It also recommended banks name an executive to oversee diversity issues. The government plans to measure improvement and publish a report by next year, according to the paper.
Firms such as Kraft, Sodexo and LinkedIn have implemented similar programs before that tied progress on diversity to bonuses, according to the report. However, The Post notes tying the bonuses to specific targets is less common.
Firms are often wary of establishing diversity benchmarks for a few reasons, according to the report. One is that the company may hire less-qualified candidates to fulfill requirements, or that it could stigmatize new hires as people who are just there so the executives can check off a box.
Jayne-Anne Gadhia, the CEO of Virgin Money, who chaired the report, said she hopes posing the challenge, measuring progress and reporting on it will get executives’ attention and motivate them to take action, according to the report.
More articles on compensation:
CEO and CFO pay increases fueled by pressures of consumer-driven healthcare market: 5 findings
Physician compensation in 2015: 7 trends
Survey reveals gender pay disparities concern nurses: 5 takeaways
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