worst companies for diversity and inclusion 2020worst companies for diversity and inclusion 2020
The United States is leading with 20 companies out of the top 100. 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. For more information visit: www.refinitiv.com, Lemuel Brewster Please enable scripts and reload this page. 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. 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. Simon treats diversity issues as a compliance matterand does the minimum to avoid running afoul of EEO laws. At a country level, Germany is the only country that has maintained a positive increase in the percentage of culturally diverse board members. The Trump administration's condemnation of some diversity and inclusion programs presents a Catch-22 for employers seeking to . 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. He maintains that executives tendency to put short-term gains in front of long-term strategy blocks them from prioritizing diversity. In addition, approximately 2,300 of employees had a disability, which is4.5%of theworkforce. Rebekah Steele: Many organizations recognize they must do better but are not sure how, which is why we wrote INdivisible. PPG already has a variety of diversity, equity and inclusion (DE&I) initiatives, though it doesnt break out statistics on people of color. Supplier diversity is an essential aspect of responsible business practices and inclusive economic growth for large companies. For more information, go https://www.refinitiv.com/en/financial-data/indices. 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. 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. Workplace diversity may not be one of the first things you think of when considering investing in a company, but for a company to be truly great it needs the perspective of many individuals. I believed I could not do the best job possible as CEO unless I was also the chief diversity and inclusion [D&I] officer. Mobile + 1 610-390-4394 As employees across the globe engage in discussions of racial . We will send you email confirmation within 24 hours with further instructions on how to proceed with access to Refinitiv. Some employers have increased those numbers. Members can get help with HR questions via phone, chat or email. Senior PR Director 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 . Here are the companies at the top of the list, and the bottom, with a few statistics. A significant part of VMwares effort in the aftermath of Floyds death was designed to ensure that its Black colleagues felt secure. More than that, the company moved from relying on individual awareness and actions for inclusion to refining its people processes. 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. Refinitiv remains fully committed to using our data assets, expertise and influence to champion the importance of diversity and inclusion in the workplace including our own.. Our index clients and partners rely upon the unparalleled breath, depth, global network and vast data and content sets that only Refinitiv can provide. 3 slot, with 90 points. The 2020 report found that companies with greater gender diversity were . We need to engage policymakers and the government to build out comprehensive reforms, including policing and education. Headquarters: Bentonville, AR. if(currentUrl.indexOf("/about-shrm/pages/shrm-china.aspx") > -1) {
The D&I Index, launched in 2016, ranks the top 100 publicly traded companies globally with the most diverse and inclusive workplaces, as measured by 24 metrics across four key categories: Diversity, Inclusion, People Development and News Controversies. By 2020, there could be 1 million unfilled tech jobs. 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. While Citi and Merck shared the No. 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. Refinitiv is one of the worlds largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. But Berardinelli says these conversations are different from PPGs other DE&I endeavors. Warren Buffett Shares 5 Requirements for Making Money in the Stock Market, Listen Up! . 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. Only 35 percent of chief diversity officers say they have employee demographic data, leaving the majority without necessary information to support their work, according to the Russell Reynolds report. But just as with National Oilwell, Forbes noted that Berkshire doesn't have any women or minorities in the C-suite. as well as other partner offers and accept our, Jeremy Moeller, Chesnot, and Justin Sullivan/Getty Images, Ian Tuttle/Getty Images for Breakthrough Prize, Hakan Nural/Anadolu Agency via Getty Images, Visit Business Insider's homepage for more stories. But experts say these organizations have little to show for it. 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. 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. Erin Dowell, JD, is an equity and inclusion practitioner, investigator, and consultant. Members may download one copy of our sample forms and templates for your personal use within your organization. Lemuel.brewster@refinitiv.com, Alexis Weakley You [], Do you want to get a degree in business while you work and earn? 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. Hiring diverse talent isnt enoughits the workplace experience that shapes whether people remain and thrive. Industries leading this years index: 18 banking, investment services & insurance; 9 pharmaceuticals; 7 telecommunications services, specialty retailers and personal & household products & services. placement: 'Below Article Thumbnails', 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. June 18, 2021. Got a confidential news tip? A May 2020 report from McKinsey & Co. found that while overall employee sentiment on corporate diversity was 52 percent positive and 31 percent negative,
The benefits include improving financial performance, leveraging talents, reflecting the marketplace,. At Refinitiv, we are committed to using our data to further our own goals and to provide those insights to the broader market.. Together Forward @Work, a call to action to bring racial equity to the workplacethe place we know best and have served the longest. Refinitiv But theres something different going on now. Theres little push back today on the importance of diversity and inclusion for business. Its an emerging phenomenon in corporate America. We treat diversity like were trying to hire diverse people from another planet, she says. Programs dont change unless theres accountability.. Boris Groysberg. A total of 25% more companies have a career development policy in place than five years ago. We had to plead with him, says Butler-Morton, VMwares director of product lifecycle operations management. document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. But they often miss the importance of integrating D&I into the fabric of the organization. This concerns the CEO of investment managing company HIP Investor, Paul Herman, who said in aRigzone article last year that the lack of diversity in oil and gas companies can destroy shareholder value. Erin advances organizational cultures of diversity, equity, and inclusion by developing policy,. The top 100 ranked companies with the best overall D&I scores are selected for the Index. 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. The gender data doesn't consider transgender or gender nonconforming employees, and only one of the 10 companies reported nonbinary employee demographics. We wanted to say, We understand that youre not OK, Butler-Morton says. The company explicitly states it does not consider diversity when directors and board members are selected. 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. Companies spend $8 billion a year on diversity training, according to consulting company McKinsey & Co. Summary. His company, Berkshire Hathaway Inc. (BRK.A), however, ranks far from progressive in its commitment to workplace diversity. What advice would you give other CEOs who are considering becoming their companys chief diversity officer? Tech companies supply some of the most financially beneficial jobs on the market. United States leads Top 100 list: 20 firms followed by United Kingdom 13, Australia 9, Canada and France 7. Programmed in partnership with The Executive Leadership Council, the event examines how business leaders can take immediate, concrete action addressing racial disparities in their organizations and create sustainable solutions to allow for equity and opportunity for all. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The analysis gave Accenture PLC a 95% rating for diversity practices. Kenny explains why he made the decision and what hes done since. One woman in the C-suite, no women or minorities on the board. We and our partners use cookies on this site to improve our service, perform analytics, personalize advertising, measure advertising performance, and remember website preferences. 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. As a result, discussions about the typically taboo subject sprung up all over at the Pittsburgh-based maker of paints and specialty materials. Thank you for registering. Rusty Hill/Getty Images. To request permission for specific items, click on the reuse permissions button on the page where you find the item. 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." 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. Data-based insights and transparency are a fundamental element of a successful movement to achieve more diverse and inclusive workplaces. Now for the bottom of the list: Berkshire-Hathaway - 5 points. Marcus:How can an organization best assess the systemic bias beneath the surface in their workplace? Refinitiv She advises them to lead with vulnerability and concede that unease. Sustainable and resilient workforce is the fuel for businesses especially during volatile times. 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. About Paychex According to Fran Katsoudas, Chief People Officer at Cisco, This framework is a game changer for us in identifying and attracting the best talent.. Number of US employees: 1.4 million. It also gave 10 points to companies that use specific language about a desire for diversity in their director nominating guidelines. Progress remains elusive, as evidenced by persistent trends such as the exclusion of a broad range of talent from leadership, continuing pay gaps, and research showing that a majority of people hide or downplay part of who they are at work to try to fit in, all of which can have a detrimental impact on performance. Companies also are using more technology in their diversity efforts. There are only three Black CEOs in theFortune500. Accountability is key to moving that needle, alongside investments in D&I programs that attract and create a pipeline of diverse talent. CNBC explored why it's challenging for Big Tech to diversify and what experts say should be done to solve the problem. 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). $("span.current-site").html("SHRM China ");
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. The Calvert study designated Berkshire Hathaway as the second to worst company in the S&P 100 for workplace diversity. In identifying director nominees, the Governance Committee does not seek diversity, however defined.". 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. 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. People in the majority may not be aware of their unconscious bias.. Learn More. 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. One consequence of a lack of diversity is that top management often doesn't have a clear understanding of the obstacles and, therefore, deploys ineffective solutions. Find the latest news and members-only resources that can help employers navigate in an uncertain economy. First, you need real humilityyou cant understand the injustice until it happens to you. To make the world smarter, happier, and richer. 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. Diversity-Fueled 'Reverse' Bias Claims Put Employers in Quandary. The analysis gave Accenture PLC a 95% rating for diversity practices. 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. 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. If the boss says you have to do better, people will do better. Data is a real-time snapshot *Data is delayed at least 15 minutes. Access your favorite topics in a personalized feed while you're on the go. The Calvert study designated Berkshire Hathaway as the second to worst company in the S&P 100 for workplace diversity. Calvert gathered publicly available information from company websites, SEC filings, the Human Rights Campaign Corporate Equality Index and other sources. Being part of an ERG helps leaders understand our diverse associates and set the example for the rest of our associates. Without it, diversity remains unfulfilled potential. As I see it, although investors may not see any direct effects of the company's lack of diversity right now, no publicly traded company can continue down the road of minimal diversity in a global market and not experience negative outcomes at some point. Diversity and Inclusion in the workforce are core environmental, social and governance (ESG) themes, which financial professionals are more frequently incorporating into their investment strategies and capital allocation decisions. 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. He also believes that unconscious bias plays a role in excluding people of color from the workplace. What we havent done before is have these open discussions and understanding of our colleagues experiences, she says. 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. Virtual & Washington, DC | February 26-28, 2023. Inclusion is seizing the opportunities of that rich mix. The list includes 24 countries. Regionally, Africa is leading the way with on average 34% of female managers. Other measures include family-friendly benefits like flexible work, adoption assistance and domestic partner benefits. Theres just a lot of people who are unaware [about racism].. 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. Thirty-three companies on the list support the legislation, which has stalled in Congress. Alison Maitland: They are missing a huge opportunity: to harness the collective superpower of diversity by creating genuinely inclusive work environments. Clash creates pressure for employers pushing equality. 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. At many companies, the groups created for Black employees are proving instrumental in trying to push DE&I efforts forward. Please log in as a SHRM member before saving bookmarks. Simon Property's website does list one woman on its board of directors, who's been a director for the company since 2004. We want to make sure its impactful, she explains. 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. 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. Here are some best online colleges where you can get a [], The Best (and Worst) Companies For Workplace Diversity. All Shimadzu Group companies had time together to think about diversity and inclusion (D&I). Invest better with The Motley Fool. Hobby Lobby. In an open letter, Chip Bergh, president and chief executive of Levi Strauss & Co., wrote, We pride ourselves on being a progressive company that takes bold stances to promote equity, justice and inclusivity all around the worldbut the hard truth is that we have not always lived up to these principles internally. Bonnie Marcus:What are most organizations missing when it comes to D&I initiatives? Recently, many have made D&I pledges in the face of the Covid-19 crisis and the #BlackLivesMatter movement. We are currently reviewing your application. container: 'taboola-below-article-thumbnails', Calvert Investments, a mutual fund firm that invests in companies that engage in sustainable and responsible practices, put together the survey, released today. You cant solve it if you cant admit it, Ellis says. Backed by the content, data, independence and global information network of Refinitiv, our indices and index services are designed to suit any need. Coding sessionsand hackathons have given them a glimpse of what STEM and a career in technology can offer. 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. Why did you decide to become chief diversity officer? Please try again or contact us for further assistance. Full list. How Women Over 50 Regain Their Confidence and Claim Their Workplace Power, will be published March 2021. It was the only company to score 100 in Calverts 2010 survey. 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. Please try again orcontact usfor further assistance. I wanted to support my son.. Three women and three minorities on board of 12. His company, Berkshire Hathaway Inc. (BRK.A), however, ranks far from progressive in its commitment to workplace diversity. No women or minorities in the C-suite, two women on the board of 12. We need to stay active about changing the system. Alexis.weakley@refinitiv.com. Five best practices. What changes have you made since you took over the role? 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. 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;}';
The company explicitly states it does not consider diversity when directors and board members are selected. Illustration by Ty Dale. There's little push back today on the importance of diversity and inclusion for business. To make real progress, they must directly challenge assumptions underlying the written and unwritten rules at work. Only 3.2 percent of the companys employees are Black. Simon treats diversity issues as a compliance matterand does the minimum to avoid running afoul of EEO laws. When it comes to diversity, oil and gas companies typically tend to fall behind other industries. 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. A Division of NBCUniversal. Refinitiv provides innovative indices and index-related services to the global financial community to help investors make better decisions. 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. Were calling out where we want our diversity to be. The number of companies with an official flexible working policy has increased by 54% over the last five years. Tatiana Berardinelli was shocked when she heard Black colleagues describe being gripped by fear after being pulled over by police while driving, and others explain how they worried about their childrens safety when the kids left the house. Companies are built on good ideas and hard work, which find their source in different perspectives and viewpoints. Marcus:What are some actions senior leadership, middle managers, and individuals can take to support D&I? The diversity data shows that Asian employees made up about 30% of tech workforces in 2019. It also found that DE&I often isnt an integrated part of companies business strategy. Globally the cultural diversity of board members has increased from five years ago but has stalled at around 30%. Your session has expired. Companies are supplementing these dialogues with expert guest speakers, book clubs and websites with tools to help employees learn more about racism. Refinitiv Diversity & Inclusion report shows progress across cultural and gender board diversity: EMEA leads the way with the most culturally and gender diverse boards. Example: In 2010 women held 18% of director positions. Its unclear whether recent corporate efforts to shine a light on injustice are having any positive impact. 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. }); if($('.container-footer').length > 1){
138 companies, from nearly every industry, participated in the CEI for the first time this year. Calvert quoted Berkshire Hathaway as saying, "Berkshire does not have a policy regarding the consideration of diversity in identifying nominees for director. The industry with the highest D&I score is software and IT services, with the highest diversity score and second highest inclusion score. The C-suite in corporate America is largely white and male despite the billions of dollars spent on D&I. Cisco plans to scale DRF with its leaders worldwide. 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. Opinions expressed by Forbes Contributors are their own. Now they cant unsee it.. sentiment on inclusion was markedly worse, at only 29 percent positive and 61 percent negative. 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. Two minority executives as of August 2012 and two minority women on 17-member board plus two minority men. As of July 2020, Walmart's US associates are 20.69% Black, 16.39% Latinx, and 55% women. In 2022, Diversity Day was broadened to "SHIMADZU Diversity and Inclusion Week 2022", which ran from December 5 to 9. And they arent measuring business-relevant impacts. A survey of more than 19,000 HBR readers found that . 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. 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. 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Must do better challenge assumptions underlying the written and unwritten rules at work often isnt an integrated part of ERG! Consider transgender or gender nonconforming employees, and richer ranked companies with an worst companies for diversity and inclusion 2020 flexible policy., will be published March 2021 use specific language about a desire for diversity.! Globally the cultural diversity of board members are selected better decisions of diverse talent a successful movement achieve... Training, according to consulting company McKinsey & Co. Summary woman on its board of 12 must directly assumptions! Maintained a positive increase in the percentage of culturally diverse board members gave Accenture PLC a 95 % for... The face of the list: Berkshire-Hathaway - 5 points support my son.. Three women and Three on! Relying on individual awareness and actions for inclusion to refining its people processes Power, will be March. 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