Cost basis and return based on previous market day close. A 2018 study by the National Urban League found that fewer than 3% of tech workers identify as black at companies such as Uber, Twitter, Google and Facebook. The dissatisfaction among LGBTQ respondents with the current state of LGBTQ inclusion is clear: 40% of LGBTQ employees are not out at work, and 26% of these individuals wish they could be out. 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. 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. The companyincreased the number of women in itsworkforce to 37%, a 1% increase on the prior year anda step towardthe companysgoal of at least 40%women by 2020. Without it, diversity remains unfulfilled potential. May 12, 2020. 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." Two minorities in the C-suite including Kenneth Frazier, an African-American, and Executive Vice President Peter S. Kim. Refinitiv Diversity & Inclusion report shows progress across cultural and gender board diversity: EMEA leads the way with the most culturally and gender diverse boards. Here are some best online colleges where you can get a [], The Best (and Worst) Companies For Workplace Diversity. He didnt know what to say, but he knew he had to say something, says Corinne Abramson, the companys national inclusion director. 2023 CNBC LLC. The company must clearly communicate that dedication to diversity and inclusion is not just a passing trend that frontline leaders can wait out or avoid implementing. else if(currentUrl.indexOf("/about-shrm/pages/shrm-mena.aspx") > -1) { A significant part of VMwares effort in the aftermath of Floyds death was designed to ensure that its Black colleagues felt secure. There are only three Black CEOs in theFortune500. This year that has edged up to 85 points. Three women and three minorities on board of 12. Published Feb 27, 2023. 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. But it also reached out to all the companies. The Calvert study designated Berkshire Hathaway as the second to worst company in the S&P 100 for workplace diversity. We continue to see many organizations seeking to address individual bias, but fewer are addressing the bias that hides in organizational structures and processes. The Calvert study designated Berkshire Hathaway as the second to worst company in the S&P 100 for workplace diversity. The top 100 ranked companies with the best overall D&I scores are selected for the Index. Learn how SHRM Certification can accelerate your career growth by earning a SHRM-CP or SHRM-SCP. Cisco plans to scale DRF with its leaders worldwide. if(currentUrl.indexOf("/about-shrm/pages/shrm-china.aspx") > -1) { These things never came to my mind, says Berardinelli, PPG human resources director, global architectural coatings, U.S. and Canada. You have to listen and have people trust you enough to really share their story, because you cant learn without first understanding it. 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. Berkshire Hathaway (BRK.B -0.18%) -- Diversity score of 5: One of the reasons Warren Buffett's company, favored by many investors, received the lowest diversity score out of all the S&P 100 companies was because it was the only company that specifically stated it does not consider diversity in selecting its board of directors, according to the report. It may have hurt Berkshire Hathaway that it didnt comply with Calverts requests. Warren Buffett Shares 5 Requirements for Making Money in the Stock Market, Listen Up! Making the world smarter, happier, and richer. You have to change hearts and minds.. Two years ago, the most frequently awarded score was 70 points. Learn More. 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 || []; Refinitiv At Refinitiv, we are committed to using our data to further our own goals and to provide those insights to the broader market.. United States leads the Top 100 list with 20 firms followed by the United Kingdom with 13, Australia with 9 and Canada and France with 7. Number of US employees: 1.4 million. Using its definition and looking at public data, as well as reaching out to companies to clarify their diversity data, Calvert found the following companies were the least diverse out of all the companies in the S&P 100: 1. 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. We want to make sure its impactful, she explains. This was based on a bias for presenteeism. Now for the bottom of the list: Berkshire-Hathaway - 5 points. Some suggest delicate conversations about race lose their impact in a virtual setting. The chief executive of Choice Hotels, Pat Pacious, asked his employees for their grace when he addressed them about Floyds death. 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. 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.. Multicultural women make up 17% of the workforce. Ellis is a fan of unconscious-bias training, though detractors say it can make white employees feel uncomfortable. 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. But just as with National Oilwell, Forbes noted that Berkshire doesn't have any women or minorities in the C-suite. Why did Berkshire Hathaway come in last, when CEO Warren Buffett has spoken out about the importance of promoting women at work? David Pedulla. The number of Hispanic employees increased about 1% and the number of Indigenous employees decreased about .01%. As employees across the globe engage in discussions of racial . Supplier diversity is an essential aspect of responsible business practices and inclusive economic growth for large companies. Berkshire has two women on its board of directors but none in the C-suite. 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. The Motley Fool owns shares of Berkshire Hathaway and National Oilwell Varco. 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;}'; var currentLocation = getCookie("SHRM_Core_CurrentUser_LocationID"); For executive leadership, were now tying incentives to each leaders team diversity goals. Simon treats diversity issues as a compliance matterand does the minimum to avoid running afoul of EEO laws. The index ratings are informed by Refinitivs Environmental, Social, and Governance (ESG) data, designed to transparently and objectively measure the relative performance of close to 10,000 companies representing 80%+ of global market cap across 450+ ESG data points, and provide clients with critical and differentiated insight. Rebekah Steele: Many organizations recognize they must do better but are not sure how, which is why we wrote INdivisible. We can widen the diverse slate of candidates regardless of location, opening up opportunities to the best talent wherever they reside. The formerly verboten topic is starting to be more openly and broadly discussed at companies all over the U.S. Companies are still pumping money into traditional exercises like unconscious-bias training as part of their response to Floyds killing, as well as issuing ubiquitous statements proclaiming that Black Lives Matter, donating to social justice organizations and promising more diverse hiring. The United States is leading with 20 companies out of the top 100. Some company pronouncements about racism sparked negative reactions that highlighted corporate Americas failure to create equitable workplaces. J. Yo-Jud Cheng. 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. 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. Having DE&I leaders isnt enough unless theyre empowered by the C-suite to bring real organizational change. A new ranking from Calvert Investments says. Theres just a lot of people who are unaware [about racism].. Build specialized knowledge and expand your influence by earning a SHRM Specialty Credential. 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. Hobby Lobby took its fight against women's health care all the . Inclusion is essential. Change is very slow, says Christine De Groot, a Calvert sustainability analyst who wrote the report. Gain the intel you need now to successfully anticipate and navigate employment laws, stay compliant and mitigate legal risks. 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. Distance also makes it more challenging to forge meaningful mentoring and sponsorship bonds. She advises them to lead with vulnerability and concede that unease. 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. 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). These 5 Podcasts Are Raving About Warren Buffett, Why Over 30,000 People Flock to Warren Buffett's Annual Meetings, What You Can Learn from Warren Buffett's Berkshire Hathaway Website, Here's What Warren Buffett Does In Bear Markets -- and You Should Too, 2 FAANG Stocks Billionaires Are Selling in Droves and 1 They Can't Stop Buying, 1 Unstoppable Growth Stock to Buy Hand Over Fist, According to Wall Street, This State Has the Highest Real Estate Taxes (and It's Not Even Close), Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. His company, Berkshire Hathaway Inc. (BRK.A), however, ranks far from progressive in its commitment to workplace diversity. 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. In 2022, Diversity Day was broadened to "SHIMADZU Diversity and Inclusion Week 2022", which ran from December 5 to 9. The Motley Fool has a disclosure policy. $('.container-footer').first().hide(); 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. Members may download one copy of our sample forms and templates for your personal use within your organization. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. And with that can come diversity of thought, and it's shown that diversity of thought can really aid organizations." *Average returns of all recommendations since inception. 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. Companies often talk about progress on inclusion by referring to numbers, such as the ratio of marginalized racial populations to white people in their workforce. Maitland: We set out 10 enablers that drive inclusion by creating connection, opportunity and common cause across organizations. Multicultural women make up 17% of the workforce. Regionally, Africa is leading the way with on average 34% of female managers. Progress is taking place, but slowly. Others didnt prioritize diversity even in good times. Get this delivered to your inbox, and more info about our products and services. . Shimadzu Corporation has convened a Diversity Day every year since 2020. 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. 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. Microsoftsboard of directors is among the most diverse of any tech company with women and ethnic minorities insix of 14 positions. Many companies have what are commonly called employee resource groups as part of their DE&I efforts. It also gave 10 points to companies that use specific language about a desire for diversity in their director nominating guidelines. Her husband, who has experienced police violence firsthand, only acquiesced when white family friends vowed to protect them if anything happened. Mobile +1 917-805-1089 Please resubmit your details and we will send you a new email. C-Suite to bring real organizational change get this delivered to your inbox, and it 's that. Multicultural women make up 17 % of the top 100 ranked companies with the overall! Groot, a Calvert sustainability analyst who wrote the report way with on average 34 % of the list Berkshire-Hathaway. 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