June 3, 2020
Recent events in the United States have brought to the forefront a vibrant discussion about issues surrounding diversity, inclusion, and racism in America. While we are seeing changes happening in America real-time, there are companies who have been dedicated to diversity initiatives in the workplace for a long time.
Why Are Diversity Initiatives So Important? Diversity initiatives are not only important for the broader societal impact, but also for the positive environmental and economic impact dedicated diversity policies can have on the company itself.
Gender-diverse companies are 15% more likely to have higher performance .
Diversity increases the bottom line as 43% of companies with diverse boards experienced higher profits .
Brands with diverse teams are 87% better at making decisions.
So, who are some of these institutions making such a big impact?
Coca-Cola (Tii:KO) The beverage company includes diversity initiatives as an integral part of their business operations. Their policies include programs such as Diversity Training and their Diversity Library. For new parents, the corporation has recently instituted a six-week paid parental leave which includes time off for both mothers and fathers.
Johnson and Johnson (Tii:JNJ) The mission statement of Johnson and Johnson’s diversity initiative is “to maximize the global power of diversity and inclusion to drive superior business results and sustainable competitive advantage." Their initiatives include programs like the Scientist Mentoring and Diversity Program (SMDP), which is a one-year mentoring project that partners industry leaders with students from diverse ethnic backgrounds. In addition, the company has implemented a WiSTEM2D scholars’ program which provides mentoring and funding opportunities for women with expertise in areas of science, technology, engineering, math, manufacturing, and design.
Mastercard (Tii:MA) Mastercard has consistently ranked in the top 10 companies in Diversity, Inc’s survey for diversity initiatives. Their commitment to diversity includes programs such as the Global Inclusion Council and Business Resource Groups which bring together employees who share similar interests and experiences.
The Accenture diversity program includes three different paths. 1. Diversity Awareness – this provides workers with an understanding of the importance of working in a diverse organization. 2. Diversity Management – provides managers and executives with guidance to help them to manage diverse teams 3. Professional Development – provides programs which assist diverse employees including ethnically diverse individuals, LGBTQ+ community members and women build skills for success.
Marriott (Tii:MAR) Marriott is an international hotel chain dedicated to increasing diversity in their business operations around the globe. Their priority for LGBT issues is reflected in the Human Rights Campaign top scores in the Corporate Equality Index. In addition, the company is dedicated to increasing the number of hotels owned by women and minority business owners.
As the conversation about race, diversity, and inclusion continues in our country, these public companies have led the way in making this discussion and policies a priority for their workforce.
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