Diversity in the tech industry is crucial for technical progress. One woman in the C-suite, no women or minorities on the board. Others didnt prioritize diversity even in good times. We want to make sure they know theyre on the road to partnership, says Shannon Schuyler, chief purpose and inclusion officer at PwC US. According to 2018 research by Russell Reynolds Associates, 69 percent of chief diversity officers track The Motley Fool owns shares of Berkshire Hathaway and National Oilwell Varco. Oct 2011. For example, Comcast Corp. has been broadcasting to its entire staff talks with experts on racism, including Ibram X. Kendi, best-selling author of Ellis is a fan of unconscious-bias training, though detractors say it can make white employees feel uncomfortable. As employees across the globe engage in discussions of racial . She adds that the company is committed to learning more about racism and will move to make more changes as it progresses. For more information visit: www.refinitiv.com, Lemuel Brewster Register here. Virtual & Washington, DC | February 26-28, 2023. Companies are supplementing these dialogues with expert guest speakers, book clubs and websites with tools to help employees learn more about racism. We need to engage policymakers and the government to build out comprehensive reforms, including policing and education. This encapsulates the challenge that even diverse companies face in tackling inclusion. He maintains that executives tendency to put short-term gains in front of long-term strategy blocks them from prioritizing diversity. 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. Companies are built on good ideas and hard work, which find their source in different perspectives and viewpoints. It also gave 10 points to companies that use specific language about a desire for diversity in their director nominating guidelines. There are only three Black CEOs in theFortune500. 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 . Marcus:How can an organization best assess the systemic bias beneath the surface in their workplace? still lagging when it comes to diversity and inclusion. 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. But it also reached out to all the companies. Retail powerhouse Walmart employs a massive workforce, and as a result, is one of the most diverse companies in the country. The study said that Simon Property's diversity policy is treated as a human resources matter and the company isn't as public with its diversity programs or data as others are. As companies look to adapt to a new way of conducting business post-COVID-19, diversity and inclusion factors need to be on the agenda alongside financial resilience, environmental risks and workforce health. 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. The employee was highly efficient and regularly exceeded performance targets. According to Fran Katsoudas, Chief People Officer at Cisco, This framework is a game changer for us in identifying and attracting the best talent.. According to a report from the Boston Consulting Group, companies with more diverse leadership teams report higher innovation revenues. 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. We continue to see many organizations seeking to address individual bias, but fewer are addressing the bias that hides in organizational structures and processes. 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. 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. D&I isnt something you do in your spare time. 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. Your session has expired. 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. Refinitiv Diversity & Inclusion report shows progress across cultural and gender board diversity: EMEA leads the way with the most culturally and gender diverse boards. Congratulations to the 2020 D&I Index Top 100 most diverse & inclusive organizations globally. 36% of out employees have lied or "covered" parts of their identities at work in the past year. 3 slot, with 90 points. That runs counter to whats good for profits. Inclusion is essential. To request permission for specific items, click on the reuse permissions button on the page where you find the item. Ed Andrieski/AP. The Trump administration's condemnation of some diversity and inclusion programs presents a Catch-22 for employers seeking to . For executive leadership, were now tying incentives to each leaders team diversity goals. Gain the intel you need now to successfully anticipate and navigate employment laws, stay compliant and mitigate legal risks. Get this delivered to your inbox, and more info about our products and services. Change is very slow, says Christine De Groot, a Calvert sustainability analyst who wrote the report. We need to stay active about changing the system. 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. Theres just a lot of people who are unaware [about racism].. 00:44. National Oilwell Varco ( NOV -0.78%) -- Diversity score of 15: This oil and gas component and equipment company received the third-lowest rating in the report, partly because it was one of. 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. Its director selection criteria say it seeks women and minorities. Some employers have increased those numbers. Please enable scripts and reload this page. Diversity and Inclusion Efforts That Really Work. The company did not return a call seeking comment but I know from past stories that it has a policy of not participating in surveys. This organization eradicated rewards based on presenteeism and developed a strategy for a flexible working environment focused on rewarding results. Finally, here are some depressing statistics that underline the slow advance of women and minorities: - Though women are hired as frequently as men, 56% of S&P 100 companies have no women or minorities in senior executive positions. Here are the 11 companies that earned 90 points, including PepsiCo, the only company in the S&P 100 with a minority woman, Indra Nooyi, as its CEO: Abbott Laboratories, Accenture, American Express, Bristol-Myers Squibb, Comcast, Dell, Kraft Foods, McDonalds, Nike, PepsiCo, Pfizer. 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. Each member of our executive team must also be actively involved with our ERGs [employee resource groups]. 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. Rusty Hill/Getty Images. target_type: 'mix' To make real progress, they must directly challenge assumptions underlying the written and unwritten rules at work. Now for the bottom of the list: Berkshire-Hathaway - 5 points. It's a story that's been told time and time again: Tech companies are just not diverse enough. As CEO, Im setting the example for the leaders on my team, that we are accountable for diversity and driving it through the company. Were calling out where we want our diversity to be. 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. Calvert Investments, a mutual fund firm that invests in companies that engage in sustainable and responsible practices, put together the survey, released today. The company created an intranet page that used the hashtag #wehearyou for them to share their feelings and concerns. 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. Im encouraged by the numbers of people protesting and demanding change. However, the assumption that longer hours equated to greater commitment and productivity was wrong. Globally the cultural diversity of board members has increased from five years ago but has stalled at around 30%. Multicultural women make up 17% of the workforce. 2023 CNBC LLC. The firm is considering using its expertise in money management to start a financial literacy program for underserved communities, for example. Companies spend $8 billion a year on diversity training, according to consulting company McKinsey & Co. Diversity is the vast mix of individual identities, talents, perspectives and experiences in the world and the workforce. 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. Fool contributorChris Neiger has no position in any stocks mentioned. The Motley Fool recommends Berkshire Hathaway and National Oilwell Varco. 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. 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. 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. 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