Seramount Announces the 2023 Best Companies For Multicultural Women
Bristol Myers Squibb Named No. One
June 13, 2023 (Washington, DC)—Seramount, part of EAB, revealed the 2023 Best Companies for Multicultural Women today. This honor recognizes the Top 80 companies that create and use best practices in hiring, retaining, and promoting multicultural women in the United States. The complete list can be found here.
Since 2003, Seramount’s Best Companies for Multicultural Women has tracked corporations’ progress in creating cultures that encourage multicultural women to join and rise through the ranks. This year’s survey continued to assess progress for women by specific racial/ethnic group as well as factors influencing that progress, including mental health, anti-racism progress, and participation in mentoring and sponsorship programs.
“Corporations continue to make progress in recruiting, retaining, and promoting multicultural women,” said Subha V. Barry, President of Seramount. “While there is still work to be done to increase representation numbers, we applaud the efforts made in building inclusive workplaces through the implementation of strong career pathing initiatives and diversity, equity, and inclusion (DEI) programs. These policies will enable organizations to attract this critical talent pool.”
This year’s Top 10 Companies (in alphabetical order) are: Accenture, Bristol Myers Squibb, Ernst & Young LLP, Horizon Blue Cross Blue Shield of New Jersey, Johnson & Johnson, KPMG LLP, L’Oréal USA, Inc., Moody’s Corporation, New York Life, and Verizon
Key findings from Seramount’s 2023 Best Companies for Multicultural Women Survey:
- Multicultural women make up 10 percent of corporate executives (top two levels under CEO) vs. 8 percent last year and 20 percent of managers (vs. 17 percent last year).
- Multicultural women represent 15 percent of highest earners (top 20 percent highest-paid) vs. 14 percent last year.
- Ninety-three percent have a program to identify high-potential women of color (vs. 91 percent last year); 28 percent of mentees and 32 percent of those sponsored are women of color.
- Seventy-eight percent (vs. 64 percent last year) offer training to prepare women of color for key management positions involving Profit & Loss responsibilities.
- Ninety-one percent have anti-racism training (vs. 90 percent last year).
- Eighty-one percent link DEI goals to compensation (vs. 68 percent last year).
- Ninety-eight percent tie DEI management (representation, procurement, etc.) to leaders’ performance reviews (vs. 90 percent) last year.
Best Companies Workforce Composition
The 2023 Best Companies for Multicultural Women employ about 3.9 million people at 39,810 work sites in every state across 16 industries: chemical, consumer products, financial or property and casualty insurance, financial services, health insurance, hospitality, hospitals/health care, manufacturing, media, Internet, advertising, nonprofit/not-for-profit, pharmaceuticals, professional services/management consulting/accounting, retail and apparel, science/technology/engineering/ aerospace/medical devices, telecommunications, transportation services, and utilities.
METHODOLOGY
The Best Companies for Multicultural Women application includes close to 600 questions on representation; hiring, attrition, and promotion rates; recruitment, retention, and advancement programs; and company culture. Our scoring algorithm is based on the previous year’s benchmark results, which then determine the winners.
About Seramount
Seramount, part of EAB, is a strategic professional services and research firm dedicated to advancing diversity, equity, and inclusion in the workplace. Over four decades, partnering with more than 450 of the most iconic companies in the world, we’ve built a deep, data-driven understanding of the employee experience, which lays the groundwork for everything we do. We meet each partner’s needs no matter where they are on their journey and guide them along an ever-changing talent landscape. Learn more at www.seramount.com.
PRESS CONTACT
Stefanie McNamara
Seramount