15 Most Diverse Companies in the US
In this article, we will be taking a look at the 15 most diverse companies in the US. To skip our detailed analysis, you can go directly to see the 5 Most Diverse Companies in the US.
Amid a growing pressure from investors and convincing evidence of economic benefits, companies have started to take ESG (environmental, social and governance) principles very seriously. Over the past few years we have seen a dramatic rise in activist investors pushing major companies to follow ESG practices. Studies also show that ESG is directly linked to economic benefits. For example, a study by Moore Global, which included 1,262 large companies from eight major economies, found that companies that took ESG seriously saw their revenue grow twice the rate of those that are not as committed to ESG. The study also found that profits for companies that stick to ESG principles rose three times faster than those less keen on ESG. The study also said that about 83% of companies invested in ESG reported improved customer retention, while 84% reported that ESG practices improved their ability to attract external investment.
Investors are also flocking to companies with strong ESG practices because there’s real money to be made in ESG investing. A 2019 report by McKinsey showed that global sustainable investing topped $30 trillion, a whopping 68% rise from 2014. The climate change problem and increasing awareness about human rights would only increase opportunities in the ESG space.
The importance of ESG in investing space can be gauged from the fact that the US government is initiating several actions to enforce companies to stick to ESG rules. The Securities and Exchange Commission is working to develop a common benchmark on how sustainable products are assessed and reported. However, such practices also resulted in a backlash from several companies.
Data from Bloomberg Intelligence shows that global ESG assets are expected to surpass a whopping $50 trillion by 2025.
To rank the most diverse companies in the U.S., we considered rankings by major publications including Forbes, Fortune, Vervoe and Diversity Inc. If a company was included in multiple lists, it was ranked higher. We also considered the ranking to each company given by each list.
Photo by Ant Rozetsky on Unsplash
15. KPMG
One of the biggest audit firms in the world, KPMG has a staff of around 265,000 people. KPMG is committed to reducing inequalities within its workforce while promoting gender equality and has hosted several online events to promote the importance of inclusion to its employees.
14. Toyota Motor Corporation (NYSE:TM) (North America)
Toyota Motor Corporation (NYSE:TM) North America has recently published its 2022 Diversity and Inclusion Report, which showed that Toyota Motor Corporation (NYSE:TM) (North America) has contributed more than $3.3 million in scholarships through the Rainbow PUSH program over the last 17 years. Toyota Motor Corporation (NYSE:TM) (North America) also hired full-time 60% of the Rainbow PUSH scholars.
13. Walmart Inc. (NYSE:WMT)
Walmart Inc. (NYSE:WMT) is the biggest private employer in the U.S. with more than 2 million employees so its diversity commitment has a very strong impact on the U.S. workforce. Walmart Inc. (NYSE:WMT) reported that in 2021. hourly-to-hourly promotion rates for women and people of color were on par with representation while office representation in the country for women and people of color was at its highest since 2020.
12. Netflix, Inc. (NASDAQ:NFLX)
The streaming giant currently has more than 222 million subscribers. Netflix, Inc. (NASDAQ:NFLX) provided its 2021 Inclusion Report which showed that more than half of the company's workforce was female including the worldwide leadership.
11. PayPal Holdings, Inc. (NASDAQ:PYPL)
PayPal Holdings, Inc. (NASDAQ:PYPL) is on online payment processing giant that has 400 million users and around 31,000 employees. PayPal Holdings, Inc. (NASDAQ:PYPL) supports different initiatives to promote diversity within the workplace including Veteran Jobs Mission, AfroTech, Lesbians Who Tech Summit and Hispanic Alliance for Career Enhancement.
10. Comcast Corporation (NASDAQ:CMCSA)
Comcast Corporation (NASDAQ:CMCSA) is among the most diverse companies in the U.S. One of the biggest telecommunication companies in the world, Comcast Corporation (NASDAQ:CMCSA) embraces diversity in terms of culture, background and perspective.
9. Mastercard Incorporated (NYSE:MA)
One of the biggest financial services and credit card companies in the world, Mastercard Incorporated (NYSE:MA) is considered to be the second largest payment-processing company globally. The 2021 Global Inclusion report of Mastercard Incorporated (NYSE:MA) stated that the company increased the number of women in senior management positions to 33%. Further, Mastercard Incorporated (NYSE:MA) achieved an 80% completion rate for conscious inclusion training while introducing a feature "to allow transgender and nonbinary individuals to reflect their chosen names on their cards into Europe, Latin America and the Middle East."
8. BlueCross Blue Shield
Two different companies within the BlueCross Blue Shield network were listed in different lists which shows that the parent company is doing something right. BlueCross Blue Shield Association consists of 34 independent and locally operated companies which provide health insurance to more than 106 million people.
7. Eli Lilly and Company (NYSE:LLY)
One of the biggest pharmaceutical companies in the world, Eli Lilly and Company (NYSE:LLY) has more than 35,000 employees across the world and is considered among the most diverse companies in the U.S. Eli Lilly and Company (NYSE:LLY) leverages the varied backgrounds of its thousands of employees in order to deliver better scientific breakthroughs and use a data-driven approach to diversity, equity and inclusion.
6. The Hartford Financial Services Group, Inc. (NYSE:HIG)
The Hartford Financial Services Group, Inc. (NYSE:HIG) is an investment and insurance company. The Hartford Financial Services Group, Inc. (NYSE:HIG) believes that to continuously progress and innovate, new ideas are required from different thought processes and backgrounds, which can only happen when inclusion and diversity is being practiced. According to the Chairman and CEO of The Hartford Financial Services Group, Inc. (NYSE:HIG):
"Who we are matters, and building a more diverse workforce and nurturing an inclusive culture remains a top priority for The Hartford. I remain equally and personally committed to working within the industry and with other business leaders to advance change.”
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Disclosure: None. 15 most diverse companies in the U.S. is originally published at Insider Monkey.
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