Diversity, Equity,and Inclusion
FY22 Annual Report

“The wide range of backgrounds, experiences, and viewpoints
within IFC is undoubtedly our biggest asset. Diversity in all forms isfoundational to our mission and underpins our success in engaging
with our staff, clients, and stakeholders across the globe.”
Makhtar Diop, Managing Director, IFC

​​Table of Contents
Leadership Perspective: Makhtar Diop, Managing Director

1​
Executive Summary

2

Who We Are

4

Nationality

4​Race and Ethnicity

5​Gender

6

A Deeper Look at Who We Are

6

DEI Governance and Strategy

7

DEI Council

7​DEI Council Strategic Planning

8

Highlights of FY22 Strategic Priorities

9

Leadership Perspective: Emmanuel Nyirinkindi, DEI Council Co-Chair and Vice President of Cross-Cutting Solutions

10​Gender Equality

11​Gender Balance Index (GBI): How We Measure Gender Workforce Representation

11​Women in Management

12​EDGE Level 2 Certification and Our FY22 EDGE Action Plan

15

Leadership Perspective: Elena Bourganskaia, DEI Council Co-Chair and Vice President of Corporate Support​
Data-Driven Accountability

16
17​iCount Campaign

17​Gender Pay Gap Analysis

18​Nationality Representation Study

19

​Inclusive Leadership

20​Inclusion Index: How We Measure Inclusiveness

20​Inclusive Leadership Learning Initiative: Leaders for Inclusion, Innovation & Impact

22​Reverse Mentorship Program

22​Inclusive Recruitment Initiatives

23​African American Outreach23​Regional Outreach24​Inclusive Recruitment Processes

24​WBG Young Professionals Program

24​DEI in the Regions

25​Country Office DEI Representatives

25

International Day of Persons with Disabilities DEI Initiatives

26​Spotlight on Colombia’s Inclusive Internship Program

27​Highlights from the Employee Resource Groups

28​IFC Women’s Network

29​IFC GLOBE

30​IFC African Descent Alliance

31​IFC Millennial+ Resource Group

32​Looking Ahead to FY23

33

​Report Data Appendix

34

Glossary of Terms

37

LEADERSHIP PERSPECTIVE

Leadership Perspective
Makhtar Diop
Managing Director
In this age of volatility and unprecedented uncertainty, our diversity is a constant source of strength. IFC employees
represent over 150 nationalities. Their backgrounds, skills, and experiences give us a unique perspective and power tosolve the world’s most pressing problems.
The business case is clear: a diverse, equitable, and inclusive workplace underpins a high-performing workforce likeour own. To maintain our momentum, we will continue to level the playing field for staff, providing them withincreased—and more intentional—access to support and training, which in turn increases their ability to explore amore complete range of career opportunities. Being inclusive in our own workplace enables us to do our best workfor our clients and our communities. I am pleased that FY22 marked major strides in our diversity, equity, and inclusion(DEI) journey. I am confident we will drive more innovative and sustainable global development by continuing to live
our values and invest in our greatest asset—our people.

1
DEI FY22 ANNUAL REPORTEXECUTIVE SUMMARY

Executive Summary
During our 2022 fiscal year (FY22) we reached many milestones and made major

significant difference in pay between men and women at Headquarters (HQ) withstrides toward achieving our three DEI strategic goals: gender equality, data-

similar results in country offices. We conducted a Nationality Representation

driven accountability, and inclusive leadership.

Study to understand which nationalities and IFC regions have limited geographic
mobility so that we can take steps to foster more equitable talent development.

On the gender equality front, our Gender Balance Index (GBI) score, a metric

Each of these deep dives into our data exemplifies our drive to develop insightful

we use to promote, measure, and track gender distribution across four grade

recommendations to advance DEI within IFC. For more details, please see thegroups, increased by 5 percent since FY18, when we first began tracking our GBI.

Data-Driven Accountability section.

We earned the second level of Economic Dividends through Gender Equality(EDGE) certification, the highest ranking since our initial assessment in 2016 andOur Inclusion Index, a metric we use to measure our culture of inclusion based onreflecting the steps we have taken to create a workplace that works for bothstaff surveys, has increased by 5 percent since 2016 and sets a benchmark for us tomen and women. For more details, please see the Gender Equality section inmeasure future progress. We recognize that an inclusive workplace begins withthis report.

our leaders so we launched a modular inclusive leadership learning program called
Leaders for Inclusion, Innovation & Impact. At the end of FY22, over 1,015 staff with

Our commitment to data-driven accountability has meant evolving our use

people management responsibilities were invited to participate in the first moduleof data to track our workforce representation and conduct detailed analyses.

on Inclusive Performance Management, which teaches techniques for checking

The foundation for understanding our workforce representation is our iCountbiases. Within just four weeks, nearly 10 percent of invitees completed the training.

campaign, which encourages employees to voluntarily self-identify in terms

We also completed the second cohort of our Reverse Mentorship Program, whichof nationality, race and ethnicity, sexual orientation and gender identity, andpositions junior staff members as mentors to more senior colleagues, effectively

disability status through IFC’s human resources system. In FY22, our iCountbuilding a pipeline of leaders with inclusive leadership capabilities. For more details,

completion rate moved up to 61 percent, a 25 percent increase since FY21.

please see the Inclusive Leadership section.

As a result, we have a more accurate snapshot of diversity at IFC, which wewill continue to bring into focus. For the first time ever, we are also publicly

The gains we made on our DEI journey in FY22 were driven by a recognition that

disclosing our Gender Pay Gap Analysis, which found that there is no statisticallythe landscape is ever-shifting in response to emerging norms and ways of thinking.

2
DEI FY22 ANNUAL REPORTEXECUTIVE SUMMARY

As a result, we have been continuously deepening our understanding of how tocreate a workplace that not only makes employees feel a true sense of belonging
and empowerment, but also attracts top talent. From our HQ to country offices,
we embarked on recruitment and talent development initiatives that were
attuned to regional contexts and local priorities, as well as global concerns. As
an example, in HQ, we saw an increase in African American outreach events.
Meanwhile, in Colombia, we partnered with a nonprofit foundation, Manos
Visibles, to pilot a six-month Inclusive Internship Program for Afro-descendants.
For more details, please see the Inclusive Recruitment Initiatives section and the
DEI in the Regions section.

This annual report showcases our commitment tobuilding equity and working toward greater inclusionand diversity. It provides stakeholders with a detailed
update on DEI progress achieved in FY22, as well as
statistics and data related to workforce diversity. All

Voluntary and staff-led Employee Resource Groups (ERGs) also played a criticalthe figures provided are based on FY22 data (as of Junerole in paving the way for our DEI journey in FY22. These include IFC Women’s

30, 2022) unless otherwise indicated. The data are also

Network, IFC GLOBE, IFC African Descent Alliance (ADA), IFC Millennial+
Resource Group (MRG+), and— although not an IFC ERG— the World Bank
Group Disability Advocacy and Resource Employee Group. They spearheaded

presented as tables in the Appendix. Percentages arerounded to whole numbers.

community building events, fostered employee engagement, supported
employees’ personal and professional development, and made it possible for staff
to bring their whole selves to work. For more details, please see our Highlightsfrom the Employee Resource Groups section. FY22 showed us that an ambitious
DEI agenda can be achieved with focus and determination. We saw that eachand every employee can play a role in advancing our DEI efforts so that we canmake IFC more reflective of the clients and communities we serve.

3
DEI FY22 ANNUAL REPORT

WHO WE ARE

Who We Are
IFC, a member of the World Bank Group (WBG), is thelargest global development institution focused on theprivate sector in developing countries. IFC’s work isguided by the WBG’s core values: impact, integrity,
respect, teamwork, and innovation. We take great pridein using our voice, innovative thinking, financing, andadvisory expertise to lift the world’s most vulnerable out

Nationality
Headquartered in Washington, D.C., IFC operates in over 100 countries. It is important that our
workforce reflects the world that we work in and serve. We have notable nationality representationfrom Africa, North America, and Europe. We also have regional representation from Latin America &the Caribbean (LAC), the Middle East, South Asia, and East Asia & the Pacific. The breadth of regional
nationalities in our workforce allows us to develop the impactful and cross-cutting solutions we are
known for around the world.

of extreme poverty, and advance green, resilient, andinclusive economic growth.
As a global entity we strive to reflect the diversity of

Figure 1.
Regional Nationality Representation of IFC Employees, FY22

the clients, people, and communities we work in andwith. At the end of our 2022 fiscal year, IFC’s voice on theinternational stage consisted of over 4,200 employees
representing more than 150 nationalities, working in over
100 countries, and speaking more than 50 languages. In
FY22, our diverse skills, ideas, and expertise came together
to advance economic inclusion and create opportunities in
the interest of our clients and communities. To take one
example cited by Ricardo Martin Garcia Tafur, Operations
Officer based in São Paulo with the Financial Institutions
Group, we launched an investment and advisory projectwith a bank in Colombia that aims to design andimplement a financial inclusion value proposition aimed
at LGBTQI+ people.
In this section we provide a snapshot of our staff
population by nationality, race/ethnicity, and gender.
Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and WBG, as of June 30, 2022.

4
DEI FY22 ANNUAL REPORT

WHO WE ARE

Race and Ethnicity

Figure 2.
Overall Race/ Ethnicity of IFC Employees, FY22

Another demographic lens through which to view our
workforce is race and ethnicity. This highlights important
contours in our organization that might be missed if
we simply viewed our workforce through the lens ofnationality. Due to the historical movement of people
over time, we recognize that North American nationals,
for instance, might be of East Asian or Latino/a or Hispanic
descent; likewise, African nationals might be of European
or South Asian descent. The following is our racial andethnic breakdown based on our voluntary iCount selfidentification responses captured through IFC’s HR system
as of June 30, 20221:

Source: As recorded in IFC’s HR system as iCount self-identification data as of June 30, 2022. This data reflects the
responses of individuals who chose to self-identify through iCount, which had a 61 percent completion rate.

1This data reflects the responses of individuals who chose to self-identify through iCount.

The race/ethnicity categories in Figure 2 refer to the following:• East Asian or East Asian descent includes Northeast Asian or Northeast Asian descent and Southeast Asian or Southeast Asian descent.
• Latino/a or Hispanic descent includes Latino/a or Hispanic descent (origins in Latin American or Spanish-speaking countries)• To protect the confidentiality of the data, the category of “Other” includes ethnicities that have smaller population sizes, including Indigenous or Native Peoples, North African/Middle Eastern or North African/Middle Eastern descent, Central Asian orCentral Asian descent and multiple ethnicities.
For a more detailed breakdown of the race/ethnicity categories, please refer to the Glossary.

5
DEI FY22 ANNUAL REPORT

WHO WE ARE

GenderFigure 3.
Overall Gender of IFC Employees, FY22

IFC is working toward building a gender equal organization. At the end of
FY22, women comprised 55 percent of our workforce. For a more detailed
breakdown of our gender representation, please see the Gender Equality
section.

4234

A Deeper Look at Who We Are
With iCount data, we have an emerging understanding of additional
dimensions of IFC’s workforce representation that go beyond nationality,
race and ethnicity, and gender to include sexual orientation and disability.
The data shows that 4.4 percent of IFC staff self-identify as LGBTQ+ andSource: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and WBG,
as of June 30, 2022.

2.9 percent self-identify as working with a disability.2
Our goal is to encourage more staff to participate in iCount so that
we can have a more accurate picture of our workforce, helping us
identify underrepresented communities. From this data, we can further
address systemic inequities, develop supportive career development
opportunities, and launch targeted recruitment initiatives.

2 This data reflects the responses of individuals who chose to self-identify through iCount as of June 30, 2022.

6
DEI FY22 ANNUAL REPORTDEI GOVERNANCE AND STRATEGYDEI Governance and Strategy
IFC’s Management Team is accountable for DEI targets, which
are cascaded down to and monitored by each Vice Presidential
Unit (VPU). The DEI Council was formed in 2015 to advise theManagement Team on the strategic direction of IFC’s DEI
program. It also ensures multi-year priorities and initiatives
are implemented and measured for continuous improvement.

DEI Council
With 57 percent of IFC staff based in the field, our DEI Council
represents both our HQ needs and regional contexts and local
priorities. Two Vice Presidents lead the Council, both of whom
have a three-year tenure. DEI Council membership consistsof the IFC DEI Program Lead, the Co-Leads of the Employee
Resource Groups, and 27 DEI Advocates nominated by each
VPU to represent them for a three-year term.
The DEI Advocates are focal points for bringing DEI mattersin their units to the attention of their VPU’s senior leadershipteam. DEI Advocates integrate IFC’s DEI initiatives at the VPU
and department levels, and they actively support the creation

The DEI Council convened in May 2022 to craft IFC’s DEI strategic priorities.

of an inclusive workplace culture.

7
DEI FY22 ANNUAL REPORTDEI GOVERNANCE AND STRATEGYDEI Council Strategic Planning
In May 2022, the DEI Council crafted IFC’s DEI strategic priorities: gender equality, data-driven
accountability, and inclusive leadership.
Council members incorporated knowledge about the external DEI landscape and reflected on
IFC’s current program. Members were inspired by guest speakers, Lee Badgett, economist andauthor of The Economic Case for LGBT Equality, and Erika Brown, Citigroup’s Chief Diversity,
Equity and Inclusion Officer and Global Head of Talent.
Lee Badgett described how discriminatory laws and exclusionary workplaces “diminish thelevel of economic output that our workplaces produce because they are not fully using LGBTI
people’s knowledge, skills, creativity, and energy,” and this loss is estimated at roughly 1
percent of GDP.

Lee Badgett spoke to the DEI Council at the strategic planning meeting in May 2022.

Erika Brown stressed the importance of equipping leaders with the tools to be inclusive. She
also highlighted the value of establishing a steady cadence of communication around IFC’s
personal engagement, commitment, and belief in diversity, equity, and inclusion. These two
initiatives can be like a beacon of light, Brown suggested, attracting diverse talent to IFC as a
global organization.
The DEI Council concluded their strategic planning having identified key projects for FY23 thatare aligned with IFC DEI’s three strategic priorities:

FY23 Gender Equality
Promote efforts around recruitment,
hiring, and promotions to achieve genderequality and drive our GBI upward.

FY23 Data-Driven Accountability
Broaden our diversity data analysis beyond gender andnationality to include race, ethnicity, gender identity,
sexual orientation, and disability status, thereby enabling
impactful and informed decisions.

FY23 Inclusive Leadership
Create a more inclusive workplace culture by
expanding our portfolio of competency-based
training, including our Inclusive Recruitment andInclusive Leadership Modules, and an Inclusive
Communications learning initiative.

8
DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESHighlights of FY22
Strategic Priorities
IFC’s three DEI strategic priorities reflect common needs across our organization’s global footprint, from our HQ in Washington, D.C. to regional country offices around the world.

GENDEREQUALITY
Build on our gender equality progress to sustain equity for women’s career development at IFC.

DATA-DRIVENACCOUNTABILITY
Strengthen our accountability and public disclosure efforts as we take data-driven action to achieve IFC’s DEl goals.

INCLUSIVELEADERSHIP
Enable IFC managers and supervisors at all levels to lead by example and cultivate a values-based workplace that fosters inclusion and belonging.

DEI FY22 ANNUAL REPORT

9LEADERSHIP PERSPECTIVE

Leadership Perspective
Emmanuel Nyirinkindi
DEI Council Co-Chair and Vice President of Cross-Cutting Solutions
IFC’s specific focus on gender equality is an integral part of all we do to ensure inclusive societies and economies. Evidence andexperience demonstrate that businesses thrive under gender-diverse leadership in corporate boardrooms, that environmental
goals and gender equality are linked, and that economic growth needs the ingenuity of women entrepreneurs.
What we expect of our clients, we must also expect of ourselves, and I’m proud of the concrete steps we took in FY22 to make
IFC a more gender-inclusive workplace. We earned the second level of the Economic Dividends through Gender Equality (EDGE)
certification. In FY23, our gender action plan will focus on ensuring equal pay for equal work for women and men, offeringawareness training on gender biases, introducing gender equality objectives in performance evaluation plans for managers, andencouraging men to take full paternity leave. On inclusion, to inspire others through my example, I participated in the Inclusive
Performance Management course, which is part of the Leaders for Inclusion, Innovation and Impact initiative that IFC’s DEI
team manages. The course is another way we are creating a more objective performance management process that promotes
a sense of belonging and a growth mindset in all IFC employees.
Looking ahead, I am excited for the rollout of the Inclusive Recruitment and Inclusive Communications trainings as theselearning initiatives will give us more tools to promote inclusion within IFC and beyond.

10
DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESGENDEREQUALITY
Leadership across IFC is dedicated to closing the global gender gap through not only the

At the end of FY22, IFC’s score was 0.85, which represents a 1 percent
increase since FY21 and a 5 percent increase since FY18 when we first began
tracking our GBI.5

Figure 4.
Gender Balance Index (GBI) Trend, FY18-FY22

clients and projects we invest in, but also our gender workforce representation. In FY22,
we worked to meet key performance indicators, which enable us to track our progress
towards achieving gender parity. Highlights of our gender equality program include
improving our Gender Balance Index (GBI) score and earning the second level of EDGE
certification.

Gender Balance Index (GBI):
How We Measure Gender Workforce
Representation
We use the GBI3 metric to measure gender distribution across four grade groups at IFC.4

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS)
at IFC and WBG, as of June 30, 2022.

3 A score of 1 indicates gender parity at a particular grade grouping and IFC overall. The four grade groupings have different weightings as follows:• GA-GD 10%• GE-GF: 20%• GG+ Technical 40%• Managers 30%
4 IFC uses ten grade levels to structure its workforce, ranging from GA-GJ. Grade levels reflect levels of responsibility, skills, and education.
• GA-GD indicates administrative jobs that support operations staff.
• GE indicates a junior level job and usually require a Bachelor’s degree with a minimum of two years of relevant experience. Jobs in this stream are Investment Analyst, Portfolio Analyst, Budget Analyst, HR Analyst, Research Analyst, Operations Analyst,
among others.
• GF indicates a mid-level job and usually requires a Master’s or PhD degree with a minimum of five years of relevant experience. Jobs typically found in this stream are Investment Officer, Operations Officer, Financial Officer, Risk Officer, Economist,
among others.
• GG+ roles are senior roles that usually require a Master’s or PhD degree with a minimum of eight years of relevant experience.
• Managers usually requires a Master’s or PhD degree with at least 12 years of relevant experience and include Managers, Directors, Vice Presidents, and the Managing Director.
Numbers and percentages are based on staff who were active or on external service with pay on June 30, 2022.
5 GBI is a weighted composite measure. In order to calculate the 5 percent increase in GBI from FY18 to FY22 we used the following calculation: (0.85 - 0.81)/0.81 x 100

11
DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESNotably, we increased the overall share of women in the GG+ Technical and Managers
grade groups by 1.4 percent compared to FY21. This is important because these two

Women in Management

grade groups collectively comprise 70 percent of the GBI and account for senior technicaland managerial roles.

Women in management, which is equivalent to the Managers GradeGroup in the GBI, includes the following roles: Manager, Director, Vice

Figure 5.
IFC Representation by GBI across Grade Groups as of June 30, 2022

President, and the Managing Director. After maintaining a steadypercentage of women in management from FY19 to FY21, the percentageof women in management rose by 1 percent in FY22.

Figure 6.
Percentage of Women in Management, FY19-22

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS)
at IFC and WBG, as of June 30, 2022.
Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and WBG,
as of June 30, 2022.

6 The share of women in GG+ Technical and Managers grade groups in FY21 was 43.4% compared to 44% in FY22. When calculated, this is a 1.4 percent increase.

12
DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESWith the Management Team (MT), we achieved gender parity in FY22.7
However, we need to strive toward greater gender parity at the Director

Figure 8.
Share of Women in GG+ Technical and Managers Grade Group by VPU, FY22

and Manager levels.

Figure 7.
Percentage of Men and Women in the Management Team andDirector and Manager Levels as of June 30, 2022 7

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS)
at IFC and WBG, as of June 30, 2022.

Since FY20, we have made gains in representation at the VPU level due toa combination of acquiring and developing talent. However, we recognize
the FY22 GBI score highlights the need to hire more women at the GG+
Technical and Managers grade groups in order to close gender gaps. In
FY22, we made progress in attracting highly skilled female talent, andnearly half of all hires across IFC (48 percent) were women.

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and WBG, as
of June 30, 2022.

7 As of June 30, 2022, the Management Team comprised the Managing Director and 12 VPs. Across these 13 roles, we consider 54 percent (7 men) to 46 percent (6 women) gender parity.

13
DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESFigure 9.
Overall Hires by Gender, FY22

Figure 10.
Hires and Turnover by Gender at the GG+ Technical and Managers Grade Groups,
FY22 9TurnoverSource: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and WBG, as ofJune 30, 2022.

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS)
at IFC and WBG, as of June 30, 2022.

We have made workforce representation gains through internal and external recruitment, with 45 percent of FY22 hires in the GG+ Technical and Managers grade groups being
women.8 Meanwhile, 70 percent of exits were men, which is equivalent to a turnover rate of 6.4 percent compared to women who had a turnover rate of 3.6 percent. With ahigher percentage of men leaving the organization in FY22, we saw more women in roles that had been predominantly occupied by men.
In addition to monitoring the rate at which women are joining and progressing at IFC, we are also closely monitoring the turnover of women to maintain and extend ourworkforce representation gains.

8 Internal recruitment refers to hires of selected candidates who held an open/term appointment with WBG at the time of the selection in a given time period. External recruitment refers to hires of selected external candidates.
9 Turnover refers to voluntary and involuntary exits.

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DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESEDGE Level 2 Certification and
Our FY22 EDGE Action Plan
After completing a third assessment with EDGE, IFC earned the second
level of certification, which is the highest ranking since our initialcertification in 2016. Level 2 of EDGE recognizes IFC’s implementationof an action plan that strives to, as Rani Pooran, Program Lead for DEI
at IFC, put it, “build a workplace where women and men are on an equal
footing to thrive.”
With each EDGE certification round, we have been able to identify
areas to better promote gender equality and build equity. As theworld’s leading gender certification program, EDGE makes visible
the advancements we are making at IFC to create a workplace that
supports the success of women. In FY23, our gender equality action
plan will focus on three strategic areas: equal pay for equal work;

Rani Pooran, Program Lead for IFC DEI.

recruitment and promotion; and company culture.

15
DEI FY22 ANNUAL REPORTLEADERSHIP PERSPECTIVE

Leadership Perspective
Elena Bourganskaia
DEI Council Co-Chair and Vice President of Corporate Support
As a uniquely diverse global institution, IFC has always focused on empowering our workforce to perform at their best. Buildingon the foundations we set in FY21, we further expanded our DEI team’s capabilities in FY22 to include expertise in project
management, data analytics, inclusive learning, and communications. Alongside a refreshed DEI Council and active Employee
Resource Groups, we embarked on our first full year of dedicated DEI programming, and we achieved milestones related to ourthree strategic priorities: gender equality, data-driven accountability, and inclusive leadership.
In FY22, we continued to deepen a data-driven approach to our DEI agenda, especially as we achieved an iCount completion rateof 61 percent, a 25 percent increase since FY21. I am proud that we are going beyond simply reporting metrics to conducting indepth analyses of our DEI data so that we can flesh out the determinants of our workforce representation numbers, understandhow all staff experience the workplace, and take informed action to strengthen our HR policies and practices to foster diversity,
equity and inclusion.

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DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESDATA-DRIVENACCOUNTABILITY
IFC has evolved its approach to data in order to strengthen its commitment to creating a workplace

The iCount completion rate speaks to employees’ belief in IFC’s

in which everyone has equal opportunities to thrive. We recognize that to assess the effectivenesscommitment to creating a workplace that works for all of us. Ourof our initiatives and enact meaningful change, we must use data to identify problems, establish

goal is to reach a participation rate of 90 percent by FY25, which willbaselines, design corrective interventions, and measure progress. As a result, we have moved beyond

give us a more complete picture of our organization and boost our

workforce reporting, and we have begun conducting research projects.

ability to implement impactful initiatives.

iCount Campaign

VPUs with a completion rate above 70 percent by the end of thecampaign:

Our iCount campaign encourages all employees to voluntarily self-identify in terms of nationality,•

Corporate Support 78%

race and ethnicity, sexual orientation and gender identity, and disability status. By the end of FY22,•

Economics & Private Sector Development 74%

IFC had a 61 percent completion rate, an increase of 25 percent since FY21.

•

Risk and Finance 71%

Regions with the highest completion rate:•

Headquarters (Washington, D.C.) 67%•

Central Asia and Türkiye 63%•

South Asia 63%

Due to greater staff participation in our iCount campaign in FY22,
we have a more accurate picture of IFC’s workforce diversity. We
will be able to generate insights into how IFC staff experience theworkplace in terms of career progression and promotions, mobility,compensation, and performance management. We can then taketargeted actions to improve the workplace experience, such as
Shehzad Sharjeel, Chief Credit Officer, shares why he completed his iCount.

creating more inclusive policies, programs, and opportunities.

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DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESGender Pay Gap Analysis
IFC Proactive Pay Gap Controls and Annual Corrective Measures
1)

IFC’s commitment to gender equality includes processes and policies to monitor
and correct pay equity issues.

IFC conducts an annual pay gap assessment using a regression analysis which covers
base salaries, bonuses, and other cash benefits.
The assessment sought to identify any unexplained gender pay gap, which is to say a
gap in pay after accounting for additional factors that could potentially impact staff
salaries, such as tenure or grade. The outcome of the 2022 assessment showed a 0.8
percent unexplained gender pay gap between men and women on the U.S. salaryplan, which is not statistically significant. The results for country offices were similar.
Overall, this analysis shows there is no high-level risk associated with an unexplained
gender pay gap in the organization.

2)

3)

4)

In addition, IFC also reviewed the starting salaries of Extended Term Consultants(ETCs) in FY22 to identify any systematic gender inequities. The data in the tables
below show negligible differences across gender and vary across levels.
In FY22, for the first time ever, IFC implemented a proactive correction ofidentified individual pay gaps. A data-driven methodology was defined to identify
cases where there was a pay gap based on statistical methods. Each case wasreviewed individually and the gap was corrected for 20 identified cases (11 female
and 9 male).
In order to eliminate pay gaps from the start, IFC used feedback from HR Client
Services and Managers to revise the salary setting process it uses for new
appointments, promotions, progressions, and ad-hoc increases. Ensuring anequitable initial starting salary for staff is one of the most important decisions
taken that has helped to eliminate pay gaps, as other compensation decisions,such as annual salary increases and awards, are fairly standardized within IFC’s
current policies.

Notes:
Compa-Ratio is a measure that expresses pay as a percentage of range midpoints (salary divided by midpoint);
for example, a compa-ratio of 1.00 would indicate a salary 100% of the range midpoint, 0.75 is 75%, etc.
ETC Levels approximately correspond to WBG grades as follows:
EC1 = GE, EC2 = GF, EC3 = GG, EC4 = GH
Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC as ofJune 30, 2022.

Proactive correction of individual pay gaps in 2022
(11 women, 9 men) with a pay gap in grades:• GA-GD - 3 cases• GE-GF - 8 cases• GG+ - 9 cases

18
DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESNationality Representation Study

Figure 12.
Percentage of Staff by Nationality Distributed across Location

One of IFC’s corporate priorities is increasing employees’
geographic mobility outside of their home region as this isa key driver in developing talent. In FY22, we analyzed thenationality representation of IFC staff by region in order toaccurately understand which nationalities and regions have
limited geographic mobility. We found that Africans andNorth Americans are the least geographically dispersed,
with 63 percent of staff from African countries and 73
percent of North American employees working within theirregion of nationality. Meanwhile, Europeans are the mostgeographically dispersed employees, with 74 percent locatedoutside their region of nationality.

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and WBG, as of June 30, 2022.

The data we gathered in FY22 will be used in FY23 to develop mobility programs that enable more staff tobuild careers and make impactful contributions to IFC outside of their home countries or regions.

19
DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESINCLUSIVELEADERSHIP
It is critical that we continue fostering a culture of inclusion at IFC, onethat welcomes, respects, and values employees’ diverse perspectives.

Measuring and reporting data on staff’s perceptions of the workplace experience helps
inform the implementation of inclusive leadership initiatives. Our overall Inclusion Index

An inclusive workplace culture begins with inclusive leaders.

remained steady at 63 percent since our last survey in 2019 , which represents a 5 percent

Inclusion Index:
How We Measure Inclusiveness

Figure 13.
Inclusion Index Trend, FY16-FY22

increase since 2016.

One way we measure our ability to foster an inclusive work
environment is through our Inclusion Index, which is based on thefollowing statements in the WBG Employee Engagement Survey:•

WBG Senior Leadership creates a culture of openness and trust.

•I am treated with respect and dignity at the WBG.

•

Diverse perspectives are valued in my unit.

•

Colleagues are treated fairly regardless of gender/gender identity,
disability, age, race/ethnicity, national origin, native language,
sexual orientation, religion, or educational background.

•Managers and staff are held accountable when their actions or
behaviors are contrary to the institution’s values of diversity,
equity and inclusion.

•

Source: Employee Engagement Survey, IFC Results 2022

WBG Senior Leadership is taking action to improve diversity,
equity and inclusion.

•

My Vice President is taking action to improve diversity, equity andinclusion.

20
DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIESAt IFC, our commitment to equity comes with the recognition
that not all staff experience the workplace in the sameway, which can impact employees’ ability to grow to their

Figure 14.
Inclusion Index by Demographic FY22

fullest potential. This year we analyzed demographic datacollected from our Employee Engagement Survey in order tounderstand the workplace experiences of different groups.
The data revealed notable inclusion gaps, particularly among
employees with a disability, LGBTQI+ (lesbian, gay, bisexual,
transgender, queer, intersex, and other gender identities andsexual orientations) employees, and employees who are
Black or of Afro-descent.

Source: Employee Engagement Survey, IFC Results 2022

As we look ahead to FY23, we will be analyzing our Employee Engagement Survey data to better
understand the reasons for these differences in perception and take targeted action to create amore inclusive and engaging work environment.

21
DEI FY22 ANNUAL REPORTHIGHLIGHTS OF FY22 STRATEGIC PRIORITIES

Inclusive Leadership Learning Initiative:
Leaders for Inclusion, Innovation & Impact
Prioritizing inclusive leadership is essential in addressing inclusion gaps andIn Module 2: Inclusive Recruitment, people managers explore how to mitigate

creating an environment where DEI values can prosper across the organization.

biases that affect the assessment of candidates during the recruitment process. This

However, leaders must be equipped with the training and tools to not only treat

module will be implemented in FY23.

their teams with respect, fairness, and dignity, but also inspire them to do theirbest work. Therefore, we have committed to evolving our learning program to

In Module 3: Inclusive Leadership, leaders learn the individual and organizational

achieve these objectives. IFC introduced a modular inclusive leadership learningbenefits of inclusion and a framework for fostering inclusion at work. This module will

program called Leaders for Inclusion, Innovation & Impact.

be implemented in FY23.

In Module 1: Inclusive Performance Management, staff with people
management responsibilities learn to recognize how unconscious biases canpotentially impact performance management conversations and decisions.
Over 1,015 staff involved in performance management were invited to participate.
Module 1 was launched in the first week of June and, within four weeks, nearly 10
percent of invitees completed the training. We maintained the momentum into
FY23 and by September 2022, 63 percent of invitees completed the course.
Emmanuel Nyirinkindi, Vice President of Cross-Cutting Solutions and Co-Chair ofReverse Mentorship Program
The Reverse Mentorship Program, which completed its second cohort in FY22, is an
important pathway to building a solid pipeline of leaders with inclusive leadershipcapabilities. The reverse mentorship initiative contributed to a more inclusive
workplace by positioning junior staff members as mentors to more senior colleagues.
The initiative has led to increased knowledge-sharing and collaboration.

the DEI Council, participated in the Inclusive Performance Management course.
Emmanuel has shared his key takeaways from this training, namely practical andimpactful ways to check one’s biases, including:•

Ensuring performance management conversations are “data-driven” so thatmanagers are “measuring goalposts against clearly defined objectives.”•

Using peer feedback to challenge unconscious biases.

•

Asking ourselves: “Am I letting any of my own biases interfere?”22
DEI FY22 ANNUAL REPORTINCLUSIVE RECRUITMENT INITIATIVES

Inclusive Recruitment Initiatives
At the heart of our employee value proposition, conceived
to appeal to both current staff and prospective talent, isthe idea that a diverse workforce can reach its full potential•

Partnering with the African Descent Alliance ERG to host a Virtual African American
Talent Outreach Event in February for mid-career professionals.

•

Sponsoring a networking and talent outreach event in June, which attracted over 3,000
attendees and resulted in 35 profiles to review from African American graduates of
HBCUs and predominantly white institutions.

•Entering a four-year partnership with Howard University School of Business to develop
a pipeline of talent for IFC, including African Americans.

•

Sponsoring events for several professional associations, including the National Societyof Black Engineers and the National Black MBA Association to expand the pipeline of
African American talent.

•

Hiring three students for communications internships from Howard University and the
University of Texas at San Antonio.

•

Launching a community networking campaign to connect with African American
professionals looking for opportunities in the Black Greek Network and Career Fairs.

•

Hiring three African American interns in the Global Internship Program (GIP), whichtargets candidates who are working on a Master’s degree and have over three years ofexperience.

•

Partnering with talent agencies focused on African American talent to widen ourin a mission-driven organization. A key component of ourstrategy for attracting talent is to proactively organize andparticipate in recruitment events. These enable us to promote
IFC as a culturally rich and diverse global entity, attract highperforming candidates from around the world, and engage
with potential applicants for current and future opportunities.

African American OutreachIn FY22, we continued to support the WBG’s AntiRacism Charter principles by focusing on African
American recruitment and completing 37 outreach
events in 17 historically Black colleges and universities(HBCUs). Additional highlights from our inclusive
recruitment efforts include the following:candidate search, especially in key sectors such as information technology.

23
DEI FY22 ANNUAL REPORTINCLUSIVE RECRUITMENT INITIATIVES

Regional Outreach

Inclusive Recruitment Processes

In addition to these recruitment initiatives at HQ, IFC participated in more thanFor our recruitment process, we employ Textio, an industry-leading tool

45 talent outreach events in 20 countries, which attracted more than 24,000

which removes unconscious biases from recruitment materials such as job

participants, helping us build a diverse pipeline of talent. For the first time, IFC,

descriptions, brochures, and text on our website so that our materials are

represented by Diogo Bardal and Alexandre Haddad Aebi from the São Paulomore appealing and gender neutral. This makes the recruitment process more

office, and Rudy Perecin Mareno, Human Resources Officer, participated in

gender inclusive and equitable. Another key component of IFC’s talent outreachFeira Divers/a. This is the largest LGBTQI+ recruitment event in Latin America

strategy includes requiring at least one male and one female on the candidate

with more than 4,000 participants each year. Nearly 50 companies sponsor the

shortlist with a similar gender requirement on the interview panel.

event, including JPMorgan Chase & Co., Bain & Company, Ernst & Young (EY),and PricewaterhouseCoopers (PwC).
We also engaged in notable outreach events in Japan, Saudi Arabia, andcountries in Sub-Saharan Africa, such as the following:•

An MBA 2024 Career Seminar in Japan, which attracted 135 attendees.

WBG Young Professionals Program
Selection for the WBG Young Professionals Program is another key effort inour inclusive recruitment strategy. In FY22, IFC selected 11 diverse young
professionals from more than 1,800 applicants. The successful candidates•

A Global Internship Program (GIP) Outreach event for the Middle East

represented 10 schools and nine primary nationalities, 36 percent of which wereand North Africa (MENA), which reached 22 attendees from Saudi Arabia,

African. The cohort was also 55 percent women. We used HireVue On Demand

United Arab Emirates, China, Nigeria, Sudan, Tunisia, and Egypt.

Interview for first-round interviews, followed by virtual panels with Managers
for the final rounds. The new cohort entered the joint WBG Young Professionals
Program on September 12, 2022, and they will participate in rotations in both•

Online Anglophone and Francophone Africa Outreach events, which

IFC and the World Bank.

attracted over 400 attendees from Senegal, Nigeria, Côte d’Ivoire, Rwanda,
Burkina Faso, Sierra Leone, Ghana, Democratic Republic of the Congo, Mali,
Cameroon, Kenya, South Africa, Zimbabwe, Zambia, South Sudan, Ethiopia,
Uganda, Mozambique, Botswana, Malawi, and Tanzania.
For information on how we are expanding recruitment efforts in our
regional country offices, please see the DEI in the Regions section.

24
DEI FY22 ANNUAL REPORTDEI IN THE REGIONSDEI in the
Regions
Our three strategic priorities reflect common needs across
IFC as diversity, equity, and inclusion are global concepts

Country Office DEI Representatives

that affect us all. Country offices around the world also
carry out activities aligned with the strategic priorities toexpand the breadth and depth of IFC’s DEI agenda.

At IFC, we are aware that inequities and issues around exclusion have a specific local and regional impact.
We are continuing to support our regional teams in identifying specific DEI needs for each country alongsideacknowledging that each community and individual has different circumstances, resources, and opportunities
available to them in their respective environment.
Country office DEI Representatives play an instrumental role in raising awareness about regional DEI
issues and customizing the implementation of our strategic priorities. The IFC DEI Representatives are a
network of over 50 engaged employees who champion DEI in country offices from Brazil and Georgia to theUnited States and Vietnam. The DEI Representatives interface with senior leadership, the IFC DEI program
management team, and Human Resources. They also lend their local expertise to assist with DEI initiatives.
In FY22, the DEI team collaborated with the DEI Representative in Morocco on a needs assessment tounderstand behaviors all staff can adopt to create an inclusive workplace. Meanwhile, IFC India offices,
the DEI program management team and local DEI Representatives partnered with an external vendor
to understand micro-diversities, such as caste, sub-religion, and socio-economic background. Thanks toengaged DEI Representatives in Morocco and India, we have developed action plans that are currently
underway. DEI Representatives in other countries, like the Philippines and Nepal, have also begun to highlight
local inequities and barriers to belonging.

25
DEI FY22 ANNUAL REPORTDEI IN THE REGIONSInternational Day of
Persons with Disabilities
DEI Initiatives
The International Day of Persons with Disabilities,
held annually on December 3, is celebrated
worldwide to promote understanding about

International Day of Persons with Disabilities in Sarajevo, Bosnia
and Herzegovina
IFC staff donated equipment to the Sarajevo-based association, Buducnost, which provides earlyintervention speech-language therapy and rehabilitation to children. The equipment enabled children
to engage in their daily classes. IFC staff had the opportunity to attend an online presentation byDževida Sulejmanović, a Director at Buducnost, who raised employees’ awareness of cognitive
disabilities such as Dysphasia, Autistic Spectrum Dyslexia, Hyperactivity, and Attention Deficit
Hyperactivity Disorder. The presentation was followed by a lively 45-minute Q&A session.

disability-related issues and advocate for greater
inclusion of persons with disabilities. In FY22, IFC
staff based in Bosnia and Herzegovina, Albania, andAzerbaijan participated in local projects that were
informed by the United Nations theme: Leadershipand Participation of Persons with Disabilities
Toward an Inclusive, Accessible and Sustainable
post-COVID-19 World.

International Day of Persons with Disabilities in Tirana, Albania
On the International Day of Persons with Disabilities, IFC employees working in Tirana, Albania
partnered with the United Nations High Commissioner for Refugees, the UN Refugee Agency, andRefugee and Migrant Services in Albania, a local non-governmental organization (NGO), to deliver
learning materials, food, and Christmas presents to the children of asylum seekers and refugees,some of whom live with a disability. A representative from the Ministry of Health and Social Affairs
was also in attendance, thus bringing government attention to this vulnerable population andmaking them feel valued and included.

International Day of Persons with Disabilities in AzerbaijanWith donations from the World Bank, IFC partnered with Medeni Niyyet, a local charity, and Dayag,
a local NGO, to support Azerbaijani veterans coping with Post Traumatic Stress Disorder from therecent 2020 Karabakh war. Medeni Niyyet held a series of online consultations with life coach Naila
Safarali to help participants clarify their life goals, identify obstacles holding them back, and develop
impactful strategies to overcome them. Using laptops donated to the project by local NGO Gənc
Maarifçilər Birliyi, Medeni Niyyet also worked with beneficiaries to strengthen their networking,management, and communication skills. Dayag worked with veterans to learn about their trauma,
apply relaxation techniques, and complete a series of sessions with psychologists and psychiatrists.
As a result of this program, three participants obtained employment.

26
DEI FY22 ANNUAL REPORTDEI IN THE REGIONS

Spotlight on Colombia’s
Inclusive Internship Program
In March 2022, IFC’s Colombia office partnered with the DEI team, the WBG
Race Equity Officer, Human Resources in Latin America and the Caribbean,
and a nonprofit foundation, Manos Visibles, to pilot the first Inclusive
Internship Program for Afro-descendants. This six-month program has hada significant impact in the region for two reasons.
First, according to Matthew J. Talvacchia, Country Officer for Colombia,
the program set a precedent for intentionally promoting diversity andthe inclusion of new perspectives from young, underrepresented talent.
To ensure this outcome was achieved, the program made sure to provide
Bogotá office staff with cultural awareness training so that they weremore aware of DEI challenges in the region and able to create a welcoming
workplace and learning environment for the interns. Sebastian, one of
the interns, observed that the Bogotá office had a continuously evolving
inclusive corporate culture where each person’s opinion was valued andongoing feedback was encouraged.
Second, the program expanded interns’ career opportunities by providingthem with on-the-job experiential learning opportunities to strengthen
their transferable skills in operations, communications, and businessdevelopment. According to Kleider, another intern from Santiago de Cali,a region characterized by slower economic and social development, theBogotá office opened their mind to a career at a multilateral organization

Four Interns from IFC Colombia’s Pilot Inclusive Internship Program for Afro-Descendants.

such as IFC.
The successes of Colombia’s Inclusive Internship Program can be replicatedacross other IFC field offices, accelerating our commitment to ensuring thatthey reflect the diversity of the communities in which they operate.

27
DEI FY22 ANNUAL REPORTHIGHLIGHTS FROM THE EMPLOYEE RESOURCE GROUPS

Highlights from the
Employee Resource Groups
IFC has four voluntary and staff-led Employee Resource Groups (ERGs) that drive
employee engagement, assist staff and consultants with personal and careerdevelopment, and help create a safe space so that employees feel they can bring
their whole selves to work. IFC’s ERGs are:

IFC also participates in the World Bank Group Disability Advocacy and Resource

IFC Women’s Network

IFC GLOBE

Employee Group, though this is not an IFC ERG, to foster connection for
employees with a disability and advocate for the interests of this community.
In FY22, the ERGs engaged in programming to connect colleagues, celebrate therich dimensions of difference at IFC, and foster supportive communities. As Ernest
Mullen, Program Assistant and ADA’s FY23 Co-Lead shares: “My involvement withIFC African Descent Alliance (ADA)

ERGs at IFC has empowered me to be much more observant if I see someone
being mistreated due to a disability, religion, race, gender, et cetera. I truly believethat every human being has a unique talent and perspective on life due to their

IFC Millennial+ Resource Group (MRG+)

own personal journey that they should be able to express to the world without
being discriminated against or pushed to the side.” The passion and commitmentof the ERG members drove successes that were felt across IFC and beyond.

28
DEI FY22 ANNUAL REPORTHIGHLIGHTS FROM THE EMPLOYEE RESOURCE GROUPSIFC Women’s Network
Founded in 2002 as the organization’s first ERG, IFC’s Women’s Network helps•

Hosting the “Inspiring Leadership” for International Women’s Day

lead efforts to create workplaces that work for women. The presence of an ERG

Celebration: a Conversation between Dr. Sandie Okoro, Senior Viceis a concrete way of making sure that we have “inclusion as much as we have

President and General Counsel for the WBG, and Vice President fordiversity in our business and in the way that we interact with each other in the

Compliance at the World Bank. This event was moderated by Katherine

workplace,” says Christina Ongoma, Principal Investment Officer and the FY22

Meighan, Associate Vice President and General Counsel of the International

Co-Lead of the Women’s Network.

Fund for Agricultural Development.

In the Women’s Network’s 20th year as an ERG, it hosted a range of events withthe goal of empowering women to achieve success on their terms, showing•

Offering the following workshops and events focused on female leadership,
work-life balance, and career narrative:

them how to take their careers to the next level, and creating opportunities forboth male and female staff to support each other’s personal and professional• Personal Branding as Activism

development. Noteworthy initiatives and events include:• Leveraging LinkedIn for your Personal Brand• From Crushed to Crushing It: How to Do Less and Get More
• Building your Confidence and Effective Networking Workshop

29
DEI FY22 ANNUAL REPORTHIGHLIGHTS FROM THE EMPLOYEE RESOURCE GROUPS

Additional highlights from GLOBE include the following:

IFC GLOBE•

Awarding the prestigious annual Hans Binswanger Awards to LGBTQI+ allies
Caroline Vagneron, Denis Robitaille, Flora Rezaei Mood, and Jorge Dajani.

IFC GLOBE supports the professional development of individuals who are lesbian,gay, bisexual, transgender, queer, intersex, and other gender identities and•Awarding the Out and Proud awards to LGBTQI+ staff and consultants who

sexual orientations. First incorporated as an official ERG in 2012, GLOBE fosters

are openly part of the community and are role models at IFC. The awards

awareness of and engagement with IFC’s LGBTQI+ communities.

were given to Christian De la Medina Soto, John Arzinos, John Bryant Collier,
Kelly Widelska, and Minisha Deepu.

In its 10th year as an ERG, GLOBE organized the first-ever #ImAnAlly campaign.
DEI Council Co-Chairs, Elena Bourganskaia and Emmanuel Nyirinkindi, were two•

Observing International Women’s Day with a panel discussion that brought

leaders involved in the launch of the campaign in Washington, which coincided

together five queer women artists— Altyn Kapalova, Assem Zhapisheva,

with the International Day Against Homophobia, Transphobia, and Biphobia.

Leyli Gafarova, Tove-Mari Odderdal, and Gayatri Ganju— who use their art

Hundreds of staff, including leadership, showed their allyship with IFC’s LGBTQI+

to advance awareness, acceptance, and rights for queer communities.

community on social media, reaching over 4
million people. Daniel De La Morena, Senior•

Celebrating Pride Month in Washington, D.C. by commemorating the

Knowledge and Learning Officer and GLOBE’s

anniversary of the June 1969 Stonewall Riots and organizing LGBTQI+ events

FY22such as a Pride Picnic in the Park, the Pride 5K Run, and the Capital Pride

Co-Chair,

said:

“We

were

incredibly

pleased with and touched by the response

Parade.

to the campaign and now a large LGBTQI+
flag is permanently displayed in the atrium to•

Joining the Mexico City Pride march, which included participation from Marksymbolize IFC’s commitment to diversity, equity

Thomas, the Bank’s Country Director for Mexico, Colombia, and Venezuela,

and inclusion.”and approximately 25 WB and IFC staff.

Daniel De la Morena,
former GLOBE Co-Lead.

30
DEI FY22 ANNUAL REPORTHIGHLIGHTS FROM THE EMPLOYEE RESOURCE GROUPS•

Hosting the first official Juneteenth event at IFC where attendees learned
the historical significance of Juneteenth, networked with colleagues, andbuilt community.

•

Continuing to grow the Buddy Program, which matched 48 junior employeeswith 29 senior colleagues to create meaningful connections for collaboration,
learning, and mentoring.

•

Participating in the McKinsey Black Manager Accelerator Program in which
five ADA members, who are mid-career managers, focused on enhancing

IFC African Descent Alliance

their leadership mindsets and behaviors, setting them up to take the leap
into senior leadership roles.

Established in 2019, IFC’s African Descent Alliance (ADA) focuses on theprofessional development of employees of African descent. As part of thisprofessional growth, ADA membership empowers staff to disrupt biases andoppression in the workplace.
Noteworthy initiatives and events from ADA include the following:•

Partnering with IFC during Black History Month to host an interactive
webinar on IFC’s African American Talent Outreach. In this session,
IFC’s Managing Director Makhtar Diop and senior staff including Elena
Bourganskaia, Daryl Lucas, Linda Rudo Munyengeterwa, Koro Nuri, Jessica
Schnabel, and Ernest Mullen, shared how their passions and professional
interests have intersected, enabling them to have a meaningful impact inthe world.

•

Continuing with the Leadership Series by hosting John F. Gandolfo, Vice
President & Treasurer, Treasury and Syndication.
Goran Zaric, DEI Advocate, and Mbuso Ndebele, former ADA Co-Lead.

31
DEI FY22 ANNUAL REPORTHIGHLIGHTS FROM THE EMPLOYEE RESOURCE GROUPSIFC Millennial+ Resource Group
Launched in 2016, IFC’s Millennial+ Resource Group (MRG+) supports generational

In addition to MRG+’s signature networking lunches and happy hours, thediversity and inclusion, particularly for millennials. In addition to creating a sensegroup hosted the following lively events for MRG+ members after two years ofof belonging at IFC, being a member of MRG+ can be an empowering experience.

remote work during the COVID-19 pandemic:

In the words of Liudmila Pestun, one of the MRG+ Co-Leads:•

the future of work.

“Being a part of MRG+ gave me great exposure
to IFC leadership through meeting our leaders
via networking lunches or through representing•

have a fairly focused work scope, I wouldn’t
have had such exposure otherwise.

MRG+

has also been an outlet for me to advocate

A gardening activity to honor Earth Day and showcase the IFC rooftop
garden to the MRG+ members.

IFC millennials at the DEI Council and NextGen
Council. Given that I am in a junior position andCoffee & Conversation between Makhtar Diop and Susan Lund regarding•

A virtual fireside chat with Meighan Stone, author of Awakening #MeTooand the Global Fight for Women’s Rights, in celebration of International
Women’s Day.

for different staff categories, such as STs or
Liudmila Pestun,
MRG+ Co-Lead.

younger staff, and I find great personal value in
how rewarding it feels.”

32
DEI FY22 ANNUAL REPORTLOOKING AHEAD TO FY23

Looking Ahead to FY23
In FY23, we will build on the momentum and insights we gathered in FY22 to develop moreculturally relevant initiatives that target local inequities and barriers to inclusion. We will also
partner with organizations to elevate our DEI thought leadership. From our HQ to our country
offices, FY23 will be a year of ongoing learning, continued progress, and meaningful change inthe lives of our employees, our communities, and people we serve.

33
DEI FY22 ANNUAL REPORTREPORT DATA APPENDIX

Report Data Appendix
All the figures provided in these tables are based on FY22 fiscal year data (as of June 30, 2022),
unless otherwise indicated. The percentages in this report have been rounded to whole numbers.

Table 1.
Regional Nationality Representation of IFC Employees, FY22

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC
and WBG, as of June 30, 2022.

Table 2.
Overall Race/Ethnicity of IFC Employees, FY22

Source: As recorded in IFC’s HR system as iCount self-identification data as of June 30,
2022. iCount encourages staff to voluntarily self-identify in terms of nationality, race andethnicity, sexual orientation and gender identity, and disability status (or “decline to state”
if so preferred).

34
DEI FY22 ANNUAL REPORTREPORT DATA APPENDIX

Table 3.
Overall Gender of IFC Employees, FY22

Table 5.
IFC Representation by GBI across Grade Groups as of June 30, 2022

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at
IFC and WBG, as of June 30, 2022.

Table 4.
Gender Balance Index (GBI) Trend, FY18-FY22
Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and WBG, as of June30, 2022.

Table 6.
Women in Management at IFC, FY19–FY22

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS)
at IFC and WBG, as of June 30, 2022.

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and WBG, as of June30, 2022.

35
DEI FY22 ANNUAL REPORTREPORT DATA APPENDIX

Table 7.
Percentage of Men and Women at the VP+, Director, and Manager
Levels as of June 30, 2022

Table 8.
Share of GG+ Technical and Managers by VPU, FY22

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and
WBG, as of June 30, 2022.

Table 9.
Overall Hires by Gender FY22

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and
WBG, as of June 30, 2022.

Table 10.
Hires and Turnover by Gender at the GG+ Technical and Managers
Grade Groups, FY22 9

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and
WBG, as of June 30, 2022.

Source: As recorded in PeopleSoft, the Human Resource Management System (HRMS) at IFC and
WBG, as of June 30, 2022.
9 Turnover refers to voluntary and involuntary exits.

36
DEI FY22 ANNUAL REPORTGLOSSARY OF TERMS

Glossary of Terms
Economic Dividends for Gender Equality (EDGE)

Grade Groups

Economic Dividends for Gender Equality (EDGE) is the world’s leading gender

IFC uses 10 grade levels to structure its workforce, ranging from GA-GJ. Grade levels

certification program. For more information on EDGE, please refer to its website.

reflect levels of responsibility, skills, and education.

Employee Resource Groups (ERGs)•

GA-GD indicates administrative jobs that support operations staff.

•

GE indicates a junior level job and usually require a Bachelor’s degree with

Employee Resources Groups (ERGs) are voluntary, employee-led groups

a minimum of two years of relevant experience.

whose aim is to foster a diverse, inclusive workplace that helps advance theInvestment Analyst, Portfolio Analyst, Budget Analyst, HR Analyst, Researchorganization, build its culture, and provide employees with safe spaces toconnect, learn, and grow.

Jobs in this stream are

Analyst, Operations Analyst, among others.
•

GF indicates a mid-level job and usually requires a Master’s or PhD degreewith a minimum of five years of relevant experience. Jobs typically found in

Gender Balance Index (GBI)

this stream are Investment Officer, Operations Officer, Financial Officer, Risk
Officer, Economist, among others.

The Gender Balance Index (GBI) is a metric used to promote, measure, and track•

GG+ roles are senior roles that usually require a Master’s or PhD degree with aminimum of eight years of relevant experience.

greater gender distribution across 4 grade groups at the IFC and VPU levels.
•

Managers usually requires a Master’s or PhD degree with at least 12 years of

A GBI score of 1 indicates gender parity at a particular grade grouping and IFC

relevant experience and include Managers, Directors, Vice Presidents, and theoverall. The four grade groupings have different weightings as follows:

Managing Director.
iCount•GA-GD 10%•

GE-GF: 20%•

GG+ Technical 40%

iCount is an initiative to encourage staff to voluntarily self-identify in terms of•Managers 30%

nationality, race and ethnicity, sexual orientation and gender identity, and disability
status (or “decline to state” if so preferred) in IFC’s human resources system.
Inclusion Index
The Inclusion Index is a metric used to measure our ability to foster an inclusive

37
DEI FY22 ANNUAL REPORTGLOSSARY OF TERMS

work environment. It is based on several statements from the World Bank Group (WBG)
Employee Engagement Survey.
LGBTQI+
LGBTQI+ stands for lesbian, gay, bisexual, transgender, queer, intersex, and other gender
identities and sexual orientations.
Management
Management is equivalent to the Managers Grade Group in the GBI, and it includes thefollowing roles: Manager, Director, Vice President, and Managing Director.
Race/Ethnicity
IFC uses the following definitions for racial and ethnic categories:•

South Asian or South Asian descent (origins in the Indian sub-continent)•

Northeast Asian or Northeast Asian descent (e.g., origins in Japan, China, Korea)•

Southeast Asian or Southeast Asian descent (e.g., origins in Thailand, Indonesia,
Philippines)•

North African/Middle Eastern or North African/Middle Eastern descent•Black or Afro-descent (origins in Sub-Saharan Africa or the groups or the Black African
Diaspora, e.g., Afro-Caribbean, Afro-Latino, Afro-European, or African American)•

White (origins in any of the original peoples of Europe)•

Indigenous or Native Peoples (origins in any of the original peoples of the Americas,
Asia, Europe, or the Pacific; also considered First Nations or Aboriginals)•

Latino/a or Hispanic descent (origins in Latin American or Spanish-speaking countries)•

Central Asian or Central Asian descent•

Others38
DEI FY22 ANNUAL REPORT