By the Editors of DiversityInc

© DiversityInc 2007 ® All rights reserved. No article on this site can be reproduced by any means, print, electronic or any other, without prior written permission of the publisher.

 

1. Consolidated Edison Co. of New York
2. Pepsi Bottling Group
3. Bank of America
4. Starwood Hotels & Resorts Worldwide
5. Health Care Service Corp.
6. Citigroup
7. Bausch & Lomb
8. Wells Fargo
9. JPMorgan Chase
10. Xerox

Latinos are now the largest minority group in the United States (14.6 percent of the population)* and are rapidly increasing their presence as well as their buying power (up 566 percent by 2011 compared with a 275 percent increase for whites and a 346 percent increase for blacks).*

How are companies recruiting, retaining and promoting Latinos? How are they using Latino employee-resource groups and top talent to reach this fast-growing community? Which companies are having the most success answering these questions? The DiversityInc Top 10 Companies for Latinos.

Here are some key points about the Top 10 Companies for Latinos:

• An average of 16 percent of their new hires are Latino, compared with 13.5 percent of the U.S. work force.*
• Nine percent of the women in management are Latinas, compared with 6 percent for the Top 50 and 1.2 percent of the U.S. work force.* And 11 percent of the women receiving promotions were Latina, compared with 7 percent for the Top 50 average.
• The Top 10 Companies for Latinos are particularly strong on work/life issues, which clearly resonate with this community in which family is so important. For example, 90 percent of the Top 10 for Latinos have floating religious holidays, compared with 74 percent of the Top 50. And all of the Top 10 for Latinos have lactation programs, compared with 82 percent of the Top 50.
• The Top 10 for Latinos spent an average of 5.2 percent of total procurement with Tier I (contractor) minority suppliers and 10 percent with Tier II (subcontractor) minority suppliers. By comparison, the Top 50 spent an average of 5.7 percent with Tier I minority suppliers and 3.9 percent with Tier II minority suppliers. National industry estimates are that all U.S. companies spend less than 2 percent of their procurement budgets with minority- and women-owned suppliers (Tier I and Tier II combined).

Methodology

To calculate this list, we looked at all demographic questions broken down by race/ethnicity in the Top 50 survey and pulled out Latino data. We also looked at the data for Latino men and women separately. Those demographics include boards of directors, work force, new hires, management in total, and management broken down by three levels: CEO and direct reports, direct reports to those direct reports, and all other managers. We also examined management promotions, as well as top 10 percent highest-paid employees. We factored in retention rates for Latinos in the work force and in management, compared with all other groups. We looked at other factors that contribute to recruitment, retention and promotion of Latinos, such as work/life benefits and employee-resource groups. We also examined supplier diversity and the percentage of procurement budget going to minority-owned companies, as well as mentoring programs and financial assistance for diverse suppliers.

Here are the 2007 DiversityInc Top 10 Companies for Latinos:

No. 1: Consolidated Edison Co. of New York

Also No. 8 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 2 for Recruitment & Retention, No. 4 for Executive Women, and No. 5 for Supplier Diversity

With its New York City location, this company has excellent access to the Latino population. Its board of directors is 8.3 percent  Latino, compared with 5.8 percent of the Top 50 and 1.9 percent nationally.* ConEd has strong demographics for Latinas. For example, 14 percent of women promoted in management are Latina, compared with 7 percent for the Top 50. Latinas are 1.2 percent of all managers nationwide.*

No. 2: Pepsi Bottling Group

Also No. 2 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 4 for Recruitment & Retention, No. 7 for African Americans, and No. 10 for Executive Women

The No. 2 company on The 2007 DiversityInc Top 50 Companies for Diversity list, Pepsi Bottling Group has a Latino head of diversity: Ed Rodriguez, vice president of diversity. The company reports 9 percent of its board of directors are Latino and 11 percent of promotions in management went to Latinos, compared with 8 percent for the Top 50. Nationally, Latinos are 6.6 percent of all managers.*

No. 3: Bank of America

Also No. 1 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 1 for Recruitment & Retention, No. 1 for Executive Women, No. 8 for Asian Americans, No. 3 for GLBT Employees, and No. 6 for Supplier Diversity

The No. 1 company overall this year, Bank of America has a work force that is 16 percent Latino. Ten percent of promotions in management went to Latinos, who are 6.6 percent of all managers nationwide.*

No. 4: Starwood Hotels & Resorts Worldwide

Also No. 47 on The 2007 DiversityInc Top 50 Companies for Diversity list

In the hospitality industry, having a work force that's heavily Latino isn't unusual. But Starwood's management numbers are strong in this demographic, especially for a hotel chain. The company reports 12 percent of its managers are Latino, while the national average is 6.6 percent.* Thirteen percent of women promoted in management are Latina, compared with 7 percent for the Top 50. Latinas are 1.2 percent of all managers nationwide.*

No. 5: Health Care Service Corp.

Also No. 33 on The 2007 DiversityInc Top 50 Companies for Diversity list

Twelve percent of women promoted in management are Latina, compared with 7 percent for the Top 50. Latinas are 1.2 percent of all managers nationwide. And 8 percent of its managers are Latino, compared with 6.6 percent nationally.

No. 6: Citigroup

Also No. 22 on The 2007 DiversityInc Top 50 Companies for Diversity list

The banking giant, whose chief diversity officer, Ana Duarte-McCarthy, is Latina, reports 13 percent of its board of directors is Latino. Sixteen percent of new U.S. hires are Latino, compared with 12 percent for the Top 50. And 10 percent of women in management in the United States are Latina, compared with 6 percent for the Top 50 and 1.2 percent nationally.*

No. 7: Bausch & Lomb

Also No. 44 on The 2007 DiversityInc Top 50 Companies for Diversity list

The company reports 11 percent of promotions in management went to Latinos, compared with 8 percent for the Top 50. Latinos are 6.6 percent of managers nationwide.*

No. 8: Wells Fargo

Also No. 20 on The 2007 DiversityInc Top 50 Companies for Diversity list and No. 10 for Asian Americans

The Calif.-based bank, long a leader in reaching the Latino community, reports that 20 percent of its female new hires are Latina, compared with 11 percent for the Top 50. Latinas are 5.3 percent of the U.S. work force.* Eleven percent of promotions in management went to Latinos, compared with 8 percent for the Top 50. Latinos are 6.6 percent of managers nationwide.*

No. 9: JPMorgan Chase

Also No. 9 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 6 for Recruitment & Retention, No. 4 for African Americans, No. 7 for Executive Women, No. 8 for People With Disabilities, and No. 4 for GLBT Employees

The bank notes that 15 percent of its new hires are Latino. Latinos are 13.5 percent of the U.S. work force.* Eleven percent of promotions in management went to Latinos, compared with 8 percent for the Top 50. Latinos are 6.6 percent of managers nationwide.*

No. 10: Xerox  

Also No. 7 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 7 for Recruitment & Retention, No. 3 for Executive Women, No. 1 for GLBT Employees, and No. 1 for Supplier Diversity

Seven percent of women promoted in management are Latina. Nationwide, Latinas are 1.2 percent of all managers.

* Sources: U.S. Census Bureau, Selig Center for Economic Growth, University of Georgia, Bureau of Labor Statistics, Hispanic Association on Corporate Responsibility