Inclusion In Our Business Practices
Our focus on diversity and inclusion is central to how we operate as a global company with a purpose of helping more people achieve financial security throughout their lives. We strive to implement business practices that serve a wide-ranging customer base, incorporate diverse partners in our supply chain, and foster inclusion as we go-to-market with our financial solutions.
Our specific measures, and a little about each of them, will follow.
Accessible financial products
We provide affordable, accessible, and user-friendly products and services to people from many backgrounds. No matter where they live or where they are in life, they can lean on us for help in reaching their financial goals.
We continue to seek ways to broaden the accessibility and relevance of financial products for more people. This includes commissioning ethnographic and quantitative research to understand how to best support and serve economically disadvantaged populations, youth, and underrepresented demographics in the financial industry. We partner with customer groups to uncover more relevant product design, explore distribution pathways, craft more meaningful and inclusive language, and understand the role financial products might play throughout their lives.
Supplier diversity program
Principal recognizes value in doing business with diverse suppliers. Through our supplier diversity program, Principal actively supports and facilitates the purchase of products and services from businesses owned or operated by individuals representing varied demographics. Our approach supports the growth and development of the communities we serve. It delivers value to shareholders by tapping into the widest possible selection of suppliers, innovative solutions, and creative thinking.
Diversity spend (year-end)
An average annual growth rate of 13.8%.
We strive to include diverse suppliers in all bidding opportunities and seek partners who contribute to our strategic business objectives and financial performance. Read about our supplier diversity program.
Inclusive marketing practices
We strive to foster a world that enables greater financial security and inclusion. That in mind, we work to ensure that all customers see themselves in our marketing materials, feel that our organization and solutions align with their values, and understand that they’re welcome in financial planning conversations that empower them to pursue their personal and professional goals.
We draw on deep customer research, real-time insights, regular management reviews, internal governance teams, and other resources to identify opportunities to foster a more personalized and inclusive relationship with our customers. We invest in new technologies that help us listen to and understand our customers, and to develop actionable insights for our go-to-market approach, advertising channels, campaign concepts, and touchpoints along every stage of the customer journey.
We develop and invest in technology solutions that are tailored to meet the specific needs of our diverse global customer base. This helps us make financial security more accessible to all customer groups. We have a network of professionals distributed across our global locations, business units, and product teams who focus on getting the right products to our customers in the right way.
In recent years, we’ve developed products, mobile apps, websites, and more, to help us reach millions of people, including populations in typically underserved customer groups and in developing or emerging markets.