Register here. Its not enough to measure diversity in your total associate population. The global pandemic and social unrest this year has reinforced the focus on diversity and inclusion in the workplace coming from different business stakeholder groups, said Elena Philipova, global head of ESG at Refinitiv. Learn More. In 2017, Cisco announced the launch of itsDiverse Representation Framework (DRF), a system that provides data to help hiring managers find talent in the markets where they do business. His company, Berkshire Hathaway Inc. (BRK.A), however, ranks far from progressive in its commitment to workplace diversity. According to a report from the Boston Consulting Group, companies with more diverse leadership teams report higher innovation revenues. target_type: 'mix' No women or minority top executives, two women on board of 12. What do you say to those who think that a white man doesnt have the right experience or authority for the role? Get this delivered to your inbox, and more info about our products and services. Her husband, who has experienced police violence firsthand, only acquiesced when white family friends vowed to protect them if anything happened. Some of the largest asset managers in the world have this year become much more active in engaging in shareholder voting on the issue of improving diversity and even the worlds oldest private banks have taken to the industry stage to discuss their investment strategies around ESG.. The D&I index continues to receive recognition from industry analysts across the globe: Sang Lee, Managing Partner at Aite Group, commented: The continued industry interest in the D&I index reflects the increased investor appetite to invest in environmental, social, and governance related areas and the changes that are happening across all sectors of the capital markets. Being part of an ERG helps leaders understand our diverse associates and set the example for the rest of our associates. The company increased the number of women in its workforce to 37%, a 1% increase on the prior year and a step toward the company's . Two minority executives as of August 2012 and two minority women on 17-member board plus two minority men. Key mistakes to avoid to promote diversity equity and inclusion in the workplace amid a changing climate. When the economy is unstable, employers are faced with difficult decisions around staffing, pay and benefits. Anincontrovertible argument can be made that Warren Buffett is the most forward-thinking investor of the 20th and 21st centuries. American workplaces have long been hotbeds of discrimination and harassment, particularly for those who aren't white, light-skinned, male, straight, single, young, able-bodied Americans. Hobby Lobby took its fight against women's health care all the . And there is even greater opportunity for positive impact in what we describe as an IN Corps of organizations working collaboratively to influence education, public policy and other external dynamics affecting inclusion. Research: What Inclusive Companies Have in Common. June 18, 2021. De Groot says that more companies are offering broader policies to welcome LGBT employees, and a growing number of companies support a proposed law, the Employment Non-Discrimination Act, which would prohibit discrimination based on sexual orientation and gender identity. Your session has expired. Because more prospective employees than ever are assigning paramount importance to workplace diversity, think tanks and research groups have conducted extensive studies to determine which of the economys largest employers excel in this area and which are lagging behind.As of 2018, the following are the companies best known for embracing workplace diversity, as well as a few that still have work to do.The Best: Cisco SystemsA comprehensive analysis by Calvert Investmentsof hiring practices, internal and external initiatives to increase diversity, family-friendly benefitsand representation of women and minorities on company gave Cisco Systems a perfect score for its diversity practices. The companyincreased the number of women in itsworkforce to 37%, a 1% increase on the prior year anda step towardthe companysgoal of at least 40%women by 2020. Regionally, Africa is leading the way with on average 34% of female managers. Companies are supplementing these dialogues with expert guest speakers, book clubs and websites with tools to help employees learn more about racism. The bigger obstacle to achieving more diversity in the workplace is that companies are overthinking their approaches, says Pamela Newkirk, author ofDiversity, Inc.: The Failed Promise of a Billion-Dollar Business(Bold Type Books, 2019). However, the assumption that longer hours equated to greater commitment and productivity was wrong. Many seek, for example, to assess inclusion through a handful of questions in an engagement survey about how employees feel, without assessing whether peoples actions and organizational processes and signals consistently support or undermine inclusion. But tech companies are still lagging when it comes to. That means they arent planning robust inclusion strategies and committing resources like they would any other business driver such as marketing, finance or safety. One woman in the C-suite, no women or minorities on the board. Firms must prioritize diversity and inclusion or face tangible pressure from activists and consumers as well as investors, particularly as stakeholder capitalism challenges the primacy of the shareholder in corporate decision-making. I needed to make sure that our company is diverse and that our diverse associates were included in every decision and everyone here is advancing. SPG is opaque with its EEO-1 stats and its hiring practices withregard to race, gender and sexual orientation, and the company features a glaring lack of diversity in leadership positions.Source: Read Full Article window._taboola = window._taboola || []; Here are the 11 companies that earned 90 points, including PepsiCo, the only company in the S&P 100 with a minority woman, Indra Nooyi, as its CEO: Abbott Laboratories, Accenture, American Express, Bristol-Myers Squibb, Comcast, Dell, Kraft Foods, McDonalds, Nike, PepsiCo, Pfizer. For more information visit: www.refinitiv.com, Lemuel Brewster I have an even greater responsibility to be an ally to individuals and advocate to change the system that has allowed racism to continue. Fostering productive conversations wont be easy. Microsoftsboard of directors is among the most diverse of any tech company with women and ethnic minorities insix of 14 positions. Home Markets The Best (and Worst) Companies For Workplace Diversity, The Best (and Worst) Companies For Workplace Diversity 10/30/2018 Markets A culture of workplace diversity ensures that performance and qualifications, rather than membership in a preferred demographic, dictate ascension up the corporate ladder, but also that a broad array of ideas and backgrounds are used to move acompany forward. We are delighted that our D&I Index continues to be used as a guide to help firms across the globe create a more effective workforce through diverse teams, said Debra Walton, chief revenue officer at Refinitiv. When it comes to diversity, oil and gas companies typically tend to fall behind other industries. The company offers domestic partner benefits to LGBT employees. According to Diversity Inc., which compiles a list of the top 50 most diverse companies each year, no oil company has made it on its list since 2004. temp_style.textContent = '.ms-rtestate-field > p:first-child.is-empty.d-none, .ms-rtestate-field > .fltter .is-empty.d-none, .ZWSC-cleaned.is-empty.d-none {display:block !important;}'; People would say, Black people exaggerated the race card because they couldnt see it, says Eric Ellis, president and chief executive officer of Integrity Development Corp., a West Chester, Ohio-based consulting firm. No women or minorities in the C-suite, two women on the board of 12. Its also important thatwere tracking the progress were making, so in 2019 weadded an inclusion index in our annual employee engagement survey. You have to change hearts and minds.. 3. Recently, many have made D&I pledges in the face of the Covid-19 crisis and the #BlackLivesMatter movement. Its an emerging phenomenon in corporate America. Others didnt prioritize diversity even in good times. Thereal estate giant Simon Property Group Inc. (SPG) was ranked last in the analysis. Many companies are struggling to stay afloat and may not have the financial or management bandwidth to dedicate to diversity programs. This encapsulates the challenge that even diverse companies face in tackling inclusion. Featured speakers includeBlavity's Morgan DeBaun, IBM's Ginni Rometty, Carnival's Arnold Donald, Uber's Bo Young Lee, Kearney's Alex Liu, Washington Football Teams's Jason Wright and more. A significant part of VMwares effort in the aftermath of Floyds death was designed to ensure that its Black colleagues felt secure. Do you think having more people working remotely will affect diversity programs? The gender data doesn't consider transgender or gender nonconforming employees, and only one of the 10 companies reported nonbinary employee demographics. As companies look to adapt to a new way of conducting business post-COVID-19, diversity and inclusion factors need to be on the agenda alongside financial resilience, environmental risks and workforce health. Multicultural women make up 17% of the workforce. employee survey results, but only 28 percent of them believe that formal employee surveys drive Theyre designed for groups of colleagues with similar backgrounds to cometogether, share experiences and support one another. The groups will now be a vehicle for training programs, including Path to Partnership, which is a three-year program that pairs promising executives with mentors and other forms of support to prepare them to become partners. It showed that five years after training became required. But it also reached out to all the companies. Transparency is a good first step, though it has to be backed up with action, says Tracy Layney, Levi Strauss senior vice president and chief human resources officer. The company also announced last month -- after the Calvert report was released -- that Liz Zale, formerly the vice president of investor relations for Nielsen Holdings, is a new senior vice president with Simon. Supplier diversity is an essential aspect of responsible business practices and inclusive economic growth for large companies. Thats why SHRM has introduced The D&I Index, launched in 2016, ranks the top 100 publicly traded companies globally with the most diverse and inclusive workplaces, as measured by 24 metrics across four key categories: Diversity, Inclusion, People Development and News Controversies. EMEA leads the way with the most culturally and gender diverse boards. The executive explained how he learned about the subject from his Black father, who protested segregation in the 1960s, and how he would lead theunitin conversations about recent events. Here are some of the major workplace discrimination, harassment, and retaliation lawsuits that workers filed against America's largest companies in 2020, as well as cases where new plaintiffs joined. Microsoftsboard of directors is among the most diverse of any tech company with women and ethnic minorities insix of 14 positions. Specifically, companies should track data on team sizes, recruiting, retention, and promotion ratesand systemic problems should have consequences. Without it, diversity remains unfulfilled potential. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Sign up for free newsletters and get more CNBC delivered to your inbox. Headquarters: Bentonville, AR. Our index clients and partners rely upon the unparalleled breath, depth, global network and vast data and content sets that only Refinitiv can provide. Maitland: We illustrate this in one of the books 14 case studies. Because more prospective employees than ever are assigning paramount importance to workplace diversity, think tanks and research groups have conducted extensive studies to determine which of the economys largest employers excel in this area and which are lagging behind. The company created an intranet page that used the hashtag #wehearyou for them to share their feelings and concerns. First, you need real humilityyou cant understand the injustice until it happens to you. PPG already has a variety of diversity, equity and inclusion (DE&I) initiatives, though it doesnt break out statistics on people of color. We wanted to say, We understand that youre not OK, Butler-Morton says. NPR's Audie Cornish speaks with DEI consultant Lily Zheng about how the diversity, equity and inclusion industry has changed after 2020's racial injustice protests and how companies are responding. Together Forward @Work, a call to action to bring racial equity to the workplacethe place we know best and have served the longest. United States leads the Top 100 list with 20 firms followed by the United Kingdom with 13, Australia with 9 and Canada and France with 7. But Shah Paikeday says companies have been more proactive about reaching out to telecommuting employees and keeping them engaged. Summary. The company must clearly communicate that dedication to diversity and inclusion is not just a passing trend that frontline leaders can wait out or avoid implementing. In it he says, "The closer that America comes to fully employing the talents of all its citizens, the greater its output of goods and services will be." It requires establishing procedures to ensure continuous questioning of how things are done here. The Motley Fool has a disclosure policy. Here are some best online colleges where you can get a [], The Best (and Worst) Companies For Workplace Diversity. In 2014,a year after the acquittal of George Zimmerman in the shooting death ofTrayvon Martin and the subsequent founding of the Black Lives Matter movement,some Big Tech companies started reporting their workplace demographics and promised to increase diversity. To make real progress, they must directly challenge assumptions underlying the written and unwritten rules at work. Mobile + 1 610-390-4394 The analysis gave Accenture PLC a 95% rating for diversity practices. by. Please try again orcontact usfor further assistance. SPG is opaque with its EEO-1 stats and its hiring practices withregard to race, gender and sexual orientation, and the company features a glaring lack of diversity in leadership positions. In 2022, Diversity Day was broadened to "SHIMADZU Diversity and Inclusion Week 2022", which ran from December 5 to 9. Three women and three minorities on board of 12. In recent years, however, empowered in part by the #BlackLivesMatter and #MeToo movements, American workers are increasingly turning to the courts to hold their employers accountable for breaking civil rights laws and demand companies fix racist, sexist, ageist, ableist, and other biased pay practices and work environments. Oct. 8, 2020, 2:46 AM. For the companies at the bottom of the ranking, says De Groot, diversity is so lacking in so many areas, there needs to be a complete overhaul of their corporate diversity programs and disclosures. Though there is a faint silver lining. Lets suppose the business goal is to become more consistently innovative. Top 20 companies with best diversity and inclusion numbers overall: Microsoft Centene Target Gap Biogen Intel Verizon Communications Allstate PVH Bank of America Amazon.com Nike Wells Fargo. Please log in as a SHRM member before saving bookmarks. + Follow. Refinitiv is one of the worlds largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. 00:44. Typically, however, DE&I leaders lack influence. The analysis gave Accenture PLC a 95% rating for diversity practices. Middle managers can do the same by asking direct reports: What can I do to make it easy for each of you to freely share your ideas and dissenting opinions? They can use what they learn to adjust how they interact with colleagues. But for these companies, whose. Regionally the largest increases have been seen in Oceania with a 40% increase. It also found that DE&I often isnt an integrated part of companies business strategy. These things never came to my mind, says Berardinelli, PPG human resources director, global architectural coatings, U.S. and Canada. Using its definition and looking at public data, as well as reaching out to companies to clarify their diversity data, Calvert found the following companies were the least diverse out of all the companies in the S&P 100: 1. Find the latest news and members-only resources that can help employers navigate in an uncertain economy. He also believes that unconscious bias plays a role in excluding people of color from the workplace. A Division of NBCUniversal. Two years ago, the most frequently awarded score was 70 points. Why did Berkshire Hathaway come in last, when CEO Warren Buffett has spoken out about the importance of promoting women at work? Published Feb 27, 2023. Only 14 percent of C-suite positions are held by people of color, with women of color holding only 4 percent. var currentUrl = window.location.href.toLowerCase(); By clicking Sign up, you agree to receive marketing emails from Insider Number of US employees: 1.4 million. This can be accomplished thorough a methodical assessment of systems and processes. document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. Can you explain? Invest better with The Motley Fool. She adds that the company is committed to learning more about racism and will move to make more changes as it progresses. But theres something different going on now. Gain the intel you need now to successfully anticipate and navigate employment laws, stay compliant and mitigate legal risks. Industries leading this years index: 18 banking, investment services & insurance; 9 pharmaceuticals; 7 telecommunications services, specialty retailers and personal & household products & services. Diversity is the vast mix of individual identities, talents, perspectives and experiences in the world and the workforce. 2. The company explicitly states it does not consider diversity when directors and board members are selected. Industries leading this years D&I Index Top 100 are banking, investment services & insurance firms with a total of 18, followed by pharmaceuticals with 9 and telecommunications services, specialty retailers and personal & household products & services with 7 respectively. To summarize, leaders need to be more ambitious for inclusion. We never talked about this before.. Nielsen HoldingsChief Executive Officer David Kenny caused a stir in early 2019 when he appointed himself chief diversity officer of the New York City-based information services company. Its often a marginalized role with high turnover, Newkirk says. We had to plead with him, says Butler-Morton, VMwares director of product lifecycle operations management. Even though there are laws against pay discrimination, US companies on average still pay women just $0.82 for every dollar they pay men, and pay women of color even less and executives have made virtually no progress in closing wage gaps across the country since the early 2000s. According to a report completed by Calvert Investments just a few months ago, most companies in the S&P 100 are improving their diversity initiatives and reporting, while a handful are falling far behind the pack. According to 2018 research by Russell Reynolds Associates, 69 percent of chief diversity officers track Inclusion is seizing the opportunities of that rich mix. Calvert Investments, a mutual fund firm that invests in companies that engage in sustainable and responsible practices, put together the survey, released today. The 2020 report found that companies with greater gender diversity were . Calvert last did a corporate diversity survey in 2010, and the strides since then have been small. Abbott Laboratories, Accenture, American Express, Bristol-Myers Squibb, Comcast, Dell, Kraft Foods, McDonald's, Nike, PepsiCo, Pfizer. Companies spend $8 billion a year on diversity training, according to consulting company McKinsey & Co. Some company pronouncements about racism sparked negative reactions that highlighted corporate Americas failure to create equitable workplaces. More than that, the company moved from relying on individual awareness and actions for inclusion to refining its people processes. Thank you for registering. The industry with the highest D&I score is software and IT services, with the highest diversity score and second highest inclusion score. We need to stay active about changing the system. Major businesses including Google, Amazon, McDonald's, Pinterest, and Johnson & Johnson faced new legal battles this year over allegations of racism and sexism. The chief executive of Choice Hotels, Pat Pacious, asked his employees for their grace when he addressed them about Floyds death. For example, Comcast Corp. has been broadcasting to its entire staff talks with experts on racism, including Ibram X. Kendi, best-selling author of We are currently reviewing your application. The study measured company performance as of August 2012. Simon Property Group (SPG -0.69%) -- Diversity score of 10: Simon Property is one of the largest real estate companies in the world and was mentioned in the report as an example of a company that treats diversity as a "compliance matter." Silence is perceived as a lack of solidarity, says Tina Shah Paikeday, global head of diversity and inclusion advisory services at Russell Reynolds Associates, a New York City-based executive search and consulting firm. Such honesty has been largely missing from failed diversity efforts that have cost billions of dollars. Accountability is key to moving that needle, alongside investments in D&I programs that attract and create a pipeline of diverse talent. We can widen the diverse slate of candidates regardless of location, opening up opportunities to the best talent wherever they reside. That number rose only one point, to 19%, in two years. National Oilwell Varco ( NOV -0.78%) -- Diversity score of 15: This oil and gas component and equipment company received the third-lowest rating in the report, partly because it was one of. And here at work we need to make room for people to share stories of injustice, microaggressions and inequity and for others to listen and act to change wherever and however we can. Only 4.4 percent of the banks executives are Black, the firm reports. It has also instituted more training on inclusion for its managers, and now both a woman and a minority must be considered for any open position. Got a confidential news tip? Refinitiv provides innovative indices and index-related services to the global financial community to help investors make better decisions. A new ranking from Calvert Investments says. Shanis Windland, VMwares vice president of diversity and inclusion, acknowledges that the companys need to improve its record. Key findings of the Refinitiv Diversity and Inclusion report for 2020 include: For more information about the Diversity and Inclusion report for 2020, please visit:https://www.refinitiv.com/en/resources/special-report/diversity-and-inclusion-at-workplace. An outstanding 1,271 companies actively participated in the CEI 2022 Survey. You have successfully saved this page as a bookmark. Will Jan, Vice President & Lead Analyst at Outsell, commented: Social investing and D&I initiatives have become front-and-center on many executives agendas. In its study, Calvert defined diversity as: "Nondiscrimination and equal opportunity concerning recruitment, hiring, pay, promotion, training, and tenure without regard to race, gender, age, religion, national origin, ethnicity, sexual orientation, gender identity and expression, HIV/AIDS status, medical status, and mental and physical ability.". Refinitiv D&I Index measures relative performance against multiple factors that define diverse and inclusive workplaces. Another 11 companies, including Accenture, American Express, Dell, McDonalds and PepsiCo, tied for the No. Two minorities in the C-suite including Kenneth Frazier, an African-American, and Executive Vice President Peter S. Kim. And they arent measuring business-relevant impacts. Beyond the slow advance for women and minorities, there is a smattering of good news in this report. Build specialized knowledge and expand your influence by earning a SHRM Specialty Credential. One such signal is for senior leaders to ask at the start of every strategy meeting: Who will share a different idea to help us be more discerning and more creative?. Other measures include family-friendly benefits like flexible work, adoption assistance and domestic partner benefits. Change is very slow, says Christine De Groot, a Calvert sustainability analyst who wrote the report. Only companies with scores across all four pillars are assigned an overall score (the average of the pillar scores). We want to hear from you. He adds that corporate America must prepare for difficult conversations if its truly serious about creating an equitable workplace. The panel, which was held at the New York City Bar Association and led by Jeremiah DeBerry, also . Fool contributorChris Neiger has no position in any stocks mentioned. To truly invest in great companies, long-term investors should consider the benefits of a diversified company workforce, and make it part of their investing equation. But tech companies are still lagging when it comes to diversity and inclusion. Simon Property's website does list one woman on its board of directors, who's been a director for the company since 2004. Need help with a specific HR issue like coronavirus or FLSA? In October 2020, our then-CEO Marty Mucci signed the CEO Action for Diversity & Inclusion pledge. The top 100 ranked companies with the best overall D&I scores are selected for the Index. Tatiana Berardinelli was shocked when she heard Black colleagues describe being gripped by fear after being pulled over by police while driving, and others explain how they worried about their childrens safety when the kids left the house. Theres just a lot of people who are unaware [about racism].. Ed Andrieski/AP. This isnt going to be one and done, she says. While 38 percent of the San Francisco-based clothing companys total U.S. workforce is non-white, there are no Black individuals on its corporate board or among its executive leadership team. Meanwhile, JPMorgan Chases chief executive, Jamie Dimon, was photographed with several staffers taking a knee in front of a bank vault, prompting ridicule on social media that pointed out that the bank paid $24 million in 2018 to settle a racial-bias suit brought by current and former Black employees. This establishes an organizational ecosystem, cultivating and signalling inclusion for widespread, lasting impact. Industry: Retail. That runs counter to whats good for profits. Less than half47 percentof companies in the S&P 500 had a chief diversity officer or similar post at the end of 2018, according to a study by Russell Reynolds. A 2018 study by the National Urban League found that fewer than 3% of tech workers identify as black at companies such as Uber, Twitter, Google and Facebook. D&I strategy and only 35 percent measure The firm has pledged to fight the charges. Theres another potentially complicating factor: Vast amounts of employees are now working from home because of the pandemic, and its unclear whether that will impact the reinvigorated diversity efforts. Marcus:Do you think senior leadership understands the business case for a more diverse and inclusive workplace? Then you have to accept that systemic racism exists. Please confirm that you want to proceed with deleting bookmark. The company explicitly states it does not consider diversity when directors and board members are selected. Progress were making, so in 2019 weadded an inclusion Index in our annual employee engagement.! Inclusion, acknowledges that the company moved from relying on individual awareness and actions inclusion! Promote diversity equity and inclusion they reside his employees for their grace he... Temp_Style ) ; you may be trying to access this site from secured... With more diverse leadership teams report higher innovation revenues women at work are Black, the explicitly. Offers domestic partner benefits the best overall D & I programs that attract and a! Floyds death was designed to ensure that its Black colleagues felt secure and gas companies typically to... The panel, which was held at the New York City Bar and! Reaching out to telecommuting employees and keeping them engaged company performance as of 2012! Top executives, two women on board of 12 lot of people who are unaware [ racism! Consider diversity when directors and board members are selected to your inbox, and the workforce not. 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