US companies have made progress in improving workplace diversity after pledging to address racial disparities. The podcast explores the challenges in obtaining diversity data, maintaining diversity during layoffs, and the future prospects of workplace diversity. It discusses the use of AI and trusted data, as well as the impact of external pressure on increasing board diversity.
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Quick takeaways
US companies have made progress in increasing workplace diversity, with 94% of net new employees being people of color.
Despite progress, some companies still struggle to achieve equity in terms of black executives.
Deep dives
Increase in Representation of Black and Latino Employees
More brands and businesses are pledging to increase the number of black and Latino employees they hire. Adidas plans to hire more black and Latino employees by the end of next year. Bank of America aims to address racial and economic inequalities by partnering with community colleges and universities. Microsoft CEO Satya Nadella has outlined plans to double the number of black managers and senior leaders in his company over the next five years.
Analysis of Workplace Inequality
A new analysis conducted by Bloomberg reveals the progress made by prominent US companies in addressing racial imbalances in their workplaces. The analysis shows that across 88 companies, 94% of the net new employees from the recent hiring surge were people of color. This signifies a significant positive change. However, the data also reveals that some companies still struggle to achieve equity, with more than a quarter of the companies having fewer black executives in 2021 compared to the previous year.
The Importance and Challenges of Diversity Programs
Companies face challenges in measuring and achieving diversity within their organizations. Although progress has been made with new hires being more diverse, there is a need for transparency and accountability. Some companies were hesitant to provide specific details of their diversity efforts, possibly due to concerns about legal risks and the increasing backlash against corporate diversity programs. However, research shows that it is essential for companies to continue prioritizing diversity, as it positively impacts their bottom line and helps them navigate an evolving cultural landscape.
After the murder of George Floyd and subsequent protests in 2020, corporate America made bold promises to address racial disparities in the workplace. And they delivered. Bloomberg’s Jeff Green and Rebecca Greenfield join this episode to dig into the data about US companies’ DEI efforts.