PNC 2023 Corporate Responsibility Report: Fostering and Expanding an Inclusive Culture
PNC’s growth and success are tied to its ability to attract and retain talent who can innovate products and connect with an increasingly diverse customer base. Our diversity and inclusion strategy drives an investment in the diversity of our workforce, enrichment of our workplace culture, and growth of our customers and communities in order to succeed in the marketplace. We strive to foster a culture of inclusion in which employees and customers feel welcomed, valued and respected. We recognize our impact extends beyond our workforce, and so we commit to building the kind of belonging that not only deepens the connections we have to each other but also strengthens our communities.
As of the date of our last annual meeting of shareholders on April 24, 2024, our board consisted of 11 independent directors, including four women and three people of color, and our executive leadership team, a group of 12 individuals who report to the CEO, includes five women and four people of color. We remain focused on attracting and retaining a diverse workforce, and creating an equitable and inclusive workplace that reflects and is equipped to meet the needs of our diverse customer base. We’re proud to welcome the insights and innovation that spring from all backgrounds and experiences.
We know this work is never done. Over the next three years, we plan to focus on five areas that will allow us to continue making progress in this area:
- Employee engagement that fosters a sense of belonging, trust, value and respect
- Manager effectiveness and accountability for the PNC Leadership Standards
- Employee achievement and experience
- Strong culture built on the foundation of PNC’s core values
- Support for customers and communities in our diverse markets coast to coast
ACTIVATING AND ELEVATING OUR EMPLOYEES
Throughout 2023, we applied employee engagement feedback to facilitate informed decision-making regarding policies, methods and supportive, relevant resources. This iterative process ensures that implemented changes are not only substantive for our businesses but also resonate meaningfully with our employees. Employee engagement surveys measure an employee’s likelihood of recommending PNC as an employer and ask specific questions to understand perceptions of opportunities for career growth, development and inclusive culture.
Employee Business Resource Groups (EBRGs) have been a staple of PNC’s culture for 13 years, and more than 17,000 employees participate in at least one.
EBRGs are employee-led, company-supported groups that provide a forum to learn about and discuss heritage, shared background and experience, personal interests, and unique perspectives. Open to all employees, they create opportunities to expand networks, cultivate leadership development and elevate advocacy while supporting PNC’s business priorities.
In 2023, we:
- Launched our 13th EBRG, Working Parents, which provides a forum for working parents, guardians and caregivers of children of all ages
- Introduced 23 new virtual and market-based EBRG chapters
- Increased EBRG membership to 31 percent of the bank
- Provided new EBRG officer development and leadership support resources
- Designed workforce market dashboards to understand locations of growth, and identified opportunities for focused communication in new markets
- Refined our EBRG member management platform to promote engagement, increase efficiency and maintain transparency within all chapters
CELEBRATING OUR EMPLOYEES
Expanding our diversity and inclusion (D&I) efforts begins with effective communication about the many opportunities to grow and engage in our program offerings. In 2023, we successfully delivered five thought leadership events — open to employees and external stakeholders, reaching more than 13,000 internal and external stakeholders. This series brings in renowned speakers who share their insights on History and Heritage Months and their stories of success through the lens of leadership, personal and professional experiences. The program is designed to build cultural acumen, drive meaningful dialogue, and strengthen inclusion, empathy and respect.
History and Heritage Months were recognized and celebrated internally and externally. Some of these events included: Black History Month, Women’s History Month, Asian American Pacific Islander Heritage Month, Pride Month and Hispanic Heritage Month.
Our internal audience-only History and Heritage Month series, Innertwined, saw more than 2,700 employees join five events in recognition of Veterans Day, Working Parent’s Day, Juneteenth, Coming Out Day and Native American Heritage Month.
In 2023, we saw a 20 percent increase in attendance at our annual D&I conference. This internal event provides us with an opportunity to bring together PNC employees to exchange insights, encourage innovation and collectively celebrate our employees’ efforts toward building an inclusive culture at PNC.
All programming and events are supported by PNC’s Corporate Diversity Council (CDC), which is co-chaired by our CEO and chief diversity officer (CDO). The council includes senior leaders from across the organization and works collaboratively with human resources to support initiatives that embed an inclusive culture with a talented, diverse workforce. Our robust network of key D&I communicators includes more than 900 champions who lead our EBRGs, Lines of Business (LOB) Councils, Regional Councils and critical partners. Together, they enable us to reinforce D&I programming and strategies, share best practices, and host effective and authentic dialogue between and among our employees.
Over the past year, our Regional Councils experienced notable expansion to more than 50 councils. These councils strengthen business and community relationships and enable client growth by leveraging market and segment insights. Within our marketplace efforts, a nonprofit board service guide and the PNC Inclusion Calendar were launched. The calendar is an optional Microsoft Outlook and web tool available for all employees that shows a broad representation of cultural events. It can be used to increase awareness, foster a culture of belonging and serve as a valuable resource for meeting and event planning with employees, clients and community partners.
In addition, our 19 lines of business D&I Councils focused on improving workplace experiences, including enriching employee engagement, inclusive behaviors and talent mobility. More than 100 programs were implemented to improve professional development planning, mentorship experiences, EBRG participation, employee engagement results and skill-building to bring inclusive behaviors to life.
As in years past, PNC took steps to cultivate a diverse and inclusive workforce and work environment through optional learning experiences. We launched a course called Inclusive Language Foundations in mid-January to provide tools, resources and best practices. This will help our employees engage in healthy dialogue to build stronger, more authentic relationships with each other, our clients and our communities, which in turn helps us to compete in the marketplace. In 2023, we created and enhanced five D&I learning workshops. From this, we delivered 56 sessions to various teams and employee groups, reaching more than 4,200 employees. The workshops have allowed teams to engage in deeper conversations with one another around D&I, personalize the content to be more relevant to their day-to-day work and improve team culture.
Employee Business Resource Groups
- African American
- Asian American
- FirstGen | First-Generation College Student
- Interfaith
- Latino
- Military | Serving with Integrity
- Multicultural
- PNC Enable
- PNC Proud
- PREP | PNC Recognizing Emerging Professionals
- Tech Connect
- Women Connect
- Working Parents
Celebrating History and Heritage
- Black History Month
- Women’s History Month
- Asian American Pacific Islander Month
- LGBTQ+ Pride Month
- Hispanic Heritage Month
In 2023, we created and enhanced five D&I learning workshops. From this, we delivered 56 sessions to various teams and employee groups, reaching more than 4,200 employees.
In 2023, PNC History and Heritage Month program events reached more than 13,000 employees and external attendees.
2023 D&I Awards
Best Employers for Diversity 2023
ForbesAmerica’s Best Companies for Veterans 2023
Forbes2023 Veteran-Friendly Companies
U.S. Veterans MagazineGender Equality Index 2023
BloombergBest Employers for Women 2023
ForbesWorld’s Top Companies for Women 2023
Forbes2023 100 Best Companies
SeramountBest Places to Work for Women and Diverse Managers
Diversity MBABest Places to Work for Disability Inclusion
Disability Equality Index (DEI)
