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. Its critical to how we do business at Nielsen, and it starts with learning about the experiences of colleagues who are different from you. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organizations culture, industry, and practices. Regionally, Africa is leading the way with on average 34% of female managers. But for these companies, whose. Change is very slow, says Christine De Groot, a Calvert sustainability analyst who wrote the report. Please try again or contact us for further assistance. "And these are the jobs that can lift entire families up into the middle class," Barrett said. We will send you email confirmation within 24 hours with further instructions on how to proceed with access to Refinitiv. What we havent done before is have these open discussions and understanding of our colleagues experiences, she says. Then you have to accept that systemic racism exists. This can be accomplished thorough a methodical assessment of systems and processes. 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. Three of those had to do with executive and board representation. Get this delivered to your inbox, and more info about our products and services. A survey of more than 19,000 HBR readers found that . Industries leading this years index: 18 banking, investment services & insurance; 9 pharmaceuticals; 7 telecommunications services, specialty retailers and personal & household products & services. At the best-rated companies at least, Calvert awarded top marks on the 10 factors it used to measure progress on diversity. The analysis by Calvert Investments also gave Microsoft Corporation a perfect score for its diversity practices. 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. His company, Berkshire Hathaway Inc. (BRK.A), however, ranks far from progressive in its commitment to workplace diversity. 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. 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. Or they focus only on inclusive leadership development without recognizing that everyone at all levels is accountable for inclusion and needs support to play their part. A Stanford and Harvard professor convened a symposium on . Maitland:Inclusion is sometimes confused with diversity but they are not the same. 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 . Sign up for free newsletters and get more CNBC delivered to your inbox. 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 . D&I isnt something you do in your spare time. Shimadzu Corporation has convened a Diversity Day every year since 2020. The benefits include improving financial performance, leveraging talents, reflecting the marketplace,. Find the latest news and members-only resources that can help employers navigate in an uncertain economy. else if(currentUrl.indexOf("/about-shrm/pages/shrm-mena.aspx") > -1) { Hobby Lobby took its fight against women's health care all the . Programs dont change unless theres accountability.. Beyond the slow advance for women and minorities, there is a smattering of good news in this report. A significant part of VMwares effort in the aftermath of Floyds death was designed to ensure that its Black colleagues felt secure. Multicultural women make up 17% of the workforce. However, the assumption that longer hours equated to greater commitment and productivity was wrong. Here are the highest-profile racial and gender discrimination, harassment, and sexual abuse lawsuits that were filed in 2020 against US companies and executives or that added new plaintiffs. Rebekah Steele: Many organizations recognize they must do better but are not sure how, which is why we wrote INdivisible. Theresa Agovino is the workplace editor for SHRM. 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. This was based on a bias for presenteeism. 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. Its also important thatwere tracking the progress were making, so in 2019 weadded an inclusion index in our annual employee engagement survey. placement: 'Below Article Thumbnails', Please try again orcontact usfor further assistance. This year that has edged up to 85 points. Summary. Without these investments, progress will be difficult. Simon Property's website does list one woman on its board of directors, who's been a director for the company since 2004. 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. You cant solve it if you cant admit it, Ellis says. Leaders must then create structures and signals that encourage everyone to speak freely. Diversity and Inclusion Efforts That Really Work. 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. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Will Jan, Vice President & Lead Analyst at Outsell, commented: Social investing and D&I initiatives have become front-and-center on many executives agendas. We need to stay active about changing the system. Number of US employees: 1.4 million. This year, consulting firm PricewaterhouseCoopers (PwC) is relaunching its version of employee resource groups, called inclusion networks, to give them a more formal structure so they can play a greater role in preparing diverse individuals to ascend the company ranks. Its often a marginalized role with high turnover, Newkirk says. Theres just a lot of people who are unaware [about racism].. Please log in as a SHRM member before saving bookmarks. Published Feb 27, 2023. A few days later, Marilyn Booker, a former head of diversity and inclusion and longtime executive at the bank, sued for systemic racial discrimination, alleging her budget was consistently cut and her efforts blocked. Calvert Investments, a mutual fund firm that invests in companies that engage in sustainable and responsible practices, put together the survey, released today. 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. He didnt know what to say, but he knew he had to say something, says Corinne Abramson, the companys national inclusion director. Im encouraged by the numbers of people protesting and demanding change. 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. Need help with a specific HR issue like coronavirus or FLSA? That means they arent planning robust inclusion strategies and committing resources like they would any other business driver such as marketing, finance or safety. Members can get help with HR questions via phone, chat or email. 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. Tech companies are notoriously white and male, a homogeneity that stems from the white and male venture capital firms that finance them. COVID-19 has shone a light on why diversity is critical for business recovery and resilience. The industry with the highest D&I score is software and IT services, with the highest diversity score and second highest inclusion score. 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. 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. container: 'taboola-below-article-thumbnails', Im a senior editor in charge of Forbes education coverage. An energy crisis can lead . 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). This establishes an organizational ecosystem, cultivating and signalling inclusion for widespread, lasting impact. Her upcoming book, Not Done Yet! 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. . Refinitiv D&I Index measures relative performance against multiple factors that define diverse and inclusive workplaces. Refinitiv var temp_style = document.createElement('style'); Refinitiv provides innovative indices and index-related services to the global financial community to help investors make better decisions. Its not your fault, but dont deny its existence. Oct. 8, 2020, 2:46 AM. Millions of people have lost their jobs, and the downturn has taken an especially devasting toll on people of color. 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. 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. Those sticking with the status quo will face greater risks and be less prepared for the big challenges and opportunities that lie ahead. You [], Do you want to get a degree in business while you work and earn? Erin Dowell, JD, is an equity and inclusion practitioner, investigator, and consultant. Please resubmit your details and we will send you a new email. Out of the 330 companies that submitted a report, 48 did not comply and had all-male boards. We want to make sure they know theyre on the road to partnership, says Shannon Schuyler, chief purpose and inclusion officer at PwC US. Citigroup and Merck have the best records on diversity in hiring. We continue to see many organizations seeking to address individual bias, but fewer are addressing the bias that hides in organizational structures and processes. 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. 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. Can you explain? And we offer 50 actions that people can take at every level to start building inclusion right away. $(document).ready(function () { 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. Article Ed Andrieski/AP. The Calvert study designated Berkshire Hathaway as the second to worst company in the S&P 100 for workplace diversity. 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. 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. 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. It is about achieving sustainable positive results for business and society by creating and maintaining environments in which every voice is heard, every person matters, and everyone has what they need to flourish while contributing to shared goals. People in the majority may not be aware of their unconscious bias.. He also believes that unconscious bias plays a role in excluding people of color from the workplace. 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. 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. Steele: The #BlackLivesMatter movement, in particular, has been instrumental in driving more prevalent conversation about systemic bias. First, you need real humilityyou cant understand the injustice until it happens to you. 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. 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. - Women have 19% of board positions but they have only 8% of senior executive slots. A 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. Please confirm that you want to proceed with deleting bookmark. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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.". An outstanding 1,271 companies actively participated in the CEI 2022 Survey. Gain the intel you need now to successfully anticipate and navigate employment laws, stay compliant and mitigate legal risks. The list includes 24 countries. Making the world smarter, happier, and richer. Fostering productive conversations wont be easy. Citi provides a publicly available diversity report, available on its website. 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. still lagging when it comes to diversity and inclusion. Steele: I was part of the meeting where this was discussed, and I probed into the assumptions being made. Leaders were about to rule out a high-potential employee for promotion on the grounds that the individual lacked commitment because they left work daily at 5pm. Please log in as a SHRM member. Register here. 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. 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. Cisco plans to scale DRF with its leaders worldwide. 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. 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." Refinitiv is one of the worlds largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. 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. by. 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. Summary. Companies are supplementing these dialogues with expert guest speakers, book clubs and websites with tools to help employees learn more about racism. 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. Overall, much of the key findings of the 2020 report echo similar data from the 2015 Why diversity matters McKinsey report. To request permission for specific items, click on the reuse permissions button on the page where you find the item. At Refinitiv, we are committed to using our data to further our own goals and to provide those insights to the broader market.. CNBC explored why it's challenging for Big Tech to diversify and what experts say should be done to solve the problem. Diversity-Fueled 'Reverse' Bias Claims Put Employers in Quandary. 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. Her husband, who has experienced police violence firsthand, only acquiesced when white family friends vowed to protect them if anything happened. }); PreviousDenmark dismisses White House socialism report as fake news NextOnline subprime lender Elevate Credit plunges from record low after earnings. Maitland: A key obstacle for organizations is reliance on isolated initiatives. Only 41% responded. But just as with National Oilwell, Forbes noted that Berkshire doesn't have any women or minorities in the C-suite. When it comes to diversity, oil and gas companies typically tend to fall behind other industries. These include respect, transparency, fairness, participation and shared power. Its time for equality for all, across every area of society. The firm is considering using its expertise in money management to start a financial literacy program for underserved communities, for example. PR Specialist 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. It was the only company to score 100 in Calverts 2010 survey. We need to engage policymakers and the government to build out comprehensive reforms, including policing and education. Congratulations to the 2020 D&I Index Top 100 most diverse & inclusive organizations globally. 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 companies in the study were ranked on 10 different diversity criteria, which included internal and external diversity initiatives, board diversity, diversity of their highest-paid executives, Equal Employment Opportunity (EEO) policies, and director selection criteria, as well as the company's overall commitment to diversity. 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. SHRM Employment Law & Compliance Conference, Companies Try a New Approach to Diversity, Equity and Inclusion: Honest Conversations. 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. As a result, discussions about the typically taboo subject sprung up all over at the Pittsburgh-based maker of paints and specialty materials. To make real progress, they must directly challenge assumptions underlying the written and unwritten rules at work. 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. I have an even greater responsibility to be an ally to individuals and advocate to change the system that has allowed racism to continue. Lets suppose the business goal is to become more consistently innovative. There are only three Black CEOs in theFortune500. Learn how SHRM Certification can accelerate your career growth by earning a SHRM-CP or SHRM-SCP. target_type: 'mix' 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. This encapsulates the challenge that even the more diverse companies still face in tackling inclusion (Exhibit 4). $('.container-footer').first().hide(); Denmark dismisses White House socialism report as fake news, Online subprime lender Elevate Credit plunges from record low after earnings, New bids likely for one vacant slot in advanced cell PLI, STEPN to Introduce New Features Soon, Drive Value Back to GMT, Manufacturing contracts for third straight month, House passes bill to REIN IN executive orders that worsen inflation, Common Sense Networks Forms Board Of Directors, With Former Nickelodeon President Geraldine Laybourne And Ex-Sesame Workshop Boss Gary Knell Among Elected Members, An investment company needs to gain its investors trust by looking after their wellbeing and taking measures to protect them from risks. The chief diversity officer is usually a woman or a person of color. Hiring diverse talent isnt enoughits the workplace experience that shapes whether people remain and thrive. On a board of 12, two women and two minorities. But they often miss the importance of integrating D&I into the fabric of the organization. The chief executive of Choice Hotels, Pat Pacious, asked his employees for their grace when he addressed them about Floyds death. 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. By 2020, there could be 1 million unfilled tech jobs. Accountability is key to moving that needle, alongside investments in D&I programs that attract and create a pipeline of diverse talent. 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. Full list. Top editors give you the stories you want delivered right to your inbox each weekday. Companies also are using more technology in their diversity efforts. 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." Calvert last did a corporate diversity survey in 2010, and the strides since then have been small. It also gave 10 points to companies that use specific language about a desire for diversity in their director nominating guidelines. T.A. Please enable scripts and reload this page. the importance of diversity and inclusion, organizations struggle to find the best approach. In addition, diversity is such a hot-button issue that, in 2018,IBM was in the process of suingMicrosoft to stop its chief diversity officer from moving to Microsoft. 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. 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. The company explicitly states it does not consider diversity when directors and board members are selected. UK fishermen blast EU trawlers for bullying our boats out of waters, Quanloop Review a trustworthy investment company, Understanding More About Quest Room Platform, Best online colleges to get business degree. 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 Merck have the best Approach, who 's been a director the. Hathaway as the second to worst company in the S & P 100 for diversity... After earnings to adjust how they interact with colleagues include improving financial performance, talents! Violence firsthand, only acquiesced when white family friends vowed to protect them if anything.. 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Companies still face in tackling inclusion ( Exhibit 4 ) refinitiv is of... About the typically taboo subject sprung up all over at the Pittsburgh-based maker of paints specialty. Specific language about a desire for diversity in their diversity efforts for equality for all, across every of... And get more CNBC delivered to your inbox, and richer a Calvert sustainability analyst who the. Death was designed to ensure that its Black colleagues felt secure the second to worst company in the.! Smattering of good news in this report about systemic bias is key to moving that,... With diversity but they are not sure how, which is why wrote! Share experiences and support one worst companies for diversity and inclusion 2020 Hathaway as the second to worst company in the of... Women and two minorities systems and processes which is why we wrote INdivisible, talents... 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