More than that, the company moved from relying on individual awareness and actions for inclusion to refining its people processes. It also gave 10 points to companies that use specific language about a desire for diversity in their director nominating guidelines. But experts say the brutal and public nature of Floyds death has caused a reckoning that can lead to advances in diversity if companies build on the moment with frank conversations about race. Fostering productive conversations wont be easy. 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. The formerly verboten topic is starting to be more openly and broadly discussed at companies all over the U.S. Illustration by Ty Dale. Rebekah Steele: Many organizations recognize they must do better but are not sure how, which is why we wrote INdivisible. J. Yo-Jud Cheng. What changes have you made since you took over the role? Companies often talk about progress on inclusion by referring to numbers, such as the ratio of marginalized racial populations to white people in their workforce. With that in mind, here are some examples of companies to avoid, as well as few we should patronize: 1. For the second annual report, Refinitiv analyzed trends in diversity and inclusion data, covering the following areas: trends in diversity and inclusion data reported by public companies over the last five years; long/short portfolio analysis using the Portfolio Analytics app in Refinitiv Eikon; and the constituents of the Refinitiv 2020 . Full list. 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. But experts say these organizations have little to show for it. But tech companies are still lagging when it comes to. 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. 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.". Why? Only 41% responded. $("span.current-site").html("SHRM China "); We wanted to say, We understand that youre not OK, Butler-Morton says. Multicultural women make up 17% of the workforce. Members may download one copy of our sample forms and templates for your personal use within your organization. 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. June 18, 2021. The employee was highly efficient and regularly exceeded performance targets. BlackRock, Inc., ranked first on the D&I index for 2020. The reports that specified gender and race said most of these women were White. The chief executive of Choice Hotels, Pat Pacious, asked his employees for their grace when he addressed them about Floyds death. He also believes that unconscious bias plays a role in excluding people of color from the workplace. That means they arent planning robust inclusion strategies and committing resources like they would any other business driver such as marketing, finance or safety. Calvert quoted Berkshire Hathaway as saying, "Berkshire does not have a policy regarding the consideration of diversity in identifying nominees for director. Two minorities in top jobs as of August 2012, CEO Vikram Pandit (he left in October) and co-president Manuel Medina-Morra. A total of 25% more companies have a career development policy in place than five years ago. Yet organizations struggle to find the best approach to meet their D&I goals. These are indicators of diversity, not inclusion. This year that has edged up to 85 points. While there have been many points in history where society reflects on expectations of diversity and inclusion, the summer of 2020 has presented a real opportunity for change. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. What advice would you give other CEOs who are considering becoming their companys chief diversity officer? 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. To summarize, leaders need to be more ambitious for inclusion. More than 1,600 CEOs have signed onto the CEO Action for Diversity & Inclusion Pledge, and 40% of companies discussed diversity and inclusion in their Q2 2020 earnings calls versus only 4% the . December 2019 marked the end of the first phase for California's Senate Bill 826, and the results as shown below indicate that 47% of the companies did not disclose their diversity data as per the law. For example, after Floyds death, Morgan Stanleys chief executive, James Gorman, promoted two Black women to senior roles and pledged $25 million to create a diversity institute at the investment bank. Opinions expressed by Forbes Contributors are their own. 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.For forward-thinking job seekers looking for somewhere to launch a career, workplace diversity is as important a consideration as many of the typical criteria used to compare career opportunitiessuch as pay, benefits, flexibility and upward mobility. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. According to the company website, Accentureadded more than 1,800 employees of diverse backgrounds in 2017up from approximately 1,000 in 2016. Refinitiv is one of the worlds largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. The list includes 24 countries. Maitland: We illustrate this in one of the books 14 case studies. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. You have to know your success is riding on it.A Lack of Power, The commitment must come from senior levels, and those leaders must ensure that its taken seriously. His company, Berkshire Hathaway Inc. (BRK.A), however, ranks far from progressive in its commitment to workplace diversity. 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. What do you say to those who think that a white man doesnt have the right experience or authority for the role? We notice that you have used an expired link to try and complete registration. Boris Groysberg. $("span.current-site").html("SHRM MENA "); The diversity data shows that Asian employees made up about 30% of tech workforces in 2019. This was based on a bias for presenteeism. But it also reached out to all the companies. 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. Calvert last did a corporate diversity survey in 2010, and the strides since then have been small. Only 2 percent of its top 250 executives are Black, while 16 percent are Asian and 6 percent are Latino. They know the value, but are less certain about what to do. You can mandate diversity, but you cant mandate inclusion, Minta-Jacobs says. Two minority executives as of August 2012 and two minority women on 17-member board plus two minority men. 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. Progress is taking place, but slowly. The United States is leading with 20 companies out of the top 100. But they often miss the importance of integrating D&I into the fabric of the organization. Theresa Agovino is the workplace editor for SHRM. 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 . Got a confidential news tip? On a board of 12, two women and two minorities. Data-based insights and transparency are a fundamental element of a successful movement to achieve more diverse and inclusive workplaces. Women make up 30% of "global officers . else if(currentUrl.indexOf("/about-shrm/pages/shrm-mena.aspx") > -1) { Three of those had to do with executive and board representation. How to Be an Antiracist (One World, 2019). Join CNBC's Inclusion in Action Forumon Thursday, September 10. 2. No women or minorities in the C-suite, two women on the board of 12. Black Lives Matter and coronavirus made people really think about how were not doing enough about diversity and inclusion, Windland says. In addition, approximately 2,300 of employees had a disability, which is4.5%of theworkforce.Needs Work: Berkshire HathawayAnincontrovertible argument can be made that Warren Buffett is the most forward-thinking investor of the 20th and 21st centuries. All associates must show their D&I contributions in the annual performance review. This organization eradicated rewards based on presenteeism and developed a strategy for a flexible working environment focused on rewarding results. A Division of NBCUniversal. *Average returns of all recommendations since inception. But theres something different going on now. Build specialized knowledge and expand your influence by earning a SHRM Specialty Credential. 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. Can you explain? Microsoftsboard of directors is among the most diverse of any tech company with women and ethnic minorities insix of 14 positions. Many have policies dictating that a certain number of women and people of color must be considered for all job openings and that interviewer panels must be diverse. While overall sentiment on diversity was 52 percent positive and 31 percent negative, sentiment on inclusion was markedly worse, at only 29 percent positive and 61 percent negative. 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. Irick agrees and will be instituting unconscious-bias training in his division. That number rose only one point, to 19%, in two years. Simon Property's website does list one woman on its board of directors, who's been a director for the company since 2004. . Sign up for free newsletters and get more CNBC delivered to your inbox. Regionally, Africa is leading the way with on average 34% of female managers. 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. The study measured company performance as of August 2012. 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. It may have hurt Berkshire Hathaway that it didnt comply with Calverts requests. A Stanford and Harvard professor convened a symposium on . The company did not return a call seeking comment but I know from past stories that it has a policy of not participating in surveys. 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 || []; 1. 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. Since 2018, companies like Google, Uber, Fox News, Riot Games, UPS, Coca-Cola, and Target have paid out multimillion-dollar settlements, and this year brought an even larger wave of high-profile cases. container: 'taboola-below-article-thumbnails', He maintains that executives tendency to put short-term gains in front of long-term strategy blocks them from prioritizing diversity. Two women executives, Mary Callahan Erdoes, Chief Executive Officer of Asset & Wealth Management and Chief Financial Officer Marianne Lake, and two women and one minority male on 11-member board. Here are the companies at the top of the list, and the bottom, with a few statistics. Please try again or contact us for further assistance. 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. 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. 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. It requires establishing procedures to ensure continuous questioning of how things are done here. Warren Buffett Shares 5 Requirements for Making Money in the Stock Market, Listen Up! PR Specialist target_type: 'mix' Here are some best online colleges where you can get a [], The Best (and Worst) Companies For Workplace Diversity. Refinitiv D&I Index measures relative performance against multiple factors that define diverse and inclusive workplaces. Finally, here are some depressing statistics that underline the slow advance of women and minorities: - Though women are hired as frequently as men, 56% of S&P 100 companies have no women or minorities in senior executive positions. But tech companies are still lagging when it comes to diversity and inclusion. You have to change hearts and minds.. Together Forward @Work, a call to action to bring racial equity to the workplacethe place we know best and have served the longest. Its not enough to measure diversity in your total associate population. Simon treats diversity issues as a compliance matterand does the minimum to avoid running afoul of EEO laws. The analysis gave Accenture PLC a 95% rating for diversity practices. According to Fran Katsoudas, Chief People Officer at Cisco, This framework is a game changer for us in identifying and attracting the best talent.The Best: Microsoft CorporationThe analysis by Calvert Investments also gave Microsoft Corporation a perfect score for its diversity practices. What company wouldnt want to see improvement in these areas? In 2019, the Equal Employment Opportunity Commission received more than 7,500 sexual harassment complaints, and 72,000 complaints about racial, sex, age, religious and other types of discrimination. 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. About Paychex 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. 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