The Top 10 Most Diverse Companies of 2016: What Are They Doing Right?
Research shows that diversity in the workplace can have a serious impact on a business’s success (hint: it helps). A recent study revealed that gender-diverse companies are 15% more likely to outperform their peers and ethnically-diverse companies are a whole 35% more likely to do the same.
Some highly successful companies understand the positive effect diversity has on both company culture and business growth. Now, DiversityInc can tell you exactly which companies those are.
Every year, more than 1,800 companies participate in a survey. Based on their answers, they receive a free report card assessing their performance in four areas of diversity management:
- Talent Pipeline: current workforce demographics, talent acquisition, and recruitment within the human resources department
- Equitable Talent Development: Mentoring, employee resources, fair treatment, and upward mobility within the organization
- Leadership Commitment: Leader visibility, communication, and accountability
- Supplier Diversity: Association with companies owned by people from underrepresented groups
You may or may not be surprised by this year’s most diverse companies. Some you may have heard of while others are less familiar to the general public.
The Top 10 Most Diverse Companies of 2016
- Kaiser Permanente
- Novartis Pharmaceuticals Corporation
- Johnson and Jonson
- Marriott International
- Prudential Financial
So, what have these companies done to accomplish diversity in their workplaces? Let’s take a closer look at Kaiser Permanente’s report card results.
Kaiser jumped to the number one spot this year because of several practices that led to significant positive results. First of all, according to the company, “Kaiser Permanente fosters a highly diverse culture as a cornerstone of its mission and business strategy.”
This commitment trickles down from the very top of the organization with Chairman and CEO Bernard J. Tyson. Tyson personally signs off on all decisions tied to diversity metrics and achievements, including the hiring practices conducted by HR executive recruiters. Kaiser has achieved success in employing minorities at the senior level, especially when it comes to Asian employees.
Here are the facts:
- The number of African Americans, Asians, and Latinos in management is 66.6% higher than all other Top 10 companies and more than twice the national average.
- Asians in management is more than double the Top 10 and triple the Top 50 average.
- The number of Blacks in senior leadership roles is 77.8% higher than the Top 10 and double the Top 50 average.
In a business world in which 57% of organizations view employee retention as a problem, hiring and maintaining a diverse workforce is extremely important. Fortunately, there are a number of ways to make this happen. For instance, 86% of companies with employee recognition programs report an increase in worker happiness. Of course, it isn’t always that simple. Having a strong human resources department is key. To learn more about how you can increase your company’s diversity, speak with the human resources consultants at Frederickson Pribula Li.