The Culture Is Us
Gaining Momentum Across IFC

FY23 Diversity, Equity, and Inclusion
Annual Report(July 1, 2022 - June 30, 2023)

“The wide range of backgrounds,
experiences, and viewpoints within IFC isundoubtedly our biggest asset. Diversity inall forms is foundational to our mission andunderpins our success in engaging with ourclients and stakeholders across the globe.”
Makhtar Diop, Managing Director, IFC

​​Table of Contents
01

Leadership Perspective:
Makhtar Diop, Managing Director

02

Executive Summary

03

Who We Are

05

DEI Governance and Strategy

5
6

DEI Council
DEI Council Strategic Planning

08

Highlights of FY23 DEI Strategic Priorities

09

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

10

Gender Equality

10 Gender Balance Index (GBI): How We Measure Gender Workforce Representation
11 Women in Senior Technical and Managerial Roles
12 Women in Senior Technical Roles
13 Women in Management
14 Parental Leave Benefit
14 Gender Pay Gap Analysis

16

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

17

Data-Driven Action

18

Inclusive Leadership18 Learning Initiatives: Building Our Inclusive Leadership Capabilities
19 Transformative DEI Learning Experiences and Partnerships
19 Communicating Allyship in Uncomfortable Conversations
20 Mobility2Equal
20 Respectful Workplace Advisors

21

Inclusive Recruitment Initiatives

21 Inclusive Recruitment Processes
22 African American Outreach
24 Global Outreach
24 WBG Young Professionals Program
24 Nepal’s Inclusive Internship Program
25 Brazil's Inclusive Internship Program
25 Latin America: Cultures and Roots Indigenous Outreach Event26

DEI in the Regions

26 Country Office DEI Representatives
26 Morocco’s DEI Assessment
27 India’s DEI Assessment
28 Disability Inclusion Initiatives
28 Tirana, Albania
28 Baku, Azerbaijan
29 Sarajevo, Bosnia and Herzegovina
29 Manila, The Philippines

30

Highlights from the Employee Resource Groups

30 Virtual ERG Expo
31 IFC African Descent Alliance
32 IFC GLOBE
33 IFC Millennial+ Resource Group
33 IFC Women’s Network

34

Fueling the Way Forward with Rani Pooran, IFC DEI Program Lead

35

Report Data Appendix

38

Glossary of Terms

Leadership Perspective

Leadership Perspective

Makhtar Diop, Managing Director
The past year presented no shortage of unprecedented

that recognize the individual needs of staff. We

global challenges. Despite the difficult environment,

transitioned to more flexible working arrangements.

fiscal year 2023 (FY23) was a record year for IFC. Our

With the ability to customize their workday according

commitments increased by 30 percent to over $43 billion,

to their individual needs, staff are more empowered

the largest volume in our more than 60-year history.

to realize their full potential. We launched the firstmodule of our Inclusive Communication Learning

These numbers sound impressive, but our work isn’t

Program, which enhances our inclusive leadershipabout dollars financed. It's about impact— the kind of

capabilities and fosters an LGBTQI+ inclusive

impact that is only possible through our people. That’s

workplace. True to our commitment to creating

why I am so proud of the progress IFC has made in theopportunities in local markets, we expanded ourdiversity, equity, and inclusion space.

Inclusive Internship Program to Brazil through apartnership with the Brazilian Black Economists

We know that diverse teams are critical for innovation,

Network. These are just three of the many steps webut diversity is not enough on its own. We seek to build ahave taken to advance our DEI efforts. I am heartened

diverse, equitable, and inclusive workplace that empowersthat as we continue living the World Bank Group coreand celebrates our staff as they deliver impactful results

values of impact, integrity, respect, teamwork, andin private sector development. Diversity, Equity, andinnovation, we are creating a workplace where all IFC

Inclusion (DEI) is a central pillar of who we are at IFC, andstaff see they matter and feel they belong.

a key differentiator for our institution. To accelerate ourjourney, we focus on three DEI strategic priorities: genderequality, data-driven action, and inclusive leadership.
To create a more equitable and inclusive workplaceculture at IFC, we implemented several initiatives,

The Culture Is Us

Gaining Momentum Across IFC

1

Executive Summary

Executive Summary
In FY23, we made major strides toward developing tools,
partnerships, processes, and practices to advance our three

Figure 1.
Gender Balance Index (GBI) Trend, FY19-FY23

Program in the Latin America and Caribbean region in the IFC
São Paulo office, and the launch of a virtual ERG expo. For more

DEI strategic priorities: gender equality, data-driven action,

details, please see the Inclusive Recruitment Initiatives section,and inclusive leadership.1

DEI in the Regions section, and Highlights from the Employee
Resource Groups section.

For the second year in a row, we continued to provide a morecomprehensive view of our workforce diversity by including,

FY23 showed us that with data and heart, we can move thealongside nationality and gender, pillars of race/ethnicity,needle on inclusion in ways that are locally relevant and globally

generation, sexual orientation, and disability status. For moreconsistent across the organization.

details, please see the Who We Are section. Highlights fromour gender equality program include an observed increase to
0.87 in our Gender Balance Index (GBI) score, a metric we use

This annual report showcases our commitment toto promote, measure, and track gender distribution acrossbuilding equity and working toward greater inclusion and

IFC. This is a 2.8 percent increase from FY22 and an 8.7 percent

diversity. It provides stakeholders with a detailed update

increase since FY19. Notably, the share of women in theManagers grade group also grew from 39.7 percent in FY22 toon DEI progress achieved in FY23. In this report, we

As recorded in PeopleSoft, the Human Resources Management System(HRMS) at IFC, as of June 30, 2023.

disclose statistics and data related to workforce diversity,
as well as data points that illustrate the ongoing nature

43.0 percent in FY23 (an 8.3 percent increase). For more details,
please see the Gender Equality section.

of our DEI journey. Given that this is only our second DEI

Learning Program, which puts IFC staff on a continuous learning

annual report, it shows how far we have come, and also,

journey toward allyship and living our World Bank Group values
IFC’s approach to data-driven action transformed with theof teamwork, respect, impact, integrity, and innovation. For morelaunch of the IFC Dashboard, which puts a wide range ofdetails, please see the Inclusive Leadership section.

the ground we must cover to achieve our goals.
All the figures provided are based on FY23 data (as of June

data—including DEI data— into the hands of IFC staff. With
the Dashboard, IFC is on track to continue evolving into a data

We also made progress toward achieving our DEI goals throughand insights-driven organization. For more details, please see

inclusive recruitment initiatives, locally driven DEI initiatives,

the Data-Driven Action section.

and Employee Resource Group-led community building events.

30, 2023) unless otherwise indicated. Percentages arerounded to the nearest tenth decimal place. The data arealso presented as tables in the Appendix.

Highlights include conducting over 38 African American outreachOn the Inclusive Leadership front, we focused on building

events, participating in more than 111 global talent outreachour inclusive leadership capabilities through transformative

events, completing a DEI assessment in the Mumbai and Delhi

learning experiences, such as our Inclusive Communication

country offices, launching a sequel to the Inclusive Internship

IFC’s DEI Annual Report formerly referred to data-driven action as data-driven
accountability.
1

The Culture Is Us

Gaining Momentum Across IFC

2

Who We Are

Who We Are

Figure 2.
Overall Gender of IFC Employees, FY23

IFC – a member of the World Bank Group (WBG) – is the largest global
development institution focused exclusively on the private sector.
Guided by the World Bank Group core values of impact, integrity,
respect, teamwork, and innovation, we know that inclusion drives
innovation. Our commitment to diversity and inclusion generates
insights that strengthen our work. By cultivating diverse perspectives,
we gain the creativity to deliver innovative solutions in some of thetoughest environments on the planet.

FemaleMale

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Figure 3.
Regional Nationality Representation of IFC Employees, FY23

iCount, our ongoing initiative to encourage staff to voluntarily selfidentify in terms of nationality, race and ethnicity, sexual orientationand gender identity, and disability status through IFC’s humanresources system, enables us to develop an increasingly sharper
picture of our workforce diversity. In FY23, we maintained a 61.1
percent iCount response rate, allowing us to continue broadening
our view of workforce diversity. A year later, we are proud to present
a more comprehensive snapshot of our workforce composition that
includes generational diversity.
Our staff represent more than 150 nationalities, with growing regional
nationality representation from Africa and South Asia, two regionsthat have seen growth of nearly 20 percent since FY19.
Headquartered in Washington, D.C., IFC operates in over 100 countries
with 57.0 percent of our staff working outside of Headquarters (HQ).

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

At the end of FY23, IFC consisted of over 4,300 employees, 54.1 percentof whom are women.

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Who We Are

Our workforce is also generationally diverse. 1.5 percent of staff are GenZers, 43 percent of staff
are Millennials, 48.3 percent of staff are GenXers, and 7 percent of staff are Boomers.

Figure 4.
Generational Diversity of IFC Employees, FY23

iCount data gives a breakdown of our workforce’s racial and ethnic diversity:

Figure 5.
Overall Race/Ethnicity of IFC Employees, FY23

This fiscal year, 4.6 percent of iCount respondents identified as LGBTQI+.2 For reference, in a
30-country survey conducted by Ipsos, it was found that 9 percent of respondents identified aspart of the LGBT+ community. At IFC, 2.9 percent of iCount respondents identified as working
with a disability; however, the World Health Organization estimates that 16 percent of the world’s
population, or 1 in 6 people, experience some form of disability.
Due to legal and social constraints, as well as criminal penalties in some countries, we know thatsome individuals may feel uncomfortable openly identifying with these communities. Nevertheless,
IFC remains steadfast in its commitment to creating a safe and inclusive environment within thewalls of our organization. In FY24, we will continue attracting, developing, and retaining a diverse
workforce while encouraging staff to participate in iCount. The data collected from iCount is criticalto gaining insights into the workplace experience of IFC employees, enabling us to further address
systemic inequities and offer career development opportunities to all our staff.
Source: As recorded in IFC's HR system as iCount self-identification data as of June 30, 2023. This data reflects the
responses of individuals who chose to self-identify through iCount, which had a 61.1 percent completion rate. iCount
encourages staff to voluntarily self-identify in terms of nationality, race and ethnicity, sexual orientation and gender
identity, and disability status (or "decline to state" if so preferred).

This data reflects the responses of individuals who chose to self-identify through iCount, which had a 61.1 percent completion
rate as of June 30, 2023. We use the acronym LGBTQI+ at IFC, and we recognize that other organizations use variations of thisacronym, such as LGBT+ or LGBTQ+.
2The Culture Is Us

Gaining Momentum Across IFC

4

DEI Governance and Strategy

DEI Governanceand Strategy

DEI Council
At IFC, we strive to build a diverse, equitable, and inclusive workplacethat empowers and celebrates our staff as they deliver impactful
results in private sector development. As with all of our work, IFC
takes a strategic and accountable approach to its DEI program.
IFC’s Management Team is accountable for DEI targets, which arecascaded down to and monitored by each Vice Presidential Unit
(VPU). The DEI Council (the Council) was formed in 2015 to advise theManagement Team on the strategic direction of IFC’s DEI program.
The Council also ensures multi-year priorities and initiatives are
implemented and measured for continuous improvement.

Elena Bourganskaia
DEI Council Co-Chair and Vice
President of Corporate Support

With 57.0 percent of IFC staff based in country offices outside of
HQ, the Council represents needs and priorities that are globallyconsistent, but also locally relevant from HQ to country offices.
Two Vice Presidents lead the Council on a rotating basis. DEI Council
membership consists of the IFC DEI Program Lead, the Co-Leads ofthe ERGs, and 26 DEI Advocates nominated by each VPU to represent
them for a three-year term.
The DEI Advocates are focal points for bringing DEI matters in theirunits to the attention of their VPU’s extended leadership team. DEI
Advocates integrate IFC’s DEI initiatives at the VPU and department
levels, and they actively support the creation of an inclusive
workplace culture.

Emmanuel Nyirinkindi
DEI Council Co-Chair and Vice Presidentof Cross-Cutting Solutions

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Gaining Momentum Across IFC

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DEI Governance and Strategy

DEI Council Strategic Planning
The annual DEI retreat provides Council members with the opportunity toreflect on our achievements and pave the way for the next phase of our DEI
journey. In May 2023, the DEI Council convened to assess progress and discuss
the next steps in our strategic priority areas: gender equality, data-driven action,and inclusive leadership.
The first half of the retreat was a retrospective of the impactful tools andmechanisms developed in FY23 to advance diversity, equity, and inclusion. In a
fireside chat with DEI Program Lead, Rani Pooran, DEI Council Co-Chairs, Elena
Bourganskaia and Emmanuel Nyirinkindi, emphasized the importance of using
data and storytelling to engage hearts and minds across the organization, foster
a DEI community of practice, and cultivate a culture of inclusion and belonging
that supports everyone.
Top of mind for the Co-Chairs was the sentiment that, in Elena Bourganskaia’s
words, “The culture is us” and IFC staff must continue drawing inspiration fromeach other to make sustainable gains in DEI.
Throughout FY23, IFC’s DEI initiatives were globally consistent and locally
relevant. This was highlighted in a candid and authentic panel discussion about
IFC’s inclusive internship program. Employees and interns from across the world
shared the importance of forging alliances with local organizations to reachunderrepresented talent, the rewarding experience of being a mentor, the valuethat diverse lived experiences bring to private sector development, and theimportance of equipping interns with the tools for workplace success.

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DEI Governance and Strategy

As Takir Quintero, a panelist and former intern from the Colombian Inclusive Internship
Program in FY22, recounted:

The internship allowed me to collaborate
with people from different cultures,
which gave me a broader perspective ofdifferent ways of working. The internshipalso provided me with the chance todevelop new skills to pursue my shortand long-term professional goals.”

For information on how we are evolving our inclusive internship program in Brazil, pleasesee our Spotlight on Brazil’s Inclusive Internship Program.
In the second half of the retreat, Council members had honest and constructive
conversations about how to best address persistent challenges to advancing genderequality and inclusive leadership. Prominent themes that emerged during the ideation
sessions included:•

Activating self-leadership across different grade groups.

•

Maintaining focus on building a pipeline of senior leader female talent.

•

Providing more learning opportunities for staff to understand and mitigate
unconscious biases that manifest in the workplace.

•

Cultivating a psychologically safe, multigenerational workplace.

The insights from the retreat informed several initiatives to be implemented in FY24.

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Gaining Momentum Across IFC

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Highlights of FY23 DEI Strategic Priorities

Highlights of FY23 DEI Strategic Priorities
Looking back on FY23, we are proud of advancing our three DEI strategic priorities. This section takes a deep dive into the progress we madewith our DEI strategic priorities during the fiscal year:

GenderEquality

Data-Driven
ActionInclusive
Leadership

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Gaining Momentum Across IFC

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Leadership Perspective

Leadership Perspective

Emmanuel Nyirinkindi, DEI Council Co-Chair
and Vice President of Cross-Cutting Solutions
As we reflect on this past fiscal year, the significant strides
IFC made to walk the talk on LGBTQI+ inclusion andgender equality make me particularly proud. These are
not just priorities for the work in my Vice Presidential Unitaround the world as we partner with the private sector
on sustainable development, but also the very values thatdefine IFC as a workplace.

which, along with the release of the World Bank Group
Gender Strategy (2024 – 2030) for public consultation, could
make a gender-inclusive future a reality for our businessclients. These tangible milestones make the important casethat advancing gender equality is not just the right thing
to do, but also imperative for the success of businesses andeconomies.

We launched our internal Inclusive Communication Learning
Program and the global mobility peer learning platform,
Mobility2Equal, to promote LGBTQI+ inclusive workplaces. In
the area of gender equality, we showed strong momentum
toward greater gender parity, reaching a Gender BalanceIndex score of 0.87, a 2.8 percent increase from FY22. In
addition, our Parental Leave Analysis, which is part of ourGender Action Plan, showed that secondary caregivers took
four times as many days for parental leave by FY22 thanin FY18. Just as we see with our business clients, we know
gender-neutral parental leave can be hugely supportive tofamilies overall as well as to women as they remain engaged
in the workforce and progress through their careers.

Just as we ask our clients to practice sound ESG –environmental, social, and governance – standards, I am also
pleased that we have deepened our own disclosure on the ‘’S’’
dimension through the release of the robust DEI data that is
at the heart of this second annual IFC DEI report. Moreover,
all the great work chronicled in this report is made possible
by our engaged and dedicated network of DEI Advocatesand DEI Country Office Representatives. They advanced our
DEI agenda according to their local needs through initiatives
like the Inclusive Internship Program in Brazil and the DEIAssessment in the India country offices. This report is atestament to the fact that, as my DEI Council Co-Chair, Elena
Bourganskaia, says, “The culture is us.” And, I would add, it is aculture of colleagues who walk the talk on DEI.

With our partners, we celebrated the launch of projects
such as She Wins Africa, Sourcing2Equal, and Climate2Equal,

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Gender Equality

Gender Equality

Figure 6.
Gender Balance Index (GBI) Trend, FY19-FY23

Evidence and experience have shown us that businesses require the full andequal participation of all genders – especially at the leadership level – togrow, develop, and thrive. This is why, at IFC, we are committed to genderequality. We are proud to have further increased our Gender Balance Index(GBI) score this year.

Gender Balance Index (GBI):

How We Measure Gender Workforce
Representation
Over the last fiscal year, we continued to implement our Gender Action Plan.
The plan has a critical focus on making strides toward gender equality by
improving the representation of women at senior levels of the organization.
We use the Gender Balance Index (GBI)3 metric to measure gender
distribution across four grade groups at IFC: GA-GD, GE-GF, GG+ Technical,
and Managers. A score of one indicates gender parity at IFC overall.
4

In FY23, we achieved a GBI score of 0.87, nearing our goal of 0.89. This marks
a 2.8 percent increase from FY22, when our GBI score was 0.85, and an 8.7
percent increase since FY19.5

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

3

GBI is a weighted composite measure. A score of one indicates gender parity at IFC overall. The four grade groupings have different weightings as follows:• GA-GD: 10%• GE-GF: 20%• GG+ Technical: 40%• Managers: 30%
IFC uses 10 grade levels to structure its workforce, ranging from GA-GJ. Grade levels reflect levels of responsibility, skills, and education, and they are
categorized into four grade groups.
• GA-GD indicates administrative jobs that support operations staff.
• GE indicates a junior-level job and usually requires 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, and 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 thisstream are Investment Officer, Operations Officer, Financial Officer, Risk Officer, and 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 require a Master’s or PhD degree with at least 12 years of relevant experience and include Managers, Directors, Vice Presidents, and theManaging Director.
4

GBI is a weighted composite measure. In order to calculate the 2.8 percent increase in GBI from FY22 to FY23, we used the following calculation: (0.869 0.845)/ 0.845 x 100
5

In order to calculate the 8.8 percent increase in GBI from FY19 to FY23, we used the following calculation: (0.869 - 0.799)/ 0.799 x 100

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Gender Equality

In the following sections, we unpack the drivers of our upward GBI trend and our FY24 areas of focus

grade groups in FY23, following the Corporate Support and Legal & Compliance Risk VPUs, which

to meet our GBI target of 0.89.

have over 50 percent women representation in GG+ Technical and Managers grade groups.

Women in Senior Technical and Managerial Roles

Figure 8.
Share of GG+ Technical and Managers Grade Group by VPU, FY23

Over the last five years, we have made gains in the representation of women in the GG+ Technicaland Managers grade groups, which comprise a combined 70 percent of GBI.6 The GG+ Technicalgrade group accounts for senior technical roles in the organization. The Managers grade group
includes the following managerial roles: Manager, Director, Vice President, and the Managing
Director.
Since FY19, the share of women across these two grades groups has risen from 41.1 percent to 44.2
percent in FY23, which represents a 7.5 percent increase.

Figure 7.
IFC Representation by GBI across Grade Groups

44.4%
56.6%

FemaleMale

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

FemaleMale

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

6

The difference between the share of women in GG+ Technical and Managers grade groups in FY22 and FY23 is 0.2 percentage
points.
8

In FY23, representation across these two grade groups remained flat at 44.2 percent.7 It is worth
noting, however, that we made representation gains in some Vice Presidential Units (VPUs).8 For
example, the Latin America, Caribbean & Europe VPU achieved gender balance across these two

The GG+ Technical grade group is 40% of the GBI score and the Managers grade group is 30% of the GBI score.

7

In FY23, the following changes were made to the VPUs:• Asset Management Company became a department under Treasury & Mobilization (formerly Treasury & Syndications).
• Global Industries & Other Departments was renamed Industries.
• E&S Policy & Risk was created.

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Gender Equality

Women in Senior Technical Roles

Figure 10.
Overall Hires by Gender

In FY23, even though a lower share of women (46.5 percent) in the GG+ Technical grade groupexited the organization compared to men (53.5 percent), the share of GG+ female hires (46.0
percent) and the share of promotions (40.3 percent) were insufficient to increase female
representation.9

Figure 9.
Exits, Hires, and Promotions by Gender at the GG+ Technical Grade Group, FY239
FemaleMale

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Exits refer to voluntary and involuntary turnover. Women in the GG+ Technical grade group had a turnover rate of 5.5
percent (2.7 percent involuntary and 2.9 percent voluntary). Men in the GG+ Technical grade group had a slightly higher
turnover rate of 5.7 percent (2.7 percent involuntary and 3 percent voluntary).
9

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Going into FY24, we aim to increase female hires and promotions in the GG+ Technical gradegroups. With the knowledge that the share of women in the GE-GF grade group is 55.9 percent,one of the ways we will go about this is by building the leadership pipeline so that women canmove into senior roles. We are also replacing GBI targets, a lagging indicator, with GG+ Technicaland Managerial hiring targets, a leading indicator, which will accelerate our efforts to achieve
gender balance in the VPUs.

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Gender Equality

Women in Management

Figure 12.
Exits, Hires, and Promotions by Gender at the Managers Grade Group10

This year, we observed a notable increase in the share of women in the Managers grade group,
which rose from 39.7 percent in FY22 to 43.0 percent in FY23 (an 8.3 percent increase).

Figure 11.
Percentage of Women in Management, FY19-FY23

FemaleMale

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Since FY22, the share of women at the Director level has increased from 33.3 percent to 34.0 percent
in FY23. This slight increase is because 100 percent of hires at the Director level were women.
Nevertheless, there is still work to do to improve representation at the Director level.

Figure 13.
Percentage of Men and Women at the VP+, Director, and Manager Levels as of June 30, 2023
Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

These gains in female representation can be attributed to the interplay of hires, promotions,and turnover. Not only was a higher share of women (62.5 percent) hired into the Managers
grade group, compared to men, but an equal share of men and women (50.0 percent) was
promoted to the Managers grade group, and only 11.1 percent of exits in the Managers gradegroup were women, which is equivalent to a turnover rate of 1 percent.10

FemaleExits refer to voluntary and involuntary turnover. Women in the Managers grade group had a turnover rate of 1 percent(1 percent involuntary and 0 percent voluntary). Men in the Managers grade group had a turnover rate of 5.8 percent (4.4
percent involuntary and 1.5 percent voluntary).

Male

10

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

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Gender Equality

Looking ahead to FY24, we remain committed to leveling the playing field for women at all

The assessment seeks to identify any unexplained gender pay gap, which is to say a gap in pay after

levels of the organization and taking action to bolster the recruitment and development ofaccounting for additional factors that could potentially impact staff salaries, such as tenure or grade.

female talent.

The outcome of the FY23 assessment showed a 0.26 percent unexplained gender pay gap between
men and women on the U.S. salary plan, which is not statistically significant. The results for country

Parental Leave Benefit

offices were similar.
2. For the second consecutive year, IFC implemented a proactive correction of identified individual pay

One of the ways to create a more gender-inclusive workplace and accelerate gender equality

gaps. A data-driven methodology was defined to identify cases where there was a pay gap based on

is by encouraging the use of parental leave by secondary caregivers. This approach empowers

statistical methods. Each case was reviewed individually, and the gap was corrected for 5 identified

primary caregivers, the majority of whom are women at IFC, to re-enter the workforce whilecases (2 female and 3 male).

managing their caregiving responsibilities at the same time; thus reducing the likelihood of
missing out on important career development opportunities.

Proactive correction of individual pay gaps in 2023
(2 women, 3 men) with a pay gap in grades:

Our FY23 parental leave analysis found that secondary caregivers took four times as manydays for parental leave since we increased the leave allotment for both primary and secondary
caregivers.11 Building on these positive findings, in FY24 we plan to actively encourage the use• GE-GF - 2 casesof parental leave by secondary caregivers. Prashant Joshi, Senior Human Resources Officer,• GG+ - 3 cases

highlights the impact parental leave can have for both primary and secondary caregivers: “I
was able to support my family immediately after my daughter was born and coordinate theremaining time with my wife’s maternity leave. This allowed us to spend more time with our

3. In our commitment to eradicating pay disparities from the outset, IFC continues to use feedback

daughter, without having to use services like a day care or a nanny for a good six months."

from HR Client Services and Managers to revise the salary-setting process it uses for new
appointments, promotions, progressions, and ad-hoc increases. Ensuring an equitable initial starting

Gender 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.

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.
In addition, IFC also reviewed the starting salaries of Extended Term Consultants (ETCs) in FY23 to
identify any systemic gender inequities. The data in the tables below show negligible differences
gender and vary across levels.

IFC conducts an annual pay gap assessment using a regression analysis that covers basesalaries, bonuses, and other cash benefits.

Parental leave policies were updated in FY19, increasing primary caregivers’ parental leave from 70 to 100 days andsecondary caregivers’ leave from 10 to 50 days.
11

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Gender Equality

HQ Salary Plan
Female

Male

Level

# of ETCs Hired

Avg Compa-Ratio# of ETCs Hired

Avg Compa-Ratio

Difference

EC4

0

-

1

0.98

-

EC3

5

0.91

8

0.98

0.068

EC2

17

0.85

20

0.85

0.005

EC1

22

0.87

9

0.88

0.006

Total

44

0.87

38

0.89

0.022

Country Office Salary Plan
Female

Male

Level

# of ETCs Hired

Avg Compa-Ratio# of ETCs Hired

Avg Compa-Ratio

Difference

EC4

1

0.70

0

-

-

EC3

3

0.95

4

0.96

0.005

EC2

11

0.88

7

1.15

0.268

EC1

17

0.85

19

0.89

0.037

Total

32

0.87

30

0.96

0.091

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 World Bank Group 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 of June 30, 2023

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Leadership Perspective

Leadership Perspective

Elena Bourganskaia, DEI Council Co-Chair
and Vice President of Corporate Support
Looking back on FY23, three significant areas of progress

Third, following leading ESG disclosure practices, westand out to me.

have continued to disclose our gender pay gap analysis,
and we have expanded our workforce representation

First, the introduction of the IFC Dashboard, our data anddata to go beyond gender and nationality and include

analytics platform, reinforced our transparent, evidence-

race/ethnicity, sexual orientation, disability status, andbased approach to decision making. This is critical for DEI,

age. In FY24, I look forward to evolving our analytics

which, like every business area at IFC, must be measured toand reporting capabilities further by making regional

assess the effectiveness of our strategy and actions. With

nationality and generational data available to staff

the dashboard, not only can staff easily delve into different

through the IFC Dashboard.

types of data, including aggregated gender and employee
engagement survey data, but they can also identify theconnection between data and our organization’s goals.
Second, the launch of the Inclusive Communication
Learning Program and the year-long peer learning platform,
Mobility2Equal helped us move closer toward leveling theplaying field for LGBTQI+ employees who face societal
discrimination and criminalization in many locations.

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16

Data-Driven Action

Data-Driven
ActionEMPLOYEE PROFILE
Because the culture is us

IFC strengthened its approach to data-driven action in two ways this fiscal year.12 First, IFC’s data and analytics
platform IFC Dashboard was launched. The dashboard provides staff with consistent, transparent, and unified
access to standardized dashboards, reports, and advanced analytics. With easy-to-use, self-service capabilities,
the dashboard empowers leaders to use current data to improve operational quality and efficiency. Staff evenhave a clear line of sight to DEI data, including GBI, enabling them to make informed workforce planning
decisions and monitor their impact on gender parity by VPU and region.
Second, as part of our commitment to data-driven decision making, we continued designing DEI initiatives
using data from our employee engagement surveys, specifically our historical Inclusion Index scores. Please

Khondoker Tanveer Haider
DEI Advocate and Economist,
Economics and Private Sector Development

refer to the next section— Inclusive Leadership— to learn more about initiatives we have designed tostrengthen the inclusive leadership capabilities of our staff and create a workplace where everyone has equal
opportunities to thrive.

Data-driven accountability is not only key inassessing progress on DEI metrics, but also in

In FY23, we started working on a continuous listening strategy that will replace our previous employee
engagement surveys. This strategy will enable us to regularly take pulse checks on employee sentiment aroundhow our workplace culture is evolving.

building trust between staff and management.
The IFC Dashboard provides data that allows IFC
Management, HR, and DEI Advocates to make more
informed decisions and empowers staff to closely
monitor their progress even at the Department
level. The next big step is for us to systematically use

12

IFC’s DEI Annual Report formerly referred to data-driven action as data-driven accountability.

real-time data to make staffing decisions and shareoutcomes via the dashboard, helping to signal IFC’s
commitment to its DEI mission and vision.”

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17

Inclusive Leadership

Inclusive
Leadership

Each module is based on input from a global co-creation group
comprised of IFC staff across all grade levels. The modules, each runningunder 20 minutes, serve as conversation-starters among teams
about addressing unconscious biases, such as stereotypes
and microaggressions, that surface in conversations.
The learning program takes a values-based approachto learning, stressing the importance of managerial

Inclusive Leadership is our commitment to set expectations andequip all staff in people supervisory roles to lead by example andcultivate a values-based workplace culture that fosters inclusion
and belonging.

Learning Initiatives:
Building Our Inclusive Leadership
Capabilities
Biased language and exclusionary communication canhinder the development of a respectful, diverse, and inclusive
workplace. Therefore, we launched our Inclusive Communication
Learning Program in FY23 with the goal of improving employee
engagement, strengthening the inclusive leadership skills ofManagers, and equipping employees with the tools to build an
inclusive workplace culture.
The Inclusive Communication Learning Program creates aaccountability, allyship, and living the World Bank
Group values so that all employees are treatedfairly, regardless of their age, race/ethnicity,disability status, gender identity, sexual
orientation, national origin, native language,
religion, and educational background.
In FY23, the first module, Inclusive
Communication in the Workplace (LGBTQI+
Focus), launched during Pride Month. The module
introduces learners to Isabella, an Investment Officer
of Latin American descent who identifies as a gay
woman, and Sanjay, Isabella’s colleague, who learns that
Isabella is leaving IFC after receiving a homophobic email. ThroughJoanne, Isabella's manager, and Sanjay, users learn how to use inclusive
communication to validate, reassure, and support LGBTQI+ colleagues.
Users also learn about managerial accountability, having a growthmindset, demonstrating humility, and building trusting relationships withteam members.

continuous learning journey around three scenario-based
modules:• Inclusive Communication in the Workplace (LGBTQI+ Focus)• Inclusive Communication in Recruitment• Inclusive Communication in Performance Management

The module also serves as a gateway to conversations about
Initial feedback from the module indicates that

racial equity, intersectionality, disability inclusive language,

96 percent of respondents would recommend thegender pronouns, and multigenerational diversity. These

module to their peers and use what they learned inthemes are further explored in subsequent modules in thethe module to make IFC more respectful and inclusive

learning program, which will be rolled out in FY24: Inclusiveof LGBTQI+ colleagues.

Communication in Recruitment and Inclusive Communicationin Performance Management.

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Inclusive LeadershipTransformative DEI Learning Experiences

EMPLOYEE PROFILE
Because the culture is us

Communicating Allyship in Uncomfortable
Conversations
The Inclusive Communication Learning Program addresses a growing
appetite for transformative DEI learning experiences that ignite
sustainable organizational change through the power of ongoing
conversations. These are learning moments that use stories
of vulnerability and allyship to build empathy, prompt criticalreflection, and inspire us to do better when we know better.
One such experience was a talk by Kenji Yoshino, author of Say
the Right Thing, on International Day for the Elimination of Racial
Discrimination. A legal scholar, Professor Yoshino shared with
IFC staff practical yet eye-opening ways to show up as an ally in
difficult conversations.

Alejandra Vallejos
DEI Council Member, GLOBE Co-Lead, and Associate
Corporate Governance Officer, Cross-Cutting Solutions

Following Professor Yoshino’s talk, the DEI team facilitated a hands-on
workshop to refresh the Communications department’s inclusive language
skills. The workshop brought to light the responsibility we all have to evolve
our language so that we are respectful toward the clients and communities
we serve.
The Inclusive Communication Learning Program builds on the momentum
generated by these transformative DEI learning experiences and empowers us
to make IFC one of the best places to work.

The Inclusive Communication Learning Programis crucial for achieving our ambitious portfolio
and investment goals, which require us to build
relationships, navigate differences, and strengthen
connections. This learning program will also
ensure we have the workplace culture necessary
to attract and retain the best talent. Ultimately,
programs like the Inclusive Communication
Learning Program are crucial for the work we doand how it needs to get done.”

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19

Inclusive Leadership

Mobility2Equal
IFC launched Mobility2Equal, a Peer Learning Platform, in March 2023. Nine development financeinstitutions and private sector companies, including the Asian Development Bank (ADB), Coca-Cola,
European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank
(IDB), Pan American Health Organization (PAHO), The Partnership for Global LGBTIQ+ Equality,
and the World Bank, committed to promoting equitable career growth opportunities for LGBTQI+
employees.
In FY23, participating organizations convened twice to identify gaps in their organizations global
mobility policies and practices and develop plans for closing those gaps. This partnership willcontinue in FY24 and result in a report identifying the current state of policies and practices acrossparticipating organizations in addition to specific actions to improve the global mobility experienceof LGBTQI+ individuals.

Respectful Workplace Advisors
One way we support the World Bank Group’s commitment to fostering a respectful workplace in HQ and country offices
is by participating in the Respectful Workplace Advisors (RWA) Program. The RWA Program trains and supports peervolunteers to provide confidential support to staff who have concerns or questions about resolving workplace issues. Of the287 RWA roles across the World Bank Group, IFC has 58 country office RWAs and seven HQ RWAs.
As in-person work resumed and face-to-face interactions increased in FY23, workplace concerns rose as anticipated,particularly in country offices. RWAs received 477 requests across the World Bank Group for consultations, up 33 percent
from FY22, and these were predominantly initiated by country office staff, with women, GE+ employees, and termed contract
staff using RWA services the most. Top issues fell into the following categories: Ethical Behaviors (25 percent), Management
Skills and Behaviors (23 percent), Employment Contracts (21 percent), and Interpersonal Conflicts (19 percent).

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Inclusive Recruitment Initiatives

EMPLOYEE PROFILE
Because the culture is us

Inclusive Recruitment
Initiatives
Inclusive Recruitment Processes
An inclusive recruitment process is essential for building a diverse and talented workforce that brings different
perspectives, experiences, and ideas to the table. IFC focuses on the following 10 key aspects of an inclusive recruitment
process, ensuring individuals from a wide range of backgrounds have an equal opportunity to showcase their skills andcontribute to the organization's success:Carolina Serra
Director, IFC Human Resources

To build the workforce of the future who can
support IFC’s ambitious goals, we embrace diversity
and strive to build an inclusive culture where
staff feel they belong. We also recruit top talent
who reflect our broad range of global clients andstakeholders. Tapping into the power of diversity
to build a better world for future generations alsoaligns closely with my personal values.”

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Job Description and Advertisement
Talent Outreach and Sourcing
Unbiased Screening
Diverse Interview Panels
Structured Interviews
Reasonable Accommodations
Assessment of Skills and Competencies
Transparency and Feedback
Inclusive Recruitment Training
Continuous Improvement

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21

Inclusive Recruitment Initiatives

African American OutreachIn FY23, we continued to address the under-representation of African American talent at IFC.
We proactively sourced African American candidates for a select number of Term and ETC
positions, and we used our platform to champion the importance of attracting diverse talent.13

Outreach and Networking:
IFC hosted over 38 African American outreach and networking events at Historically Black CollegesSpecific highlights include:and Universities (HBCUs). Specific highlights include:••

Publishing several internal stories to promote racial diversity, including celebrating

professionals of African descent based in Washington, D.C. Attendees learned how they can

Juneteenth, engaging in inclusive performance management, fighting the invisibility ofembark on a fulfilling career at IFC in international development.

Afro-descendants in Colombia, and increasing African American staff representation.
•

Hosting an Unplugged event at HQ to celebrate Black History Month.

•

Broadcasting to all staff a video in which IFC’s Managing Director, Makhtar Diop,

Hosting a panel discussion during Black History Month that brought together over 120•

Attending the Toigo Industry Insights Gala in New York, the annual Black is Tech Conferencein Atlanta, Georgia, and professional career fairs hosted by organizations such as the National
Black MBA Association, the National Society of Black Engineers, and the National Urban League.

interviewed SimmieRay Niang-Dinkins, Sourcing and DEI Talent Specialist, about theAfrican American recruitment initiative.

13

A term appointment is a contract of fixed length, the minimum appointment being one year and the maximum being five years.

Extended Term Consultant (ETC appointments are for a minimum of 12 months, renewable for an additional 12 months, with benefits at
the equivalent of grades GE – subject to a lifetime maximum of two years.

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Inclusive Recruitment Initiatives

Partnering with Educational Institutions:
IFC fostered partnerships with several educational institutions to build a pipeline of African American talent.
Specific highlights include:•

Conducting outreach events at five of the six Historically Black Colleges and Universities (HBCUs) that arepart of the World Bank Group HBCU Memorandum of Understanding.

•

Fostering a robust partnership with Howard University, which led to hiring four interns, hosting five
career development workshops, and sponsoring two consulting projects, one of which involved apartnership between 15 students from Howard University’s Global Trilateral MBA program and IFC’s
Manufacturing, Agribusiness, and Services (MAS) Upstream team. This project included a five-monthresearch component focused on the healthcare industry. The students’ consulting project culminatedwith a presentation at IFC’s office in Nairobi, Kenya.

•

Building an MBA curriculum for Bowie State University that focused on theoretical competencies relevant
to international development.

•

Leveraging our corporate internship program (Global Internship Program) to build a pipeline of African
American talent in FY24.

•

Partnering with Howard University and other HBCUs to hire African American interns into the Corporate
Communications Department. In total, IFC hired ten African American interns by the end of FY23.

•

Participating in the development and execution of the World Bank Group HBCU Summer Institute that
was attended by all HBCUs within the World Bank Group HBCU Memorandum of Understanding. As partof the Summer Institute, IFC hosted a community resume and cover letter workshop with students fromfive of the six HBCUs to prepare students for IFC’s internship season.

•

Hosting an “HBCU Day” in February that familiarized more than 60 African American MBA students fromlocal HBCUs with career opportunities through IFC Careers and Culture.14•

Attending professional career fairs at Clark Atlanta University, Claflin University, Howard University,
Jackson State University, and Tennessee State University.

HBCUs included Bowie State University, Howard University, Morgan State University, and the University of theDistrict of Colombia.
14

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Inclusive Recruitment Initiatives

Global Outreach

Nepal’s Inclusive Internship Program

In addition to these recruitment initiatives at HQ, IFC participated in“Increasing diversity, equity, and inclusion is a top priority

Sandeep Shrestha, an intern for IFC Communications,in our recruitment policies. A diverse staff has an array ofshared: “Working at IFC, I realized the importancemore than 35,000 professionals across all regions. Events included:

experiences, knowledge, and perspectives that enable usof private sector investment in the development of

to develop the best talent from different backgrounds.

communities. And I was able to build professional•

Additionally, diverse staff reflect the variety of our clients andconnections. I hope to now pursue a Master's degree, andpartners, and strengthens our position as an institution that

I have saved enough from the stipend I received from theseeks equity and opportunity for all.”internship to help pay for the course.”

more than 111 talent outreach events held in 24 countries, reaching

The ROMBA (Reaching Out LGBTQ+ MBA) Conference, theworld’s largest gathering of LGBTQ+ business students andalumni.

•

The Japan Recruitment Mission, which involved visits to Keio
University and Sophia University.

•

The Toigo Annual Gala, an event hosted by the Robert A. Toigo
Foundation—a non-profit organization that promotes diversity
and supports individuals from underrepresented communities

Martin Holtmann
IFC Country Manager for
Bangladesh, Bhutan, and Nepal

pursuing careers in the financial services sector.

WBG Young Professionals Program

In the first year of its inclusive internship program, the WorldBank Group office in Nepal welcomed its first cohort of three

Selection for the WBG Young Professionals Program is another key

individuals belonging to the LGBTQI+ community.

effort in our inclusive recruitment strategy. In FY23, IFC selected 20

The program invited into the country office professionals whodiverse young professionals—nearly twice as many compared toare socially excluded and marginalized in order to promote

FY22— from more than 2,100 applicants. The successful candidates

diversity, equity, and inclusion within the workplace. While

represented 15 schools and 15 primary nationalities, 35.0 percent of

Nepal is one of the few countries in the world that protects

whom were from Africa. The cohort was also 45.0 percent women.

the constitutional rights of LGBTQI+ people, members of the

We used HireVue On Demand Interviews for first-round interviews,

LGBTQI+ community still face social stigma, discrimination,

followed by virtual panels with Managers for the final rounds. The

and violence. The inclusive internship program in Nepal was

new cohort entered the joint WBG Young Professionals Program in

mutually beneficial. Interns gained firsthand experience

September 2023, and they will participate in rotations across bothworking at the World Bank and staff gained experience

IFC and the World Bank.

engaging in more socially inclusive conversations.

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24

Inclusive Recruitment Initiatives

EMPLOYEE PROFILE
Because the culture is us

Matthew Talvacchia
Country Officer, Andean Region

It is critical that we create opportunities in our offices to

Brazil’s Inclusive Internship Program
In FY23, the IFC São Paolo office, led by committed country office DEI Representatives, launched an inclusive internshipprogram in partnership with Rede de Economistas Pretas e Pretos (REPP), also known as the Black Economists Network.
The program aims to both open IFC’s doors to professionals from underrepresented backgrounds and enable teams andclients to benefit from the interns’ diverse backgrounds and experiences. Aligned with the broader DEI Action Plan in the
Latin America and Caribbean region, the program seeks to create inclusive workplaces, reflect Brazilian society’s cultural
diversity, and advance racial equity by addressing biases and systemic barriers.
To enhance equity, Alexandre Haddad Mussa Aebi (pictured at left), a DEI Representative in theSão Paolo office, collaborated with the World Bank Race Equity Office and IFC’s DEI team. Theyleveraged lessons from the FY22 iteration of the program in Colombia and provided interns withEnglish courses. They also improved the inclusive internship program by offering unconscious
bias training to individuals involved in the intern selection process. The training helped panel
members recognize and mitigate their biases, leading to more objective decisions in theselection process.
The inclusive internship program underscores IFC's commitment to attracting top talent,
cultivating diverse and inclusive teams, and empowering every member of the IFC community to makean impact in private sector development. The successful launch of the inclusive internship program in Brazil is credited
to dedicated country office DEI Representatives who role model inclusive leadership and ensure everyone has a fair andequitable chance to work at IFC.

advance social and economic inclusion. Last year, Colombia’s
Inclusive Internship Program reflected a proactive effort
to connect with the Afro-descendant community, an

Latin America: Cultures and Roots Indigenous Outreach Event

underrepresented community in the country’s universities,
financial sector, and the IFC Bogota office itself. Staff engaged
interns in work that leveraged their unique perspectives andsupported their professional development. This year, it isfantastic to see that Colombia’s Inclusive Internship Program
has inspired other IFC offices in the Latin American &Caribbean region, such as the Brazil office, to also launch
an inclusive internship program and, in turn,

Last year, we focused on expanding our talent pool to identify Indigenous peoples, who have been historicallyunderrepresented in organizations like our own and who are potential candidates for IFC roles in the Latin American and
Caribbean region. As part of this commitment, Sergio Fernando Juarez Lopez, Country Officer in the Colombia country
office, Rudy Perecin Mareno, IFC’s Talent Attraction Officer, and Rosa Haydee Ocana Rojas, Consultant and Senior Social
Specialist, hosted a virtual recruitment event. During the event, Indigenous staff members shared their career journeys,
and attendees learned how to start a career with impact at IFC through the Young Professionals Program, as well as othercareer opportunities.

help build a recruitment processthat is more inclusive of historicallyunderrepresented communities.”

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25

DEI in the Regions

DEI in the Regions
Morocco’s DEI Assessment
In FY23, DEI Representatives in the Morocco country office concluded their assessment of
Our three strategic priorities reflect shared needs for diversity, equity, and inclusion across
IFC’s global footprint. We recognize that regional differences shape inequities and issues
around exclusion. Therefore, we support regional teams in identifying DEI needs specificto local concerns. With 57 percent of all IFC staff based outside HQ, country offices are
critical to advancing our strategic priorities and expanding the breadth and depth of IFC’s
DEI agenda.

Country Office DEI Representatives

the inclusivity of their workplace culture and identified concrete actions to improve it. The
assessment underscored the importance of managerial accountability and specific inclusive
leadership qualities required to foster an environment where staff feel psychologically safe andempowered to address exclusionary behaviors.
In the first phase of the initiative, employees and supervisors in the Morocco office, including
the country manager and employees with people management responsibilities, were surveyed
on DEI behaviors in the workplace. The survey had a 50.0 percent response rate. Leadershipbehaviors such as self-awareness, compassion and empathy, and humility and vulnerability
were identified as essential. However, differences emerged, especially between office staff andCountry Office DEI Representatives are instrumental to developing a DEI agenda thatmanagers. For instance, managers identified advocating for others over self-awareness as a topaligns IFC’s strategic priorities within local contexts. The IFC DEI Representatives areleadership behavior. Additionally, only 67.0 percent of managers felt that diversity of thoughta network of over 50 employees who champion DEI in country offices from Brazil andwas encouraged in discussions, in contrast to 89.0 percent of employees.

Georgia to the United States and Viet Nam. The DEI Representatives interface with their
VPU’s extended leadership team, the IFC DEI program management team, and Human

There were also notable differences in responses by gender:

Resources. They also lend their local expertise to assist with DEI initiatives, such as the• Only 53.0 percent of female respondents (compared to 85.0 percent of male respondents) felt

Inclusive Communication Learning Program.

comfortable addressing workplace harassment and discrimination.
• Similarly, just 53.0 percent of female respondents (compared to 69.0 percent of male

The initiatives spotlighted in this section on DEI in the Regions would not have been

respondents) felt managers would speak up against harassment, bias, and discriminatory

possible without the collaboration and expertise of highly engaged Country Office DEI

behaviors in the workplace.

Representatives at the regional and country office level who have, in a very thoughtful
way, developed and implemented locally relevant but globally consistent DEI action plans.

The survey signaled that men and women in the Morocco country office are experiencing theworkplace very differently. To bridge the gender gap, transformative learning experiences, suchas the World Bank’s Ethics and Business Conduct refresher module, “Preventing and Addressing
Sexual Harassment at the World Bank Group,” and the Inclusive Communication Learning
Program, work to empower all employees to speak out against exclusion.

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26

DEI in the Regions

India’s DEI Assessment
The DEI assessment in the IFC Mumbai and Delhi offices is another example of theembracing diversity, 50.0 percent for equitable practices, and 77.0 percent for creating

impact DEI Representatives have on local leadership and engagement. As Devesh Singh,

an inclusive workplace. The GDEIB framework identified nine out of 15 office procedure

a DEI Representative based in the Delhi office, shared, “Coming from a remote town,

areas as Proactive or above, including “Leadership and Accountability,” “DEI Learning

I've experienced firsthand the importance of creating workplace environments in which

and Development,” and “Advancement and Retention.” However, areas including

everyone's voice is heard and valued, and everyone has equal access to opportunities.

“Recruitment” and “Assessment, Measurement, and Research” require further action.

Therefore, it's personally meaningful for me to contribute to assessments that can make apositive impact on workplace diversity and inclusion.”

The assessment also emphasized the importance of shifting mindsets, particularly inworking with women, using empathy to promote inclusion, and integrating inclusion

The DEI Assessment began in FY22 with DEI Representatives in the
IFC Mumbai and Delhi offices, the Country Manager for India, andinto the organization’s language, learning, culture, and spirit. It is
crucial to view DEI beyond targets and mandates, and in terms

Human Resources collaborating with Celebratory Network, anof the value it adds to people’s lives. As Ashutosh Tandon, aexternal consulting firm. It utilized a three-prong approach to

DEI Representative in the Mumbai office, shared: “A lot canconduct a current state assessment of DEI, including one-on-one

be learned from interacting with colleagues, each with theirinterviews and focus group discussions with office staff and ETCs,

own world view.”

a DEI survey for all office staff and ETCs, which had a 40.0 percent
response rate, and an assessment of office procedures using the
Global Diversity, Equity & Inclusion Benchmarks (GDEIB) framework.
The goal was to establish a baseline understanding of DEI perception
and culture, and create a workplan to integrate diversity, equity, andinclusion more deeply into daily life in the workplace.

The DEI assessment concluded in FY23 with a visioning
exercise to strategize next steps. DEI Representatives are now
promoting diversity through channels such as town halls andsupporting the inclusive leadership journey of people managers
with the rollout of the Inclusive Communication Learning Program.

The DEI assessment revealed DEI is successfully integrated in some areas but identified a needfor more proactive integration in other areas. Survey results showed a 93.0 percent score for

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27

DEI in the Regions

Disability Inclusion Initiatives

Tirana, Albania

The International Day of Persons with Disabilities, held

Employees from IFC and the World Bank in Tirana, Albania partnered with YMCA, a non-governmental organization committed toannually on December 3, is recognized worldwide to promoteempowering young people, to provide food, learning materials, and Christmas presents to children in families that care for family

understanding of disability-related issues and advocate formembers who have disabilities. A Ministry of Health and Social Affairs representative attended, increasing government awareness ofgreater inclusion of persons with disabilities. In FY23, IFC

this population, and making individuals in the community feel seen and valued. IFC and World Bank employees also benefited from astaff based in Albania, Azerbaijan, Bosnia and Herzegovina,

caregiver who generously shared their history, challenges, and lessons learned.

and The Philippines embarked on short-term and longterm projects to promote disability inclusion within theiroffices and communities. All projects were informed by
the United Nations theme, Transformative Solutions for
Inclusive Development: The Role of Innovation in Fueling an
Accessible and Equitable World.

Baku, AzerbaijanWith funding from the World Bank and IFC, the Azerbaijan country office partnered withÜçüncü Bahar, a non-governmental organization with a proven record in enhancing the
lives of individuals with disabilities. Together, they installed wheelchair lifts and ramps,
transforming the Nizami Cinema Center in Baku into an inclusive and fully accessible cultural
facility for individuals who may use mobility devices.
At the inauguration event for the project, representatives from IFC and the World Bank,
government officials, social media influencers, media representatives, and members ofdifferent disability communities, celebrated the Nizami Cinema Center’s transformation.
Pressing issues around inclusion and the urban environment in Baku were discussed, as wellas ideas for future projects.

Watch local news coverage of
Nizami Cinema Center's transformation.

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DEI in the Regions

Sarajevo, Bosnia and Herzegovina
IFC partnered with Dajte Nam Šansu (Give Us a Chance), a non-governmental organization that has supported over 800 families of children
and people with developmental disabilities. Through the partnership, psychologist Senka Cimpo trained IFC employees who, as caregivers tochildren with disabilities, struggle with everyday stress and family expectations. The training focused on building resilience, managing stress,and helping families cope with challenging situations.

Manila, The Philippines
At an event to commemorate the International Day of Persons with Disabilities, Jean-Marc Arbogast, IFC Country Manager, and Achim
Fock, World Bank Operations Manager, encouraged staff to actively support disability advocacy organizations and promote an inclusive
environment for people with disabilities. For the second time, massage therapists from the Balikatan Therapeutic Massage Clinic of the Blindshared their personal journeys to enhance understanding and appreciation among staff.

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Highlights from the Employee Resource Groups

Highlights from the
Employee Resource Groups
IFC’s four voluntary and staff-led Employee Resource Groups (ERGs) promote employee engagement,
support personal and career development, and help create a safe space for employees to bring theirwhole selves to work.
IFC ERGs are:•

IFC African Descent Alliance (ADA)•IFC GLOBE•IFC Millennial+ Resource Group (MRG+)•

IFC Women’s Network

IFC also participates in the World Bank Group’s Disability Advocacy and Resource Employee Group tofoster a sense of community for employees with disabilities.
In FY23, IFC became a Bronze-level member of the ERG Leadership Alliance, the largest global communityof ERG champions from different industries and locations. As a Bronze-level member, the ERG Leadership
Alliance provided IFC ERGs with customized training sessions, such as “ERG Leaders are Everyday
Superheroes,” which emphasized the important role of Co-Leads. The second training, “How to Be an
Excellent Executive Sponsor,” prepared the ERG Leadership Board to have conversations with newly
appointed Executive Sponsors.
Throughout FY23, the ERGs hosted impactful events that infused fresh perspectives into the organization,reflected IFC’s values, and highlighted how employees are creating workplace culture change.

Virtual ERG Expo
This year, the DEI team, with support from the World Bank Group media team, transformed
the in-person ERG expo into an interactive virtual expo, making it accessible to colleagues
in country offices. The virtual expo allows participants to “visit” each of the ERG booths tolearn more about their initiatives, teams, and how to get involved. This is especially vital forregions without ERG chapters.

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Highlights from the Employee Resource Groups

IFC African Descent Alliance
Established in 2019, the IFC African Descent Alliance (ADA) aims to engage, empower, and develop professionals of African descent within IFC to effectively utilize their talents, experience, and insight toachieve IFC’s ambitious goals.
In FY23, the ADA hosted a vibrant Africa Day celebration. Over 200 attendees were immersed in the diversity of Africa and the African diaspora through an exhibition of inspiring art by Kanyeyachukwu
Tagbo Okeke, musical performances by the Sahel Band and Chrstylez Bacon, a captivating fashion show, and regional cuisine. Staff greatly enjoyed the event and look forward to next year’s Africa Day
celebration.

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Highlights from the Employee Resource Groups

IFC GLOBEIFC GLOBE is a network that supports LGBTQI+ staff, fostering inclusivity for individuals of diverse gender identities and sexual orientations. First incorporated as an ERG in 2012, GLOBE fosters awareness of andengagement with IFC’s LGBTQI+ communities.
For International Day Against Homophobia and Transphobia, IFC GLOBE, in collaboration with IMF GLOBE, Pan American Health Organization GLOBE, and World Bank GLOBE, hosted a hybrid event around thetheme, “Together Always: United in Diversity.” The event included an insightful panel discussion about the importance of LGBTQI+ inclusion to achieve the UN Sustainable Development Goals.
IFC GLOBE also organized several other impactful events to advance LGBTQI+ inclusion across the organization. For International Transgender Day of Visibility, author Lee Badgett discussed how LGBTQI+ equality
and inclusion boost the bottom line for organizations and countries.
IFC participated in São Paulo’s Pride parade for the first time. The event featured a brunch organized by OUTstand and included 38 organizations, including Citibank and B3, the Brazilian stock exchange.
For the second time, IFC marched in Mexico City’s Pride parade. Over 40 staff, including DEI Advocates, Jeffrey Bower and Patricia Rico, and Mark Thomas, Country Director at the World Bank for Mexico, Colombia,
and Venezuela, participated this year.
At HQ, Pride Month was celebrated in various ways, including commemorating the Stonewall Riots, hosting a Pride Picnic in the Park, and participating in the Capital Pride Parade.

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Highlights from the Employee Resource Groups

IFC Millennial+ Resource Group
Launched in 2016, the IFC Millennial+ Resource Group (MRG+) supports intergenerational diversity and inclusion, with a particularfocus on millennials.
This year, the group organized a two-part Intergenerational Workshop featuring author Annemarie Hayek, who emphasized
the urgency of strengthening intergenerational inclusivity at IFC. Attendees engaged in an open and candid conversation about
leveraging generational diversity for better communication, collaboration, and career progression.
MRG+ also hosted Denise Fowler, founder of CareerHappinessCoaching.com, who taught participants about “job crafting,” amethod for improving job happiness and workplace engagement.
The MRG+ Asian chapter also co-hosted an Earth Day event with IFC’s Women’s Network featuring Zero Waste founder andauthor Stephanie Miller, former Director of Climate Business at IFC. Miller offered insights around addressing climate and waste
issues through individual actions.
Throughout the year, MRG+ held three networking lunches, featuring senior leaders including Hela Cheikhrouhou, Regional Vice
President, Middle East, Central Asia, Türkiye, Afghanistan & Pakistan, and Ramit Nagpal, Vice President and General Counsel. The
opportunity for informal conversations with senior leaders helped MRG+ members build relationships and get advice on career
progression and achieving work-life balance.

IFC Women's Network
Founded in 2002 as the organization’s first ERG, the IFC Women’s Network leads efforts to create an inclusive workplace that supports employees bypromoting the recruitment, development, and retention of diverse talent.
In its 21st year as an ERG, the IFC Women’s Network organized noteworthy initiatives and events. For International Women’s Day, author Laurie Weingart
inspired 80+ virtual attendees to pursue worthwhile work that maximizes their talents, develops their skills, and advances their careers.
An Ask Me Anything (AMA) event was conducted with Morgan Landy, Global Director of Infrastructure at IFC. He shared personal experiences from a careerthat has spanned several decades and locations, including Ho Chi Minh City, Istanbul, and Washington, D.C.

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Fueling the Way Forward

Fueling the Way Forwardwith Rani Pooran, IFC DEI Program Lead
FY23 proved to be a rewarding year for everyone who committed to making DEI everyone’s business. I am incredibly
proud that through our second annual report we can showcase the progress we have made. We demonstrated
through our commitment to our strategic priorities that once we know better—through data and insights, andlistening to staff— we can do better.
I am excited by our FY24 line up of activities under our Gender Action Plan. First, we will be embarking on the
EDGE re-certification process, which will hold us accountable to the highest gender equity standards. I’m also
keen to see the impact our Inclusive Communication Learning Program will have on advancing gender equality inthe organization, particularly in terms of challenging long-held assumptions about gender identity and creating aworkplace culture that is inclusive of non-binary and trans people.
In FY24, we will also deepen our use of DEI data and analytics to undertake further research projects. We arecommitted to finding ways to conduct an examination of our workforce composition through an intersectionallens, while still protecting the privacy of our employees. This intersectional lens will enable us to gain deeper
insights into how, for example, racialized employees experience the workplace depending on their sexual
orientation, gender identity, generation, and/or disability status.
Last, in terms of our Inclusive Leadership priority, I’m excited about the evolution of the Inclusive Communication
Learning Program and how it will impact our workplace culture in over 100 countries.

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Report Data Appendix

Report Data Appendix

Table 3. Overall Race/Ethnicity of IFC Employees, FY23

All the figures provided in these tables are based on FY23 data (as of June 30, 2023), unless otherwise
indicated. The percentages in this report have been rounded to the nearest tenth decimal place.

Table 1. Overall Gender of IFC Employees, FY23

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Table 2. Regional Nationality Representation of IFC Employees, FY23

Source: As recorded in IFC's HR system as iCount self-identification data as of June 30, 2023. This data
reflects the responses of individuals who chose to self-identify through iCount, which had a 61.1 percent
completion rate. 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).

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

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Report Data Appendix

Table 4. Gender Balance Index (GBI) Trend, FY19-FY23

Table 6. Share of GG+ Technical and Managers Grade Group by VPU, FY23

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Table 5. IFC Representation by GBI across Grade Groups

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

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Report Data Appendix

Table 7. Exits, Hires, and Promotions by Gender at the GG+ Technical Grade Group, FY23

Table 10. Exits, Hires, and Promotions by Gender at the Managers Grade Group, FY23

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Table 8. Overall Hires by Gender

Table 11. Percentage of Men and Women at the VP+, Director, and Manager Levels

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

Table 9. Percentage of Women in Management, FY19–FY23

Source: As recorded in PeopleSoft, the Human Resources Management System (HRMS) at IFC, as of June 30, 2023.

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Glossary of Terms

Glossary of Terms
Employee Resource Groups (ERGs)
Employee Resource Groups (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 withsafe spaces to connect, learn, and grow.
Gender Balance Index (GBI)The Gender Balance Index (GBI) is a metric used to promote, measure, and track gender distribution
across four grade groups at the IFC and VPU levels.
A GBI score of one indicates gender parity at IFC overall. The four grade groupings have different
weightings as follows:••••

GA-GD: 10%
GE-GF: 20%
GG+ Technical: 40%
Managers: 30%

Grade Groups
IFC uses 10 grade levels to structure its workforce, ranging from GA-GJ. Grade levels reflect levels of
responsibility, skills, and education, and they are categorized into four grade groups.
•
•

•

•
•

GA-GD indicates administrative jobs that support operations staff.
GE indicates a junior-level job and usually requires a Bachelor’s degree with a minimum of two yearsof relevant experience. Jobs in this stream are Investment Analyst, Portfolio Analyst, Budget Analyst,
HR Analyst, Research Analyst, and 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, and 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.
GH-level Managers usually require a Master’s or PhD degree with at least 12 years of relevant
experience. GI-level Managers usually require a Master’s or PhD degree with at least 15 yearsof relevant experience. This grade group includes Managers, Directors, Vice Presidents, and theManaging Director.

iCountiCount is an initiative to encourage staff to voluntarily self-identify in terms of nationality, raceand 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 work
environment. It is based on several questions from the World Bank Group 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 (origins in Japan, China, Korea)•
Southeast Asian or Southeast Asian descent (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 members of the Black African
Diaspora, for example, 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•
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