Diversity and Inclusion The business case for gender equality, diversity, and inclusion is strong and growing stronger. Do you think the current focus on racial inequality will change anything? Example: In 2010 women held 18% of director positions. However, this year PwC opted to double the time in the program for women and minorities to ensure they get the attention they need. Energy crises can have a significant impact on the world economy, as energy is a fundamental input for almost all economic activities. Companies are built on good ideas and hard work, which find their source in different perspectives and viewpoints. Making the world smarter, happier, and richer. 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. 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. Please resubmit your details and we will send you a new email. Coding sessionsand hackathons have given them a glimpse of what STEM and a career in technology can offer. Inclusion is essential. The reports that specified gender and race said most of these women were White. 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. It's a story that's been told time and time again: Tech companies are just not diverse enough. Published Feb 27, 2023. Headquarters: Bentonville, AR. Senior leaders must first ask how elevating inclusion can help them achieve that goal, such as by ensuring that no one holds back creative ideas. Refinitiv provides innovative indices and index-related services to the global financial community to help investors make better decisions. The majority of people doing the hiring arent minorities, he says. 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 C-suite in corporate America is largely white and male despite the billions of dollars spent on D&I. Mobile +1 917-805-1089 Shanis Windland, VMwares vice president of diversity and inclusion, acknowledges that the companys need to improve its record. 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. Warren Buffett Shares 5 Requirements for Making Money in the Stock Market, Listen Up! Invest better with The Motley Fool. The #BlackLivesMatter and #MeToo movements have exploded in recent years, shedding light on systemic racial and gender bias across American society, and in particular, within American workplaces. But it also reached out to all the companies. 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. She advises them to lead with vulnerability and concede that unease. 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. 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. Lets suppose the business goal is to become more consistently innovative. Steele: In contrast with these piecemeal efforts, we provide a comprehensive, step-by-step approach that aligns inclusion to business goals, integrates it into business strategy and makes it indivisible from the way the organization operates. 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. Your session has expired. For years, organizations have spent billions of dollars on DE&I programs that have largely failed. In 2011, at a conference on women in Laguna Niguel, Calif., he talked about how, in the early years of corporate America, we wasted half our talent. Yet according to De Groot, we were not able to find any evidence that they value diversity throughout their corporation.. 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. Its director selection criteria say it seeks women and minorities. While Citi and Merck shared the No. 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. We never talked about this before.. As CEO, Im setting the example for the leaders on my team, that we are accountable for diversity and driving it through the company. The analysis gave Accenture PLC a 95% rating for diversity practices. How Women Over 50 Regain Their Confidence and Claim Their Workplace Power, will be published March 2021. Coding sessionsand hackathons have given them a glimpse of what STEM and a career in technology can offer. Its critical to how we do business at Nielsen, and it starts with learning about the experiences of colleagues who are different from you. The companys lack of commitment to diversity is especially troubling given its influence in an industry where practices such as redlining and predatory lending have put minorities at a disadvantage in the real estate market for decades. Tech companies are notoriously white and male, a homogeneity that stems from the white and male venture capital firms that finance them. We wanted to say, We understand that youre not OK, Butler-Morton says. Bonnie Marcus:What are most organizations missing when it comes to D&I initiatives? Were calling out where we want our diversity to be. Its not enough to measure diversity in your total associate population. The companys lack of commitment to diversity is especially troubling given its influence in an industry where practices such as redlining and predatory lending have put minorities at a disadvantage in the real estate market for decades. 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. No women or minority top executives, two women on board of 12. A significant part of VMwares effort in the aftermath of Floyds death was designed to ensure that its Black colleagues felt secure. Since 2000, 99% of Fortune 500 companies have paid settlements in at least one discrimination or sexual harassment lawsuit, according to a report from Good Jobs First, and that's not including the cases without a public record or incidents victims didn't report. Programs dont change unless theres accountability.. 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. Some industries are particularly lacking in diversity at the top: Black executives hold only 3% of senior management positions in finance and insurance and 2% in the IT industry. Summary. 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. You have to listen and have people trust you enough to really share their story, because you cant learn without first understanding it. Simon treats diversity issues as a compliance matterand does the minimum to avoid running afoul of EEO laws. With that in mind, here are some examples of companies to avoid, as well as few we should patronize: 1. EMEA leads the way with the most culturally and gender diverse boards. Refinitiv 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. Hes a white man, and such posts are typically reserved for women or people of color. Overall, much of the key findings of the 2020 report echo similar data from the 2015 Why diversity matters McKinsey report. Microsoftsboard of directors is among the most diverse of any tech company with women and ethnic minorities insix of 14 positions. Our Diversity and Inclusion Index, now in its fifth year, emphasizes the critical importance for companies to commit to, measure and report on their diversity journey beyond gender. CNBC explored why it's challenging for Big Tech to diversify and what experts say should be done to solve the problem. CNBC's Jon Fortt described it like this: "Women, people of color, often have different experiences. Why? She says she thinks that her white colleagues view the Black individuals who have died violently in racist incidents as being somehow different from their Black co-workers. The Index is then calculated by weighing each metric based on importance in the market and how each company compares with its peers. Only 41% responded. An in-depth discussion among diversity experts on realizing the benefits of diversity. Most people couldnt believe the [George Floyd video] because it was so vicious. Her husband, who has experienced police violence firsthand, only acquiesced when white family friends vowed to protect them if anything happened. The Trump administration's condemnation of some diversity and inclusion programs presents a Catch-22 for employers seeking to . While more than 80 percent of organizations have released or will release a statement to employees about racial injustice and the protests against it, more than two-thirds (67 percent) have not gathered the thoughts of their workforce on those issues, according to SHRM research. Opinions expressed by Forbes Contributors are their own. Irick agrees and will be instituting unconscious-bias training in his division. A May 2020 report from McKinsey & Co. found that while overall employee sentiment on corporate diversity was 52 percent positive and 31 percent negative, Five best practices. 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. else if(currentUrl.indexOf("/about-shrm/pages/shrm-mena.aspx") > -1) { mode: 'alternating-thumbnails-a', This can be accomplished thorough a methodical assessment of systems and processes. Multicultural women make up 17% of the workforce. According to the company website, Accentureadded more than 1,800 employees of diverse backgrounds in 2017up from approximately 1,000 in 2016. Those sticking with the status quo will face greater risks and be less prepared for the big challenges and opportunities that lie ahead. Disgusted and saddened by the May killing of George Floyd while in police custody, Jaime Irick wrote a letter about racism to his team of more than 6,000 employees at PPG. 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. This was based on a bias for presenteeism. For more information, go https://www.refinitiv.com/en/financial-data/indices. The industry with the highest D&I score is software and IT services, with the highest diversity score and second highest inclusion score. Members may download one copy of our sample forms and templates for your personal use within your organization. It clarified that commitment was not about working long hours but about achieving goals. To summarize, leaders need to be more ambitious for inclusion. Please try again or contact us for further assistance. If the boss says you have to do better, people will do better. 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 Diversity and Inclusion Index (based on the second quarter 2020 index rebalance). Got a confidential news tip? The firm has pledged to fight the charges. One woman on board of 10. But just as with National Oilwell, Forbes noted that Berkshire doesn't have any women or minorities in the C-suite. Simon treats diversity issues as a compliance matterand does the minimum to avoid running afoul of EEO laws. But theres something different going on now. We are currently reviewing your application. Gain the intel you need now to successfully anticipate and navigate employment laws, stay compliant and mitigate legal risks. 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. still lagging when it comes to diversity and inclusion. In October 2020, our then-CEO Marty Mucci signed the CEO Action for Diversity & Inclusion pledge. Change is very slow, says Christine De Groot, a Calvert sustainability analyst who wrote the report. Companies are supplementing these dialogues with expert guest speakers, book clubs and websites with tools to help employees learn more about racism. Im a senior editor in charge of Forbes education coverage. Register here. We can widen the diverse slate of candidates regardless of location, opening up opportunities to the best talent wherever they reside. 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 . We want to make sure they know theyre on the road to partnership, says Shannon Schuyler, chief purpose and inclusion officer at PwC US. 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. 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