Did you know that only 154 Fortune 500 companies in America have published DEI statements as of 2023? While that number is up from the 79 organizations with published statements from a year prior, it still represents less than half of all major enterprises.
The benefits of investing in DEI initiatives, training, and programs include everything from higher employee morale and lower turnover to stronger collaboration and higher profits. To further drive home the effectiveness of diversity and inclusion, we highlight several industry leaders and how they prioritize DEI in their organizations.
Using these organizations as a template, you can further professional development and employee engagement by investing in organizational training programs from Coach Diversity Institute. Our courses cover everything employees need to be aware of their behaviors and actions while creating inviting work environments free from unconscious biases.
Spotlight on Excellence: America’s DEI Leaders
Recent developments would have you believing that DEI is dead in the water, but that couldn’t be further from the truth. Organizations, individuals, and groups are working together to continue developing an inclusive culture that’s diverse and equitable for everyone.
In the USA alone, many high-profile businesses are doubling down on their DEI efforts, showing the world that these inclusion initiatives are the right thing to do and have plenty of upside. These best employers for diversity include:
- Workday
- American Express
- Procter & Gamble
- Forbes
- Intel
- Cummins
- TD Bank
- Salesforce
- PayPal
- Microsoft
- Accenture
- Ally Financial Services
- Mastercard
- Marriott
Of course, these are but a handful of the establishments committed to inclusive environments, diverse workforces, and equitable career paths. By educating your teams and investing in diversity coach programs through Coach Diversity Institute, you can join these illustrious organizations as leaders in DEI.
Case Study 1: Google’s Tech Inclusion
Google is one of the most well-known success cases for diversity, equity, and inclusion in the tech industry. The two founders and many of the senior leadership team are women or people of color, signaling to potential employees that Google has an inclusive workplace culture.
Google’s inclusive programs start with a detailed diversity report, highlighting the company’s current DEI posture and its goals for improvement. These goals even include aggressive results, such as Google’s aim to have 30% of their workforce from underrepresented groups.
The company’s commitment to inclusive practices beyond the corporate office helps with fostering the inclusive nature of its workplace diversity. For instance, Google builds a sense of belonging in communities through technology designed to connect social groups, assist with disabilities, and benefit the lives of underrepresented individuals.
Google became famous for its flexible working conditions, carefree workplace environment, and on-campus perks. Yet, the company’s commitment to diversity, equity, and inclusion is paying the real dividends, as skilled people from diverse backgrounds continue to compete for open positions, and the company routinely has substantial retention numbers.
Case Study 2: Bank of America‘s Financial Equity
When it comes to corporate management, most companies have to invest in developing inclusive leaders. At Bank of America, CEO Brian Moynihan embodies what it means to be an inclusive leader, having served on the board of directors of the Global Diversity & Inclusion Council since 2007.
The top-down approach to inclusive leadership means inclusive and equitable conditions exist at every level. There are programs BoA implements to get their teams involved, such as peer-to-peer diversity leadership councils, 11 various employee resource groups (ERGs), and external partnerships that circle the globe.
A massive 49% of BoA’s U.S.-based workforce comes from underrepresented or ethnically diverse backgrounds. More impressive still is that more than 51% of Bank of America’s global workforce is female employees.
Thanks to innovative inclusion programs, there are more pathways to leadership roles for underrepresented employees than in previous years at the company. The fantastic employees at the heart of BoA’s global workforce power it to an incredible 99% member retention rate for 2022.
Case Study 3: Target’s Retail Revolution
Retail giants face elevated challenges to DEI efforts due to the massive logistics operations required to keep products moving. A considerable step Target is taking to boost racial equity is investing 5% of total ad dollars with Black-owned media, which is only one component of more than $2 billion earmarked for improving community and guest relationships with people of color.
Target’s investment in DEI extends to suppliers, as the retail heavyweight partners with diverse manufacturers to find the products customers need. In addition to ethnic diversity, Target’s commitments to equity place it at 100% on Disability: In Disability Equality Index.
Target has a cult-like following, with millions choosing the retailer over other options, including Walmart. That achievement is due in no small part to the brand’s DEI efforts, which make it a favorite for both shoppers and employees.
Innovative Approaches in DEI: Johnson & Johnson in Healthcare
The healthcare industry has a terrible reputation for underserving diverse individuals. For instance, during the COVID-19 pandemic, African American, Asian, and Hispanic individuals were up to 36% less likely to receive Paxlovid treatment when compared with white patients.
To counter these unfortunate statistics, healthcare leader Johnson & Johnson spent $100 million in 2022 to close the ethnic care gaps in the United States. That $100 million is just a drop in the more than $5.88 billion the company has spent since 1998 on improving diversity in its supply chain, research inclusivity, and spending with underrepresented groups.
As more healthcare institutions follow Johnson & Johnson’s example, better healthcare will become available for all patients. The advances in stroke understanding, science, and support are direct results of Johnson & Johnson‘s diverse and inclusive efforts, serving as further proof of the higher-quality healthcare that’s possible through DEI.
Lessons from the Leaders
We’ve covered several examples of organizations that continue paving the way for enriched DEI practices. A common trend that flows through each of these organizations is leadership’s constant support and buy-in of DEI initiatives.
Your organization’s leaders are responsible for creating and maintaining company culture. Those leaders invested in diversity and inclusion take action to transform established practices into positive growth, leading to the results highlighted by these industry leaders.
Another major takeaway is each organization’s commitment to benefiting customers through DEI. For example, when an organization shows that it values diversity and inclusion, customers from diverse backgrounds can relate more to the company’s message.
Those company messages attract a broader customer base, which provides additional benefits to a business’s bottom line. Without opening the door to DEI, your business could be leaving precious money, reputation, and talent on the table.
Inspire Inclusive Excellence with Coach Diversity
As businesses become more global, the need to attract multicultural talent and serve diverse customer bases continues to grow. The only way to find lasting success in these new conditions is to invest in diversity, equity, and inclusion.
Organizations like Target, Google, Bank of America, and Johnson & Johnson show what DEI should look like in the most prominent establishments while serving as influential blueprints for smaller, inclusive companies. These organizations commit to equity not only in culture and ethnicity but diversity of all kinds, from LGBTQ and gender equality to disabilities and veteran status.As the best companies for diversity show, you, too, can create an organization that serves as a beacon of DEI in your community. By partnering with Coach Diversity Institute, you can deliver the diversity training, mentoring, and tools leaders and front-line associates need to create a diverse and inclusive workplace.