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. 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. 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. Please try again orcontact usfor further assistance. Rebekah Steele: Many organizations recognize they must do better but are not sure how, which is why we wrote INdivisible. Oct. 8, 2020, 2:46 AM. In identifying director nominees, the Governance Committee does not seek diversity, however defined.". D&I strategy and only 35 percent measure No women or minorities in the C-suite, two women on the board of 12. Can you explain? Find the latest news and members-only resources that can help employers navigate in an uncertain economy. It was more about listening.. Programs dont change unless theres accountability.. It may have hurt Berkshire Hathaway that it didnt comply with Calverts requests. Only companies with scores across all four pillars are assigned an overall score (the average of the pillar scores). Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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. Mobile +1 917-805-1089 You can mandate diversity, but you cant mandate inclusion, Minta-Jacobs says. The percentage of Black employees increased less than 3% during the same period. National Oilwell Varco (NOV 1.55%) -- 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 only two companies in the study that doesn't have any diversity on its board of directors. CNBC's Jon Fortt described it like this: "Women, people of color, often have different experiences. The majority of people doing the hiring arent minorities, he says. 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). 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. A significant part of VMwares effort in the aftermath of Floyds death was designed to ensure that its Black colleagues felt secure. 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.Source: Read Full Article window._taboola = window._taboola || []; Do you think the current focus on racial inequality will change anything? Kenny explains why he made the decision and what hes done since. Those sticking with the status quo will face greater risks and be less prepared for the big challenges and opportunities that lie ahead. 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. 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. Why? Do you think having more people working remotely will affect diversity programs? 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. Coding sessionsand hackathons have given them a glimpse of what STEM and a career in technology can offer. 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;}'; At the best-rated companies at least, Calvert awarded top marks on the 10 factors it used to measure progress on diversity. 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. As of July 2020, Walmart's US associates are 20.69% Black, 16.39% Latinx, and 55% women. The list includes 24 countries. Refinitiv Learn how SHRM Certification can accelerate your career growth by earning a SHRM-CP or SHRM-SCP. Some employers have increased those numbers. 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. The analysis gave Accenture PLC a 95% rating for diversity practices. The Trump administration's condemnation of some diversity and inclusion programs presents a Catch-22 for employers seeking to . 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. What changes have you made since you took over the role? Will Jan, Vice President & Lead Analyst at Outsell, commented: Social investing and D&I initiatives have become front-and-center on many executives agendas. Dobbin and co-researcher Alexandra Kalev's earlier research on 800 American firms over three decades revealed much more striking results. Industries leading this years index: 18 banking, investment services & insurance; 9 pharmaceuticals; 7 telecommunications services, specialty retailers and personal & household products & services. _taboola.push({ Calvert gathered publicly available information from company websites, SEC filings, the Human Rights Campaign Corporate Equality Index and other sources. How to Be an Antiracist (One World, 2019). Please enable scripts and reload this page. Its not enough to measure diversity in your total associate population. 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. It also found that DE&I often isnt an integrated part of companies business strategy. Now for the bottom of the list: Berkshire-Hathaway - 5 points. if(currentUrl.indexOf("/about-shrm/pages/shrm-china.aspx") > -1) { 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 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. 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. That runs counter to whats good for profits. Marcus:You say diversity and inclusion are complementary but different. Hobby Lobby took its fight against women's health care all the . Multicultural women make up 17% of the workforce. Irick agrees and will be instituting unconscious-bias training in his division. Here are some best online colleges where you can get a [], The Best (and Worst) Companies For Workplace Diversity. According to Fran Katsoudas, Chief People Officer at Cisco, This framework is a game changer for us in identifying and attracting the best talent.. We need to engage policymakers and the government to build out comprehensive reforms, including policing and education. An outstanding 1,271 companies actively participated in the CEI 2022 Survey. Calvert said that companies in this grouping typically don't have strong diversity leadership. Its not your fault, but dont deny its existence. Making the world smarter, happier, and richer. This year that has edged up to 85 points. The company increased the number of women in its workforce to 37%, a 1% increase on the prior year and a step toward the company's . 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. Backed by the content, data, independence and global information network of Refinitiv, our indices and index services are designed to suit any need. Without it, diversity remains unfulfilled potential. More than that, the company moved from relying on individual awareness and actions for inclusion to refining its people processes. But theres something different going on now. Refinitiv is one of the worlds largest providers of financial markets data and infrastructure, serving over 40,000 institutions in approximately 190 countries. 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. Thats why SHRM has introduced Only 14 percent of C-suite positions are held by people of color, with women of color holding only 4 percent. 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. His company, Berkshire Hathaway Inc. (BRK.A), however, ranks far from progressive in its commitment to workplace diversity. $("span.current-site").html("SHRM MENA "); Shimadzu Corporation has convened a Diversity Day every year since 2020. About Paychex 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. Floyds death was designed to ensure that its Black colleagues felt secure the status quo will face greater risks be! 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