For Us All

2023 Diversity, Equity,

and Inclusion Report
Copyright © 2023 Bain & Company, Inc. All rights reserved.
For Us All

Progress, accelerated. Since we first issued this report two years ago, we can share more rapid, concrete
progress in our diversity, equity, and inclusion efforts than at any time in our DEI journey at Bain &
Company, a journey of more than 30 years. Across regions, functions, and consulting practices around
the globe, practical, on-the-ground DEI efforts touch every Bainie. From our leadership to our most
junior interns, we share real accountability for those efforts.

Today, our ambition is marked as much by our actions as by our aspirations. We continue to embed
and scale what works and fix what doesn’t. We want every Bainie to feel inspired by what we share
here, for future Bainies to know they belong here, and for our clients to see not only that we have the
expertise to help them on their DEI journeys, but that our own journey continues.

Our Ambition

We are committed to driving breakthrough results as a leader in diversity, equity, and inclusion in all
that we do—for our people, our business, and our community.

1 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
2 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
All of Us, All the Time

DEI at Bain is at the heart of our talent strategy. It helps us attract and retain the world’s best business
talent. It helps us be better teammates and produces better results for our clients. And it touches each
of us. It would be impossible to capture in this space every effort across our global firm, but we are
proud to share below a snapshot of the work we all do.

The sections below offer a sample of our efforts.

Strategy and Accountability

Talent Journeys

Thriving Communities

Inclusive Leadership

Global Impact

4 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
Strategy and Accountability

Embedding DEI efforts across our firm

Our DEI goals—for our people, our business, and our community—are global and
ambitious. For our people, they include diverse representation and an equivalent lived
experience. That means our workforce and leadership teams should mirror their
markets, and that every Bainie should feel they belong and believe Bain is a best place
to work. We actively measure the degree to which each of us says that is true.

In our business, we aim to embed our DEI perspective and tools in all our client work
and in our work with our own suppliers. We aspire to be the partner of choice for
organizations making a difference in DEI in our communities, and we back that
goal with a pro bono commitment of $100 million to social justice and racial and
gender equity.

Our DEI Center of Excellence and our Talent teams provide critical global support for
all of these goals. But no central office or top-down directive alone could influence
the thousands of daily decisions and actions involved; our success depends on every
leader and every teammate. They, in turn, can rely on our firmwide DEI ecosystem—
strengthened and greatly expanded over the past three years—of global and regional
leadership, affinity groups, and DEI champions. DEI is embedded in our talent acquisition
and management, marketing, legal, procurement, and other business functions.
Strong feedback loops help us continuously evolve and improve.

“DEI is integral to who we are as a firm, and our journey is anchored by clear goals
and a systematic tracking process. We have laid a strong foundation for progress
through systematic changes to our talent processes, training content, recruiting
and promotion processes, and leadership dialogues. As we strive for even better
outcomes, we will be accountable, curious, and continually learning.”

Satish Shankar
Regional Managing Partner, APAC
Talent Journeys

A rewarding career, every day from day one

Our clients and our own business operations depend on exceptional talent, and we
are making sure we recruit and hire that talent from as broad a pool as possible. That
includes undergraduate recruitment and hiring programs such as our Freshman
Leadership Accelerator (FLA); our Building and Supporting Excellence (BASE) and
Building Entrepreneurial Leaders (BEL) internship programs for Black, Latino/Latina,
or Indigenous MBA students and undergraduates in the Americas; and our Advantage
program for graduate students.

In the UK, we expanded programs for Black heritage students and partnered
with our competitors to create more opportunities for recruits from lower
socioeconomic backgrounds, while also launching a diversity recruiting program
in Germany and Austria.

Globally, we saw participation rise in our Lead to Inspire program for women recruits,
and we made more offers to women at every stage of their undergraduate careers,
from our Connecting & Resourcing Empowered Women (CREW) leadership program
for sophomores to our True North Scholarships. In APAC, we offered a series of
Thriving workshops for women professionals.

To increase the success of our new hires, we also expanded our onboarding
excellence programs to more roles and groups.

“BEL gave me a window into my future at Bain and enhanced my experience as an

Associate Consultant Intern. It gave me a strong network of mentors and sponsors
and prepared me for many opportunities, including my transfer to Europe. Some of
my closest friends are from my BEL cohort, and five years later, I still maintain regular
check-ins with my BEL supervisor, now a partner in Chicago.”

Melvin Osanya
Consultant, Chicago and Copenhagen; 2018 BEL Participant
7 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
Thriving Communities

Building belonging and support

Professional development support and our focus on building trust in Bain’s systems
and processes are essential elements of the Bain talent journey, but alone they are
not enough. All Bainies, and especially those from underrepresented backgrounds,
also must feel they belong and can be their authentic selves at work.

Our affinity groups, and the programming and celebrations they sponsor, are one
opportunity for Bainies to connect with others who share similar lived experiences
and strengthen their sense of belonging at Bain. The past year saw the launch in the
Americas of our newest affinity group, First Generation and Low Income at Bain (BFLI).
We extended Diverse Abilities at Bain to South America and EMEA. EMEA also expanded
existing affinity groups, including Blacks at Bain and Latinx at Bain, while both EMEA
and APAC expanded programming for BGLAD, the LGBTQ network.

From heritage month celebrations to regional forums such as our Engaging Across
Lines of Difference forum in the Americas, we work to ensure that the sense of belonging
goes beyond individual groups to promote learning and allyship throughout the firm.

To help every Bainie be their authentic self and their best self, we also continue to
invest in well-being and mental health via offerings like B.E.S.T. and through external
partners such as Spring Health.

“I was instantly accepted as my genuine self at Bain, and after joining—and at times
coleading—BGLAD and Veterans at Bain, I wanted all Bainies to feel that same sense
of belonging. I was excited when other Dallas Bainies first mentioned BFLI, and I am
honored to be a member. Bain seems not only to acknowledge each person’s
differences, but also to celebrate them.”

Alisha Scott
Systems Engineer, Technology Services Group, Dallas
Inclusive Leadership

Leaders everyone wants to work for

At Bain, we define ourselves by our mission statement and our operating principles.
From our “passion for results” to our mutual promise that “a Bainie never lets another
Bainie fail,” our principles underpin the culture that makes people want to work here.
They are the reason Bain is consistently voted a best place to work. This year, we went
a step further and defined how to live up to our principle of “Diverse Teams, One
Bain”—how to be leaders and teammates who are committed, purposeful, curious,
empathetic, and accountable. Our teams want to work for leaders who exhibit these
behaviors, and when they do, they do better, more creative work for our clients.

To ensure that all our leaders model inclusive behavior, we go far beyond classroom-
style trainings to emphasize experience sharing and practical experience. Leaders’
ongoing learning journeys include micro-trainings, online resources, and opportunities
to exchange ideas. This past year’s APAC Women’s Leadership Team Forum is one
of many examples of the Bain leadership curriculum focused on inclusive teaming
and growth-oriented coaching.
Global Impact

What we do beyond Bain’s walls

We are trusted advisers to the world’s largest companies and social impact organizations,
and we are committed to helping them create levels of value that set new standards
of excellence in their industries. Done right, we believe DEI results in better business
outcomes for our clients, just as it does for us.

With our clients, we have conducted equity diagnostics across their processes, user
experiences, and outcomes. We help them scale their DEI programs so that, by offering
increased employment opportunities and greater career mobility, they can access the
talent they need to achieve business success.

Bain helped found and launch OneTen in the United States and supports BlackNorth in
Canada, both of which are committed to increasing economic opportunities for the Black
community. Many of our clients have implemented skills-first hiring as a result of our
work, advancing the prospects of Black job applicants who may lack four-year degrees.
Along with more than 60 business and civil society leaders, we supported last year’s
Tackling Inequality report by the World Business Council for Sustainable Development,
with our chief diversity officer serving as one of the commissioners.

We also produced research on gender parity in Greater China, EMEA, South America,
and Australia and continued our industry-first initiative, Stratos, to bring together female
C-suite executives in financial services. In Australia, we furthered our commitment to the
Aboriginal and Torres Strait Islander peoples with the release of our second reconciliation
action plan.

“We help our clients create DEI strategies that work by building buy-in with the
business leaders who will execute the strategy. Often, we are brought in by a DEI
champion to help their peers understand the business case for DEI and cocreate
the ambition, since those P&L owners will actually drive the change. We also train
them on what it means to be an inclusive leader so they can lead by example.”

Krystle Jiang
Practice Manager, DEI Practice, Atlanta
Our Data

How are we doing when it comes to diversity? This is the third year we have shared our data, and
while we have further to go, we are proud to present our global and regional results, as well as
country-specific spotlights. As it has for the past two years, representation of women in leadership
grew again in all three regions, reaching nearly 40% in the Americas and jumping 4 points in EMEA.
Overall representation of women also continues to be strong in countries around the world, and we
continue to invest in growing our LGBTQ representation.* Within the US, we have seen increases in
representation for all underrepresented groups, both overall and at the leadership level.

Representation of Within the US, we

women in leadership have seen increases
grew again in all in representation for
three regions, reaching all underrepresented
nearly 40% in the groups, both overall
Americas and jumping and at the
4 points in EMEA. leadership level.

e* W proec
t t our employe’es right o
t pria
v cy, so our LGBTQ data is diec
r tional and based on o
v luntary [Link]

12 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
Globaegil/R onal
*OREDO
2YHUDOO /HDGHUVKLS

    

*HQGHU /HVVWKDQ /HVVWKDQ

    

/HVVWKDQ /HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

 2YHUDOO   /HDGHUVKLS 

/*%74
   
$PHULFDV
2YHUDOO /HDGHUVKLS

    

*HQGHU /HVVWKDQ /HVVWKDQ

    

/HVVWKDQ /HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

 2YHUDOO   /HDGHUVKLS 

/*%74
   
(0($
2YHUDOO /HDGHUVKLS

    

*HQGHU /HVVWKDQ /HVVWKDQ

    

/HVVWKDQ /HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

 2YHUDOO   /HDGHUVKLS 

/*%74
   
$3$&
2YHUDOO /HDGHUVKLS

    

*HQGHU /HVVWKDQ /HVVWKDQ

    

/HVVWKDQ /HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

 2YHUDOO   /HDGHUVKLS 

/*%74
   
1RWH3HUFHQWDJHVPD\QRWWRWDOGXHWRURXQGLQJ

13 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
o
L cal Spotlights
6RXWK$PHULFD
2YHUDOO /HDGHUVKLS

    

*HQGHU /HVVWKDQ /HVVWKDQ

    

/HVVWKDQ /HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

 2YHUDOO   /HDGHUVKLS 

/*%74
   
8.
2YHUDOO /HDGHUVKLS

    

*HQGHU /HVVWKDQ /HVVWKDQ

    

/HVVWKDQ /HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

 2YHUDOO   /HDGHUVKLS 

/*%74
   
)UDQFH
2YHUDOO /HDGHUVKLS

    

*HQGHU /HVVWKDQ /HVVWKDQ

    

/HVVWKDQ /HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

 2YHUDOO   /HDGHUVKLS 

/*%74
   
$XVWUDOLD
2YHUDOO /HDGHUVKLS

    

*HQGHU /HVVWKDQ /HVVWKDQ

    

/HVVWKDQ /HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

 2YHUDOO   /HDGHUVKLS 

/*%74
   

1RWH3HUFHQWDJHVPD\QRWWRWDOGXHWRURXQGLQJ

14 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
o
L cal Spotlights c
( ontinued)
*UHDWHU&KLQD
2YHUDOO /HDGHUVKLS

    

*HQGHU /HVVWKDQ /HVVWKDQ

    

/HVVWKDQ /HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

 2YHUDOO   /HDGHUVKLS 

/*%74
   

1RWH3HUFHQWDJHVPD\QRWWRWDOGXHWRURXQGLQJ

15 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
SU
Overall gender

2021 50% 50%

Less than 1%

2023 52% 48%

Less than 1%
Women Nonbinary Men

Overall gender (consulting)

2021 41% 59%

Less than 1%

2023 42% 58%

Less than 1%
Women Nonbinary Men

Overall gender (nonconsulting)

2021 71% 29%

Less than 1%

2023 71% 29%

Less than 1%
Women Nonbinary Men

Overall race/ethnicity

2021 6% 5% 4% 17% 68%

2023 7% 7% 5% 19% 62%

2 or more races Black Latino/Latina Asian White/other

Overall race/ethnicity (consulting)

2021 6% 4% 4% 20% 66%

2023 7% 6% 4% 23% 60%

2 or more races Black Latino/Latina Asian White/other

Note: Percentages may not total 100% due to rounding

16 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
SU c
( ontinued)
2YHUDOOUDFHHWKQLFLW\ QRQFRQVXOWLQJ

     

     

RUPRUHUDFHV %ODFN /DWLQR/DWLQD $VLDQ :KLWHRWKHU

2YHUDOO/*%74
 

 

2YHUDOO/*%74 FRQVXOWLQJ
 

 

2YHUDOO/*%74 QRQFRQVXOWLQJ
 

 

2YHUDOOYHWHUDQV
 

 

2YHUDOOYHWHUDQV FRQVXOWLQJ
 

 

2YHUDOOYHWHUDQV QRQFRQVXOWLQJ
 

 

1RWH3HUFHQWDJHVPD\QRWWRWDOGXHWRURXQGLQJ

17 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
SU c
( ontinued)
2YHUDOOLQWHUVHFWLRQDOLW\

*HQGHU[ 0HQ     

UDFHDQG
HWKQLFLW\
 :RPHQ     

RUPRUHUDFHV %ODFN /DWLQR/DWLQD $VLDQ :KLWHRWKHU

*HQGHU[
 
/*%74

:RPHQ 1RQELQDU\ 0HQ

2YHUDOOLQWHUVHFWLRQDOLW\ FRQVXOWLQJ

*HQGHU[ 0HQ     

UDFHDQG
HWKQLFLW\
 :RPHQ     

RUPRUHUDFHV %ODFN /DWLQR/DWLQD $VLDQ :KLWHRWKHU

*HQGHU[
 
/*%74
/HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

2YHUDOOLQWHUVHFWLRQDOLW\ QRQFRQVXOWLQJ

*HQGHU[ 0HQ     

UDFHDQG
HWKQLFLW\
 :RPHQ     

RUPRUHUDFHV %ODFN /DWLQR/DWLQD $VLDQ :KLWHRWKHU

*HQGHU[
 
/*%74

:RPHQ 1RQELQDU\ 0HQ

/HDGHUVKLS±JHQGHU

  

/HVVWKDQ

  

/HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

1RWH3HUFHQWDJHVPD\QRWWRWDOGXHWRURXQGLQJ

18 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
SU c
( ontinued)
/HDGHUVKLS±UDFHHWKQLFLW\

   

    

RUPRUHUDFHV %ODFN /DWLQR/DWLQD $VLDQ :KLWHRWKHU

/HDGHUVKLS±/*%74
 

 

/HDGHUVKLS±YHWHUDQV
 

 

1HZKLUHV±JHQGHU

  

/HVVWKDQ

  

/HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

1HZKLUHV±JHQGHU FRQVXOWLQJ

  

/HVVWKDQ

  

/HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

1HZKLUHV±JHQGHU QRQFRQVXOWLQJ

  

/HVVWKDQ

  

/HVVWKDQ
:RPHQ 1RQELQDU\ 0HQ

1RWH3HUFHQWDJHVPD\QRWWRWDOGXHWRURXQGLQJ

19 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
SU c
( ontinued)
1HZKLUHV±UDFHHWKQLFLW\

     

     

RUPRUHUDFHV %ODFN /DWLQR/DWLQD $VLDQ :KLWHRWKHU

1HZKLUHV±UDFHHWKQLFLW\ FRQVXOWLQJ

     

     

RUPRUHUDFHV %ODFN /DWLQR/DWLQD $VLDQ :KLWHRWKHU

1HZKLUHV±UDFHHWKQLFLW\ QRQFRQVXOWLQJ

     

     

RUPRUHUDFHV %ODFN /DWLQR/DWLQD $VLDQ :KLWHRWKHU

1HZKLUHV±/*%74
 

 

1HZKLUHV±/*%74 FRQVXOWLQJ 
 

 

1HZKLUHV±/*%74 QRQFRQVXOWLQJ
 

 

1RWH3HUFHQWDJHVPD\QRWWRWDOGXHWRURXQGLQJ

20 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
SU c
( ontinued)
1HZKLUHV±YHWHUDQV
 

 

1HZKLUHV±YHWHUDQV FRQVXOWLQJ
 

 

1HZKLUHV±YHWHUDQV QRQFRQVXOWLQJ
 

 

1RWH3HUFHQWDJHVPD\QRWWRWDOGXHWRURXQGLQJ

21 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
22 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
A Journey Marked by Progress

When we issued this report last year, we were in the midst of a global testing and learning effort that
continues today. We had ambitious goals for our people, our business, and our community. We knew
that accountability for meeting them needed to be embedded at all levels of the firm. Yet we also knew
we could not demand accountability from Bainies unless they were supported by a strong infrastructure
and open channels of communication that allowed them to access expertise and resources whenever
they needed it. This, in turn, would enable us, as a firm, to quickly double down on the most effective
efforts and to fix or replace those that needed more work.

This year, that ecosystem is firmly in place, and our progress is rapidly accelerating. Our goals are real,
our DEI efforts global. They touch every Bainie and are part of their career development, their talent
journey, their peer networks, their own leadership and the expectations they have of their leaders. And
our goals are evident in the way we operate our business and work with our clients.

We know this is an ongoing journey and that we will always be looking ahead to a distant horizon. But
this report is a moment to glance over our collective shoulder and take renewed inspiration from how
far we have come.

24 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
25 | 2023 Diversity, Equity, and Inclusion Report | Bain & Company, Inc.
Bold ideas. Bold teams. Extraordinary results.

Bain & Company is a global consultancy that helps the world’s

most ambitious change makers define the future.

Across 65 cities in 40 countries, we work alongside our clients as one team with a
shared ambition to achieve extraordinary results, outperform the competition,
and redefine industries. We complement our tailored, integrated expertise with a
vibrant ecosystem of digital innovators to deliver better, faster, and more enduring
outcomes. Our 10-year commitment to invest more than $1 billion in pro bono
services brings our talent, expertise, and insight to organizations tackling today’s
urgent challenges in education, racial equity, social justice, economic development,
and the environment. We earned a platinum rating from EcoVadis, the leading
platform for environmental, social, and ethical performance ratings for global
supply chains, putting us in the top 1% of all companies. Since our founding in
1973, we have measured our success by the success of our clients, and we proudly
maintain the highest level of client advocacy in the industry.
For more information, visit [Link]