Workforce Data Report 2021
We believe representation matters and it’s important to be transparent about our progress. Here you can find our 2021 workforce data.
September 2021 - Over the past year we’ve continued to grow and scale our teams as we remain focused on the distributed workforce model. During this time our teams have doubled down on programs and projects that we’ve found impactful for our employees and candidates. For example, one of our key focus areas for our I&D work this year is elevating critical conversations and creating opportunities for individuals to learn how they can help foster positive change at work, at home, and in their communities. One way we’re doing this is through our first Inclusion and Diversity Week focused on racial equity, where experts will share their perspectives across various topics, including banking, financial inclusion, community engagement, team building, and bitcoin. We believe these conversations will expand our perspectives and foster important conversations, which has led us to make a variety of these conversations open to the public.
Additionally we’ve continued working to help uplift underserved communities. For example, we announced the full allocation of our $100 million investment into minority and underserved communities, including a $5 million bitcoin endowment focused on financial education and access.
If you haven’t already, we encourage you to take a look at the other pages of our I&D blog where we share more details on our work to institutionalize diverse candidate slates, our practices to interrupt bias in our promotion and compensation cycles, and more. But for this post, we want to take a moment to check in on our workforce diversity. Though our employees are so much more than numbers, we believe that representation matters, and that it’s important to be transparent about our progress.
We’ve continued to increase diversity across the company over the past year as we hired new talent and acquired new businesses like TIDAL and Credit Karma Tax. Overall, we see steady progress in most areas, like diversity in technical roles and senior leadership. Real progress requires persistent effort to identify and drive shifts at a systemic level, which is why we continue to focus on building diversity across our teams and fostering a culture where everyone feels valued, connected, recognized, and able to succeed.
Racial and ethnic diversity
|A note on methodology|
|Last year we updated how we define underrepresented minority (URM). In prior years, aligned with EEO-1 racial/ethnic reporting categories, we tracked multiracial people in a single “Two or More Races” group, which we included as part of our URM category. In an effort to more effectively track the representation for the racial/ethnic backgrounds that are most underrepresented in the tech industry, we enhanced our methodology and will now break out multiracial people who identify with at least one underrepresented racial/ethnic group and multiracial people who do not (i.e. multiracial people who identify as white and Asian). As you can see from the chart below, multiracial people who do not identify with an underrepresented racial/ethnic group are no longer counted as part of our broader URM category.|
Our aspirational benchmark for URM representation is to be on par with U.S. Census data at 30% URM.¹ Within business roles, we have exceeded this benchmark. While URM representation within both tech and leadership roles is on the rise, these remain our largest gaps and opportunities for progress.
¹We’re actively assessing our benchmarks in relation to the recently released 2020 U.S. Census results, but at this time we are continuing to use the 30% benchmark
|A note on methodology|
|Two years ago we improved our data collection mechnisms to be more inclusive of non-binary people. As a result, we are now able to provide a more inclusive representation of our company’s gender diversity. The “year-over-year change” figures take an apples-to-apples approach, measuring relative percent change since last year based on the new more inclusive approach.|
Our aspirational benchmark for gender diversity is to be on par with U.S. Census data at 50% representation for women.² Within business roles we continue to exceed that benchmark, yet for both tech and leadership roles, although we are seeing improvement, we have more progress to make.
²We’re actively assessing our benchmarks in relation to the recently released 2020 U.S. Census results, but at this time we are continuing to use the 50% benchmark.
Intersectional diversity, race/ethnicity, and gender
With the understanding that various forms of inequality can operate in overlapping and reinforcing ways, we believe it is also important to measure and track intersectional diversity data such as race/ethnicity and gender. Below we compare the gender breakdown for US-based URM employees alongside the gender breakdown for non-URM employees, enabling us to identify whether we see any notable divergence between the proportion of women and non-binary employees within URM and non-URM groups.
Overall, women make up a greater percentage of our URM employees than non-URM employees. Consistent with the gender and race data above, this is the result of a higher concentration of non-URMs within tech roles, where the representation of men is also higher. When looking at business and leadership roles, the proportion of women is slightly higher among URM employees than non-URM employees. Within tech roles, the proportion of women among URMs is slightly lower than among non-URMs.