Companies are making bold promises about greater diversity — there's a long way to go

Despite decades of pushing for wage equality, women and minorities still fall short of the pay of their White male colleagues, according to the Economic Policy Institute.

"Incentives to close the gender gap are evident ... companies focused on gender diversity at a board, C-suite and firm level have consistently achieved higher ROE [return on earnings] and lower earnings risk," Bank of America analyst Haim Israel wrote in a recent note to clients. "Moreover, companies focused on diversity have generally traded at premia to more homogenous counterparts.

The findings were even more compelling for ethnic and cultural diversity, where companies in the top 25% outperformed those in the bottom quarter by 36% in terms of profitability.Inequality and a lack of diversity in the workplace are certainly not new topics, but the recent protests have prompted companies to speak out, condemning racism, and recommitting to doing better when it comes to fostering inclusive work environments.

"These events are symptoms of a deep and longstanding problem in our society and must be addressed on both a personal and systemic level, wrote Larry Fink, CEO of BlackRock, the world's largest asset management firm. "This situation also underscores the critical importance of diversity and inclusion within BlackRock and society at large. We will continue to push forward in our efforts as a leadership team to build a more inclusive and diverse firm.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

GM CEO Mary Barra: 'It's my responsibility' to ensure company changes following death of George FloydGM CEO and Chairman Mary Barra said the automaker is setting near-, medium- and long-term goals regarding diversity and inclusion that will assist the company moving forward. We're you condoning racists policies before or something? LOL You should probably worry about Tesla coming to eat your lunch first.
Source: CNBC - 🏆 12. / 72 Read more »

U.S. companies vow to fight racism but face critics on diversityIn the past, U.S. corporations have largely remained silent as protests erupted over killings of African-Americans by police officers. That changed with the May 25 death of George Floyd in Minneapolis, which has set off a flurry of corporate statements of solidarity with the black community – along with pledges of more than $1.7 billion to advance racial justice and equity. They are just HYPOCRITES It’s ok to be on the right side of history Because you shouldn't be hiring people based on their skin color or sex. You should be basing your hiring off of who is the most qualified for the position. If you think that this will result in the hiring of disproportionately more white people, then maybe you are the racist.
Source: Reuters - 🏆 2. / 97 Read more »