QOTW: DEI in RFPs

This week we asked members if they include a question on Diversity, Equity, and Inclusion (DEI) in their RFPs/RFIs to service providers. Twenty-three precent of plan sponsors that have conducted an RFP/EFI recently have asked such a question. When asked how important DEI is in evaluating new providers, a quarter of respondents said it was not important at all while 62 percent stated it was somewhat important, and 10 percent indicating it was very important.

Comments include:

• Although we don't have a DEI-specific clause, the contractor and its subcontractors must agree not to discriminate against an employee or applicant for employment with respect to hire, tenure, terms, conditions, or privileges of employment, or a matter directly or indirectly related to employment, because of race, color, religion, national origin, age, sex, height, weight, marital status, partisan considerations, any mental or physical disability, or genetic information that is unrelated to the person’s ability to perform the duties of a particular job or position.
• DEI is not as important as having competent vendors and employees.
• DEI is nothing new, my expectation is that an employer always is fair in their hiring practice
• Not included on RFP/RFI.  However, a question that is typically asked of finalists.
• Using DEI in a matrix seems like we're ignoring actual skill.
• We have a diverse workforce, and for many English is not their first language, and we have varying levels of fluency.  Our provider is just now starting to realize that they need to have their website and materials in other languages.  When we next go to RFP, the ability to effectively communicate and educate our population of employees will be a consideration.
• While our organization has made it very clear that DEI is very important to our culture, our retirement plan committee feels investment performance needs to be our most important criteria in evaluating investments and investment managers. Given that, I would tend to think that DEI would not be very high on the list on an RFP or RFI.