Why is collecting D&I data so important?

Data in general is imperative for providing insight and informing decision making, it allows us to set objectives, benchmark performance and identify areas for improvement. This is particularly the case in the Equity, Diversity and Inclusion (EDI) space where there is still a lot of unknowns, and we need to work to gain clearer picture of the current position of our industry. EDI data collection is the groundwork for creating effective D&I strategy and measuring progress. It can help guide important decision making and prompt action where needed, and may also help make your business more appealing to new talent.

Firms that collect and analyse this data about their staff have a deeper understanding of their people and their lived employee experience. They can use this data to identify any existing biases, gaps or issues and work towards improving them.
However we recognise that it can be difficult to know what data to collect, how to collect the data and then effectively analyse it so it can drive all of the above actions.

To help our members, PIMFA have developed an informative guide on how firms can effectively collect and disclose diversity data in our industry.

The guide discusses important topics such as:

• The legalities of data collection
• Who owns the data?
• The process for data gathering.
• What data should be collected?
• Analysing the data
• Aligning data with your EDI strategy