Diversity, Equity and Inclusion
Overview
Our People First philosophy is the foundation of our Diversity, Equity and Inclusion (DEI) strategy. It’s what drives our efforts to support our colleagues in reaching their full potential. We are committed to providing all our people with access to the training, development opportunities and connections that are important for career advancement. We continuously seek feedback, and we are transparent about our actions, progress and where we are headed.
Our commitment to DEI extends beyond our walls to advancing inclusion in the products, services and thought leadership we offer. We also endeavor to invest in ways that support inclusive economies, focusing our efforts on expanding supplier diversity, collaborating with local partners and ensuring our philanthropic efforts are meaningful
Focus Areas
Attract and retain a diverse workforce.
Deliver competitive, equitable, fair and transparent compensation and reward programs.
Foster an inclusive workplace and equip our people to be social equity allies and advocates.
Ensure that our products are delivered on a platform that is accessible to all.
Leverage our philanthropy to support pathways for marginalized communities to access careers in technology and data.
2023 Highlights
Increased our representation of women across S&P Global regions to 38.6% and modestly increased our U.S. Black and Hispanic/Latine populations to 5.3% and 5.8%, respectively.
Completed rollout of the Eskalera DEI learning and development platform to 32,000+ colleagues.
Awarded grants to DEI-aligned nonprofits through our People Resource Group (PRG) Grant Program, funded by the S&P Global Foundation.
Grew the number of diverse suppliers globally to 734.
Published several research papers through our commercial divisions and produced 11 diversity-focused episodes of the ESG Insider podcast.
Learn more about our programs and initiatives to attract, develop, and retain diverse talent and help build inclusive communities around the world through our philanthropy and the giving of time and talents by our people.
We encourage you to review S&P Global’s DEI Report for further context and content on the company’s DEI strategy, management and key activities
We are committed to fueling meaningful progress in the world by investing in our people and communities to provide opportunity for everyone.
Ashley Mathis
Associate Director, Diversity, Equity and Inclusion
Our Approach
Our commitment to DEI centers on our global workforce, ensuring that our people are empowered to bring their whole selves to work – but it doesn’t stop there. We strive to better reflect and serve the communities in which we live and work, and advocate for greater opportunity for all.
As a purpose-led company, we concentrate efforts where we have the most opportunity to drive progress across our people, customers and communities. By focusing on our global workforce and aligning our priorities across our partner engagements and philanthropy, we strive for meaningful progress towards equity. S&P Global leverages a variety of assets, such as the S&P Global Foundation, employee volunteer programs, our Supplier Diversity Program, and our products and services, to provide access to tools and resources that enable opportunity for individuals, families and communities.
Our Board of Directors, CEO and senior management view DEI as critical to our long-term success, driving business growth and innovation, and empowering our people to achieve their full potential. The Board regularly engages with our CEO, Chief Purpose Officer (CPO), and Chief Corporate Responsibility & Diversity Officer to provide oversight on our DEI priorities and programs.
At the management level, our CPO directs the development and execution of our People strategy. She oversees our People, DEI and Corporate Responsibility teams, as well as our Marketing and Communications functions. In addition, the CPO leads our DEI team in working with divisional and functional leaders in implementing governance to support effective execution. We link executive compensation – at the enterprise and division levels – to specific DEI performance metrics on our balanced scorecards to drive change and meet annual targets. The corporate responsibility and DEI functions are managed by our Chief Corporate Responsibility & Diversity Officer, who also serves as the Chair of the S&P Global Foundation. This reinforces our DEI and community-building integration efforts and drives employee volunteerism and philanthropic giving through the S&P Global Foundation.
Diversity in Our Workforce
Our ability to attract, retain and develop a diverse workforce is critical to our long-term strategy, driving business growth and innovation and empowering our people to achieve their full potential.
We remain committed to transparency and sharing our progress through our external reporting. This data provides a roadmap for advancement and guides our actions. We comply with all disclosure regulations, such as publishing our UK Gender Pay Gap Report* and France Gender Equality Index reports for the legacy S&P Global prior to our 2022 merger with IHS Markit and for the legacy IHS Markit SAS. Our most recent consolidated U.S. Equal Employment Opportunity (EEO-1) data can be found here. Our reporting of global gender and U.S. race/ethnicity representation data provides a comprehensive view of our people and uses an intersectional lens in analyzing our workforce. This report reflects data across our 40,000+ colleagues in 43 countries as of the end of 2023, along with 2022 data.
Our 2023 workforce demographics indicate areas to build on in 2024 and beyond:
- Continue to increase female representation globally – currently 38.6%, up from 38.2% in 2022.
- Further encourage self-identification campaigns to increase disclosure, especially of LGBTQ+ people, those with disabilities and veterans – currently 1.7%, 0.4% and 0.8% respectively for our U.S. people – and report globally wherever possible.
- Continue to build our U.S. Black and Hispanic/Latine populations – currently 5.3% and 5.8%, respectively, up from 4.6% and 5.7% in 2022.
- Across our U.S. critical roles, further extend the growth of female representation in in-demand technology roles – currently 37.0%, up from 32.1% in 2022; and in commercial roles – essentially flat at 37.2%, compared to 37.4% in 2022.
For a more complete overview of our performance over time, see Global Demographics link to section and Critical U.S.Roles by Gender and Ethnicity link to section in the Appendix. Also see Appendix for a breakdown of employees by country.
Global Age Groups*
* Excludes 16 non-disclosed employees. All of S&P Global excluding CRISIL and Taiwan Ratings Corp
Global Employees by Location
All of S&P Global excluding CRISIL and Taiwan Ratings Corp. Note: Percentages may not sum to 100% due to rounding
* See reports for S&P Global, IHS Markit and PLATTS U.K. Ltd. on https://gender-pay-gap.service.gov.uk/.
Gender Pay Gap
We recognize that equitable and competitive compensation and transparency in our reward programs improve outcomes for our people, our customers, and our business. We continually review our compensation programs and practices to maintain fair pay for our people.
Our pay gap reporting highlights the disproportionate representation of women both in different functions of our business and at different levels of seniority throughout the company. We remain committed to addressing these gaps through investments in developing women throughout their careers and increasing their representation at all levels of the organization.
In 2023:6
- Our mean gender pay gap remains 14%, unchanged from 2022.
- Our mean gender bonus pay gap is 42%, up from 29% in 2022.
- Overall, our 2023 gender pay gap and bonus pay gap are attributed to differences in gender representation in senior-level roles, jobs with high market demand, and wage structures across various countries.
- With a sustained commitment to transparency, we are reporting the global remuneration of women to men for a second year, which shows our total pay ratio has remained largely the same, at 82% (versus 84% in 2022).
- As we continue aligning our global workforce and organization, we will focus on identifying and addressing our gaps through proactive recruitment, developing our women leaders and annual pay assessments and adjustments.
For a full view of our gender pay gap reports, visit our Reports & Policies site.
6 2023 data reflects all S&P Global people as of December 31, 2023, with the exception of OSTTRA, S&P Guild, CRISIL, Taiwan Ratings, CARFAX and interns and contingent workers, which are excluded due to their different compensation structures. 2022 data reflects all S&P Global people as of December 31, 2022, with the exception of CRISIL, Taiwan Ratings, S&P Guild and union team members, which are excluded due to their different compensation structures.
Pay Equity
As a standard practice, S&P Global assesses pay annually to identify gender and pay differences across race and ethnic demographics. These regular pay reviews help us align fair pay for our people. This annual practice has continued in 2023, and we have made adjustments across our organization.
We are committed to investing in our people and supporting equitable compensation practices for our global workforce.
People Resource Groups and Communities
S&P Global proudly supports nine PRGs focused on the attraction, engagement and development of talent, and we are deeply committed to investing in and growing them. Worldwide, 825 colleagues serve as global and regional board leaders across 96 chapters in 31 countries, and 27% of our people are members of at least one PRG. Additionally, more than 4,700 participants connect on shared experiences such as running, cooking, historically Black college and university alumni status, parenting children with disabilities and interests in wellbeing.
In 2023, we continued the PRG Grant Program, with the S&P Global Foundation providing each PRG grant to award to one or more organizations or programs aligned with its mission and the Foundation’s focus areas. Read more about our PRGs and Communities in the DEI Report.
DEI Learning
Our DEI commitment includes learnings that promote our people-focused strategy and values. Through continuous learning, colleagues across the enterprise explore how to recognize and mitigate bias, adopt equitable hiring and management practices, and become better allies and advocates.
In 2023, S&P Global continued the rollout of Eskalera, enabling 32,000+ colleagues to access the DEI learning and development platform. Eskalera is an interactive tool for detailed skill-building and practice through selfpaced microlearning. Content covers topics such as authenticity, empathetic listening, allyship and psychological safety. We aim to equip people with the tools needed to experience ongoing success through knowledge, skills development, increased connection and meaningful insights. Access the DEI Report for more information about the company’s DEI learning.
Employees self-reported an average of
28%
increase in their inclusion-related knowledge and skills.
Products and Services
Accessibility is a key component of inclusion. Across our various divisions, we are working to create products and services that are accessible to all our customers.
To improve accessibility in our client-facing applications, our Accessibility Quality Assurance Team partners with the product and user experience teams to assess and help mitigate issues. For more about this work, see Supporting Accessibility in S&P Global Products.
Supplier Diversity
Our U.S.-based Supplier Diversity Program provides fair and equal procurement opportunities for all capable and competitive suppliers. S&P Global actively encourages and invites applications from businesses that are managed or led by members of underrepresented groups.
In 2023, we surveyed our key suppliers to learn more about their efforts on key sustainability topics, providing new insights on how to integrate sustainability into our core sourcing and procurement processes. We also increased internal and external engagement to support staff who make purchasing decisions, connect with diverse suppliers, and share insights with peer companies and other leading organizations.
In 2023, our percentage spend with U.S. diverse suppliers was 7.9%, while our percentage spend with global diverse suppliers was 6.7%. Our combined count of U.S. and global diverse suppliers grew to 734. Learn more in Responsible Sourcing and Supply Chain Management
Thought Leadership
Through multiple channels and in collaboration with academic, nonprofit and private-sector partners, we deliver research and insights to advance DEI best practices. We also work closely with our very own Diversity Research Lab and by collaborating with various divisions to help reflect our internal DEI ethos in our leading industry events. Learn more about our DEI thought leadership in the DEI Report.
Diversity Research Lab
The Diversity Research Lab (the Lab), consisting of interdivisional DEI, sustainability and research experts, is dedicated to examining the impact of social, cultural, economic and environmental factors on markets, economies and the private sector. The Lab partners with internal stakeholders including thought leaders, economists, industry experts and PRGs, as well as external partners that include leading institutions, nonprofits and research organizations. In addition, the Lab sponsors both proprietary and collaborative projects with research institutions around the world.
In 2023, we continued these efforts by:
- Partnering with S&P Global divisions to produce research on women in the workplace, including reports from S&P Global Ratings, S&P Global Commodity Insights and S&P Global Market Intelligence.
- Collaborating with Market Intelligence to produce a report on the uptick in LGBTQ+ discussion incorporate ESG and sustainability filings.
- Introducing a Diversity Toolkit for Investors through our partnership with the London-based think tank New Financial.
Access the DEI Report for more about the Diversity Research Lab
Looking Ahead
S&P Global remains steadfast in our commitment to continuing to drive DEI for our people, our customers and our communities. In the coming year, we plan to:
- Continue to focus on identifying and addressing our gender pay gap through recruitment activities, talent planning, professional development and compensation.
- Continue to expand membership in our PRGs.
- Increase engagement with DEI learning opportunities to equip our people with the knowledge and skills that support an inclusive culture.
- Deepen the S&P Global Foundation’s grantmaking with global nonprofit partners focused on supporting the entry of marginalized communities into data and technology fields.
- Increase communication with diverse suppliers to encourage their participation in S&P Global’s sourcing events.
See data tables in Appendix.