG+ TechnicalMale

39%

1,682

81%
GA-GDFemaleManager

For more information please contact:
Rani Pooran
IFC DEI Program Manager
rpooran@ifc.org