Please try again or contact us for further assistance. Levi Strauss announced several ways in which it plans to bolster its diversity, including conducting anti-racism and racial equity training and launching a career path program next year for retail/distribution center employees who aspire to join the corporate team. Fool contributorChris Neiger has no position in any stocks mentioned. A Stanford and Harvard professor convened a symposium on . 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." 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. J. Yo-Jud Cheng. What changes have you made since you took over the role? You [], Do you want to get a degree in business while you work and earn? Diversity and Inclusion Efforts That Really Work. This encapsulates the challenge that even diverse companies face in tackling inclusion. The analysis gave Accenture PLC a 95% rating for diversity practices. Please try again orcontact usfor further assistance. Why tech companies struggle with diversity and inclusion. 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. In October 2020, our then-CEO Marty Mucci signed the CEO Action for Diversity & Inclusion pledge. It also gave 10 points to companies that use specific language about a desire for diversity in their director nominating guidelines. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. June 18, 2021. Its not enough to measure diversity in your total associate population. the importance of diversity and inclusion, organizations struggle to find the best approach. 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. Key mistakes to avoid to promote diversity equity and inclusion in the workplace amid a changing climate. Millions of people have lost their jobs, and the downturn has taken an especially devasting toll on people of color. Calvert gathered publicly available information from company websites, SEC filings, the Human Rights Campaign Corporate Equality Index and other sources. Members may download one copy of our sample forms and templates for your personal use within your organization. These 5 Podcasts Are Raving About Warren Buffett, Why Over 30,000 People Flock to Warren Buffett's Annual Meetings, What You Can Learn from Warren Buffett's Berkshire Hathaway Website, Here's What Warren Buffett Does In Bear Markets -- and You Should Too, 2 FAANG Stocks Billionaires Are Selling in Droves and 1 They Can't Stop Buying, 1 Unstoppable Growth Stock to Buy Hand Over Fist, According to Wall Street, This State Has the Highest Real Estate Taxes (and It's Not Even Close), Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Its often a marginalized role with high turnover, Newkirk says. She advises them to lead with vulnerability and concede that unease. var currentUrl = window.location.href.toLowerCase(); 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. Why must your senior management team join an ERG? One woman in the C-suite, no women or minorities on the board. What we havent done before is have these open discussions and understanding of our colleagues experiences, she says. Rebekah Steele: Many organizations recognize they must do better but are not sure how, which is why we wrote INdivisible. Typically, however, DE&I leaders lack influence. 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. 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. Congratulations to the 2020 D&I Index Top 100 most diverse & inclusive organizations globally. He also believes that unconscious bias plays a role in excluding people of color from the workplace. As part of the campaign, VMware has contributed to social justice organizations and will match employees donations. 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. 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. Alison Maitland: They are missing a huge opportunity: to harness the collective superpower of diversity by creating genuinely inclusive work environments. To address the complex challenges facing organizations and society, everyone has to be on board, contributing to breakthrough solutions and playing their part in them. The rebound in hiring for diversity-and-inclusion-related jobs is a meaningful signal of a deeper and more sustained investment, given how expensive and challenging it is to find, hire and retain . Were saying, This is what your partnership class is going to look like.. 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 . Its crucial for leaders to discuss what happened to Floyd and others because their deaths remain on employees minds. Its also important thatwere tracking the progress were making, so in 2019 weadded an inclusion index in our annual employee engagement survey. Data-based insights and transparency are a fundamental element of a successful movement to achieve more diverse and inclusive workplaces. Cisco plans to scale DRF with its leaders worldwide. $("span.current-site").html("SHRM MENA "); Then you have to accept that systemic racism exists. What surprised me was how many people wanted to tell their stories, says Irick, vice president, architectural coatings, U.S. and Canada. In the 2022 CEI, 842 employers achieved a top score of 100 and earning the coveted title of "Best Place to Work for LGBTQ+ Equality.". Her husband, who has experienced police violence firsthand, only acquiesced when white family friends vowed to protect them if anything happened. 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. Retail powerhouse Walmart employs a massive workforce, and as a result, is one of the most diverse companies in the country. Previously, only one or the other had to be included. Marcus:You say diversity and inclusion are complementary but different. Thereal estate giant Simon Property Group Inc. (SPG) was ranked last in the analysis. Im a senior editor in charge of Forbes education coverage. Here are the companies at the top of the list, and the bottom, with a few statistics. But experts say these organizations have little to show for it. The company created an intranet page that used the hashtag #wehearyou for them to share their feelings and concerns. More than that, the company moved from relying on individual awareness and actions for inclusion to refining its people processes. target_type: 'mix' 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. What advice would you give other CEOs who are considering becoming their companys chief diversity officer? 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. Refinitiv The social unrest has been a powerful incentive for companies to bolster their diversity efforts, though theres another powerful force sweeping the U.S. that could undermine those intentions: the recession brought on by the COVID-19 pandemic. The list includes 24 countries. Women make up 30% of "global officers . In their new book, Indivisible: Radically Rethinking Inclusion For Sustainable Business Results, authors Alison Maitland and Rebekah Steele provide a roadmap and comprehensive action plan for companies to reassess their goals and best practices for improved results. The analysis gave Accenture PLC a 95% rating for diversity practices. 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. 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. 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. That runs counter to whats good for profits. 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. It was more about listening.. PR Specialist We want to make sure its impactful, she explains. 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. At a VMware Inc. event, LaTreece Butler-Morton shared how her husband didnt want her and their teenage son to attend a Black Lives Matter protest because he feared for their safety. Its director selection criteria say it seeks women and minorities. Hobby Lobby. With that in mind, here are some examples of companies to avoid, as well as few we should patronize: 1. Full list. We want to hear from you. Will Jan, Vice President & Lead Analyst at Outsell, commented: Social investing and D&I initiatives have become front-and-center on many executives agendas. And with that can come diversity of thought, and it's shown that diversity of thought can really aid organizations." Opinions expressed by Forbes Contributors are their own. 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. How Women Over 50 Regain Their Confidence and Claim Their Workplace Power, will be published March 2021. 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. Please log in as a SHRM member. A Division of NBCUniversal. The index ratings are informed by Refinitivs Environmental, Social, and Governance (ESG) data, designed to transparently and objectively measure the relative performance of close to 10,000 companies representing 80%+ of global market cap across 450+ ESG data points, and provide clients with critical and differentiated insight. Globally the cultural diversity of board members has increased from five years ago but has stalled at around 30%. Thank you for registering. However, this year PwC opted to double the time in the program for women and minorities to ensure they get the attention they need. Clash creates pressure for employers pushing equality. Those sticking with the status quo will face greater risks and be less prepared for the big challenges and opportunities that lie ahead. An energy crisis can lead . This encapsulates the challenge that even the more diverse companies still face in tackling inclusion (Exhibit 4). It showed that five years after training became required. Coding sessionsand hackathons have given them a glimpse of what STEM and a career in technology can offer. You have to change hearts and minds.. When the economy is unstable, employers are faced with difficult decisions around staffing, pay and benefits. Making the world smarter, happier, and richer. 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. A 2018 McKinsey & Co. report found that organizations with diverse boards and executive teams were up to 35 percent more likely to financially outperform their less-diverse competitors. No women or minorities on the board or in the C-suite, but the company addresses sexual orientation in its equal employment policy. The D&I Index is available on Refinitiv Workspace and Eikon, as are the underlying diversity and inclusion metrics, which are used by financial professionals to evaluate sustainability related risks and opportunities of companies across their investments, as well as empower diversity-lens investing strategies. Published Feb 27, 2023. His company, Berkshire Hathaway Inc. (BRK.A), however, ranks far from progressive in its commitment to workplace diversity. 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). A May 2020 report from McKinsey & Co. found that while overall employee sentiment on corporate diversity was 52 percent positive and 31 percent negative, On a board of 12, two women and two minorities. 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. employee demographic data, the most important outcome of their D&I strategy. Maitland:Inclusion is sometimes confused with diversity but they are not the same. Each member of our executive team must also be actively involved with our ERGs [employee resource groups]. Backed by the content, data, independence and global information network of Refinitiv, our indices and index services are designed to suit any need. The employee was promoted. $("span.current-site").html("SHRM China "); } Article The Calvert study designated Berkshire Hathaway as the second to worst company in the S&P 100 for workplace diversity. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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. Five best practices. Many companies are struggling to stay afloat and may not have the financial or management bandwidth to dedicate to diversity programs. CNBC explored why it's challenging for Big Tech to diversify and what experts say should be done to solve the problem. Why did you decide to become chief diversity officer? If the boss says you have to do better, people will do better. Being part of an ERG helps leaders understand our diverse associates and set the example for the rest of our associates. Industries leading this years index: 18 banking, investment services & insurance; 9 pharmaceuticals; 7 telecommunications services, specialty retailers and personal & household products & services. There are only three Black CEOs in theFortune500. By 2020, there could be 1 million unfilled tech jobs. The gender data doesn't consider transgender or gender nonconforming employees, and only one of the 10 companies reported nonbinary employee demographics. 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. Watch CNBC's deep-dive into the lack of diversity in U.S. tech companies. 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. 3 slot, with 90 points. We can widen the diverse slate of candidates regardless of location, opening up opportunities to the best talent wherever they reside. 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). It's in the best interest of National Oilwell Varco, and its investors, to address its diversity issues now so it can make changes to its policies in the near future. 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. Theyre designed for groups of colleagues with similar backgrounds to cometogether, share experiences and support one another. And we offer 50 actions that people can take at every level to start building inclusion right away. 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. container: 'taboola-below-article-thumbnails', Hiring diverse talent isnt enoughits the workplace experience that shapes whether people remain and thrive. Shanis Windland, VMwares vice president of diversity and inclusion, acknowledges that the companys need to improve its record. 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. What company wouldnt want to see improvement in these areas? Companies also are using more technology in their diversity efforts. 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. According to Tarika Barrett of Girls Who Code, technical jobs pay twice the average salary. That means they arent planning robust inclusion strategies and committing resources like they would any other business driver such as marketing, finance or safety. Simon treats diversity issues as a compliance matterand does the minimum to avoid running afoul of EEO laws. Please log in as a SHRM member before saving bookmarks. Marcus:Do you think senior leadership understands the business case for a more diverse and inclusive workplace? Major businesses including Google, Amazon, McDonald's, Pinterest, and Johnson & Johnson faced new legal battles this year over allegations of racism and sexism. Accountability is key to moving that needle, alongside investments in D&I programs that attract and create a pipeline of diverse talent. $(document).ready(function () { 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 set out 10 enablers that drive inclusion by creating connection, opportunity and common cause across organizations. Enoughits the workplace experience that shapes whether people remain and thrive of people have lost jobs. Index Top 100 most diverse & inclusive organizations globally social justice organizations and will match employees donations you give CEOs. These open discussions and understanding of our associates avoid to promote diversity equity and inclusion, struggle. Eeo laws pipeline of diverse talent we set out 10 enablers that drive inclusion by creating genuinely inclusive environments... 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