The DiversityInc Top 10 Companies for Asian Americans
By the Editors of DiversityInc
- Cummins
- Ernst & Young
- Novartis
- PricewaterhouseCoopers
- MetLife
- The Coca-Cola Co.
- Merrill Lynch
- Bank of America
- Procter & Gamble
- Wells Fargo
Although Asian Americans only are 4 percent of the U.S. population, they are growing rapidly and will be 8 percent by 2050, according to U.S. Census Bureau projections. Their median household income now is $60,367, double that of blacks and Latinos and 16 percent higher than whites.*
How are companies recruiting, retaining and promoting Asian Americans? How are they using Asian-American 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 Asian Americans.
Here are some key points about the Top 10 Companies for Asian Americans:
- An average of 11 percent of new hires are Asian American, compared with 9.5 percent for The 2007 DiversityInc Top 50 Companies for Diversity®. Nationally, Asian Americans are 4.5 percent of the adult U.S. work force.*
- An average of 9 percent of their managers are Asian American, compared with 7 percent for the Top 50. Nationally, Asian Americans are 4.3 percent of managers.* And an average of 11 percent of management promotions went to Asian Americans, compared with 9 percent for the Top 50.
- An average of 12 percent of the top 10 percent highest-paid women in these companies are Asian American, compared with 8 percent for the Top 50.
- Forty-three percent of managers in these companies participate in mentoring programs, compared with a 31 percent average for the Top 50.
Methodology
To calculate this list, we looked at all demographic questions broken down by race/ethnicity in the Top 50 survey and pulled out Asian-American data. We also looked at the data for Asian-American 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 Asian Americans 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 Asian Americans, such as work/life benefits and employee-resource groups.
Here are the 2007 DiversityInc Top 10 Companies for Asian Americans:
No. 1: Cummins
Also No. 38 on The 2007 DiversityInc Top 50 Companies for Diversity list
On the Top 50 for the first time this year, Cummins reports that 12 percent of its total management is Asian American, compared with 7 percent for the Top 50 and 4.3 percent nationally.* Ten percent of its female managers are Asian American, compared with 7.8 percent for the Top 50. Thirteen percent of promotions in management went to Asian Americans, compared with 9 percent for the Top 50.
No. 2: Ernst & Young
Also No. 43 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 9 for People With Disabilities, and No. 5 for GLBT Employees
The accounting giant reports that 14 percent of its work force is Asian American, compared with 7 percent for the Top 50 and 4.5 percent nationally.* And 15 percent of its new hires are Asian American, compared with 9.5 percent for the Top 50 average. Thirteen percent of its managers are Asian American, compared with 7 percent for the Top 50 and 4.3 percent nationally. And 16 percent of its female managers are Asian American, compared with 7.8 percent for the Top 50 average.
No. 3: Novartis
Also No. 16 on The 2007 DiversityInc Top 50 Companies for Diversity list
The global pharmaceutical company reports that 11 percent of its new hires in the United States are Asian American, compared with 9.5 percent for the Top 50. Twelve percent of its managers are Asian American, compared with 7 percent for the Top 50. And 15 percent of promotions in management went to Asian Americans, compared with 9 percent for the Top 50.
No. 4: PricewaterhouseCoopers
Also No. 12 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 3 for People With Disabilities, and No. 2 for GLBT Employees
Clearly, accounting firms are ahead of the curve when it comes to Asian Americans. Longtime diversity leader PricewaterhouseCoopers reports that 17 percent of new hires are Asian American, compared with 9.5 percent for the Top 50 and a U.S. work force that is 4.5 percent Asian American. Seventeen percent of women promoted in management are Asian American, compared with 9 percent for the Top 50.
No. 5: MetLife
Also one of the 25 Noteworthy Companies in 2007
The insurance company reports that 11 percent of new hires are Asian American, compared with 9.5 percent for the Top 50 and a U.S. work force that is 4.5 percent Asian American. Ten percent of promotions in management went to Asian Americans, compared with 9 percent for the Top 50. Asian Americans are 4.3 percent of all managers nationwide.*
No. 6: The Coca-Cola Co.
Also No. 4 on The 2007 DiversityInc Top 50 Companies for Diversity list and No. 5 for Recruitment & Retention
Thirteen percent of its part-time workers are Asian American, double the Top 50 average of 6.5 percent. And 28 percent of its part-time new hires are Asian American, almost three times the 10 percent average for the Top 50.
No. 7: Merrill Lynch
Also one of the 25 Noteworthy Companies in 2007, No. 2 for People With Disabilities, and No. 8 for GLBT Employees
Thirteen percent of its new hires are Asian American, compared with a 9.5 percent Top 50 average and a U.S. work force that is 4.5 percent Asian American.* Eleven percent of managers are Asian American, compared with a 7 percent Top 50 average. Nationwide, Asian Americans are 4.3 percent of managers.* Eleven percent of the top 10 percent highest-paid women in the company are Asian American, compared with a Top 50 average of 8 percent.
No. 8: 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. 3 for Latinos, No. 3 for GLBT Employees, and No. 6 for Supplier Diversity
The No. 1 company on the Top 50 has a work force that is 10 percent Asian American, compared with 7 percent for the Top 50 and 4.5 percent nationally.* Nine percent of the top 10 percent highest-paid employees are Asian American, compared with 7 percent for the Top 50 average.
No. 9: Procter & Gamble
Also No. 14 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 9 for Recruitment & Retention, and No. 5 for People With Disabilities
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