Washington, DC, July 21, 2022 (GLOBE NEWSWIRE) -- Seramount, part of EAB, has revealed the 2022 Best Companies for Multicultural Women today. This honor recognizes companies that create and use best practices in hiring, retaining and promoting multicultural women in the United States. The full list can be found here.
Since 2003, Seramount’s Best Companies for Multicultural Women has tracked corporations’ progress in creating cultures that encourage multicultural women to join and rise through the ranks. Because of the large number of qualified companies, Seramount has increased the number on this list to 80 this year (from 75 last year).
This year, the survey continued to assess progress for women by specific racial/ethnic group as well as factors influencing that progress, including mental-health and anti-racism progress and mentoring and sponsorship participation.
The Top 10 Companies are as follows (in alphabetical order): Abbott, Accenture, ADP, CVS Health, Ernst & Young LLP, Johnson & Johnson, L’Oréal USA, Moody’s, New York Life, and Verizon.
The 2022 Seramount report finds that there has been significant progress:
- Multicultural Women (MCW) represented 24 percent of the workforce (vs. 20 percent last year).
- There has also been progress at two significant levels: senior managers, the pipeline into the top level (corporate executives), and managers, one level below.
- MCW represented 12 percent of senior managers (vs. 11 percent last year), and in the Top 10 Companies, they represented 15 percent of senior managers (vs. 10 percent last year).
- MCW represented 18 percent of managers (vs. 15 percent last year). For the Top 10 Companies, MCW represented 21 percent of managers (vs. 16 percent last year.)
- MCW women also represented 14 percent of the top 20 percent of the highest earners (vs. 10 percent last year) and 16 percent of the highest earners for the Top 10 Companies (vs. 11 percent last year).
- This progress is not yet showing up significantly at the most senior level of corporate executives, where MCW represented 8 percent of senior leadership (same as last year), and at the Top 10 Companies, where MCW represented 10 percent of senior-level corporate executives (vs. 9 percent last year).
The progress at the managerial levels can be attributed to upticks in programs and policies in recognizing ERG leadership, formal sponsorship, succession planning, and accountability:
Recruitment and Retention
- Seventy percent of the Best Companies for Multicultural Women require candidates be interviewed by a diverse panel of interviewers (vs. 64 percent last year). For the Top 10 Companies, it was a decline to 80 percent from 100 percent last year.
- Seventy-three percent of the Best Companies for Multicultural Women factor an employee holding an Employee Resource Group (ERG) leadership position into the career-pathing process (vs. 65 percent last year). For the Top 10 Companies, 90 percent did this (vs. 80 percent last year).
Sponsorship Programs
- Seventy-five percent of the Best Companies for Multicultural Women have formal sponsorship (vs. 68 percent last year). For the Top 10 Companies, it was 100 percent (same as last year).
Succession Planning
- Ninety-four percent of the Best Companies for Multicultural Women have formal executive succession planning (vs. 92 percent last year). Of those, 73 percent require gender and racially/ethnically diverse succession planning slates (vs. 75 percent last year). For the Top 10 Companies, 100 percent require gender and racially/ethnically diverse succession planning slates (vs. 90 percent last year).
Accountability in Building Inclusive Cultures
- Ninety percent of the Best Companies for Multicultural Women set percentage goals for diversity representation (vs. 88 percent last year). One hundred percent of the Top 10 Companies do this (same as last year).
- Ninety percent of the Best Companies for Multicultural Women had specific training on anti-racism (vs. 75% last year). For the Top 10 Companies, it was 90 percent (the same as last year).
- Ninety-three percent of the Best Companies for Multicultural Women used their ERGs to help with mental health outreach to underrepresented groups (vs. 80 percent last year). For the Top 10 Companies, it was 100 percent (vs. 70 percent last year).
Best Companies Workforce Composition
The 2022 Best Companies for Multicultural Women employ about 2 million people at 37,000 work sites in every state across 16 industries: chemical, consumer products, financial or property and casualty insurance, financial services, health insurance, hospitality, hospitals/health care, legal, manufacturing, nonprofit/not-for-profit, pharmaceuticals, professional services/management consulting/accounting, retail and apparel, science/technology/engineering/aerospace/medical devices, telecommunications, and utilities.
Methodology
The Best Companies for Multicultural Women application includes more than 500 questions on representation; hiring, attrition, and promotion rates; recruitment, retention, and advancement programs; and company culture. Our scoring algorithm is based on the previous year’s benchmark results, which then determine the winners.
About Seramount
Seramount, now part of EAB, is a strategic professional services and research firm dedicated to advancing diversity, equity, and inclusion in the workplace. Over four decades, partnering with more than 450 of the most iconic companies in the world, we’ve built a deep, data-driven understanding of the employee experience, which lays the groundwork for everything we do. We meet each partner’s needs no matter where they are on their journey and guide them along an ever-changing talent landscape. Learn more at www.seramount.com.
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