The 2008 DiversityInc Top 10 Companies for Recruitment & Retention
By the Editors of DiversityInc
April 07, 2008
The Top 10 Companies for Recruitment & Retention have a heads up on the rest of corporate America. As national work-force diversity leaders, they already have the largest share of top talent from traditionally underrepresented groups, and they are increasing their margin rapidly.
Consider these points of comparison:
- An average of 39 percent of their work forces were Black, Asian, Latino and Native American, compared with a Top 50 average of 35 percent and a national average of 32 percent*. The critical ratio to examine is work force versus new hires, since that shows the company's progress. The Top 10 Companies for Recruitment & Retention averaged 49 percent new hires from these racial/ethnic groups, compared with 44 percent for the Top 50.
- Management promotions are the essential factor in assessing the pipeline to top management. The Top 10 Companies for Recruitment & Retention averaged 42 percent of those promoted in management being Black, Asian, Latino and Native American. This compared with a Top 50 average of 26 percent. Fifty-one percent of those promoted in management at The Top 10 Companies for Recruitment & Retention were women, compared with a Top 50 average of 45 percent. Nationally, women were 36 percent of managers*.
- All of these companies have unbiased retention in the work force and management, meaning employees are retained at equal levels, regardless of race/ethnicity or gender.
* Source: Equal Employment Opportunity Commission (EEOC)
Here's the list and a key factor about why each company was named:
No. 1: JPMorgan Chase, No. 13 on The 2008 DiversityInc Top 50 Companies for Diversity® list. Also No. 8 on The Top 10 Companies for Executive Women.
A longtime human-capital diversity leader, this company reports 41 percent of its work force and 52 percent of its new hires were Black, Asian, Latino and Native American, which is all the more remarkable considering this is a financial-services company.
No. 2: Verizon Communications, No. 1 on the Top 50. Also No. 2 on The Top 10 Companies for Latinos.
The No. 1 company on the Top 50 for the second time in two years, Verizon relies on its strong employee-resource groups as essential to its recruitment and retention efforts. That pays off--39 percent of its managers were Black, Asian, Latino and Native American, compared with a national average of 17 percent (EEOC).
No. 3: Sodexo, No. 12 on the Top 50. Also No. 9 on The Top 10 Companies for African Americans, No. 9 on The Top 10 Companies for Latinos and No. 6 on The Top 10 for People With Disabilities.
This company, which is very strong overall for diversity, links up to 25 percent of executive bonuses to diversity performance. This pays off in its demographics, especially for management. Fifty percent of its work force was Black, Asian, Latino and Native American. Sixty percent of its work force and 48 percent of those promoted in management were women.
No. 4: Wachovia, No. 14 on the Top 50. Also No. 9 on The Top 10 Companies for African Americans, No. 9 on The Top 10 Companies for Executive Women and No. 3 on The Top 10 Companies for LGBT Employees.
An outstanding 81 percent of those promoted in management were Black, Asian, Latino and Native American, and 51 percent of new hires were from those groups. Wachovia's performance in this area, especially because it is in the financial-service industry, is remarkable.
No. 5: Bank of America, No. 3 on the Top 50. Also No. 7 on The Top 10 Companies for Supplier Diversity and No. 5 on The Top 10 Companies for Latinos,
An innovator in work/life programs and a model of unbiased retention, Bank of America reports that 50 percent of managers promoted were women. Fifty-five percent of new hires were Black, Asian, Latino and Native American.
No. 6: American Express, No. 10 on the Top 50. Also No. 3 on The Top 10 Companies for Latinos and No. 2 on The Top 10 Companies for Executive Women.
Known for its strong work/life benefits and excellent employee-resource groups, both of which increase recruitment and retention, American Express reports that 43 percent of its top 10 percent highest-paid employees were women.
No. 7: Macy's, No. 39 on the Top 50. Also No. 6 on The Top 10 Companies for African Americans.
Macy's, which has an excellent mentoring program, with 33 percent of its managers enrolled, reports that 49 percent of its work force and 54 percent of new hires were Black, Asian, Latino and Native American.
No. 8: The Coca-Cola Co., No. 2 on the Top 50. Also No. 6 on The Top 10 Companies for Executive Women.
This first-rate diversity company puts strong emphasis on employee engagement and on developing a pipeline of talented people from all groups. Thirty-three percent of its managers and 20 percent of its most senior managers were Black, Asian, Latino and Native American. Forty percent of managers promoted were from those groups.
No. 9: Wells Fargo & Co., No. 26 on the Top 50. Also No. 4 on The Top 10 Companies for Latinos and No. 3 on The Top 10 Companies for Executive Women.
With innovative work/life programs, Wells Fargo is especially strong in retention and promotion of women. Sixty percent of its work force and 54 percent of managers promoted were women.
No. 10: PricewaterhouseCoopers, No. 4 on the Top 50. Also No. 6 on The Top 10 Companies for Asian Americans, No. 8 on The Top 10 Companies for LGBT Employees and one of the Top 5 Global Diversity Companies.
Known for its talent development, the accounting giant has senior management (direct reports to the CEO) that was 22 percent Black, Asian, Latino and Native American. All of its managers participate in its mentoring program, compared with a Top 50 average of 35 percent.
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