Tech companies supply some of the most financially beneficial jobs on the market. Together Forward @Work, a call to action to bring racial equity to the workplacethe place we know best and have served the longest. employee demographic data, the most important outcome of their D&I strategy. All associates must show their D&I contributions in the annual performance review. PPG already has a variety of diversity, equity and inclusion (DE&I) initiatives, though it doesnt break out statistics on people of color. PR Specialist $(document).ready(function () { A survey of more than 19,000 HBR readers found that . Two years ago, the most frequently awarded score was 70 points. 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. More than ever, companies mired in culturally myopic ideas are finding it more difficult to get ahead in a society that has embraced different backgrounds and lifestyles. 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;}'; Last week, current president and CEO John Gibson reaffirmed our commitment to continuing our journey to building a strong and sustainable culture of inclusion by the pledge. As of July 2020, Walmart's US associates are 20.69% Black, 16.39% Latinx, and 55% women. I have an even greater responsibility to be an ally to individuals and advocate to change the system that has allowed racism to continue. These are indicators of diversity, not inclusion. This encapsulates the challenge that even the more diverse companies still face in tackling inclusion (Exhibit 4). Berkshire Hathaway (BRK.B -0.18%) -- Diversity score of 5: One of the reasons Warren Buffett's company, favored by many investors, received the lowest diversity score out of all the S&P 100 companies was because it was the only company that specifically stated it does not consider diversity in selecting its board of directors, according to the report. It clarified that commitment was not about working long hours but about achieving goals. Got a confidential news tip? Only 4.4 percent of the banks executives are Black, the firm reports. Thereal estate giant Simon Property Group Inc. (SPG) was ranked last in the analysis. According to a report from the Boston Consulting Group, companies with more diverse leadership teams report higher innovation revenues. Calvert gave 10 points to companies that had two or more women and/or minorities among its five highest-paid executives, and 10 more points to those that had three or more women and/or minorities on their boards. The company explicitly states it does not consider diversity when directors and board members are selected. While Citi and Merck shared the No. According to 2018 research by Russell Reynolds Associates, 69 percent of chief diversity officers track BlackRock, Inc., ranked first on the D&I index for 2020. Accountability is key to moving that needle, alongside investments in D&I programs that attract and create a pipeline of diverse talent. Alexis.weakley@refinitiv.com. 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. The chief diversity officer is usually a woman or a person of color. According to the available data from 10 major U.S. tech companies gathered between 2014 and 2019, the percentage of women in these workforces increased less than 2%. 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. But it also reached out to all the companies. NEW YORK/LONDON - Refinitiv today announced the 2020 Top 100 most diverse and inclusive organizations globally as ranked by the Diversity & Inclusion (D&I) Index. The hope is that by understanding what people of color endure, white people will become more empathetic and that that understanding will eventually lead to more inclusion. According to the company website, Accentureadded more than 1,800 employees of diverse backgrounds in 2017up from approximately 1,000 in 2016. 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. $("span.current-site").html("SHRM China "); May 12, 2020. It showed that five years after training became required. Investing in diversityDiversity obviously isn't the only aspect that should be considered when looking to invest in a company, but it shouldn't be overlooked. Notably, this is not a once and done effort. At Refinitiv, we are committed to using our data to further our own goals and to provide those insights to the broader market.. But they often miss the importance of integrating D&I into the fabric of the organization. Refinitiv CNBC's Jon Fortt described it like this: "Women, people of color, often have different experiences. Specifically, companies should track data on team sizes, recruiting, retention, and promotion ratesand systemic problems should have consequences. As a result, discussions about the typically taboo subject sprung up all over at the Pittsburgh-based maker of paints and specialty materials. 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. First, you need real humilityyou cant understand the injustice until it happens to you. Data-based insights and transparency are a fundamental element of a successful movement to achieve more diverse and inclusive workplaces. 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. We and our partners use cookies on this site to improve our service, perform analytics, personalize advertising, measure advertising performance, and remember website preferences. 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. Maitland: We set out 10 enablers that drive inclusion by creating connection, opportunity and common cause across organizations. 1 slot, getting a perfect 100 score in Calverts ranking, JP Morgan Chase and CocaCola tied for second place, with a score of 95. Join CNBC's Inclusion in Action Forumon Thursday, September 10. 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. One initiative already in the works: a book club that explores the topic of racism to help white colleagues better identify with their co-workers of color. More companies are publicly disclosing their DE&I results to hold themselves accountable for change, even though the statistics advertise the homogeneity of the C-suite. The global pandemic has certainly brought to light a renewed focus on diversity and inclusion, reinforcing the reality that we are all in this together. We treat diversity like were trying to hire diverse people from another planet, she says. The company offers domestic partner benefits to LGBT employees. 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. Hes a white man, and such posts are typically reserved for women or people of color. You need to lay out goals to diversify the upper ranks at companies and make sure that leaders at the top are held accountable for having diverse teams who are progressing in their careers. Top 25 Index ranking and their corresponding overall D&I percentage score (%): For more information about the D&I Index (Methodology) please visit: https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/diversity-inclusion-rating-methodology.pdf, For a complete list of the Top 100 Most Diverse & Inclusive Organizations Globally, please visit: https://www.refinitiv.com/en/sustainable-finance/diversity-and-inclusion-top-100, To learn what top-ranked institutions are saying about the D&I index, please visit: https://www.refinitiv.com/content/dam/marketing/en_us/documents/reports/diversity-and-inclusion-quotes.pdf. Three women and three minorities on board of 12. The D&I Index utilizes innovative analytics to rate and score companies across 4 main pillars: Diversity, Inclusion, People Development and Controversies. As employees across the globe engage in discussions of racial . Hobby Lobby. } This establishes an organizational ecosystem, cultivating and signalling inclusion for widespread, lasting impact. Backed by the content, data, independence and global information network of Refinitiv, our indices and index services are designed to suit any need. Shah Paikeday acknowledges that some executives may find it difficult to broach such a sensitive topic. 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. 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. Berkshire has two women on its board of directors but none in the C-suite. It also found that DE&I often isnt an integrated part of companies business strategy. Bonnie Marcus M.Ed, CEC, is a certified coach, speaker, host of the podcast Badass Women at Any Age, and author of The Politics of Promotion: How High Achieving Women Get Ahead and Stay Ahead. According to a report from the Boston Consulting Group, companies with more diverse leadership teams report higher innovation revenues. Shimadzu Corporation has convened a Diversity Day every year since 2020. 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. Diversity is the vast mix of individual identities, talents, perspectives and experiences in the world and the workforce. The majority of people doing the hiring arent minorities, he says. 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. If the boss says you have to do better, people will do better. This can be accomplished thorough a methodical assessment of systems and processes. Shanis Windland, VMwares vice president of diversity and inclusion, acknowledges that the companys need to improve its record. Steele: Although some brush aside the business case, many are talking about how important D&I are, particularly for talent attraction, customer connections, and innovation. We are currently reviewing your application. That means they arent planning robust inclusion strategies and committing resources like they would any other business driver such as marketing, finance or safety. Erin advances organizational cultures of diversity, equity, and inclusion by developing policy,. the importance of diversity and inclusion, organizations struggle to find the best approach. 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. var currentLocation = getCookie("SHRM_Core_CurrentUser_LocationID"); He also believes that unconscious bias plays a role in excluding people of color from the workplace. For more information, go https://www.refinitiv.com/en/financial-data/indices. They know the value, but are less certain about what to do. As many companies work to improve their diversity, equity, and inclusion efforts after a year of protests and calls for change, one career site has been looking at the best companies for. No women top executives, did not respond to survey, no evidence of diversity programs, though it does address sexual orientation as part of its equal opportunity program. The number of companies with an official flexible working policy has increased by 54% over the last five years. Marcus:You say diversity and inclusion are complementary but different. White people make up 65 percent of entry-level jobs in corporate America, while people of color represent 32 percent of those posts, according to a study by McKinsey and nonprofit LeanIn.org. Another 11 companies, including Accenture, American Express, Dell, McDonalds and PepsiCo, tied for the No. Dobbin and co-researcher Alexandra Kalev's earlier research on 800 American firms over three decades revealed much more striking results. Companies are built on good ideas and hard work, which find their source in different perspectives and viewpoints. The Motley Fool has a disclosure policy. The dissatisfaction among LGBTQ respondents with the current state of LGBTQ inclusion is clear: 40% of LGBTQ employees are not out at work, and 26% of these individuals wish they could be out. By 2020, there could be 1 million unfilled tech jobs. Programs dont change unless theres accountability.. Change is very slow, says Christine De Groot, a Calvert sustainability analyst who wrote the report. Overall, companies are better at hiring people of color than they are at promoting them, but hiring is still poor. Calvert quoted Berkshire Hathaway as saying, "Berkshire does not have a policy regarding the consideration of diversity in identifying nominees for director. According to Tarika Barrett of Girls Who Code, technical jobs pay twice the average salary. Boris Groysberg. Fostering productive conversations wont be easy. 1. Ed Andrieski/AP. Theres little push back today on the importance of diversity and inclusion for business. 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. COVID-19 has shone a light on why diversity is critical for business recovery and resilience. Regionally, Africa is leading the way with on average 34% of female managers. Out of the 330 companies that submitted a report, 48 did not comply and had all-male boards. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. This collection examines the barriers that prevent companies from addressing gender and racial equality and identifies solutions for building a stronger, more inclusive workforce. According toMichelle Simmons,General Manager,Southeast Asia New Markets, Microsoft Asia Pacific, Microsoft is working with schools and teachers to create opportunities for more than 1 million young men and women in Sri Lanka. Companies are still pumping money into traditional exercises like unconscious-bias training as part of their response to Floyds killing, as well as issuing ubiquitous statements proclaiming that Black Lives Matter, donating to social justice organizations and promising more diverse hiring. Citigroup and Merck get top ratings for their records on including women, minorities and people with diverse sexual orientation, while Berkshire Hathaway and Ebay score at the bottom of a new ranking of diversity among companies in the S&P 100. Calvert gathered publicly available information from company websites, SEC filings, the Human Rights Campaign Corporate Equality Index and other sources. Will Jan, Vice President & Lead Analyst at Outsell, commented: Social investing and D&I initiatives have become front-and-center on many executives agendas. Refinitiv Research: What Inclusive Companies Have in Common. A May 2020 report from McKinsey & Co. found that while overall employee sentiment on corporate diversity was 52 percent positive and 31 percent negative, sentiment on inclusion was markedly worse . Hiring diverse talent isnt enoughits the workplace experience that shapes whether people remain and thrive. + Follow. To make real progress, they must directly challenge assumptions underlying the written and unwritten rules at work. T.A. We wanted to say, We understand that youre not OK, Butler-Morton says. Register here. Build specialized knowledge and expand your influence by earning a SHRM Specialty Credential. Abbott Laboratories, Accenture, American Express, Bristol-Myers Squibb, Comcast, Dell, Kraft Foods, McDonald's, Nike, PepsiCo, Pfizer. I believed I could not do the best job possible as CEO unless I was also the chief diversity and inclusion [D&I] officer. Bronwen Evans, Chief Talent Officer with MedCan, a leading health management company in Canada, says, "With the vast majority of our talent working remotely through the pandemic, we've had to. Senior PR Director The study measured company performance as of August 2012. and. Steele: The #BlackLivesMatter movement, in particular, has been instrumental in driving more prevalent conversation about systemic bias. On a board of 12, two women and two minorities. document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. 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. Clash creates pressure for employers pushing equality. Her upcoming book, Not Done Yet! D&I strategy and only 35 percent measure Do you think having more people working remotely will affect diversity programs? Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Organizations will continue to miss out on well-researched benefits of inclusion, such as enhanced team performance, consistent innovation, smarter decision-making, greater productivity, and improved customer relations. Its often a marginalized role with high turnover, Newkirk says. Here are some best online colleges where you can get a [], The Best (and Worst) Companies For Workplace Diversity. We want to make sure its impactful, she explains. 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." By clicking Sign up, you agree to receive marketing emails from Insider We need to stay active about changing the system. William Trout, Head of Wealth Management at Celent, commented: ESG today has reached a tipping point, and issues related to employee welfare, gender equality, supplier diversity and other social concerns today vie with governance and environmental considerations for attention. Watch CNBC's deep-dive into the lack of diversity in U.S. tech companies. 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. The study said that Simon Property's diversity policy is treated as a human resources matter and the company isn't as public with its diversity programs or data as others are. That mindset could help diversity efforts, she says. Refinitiv D&I Index measures relative performance against multiple factors that define diverse and inclusive workplaces. There are only three Black CEOs in theFortune500. All Rights Reserved. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Example: In 2010 women held 18% of director positions. D&I isnt something you do in your spare time. According to the Wall Street Journal, in 2018, four Berkshire businesses hirednew CEOs(Dairy Queen, Duracell, Larson-Juhl and Berkshire Hathaway Energy), and all four of those CEOs were men.Needs Work: Simon Property GroupThereal estate giant Simon Property Group Inc. (SPG) was ranked last in the analysis. if(currentUrl.indexOf("/about-shrm/pages/shrm-china.aspx") > -1) { The benefits include improving financial performance, leveraging talents, reflecting the marketplace,. We want to hear from you. Mobile + 1 610-390-4394 To make the world smarter, happier, and richer. Members can get help with HR questions via phone, chat or email. "And these are the jobs that can lift entire families up into the middle class," Barrett said. 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. Number of US employees: 1.4 million. Only 14 percent of C-suite positions are held by people of color, with women of color holding only 4 percent. 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. 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. And we offer 50 actions that people can take at every level to start building inclusion right away. Members may download one copy of our sample forms and templates for your personal use within your organization. Diversity and Inclusion The business case for gender equality, diversity, and inclusion is strong and growing stronger. We want to make sure they know theyre on the road to partnership, says Shannon Schuyler, chief purpose and inclusion officer at PwC US. The inequity increases with power: White people account for 81 percent of vice president posts, compared with 19 percent for people of color. Theyre designed for groups of colleagues with similar backgrounds to cometogether, share experiences and support one another. https://www.refinitiv.com/en/resources/special-report/diversity-and-inclusion-at-workplace, https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/diversity-inclusion-rating-methodology.pdf, https://www.refinitiv.com/en/sustainable-finance/diversity-and-inclusion-top-100, https://www.refinitiv.com/content/dam/marketing/en_us/documents/reports/diversity-and-inclusion-quotes.pdf, https://www.refinitiv.com/en/financial-data/indices, Refinitiv announces the 2020 D&I index top 100 most diverse & inclusive organizations globally. Simon Property's website does list one woman on its board of directors, who's been a director for the company since 2004. Maitland: We illustrate this in one of the books 14 case studies. But theres something different going on now. It was more about listening.. Despite this, Berkshire just added a third woman to its board of directors a few days ago, and just last week Buffett wrote a Fortune article entitled, "Warren Buffet Is Bullish on Women." At many companies, the groups created for Black employees are proving instrumental in trying to push DE&I efforts forward. var temp_style = document.createElement('style'); The Trump administration's condemnation of some diversity and inclusion programs presents a Catch-22 for employers seeking to . Full list. 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." Regionally, Africa is leading the way with on average 34% of female managers. Please try again orcontact usfor further assistance. 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. Your session has expired. *Average returns of all recommendations since inception. Regionally the largest increases have been seen in Oceania with a 40% increase. Congratulations to the 2020 D&I Index Top 100 most diverse & inclusive organizations globally. Companies spend $8 billion a year on diversity training, according to consulting company McKinsey & Co. What we havent done before is have these open discussions and understanding of our colleagues experiences, she says. Coding sessionsand hackathons have given them a glimpse of what STEM and a career in technology can offer. Globally the cultural diversity of board members has increased from five years ago but has stalled at around 30%. 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. Individuals can take action too, for example by asking questions, listening carefully and creating a non-judgmental space for new perspectives. } Please try again or contact us for further assistance. In 2022, Diversity Day was broadened to "SHIMADZU Diversity and Inclusion Week 2022", which ran from December 5 to 9. In identifying director nominees, the Governance Committee does not seek diversity, however defined.". Offering insight and recommendations on investing in sustainable companies must not only be on information providers to-do list to support the social movement but become part of their responsibility in promoting an ESG-driven business culture and metrics that lead to more diverse and inclusive workplaces. This encapsulates the challenge that even diverse companies face in tackling inclusion. Executives at AssetMark Financial Holdings Inc. have been thinking about how to bolster the companys commitment to DE&I and dont want to make a knee-jerk decision, says Esi Minta-Jacobs, vice president of human resources at the Concord, Calif.-based money management firm. EMEA leads the way with the most culturally and gender diverse boards. Erin Dowell, JD, is an equity and inclusion practitioner, investigator, and consultant. Sign up for free newsletters and get more CNBC delivered to your inbox. 36% of out employees have lied or "covered" parts of their identities at work in the past year. Diversity-Fueled 'Reverse' Bias Claims Put Employers in Quandary. The analysis by Calvert Investments also gave Microsoft Corporation a perfect score for its diversity practices. In October 2020, our then-CEO Marty Mucci signed the CEO Action for Diversity & Inclusion pledge. Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRMs permission. 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. Maitland: A key obstacle for organizations is reliance on isolated initiatives. Opinions expressed by Forbes Contributors are their own. Steele: I was part of the meeting where this was discussed, and I probed into the assumptions being made. Here are the companies at the top of the list, and the bottom, with a few statistics. 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. Simon treats diversity issues as a compliance matterand does the minimum to avoid running afoul of EEO laws. As CEO, Im setting the example for the leaders on my team, that we are accountable for diversity and driving it through the company. 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. Lemuel.brewster@refinitiv.com, Alexis Weakley Making the world smarter, happier, and richer. Five best practices. Previously, only one or the other had to be included. What STEM and a career in technology can offer in tackling inclusion the vast mix of individual,... 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Team sizes, recruiting, retention, and inclusion, organizations struggle to find best... Assumptions being made on why diversity is the vast mix of individual identities, talents, perspectives experiences... Their source in different perspectives and experiences in the world smarter, happier, and such are! Free newsletters and get more CNBC delivered to your inbox Inc. ( )! Companies still face in tackling inclusion ( Exhibit 4 ) alongside investments in D I...