Large Spanish companies spend an average of $3.8 million per year on D&I

Spanish companies – with annual billings of over $1 billion – spend an average of $3.8 million on diversity and inclusion initiatives according to the study Mind the Gap Series: Insights from Global Job Leaders published by the law firm Baker McKenzie, a leading global law firm, attended by 900 senior law firms from eleven jurisdictions – including Spain – with an annual turnover of between €1 billion and €15 billion. This average expenditure per company represents 0.047% of the turnover of the companies to which the Spanish managers questioned in the study belong.

Margarita Fernandezemployment partner at Baker McKenzie and specialist in diversity and inclusion issues, points out that “diversity and inclusion programs are increasingly important in ESG criteria both for investors and for the rest of the stakeholders involved, but it is necessary to advance in the real cultural change of companies for there to be a real breakthrough. Spanish companies must redouble their efforts in this area.”

The main conclusions of the study were:

  • The Spanish organizations surveyed spend an average of $3.8 million, or 0.047% of turnover, on R&D and training.
  • 77% of respondents say that “creating a culture where people can speak up within the company” is their top priority.
  • In two years, 57% of those questioned admit that their priority is to increase diversity within the board of directors.
  • 74% of respondents believe that management tries to contain complaints or grievances related to D&I.
  • 43% agree that D&I, HR, legal and compliance teams have different perspectives on the most pressing issues related to D&I policies and initiatives
  • 70% of respondents agree that their company’s values ​​and corporate culture require action that goes beyond what is currently established by law.

Margarita Fernández, employment partner at Baker McKenzie concludes that “to move forward in diversity and inclusion, it is not enough to have policies, the management of companies must have a well-defined diversity and inclusion strategy, where the data is analyzed to understand why the policies implemented are not as effective as desired and to make the necessary changes, putting in place positive actions focusing on the corporate culture The absence of a good strategy of diversity and inclusion increases the risk of external whistleblowing and litigation, as well as brain drain Considering the report, and despite the fact that there are areas for improvement, I am optimistic we are getting more in addition to requests for advice on this subject, including advice to define the strategy at the global level (where particular attention must be paid with the legal differences of each country) and that this advice is not e limit to simple compliance regulations, companies go further.

Large Spanish companies spend an average of $3.8 million per year on D&I initiatives