Forbes releases list of America’s top 500 companies for diversity
Forbes has released their annual America’s Best Employers For Diversity, ranking 500 employers on their DEI commitments and effectiveness.
MORE IN THIS SECTION
To catalog and spotlight companies that practice diversity, equity, and inclusion (DEI), Forbes has compiled a list of the top 500 businesses across the United States that have proven their dedication to equality in the workplace.
This year's list is Forbes' sixth annual edition. In partnership with the market research firm Statista, they surveyed over 45,000 Americans working for companies with at least 1,000 employees providing anonymous ratings.
Monica McCoy is the founder and CEO of Monica Motivates, a consultant group for talent development with a focus on ethical and inclusive business practices, and provided some insight on how DEI can be approached.
“There’s no one-size-fits-all with DEI, and companies that—with the best intentions—rushed to implement blanket policies will have been underwhelmed by the result,” said McCoy to Forbes.
Ratings were based on the organizations in terms of general diversity and equality among age, gender, ethnicity, disability, and LGBTQ+ demographics.
Each company's diversity-related best practices were similarly reviewed and used to make the rankings. These practices include employee resource groups (ERGs), public diversity data, and the percentage of women in executive or board positions.
Additionally, those that were from underrepresented groups were asked about other businesses they would recommend.
Citing a recent report published by Global Industry Analysts, Forbes estimates the amount invested in DEI was $7.5 billion in 2020, with expectations for it to reach $17.2 billion by 2027. The U.S. alone accounted for nearly half of all DEI spending — $3.4 billion — and is estimated to account for $8 billion in 2027.
“Now that we’re approaching the three-year anniversary of George Floyd’s death (and the deaths of many others in similar circumstances) at the same time that we’re experiencing economic and geopolitical uncertainty, we’re seeing some organizations pulling back and considering cutting budgets for their DEI teams,” McCoy said.
“But we all know that what DEI is trying to achieve involves uprooting deeply entrenched societal systems, operational systems and behaviors—and that takes time,” she continued. “That’s why strategies must be long-term. It’s also why their funding needs to be protected.”