12/16/2019
Of the best performing diverse companies analyzed, the financial industry, specifically banking and insurance, led the pack, with communication services and consumer staples following up. The energy and materials sectors was last on the list.
Important to note from the finding is that “...the 20 most diverse companies in the research not only have better operating results on average than the lowest-scoring firms, but their shares generally outperform those of the least-diverse firms…” If your business unit owners and human resources team needed any more data points to be motivated to enact change, this is irrefutable proof.
The rankings were based on a score from 0 to 100 and reviewed six main categories: Role of head of diversity and inclusion; Diversity of board of directors; Diversity of senior management teams*; Diversity in the workforce; Diversity programs; Inclusion programs. Within the main categories, the team reviewed 10 individual and independent performance indicators:
Progressive and JPMorgan Chase take the number one and two spots on the list. Other findings based on data include:
Advocacy - Not only does it matter that your company have a senior-level diversity and inclusion leader, they need to be reporting to the C-suite.
Gender equity - Make your business welcoming for female employees through initiatives around equal pay and parental leave.
Innovation - Diversity in your workforce allows you to enter new spaces. The WSJ article references the additional product lines Procter & Gamble were able to introduce due to tapping the insight and knowledge of Black scientists, which helped the company produce 5 percent increase in organic sales.
Global perspective - For international business, hiring and elevating workers from a diverse background gives the company insight into cultural nuances not always obvious to Western/American leadership.
Thought leadership - When your company is at the forefront of diversity, equity and inclusion, not only do you have an additional recruitment benefit, you become a thought leader in your industry.
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