Korn Ferry Partners with FORTUNE for the 21st Year on World’s Most Admired Companies List: Research finds Diversity and Inclusion Key Strategic Priority for Most Admired Companies
-- The World’s Most Admired Companies (WMAC) Rankings Definitive Benchmark on Corporate Reputation --
-- Leaders Say Diversity is as Much about the Way People Think as it is Demographic Differences --
-- Despite Advances, Many Say People Managers are Not Held Accountable for D&I Goals and Plans --
“Having employees with a wide range of diverse backgrounds is critical
to bringing new ways of thinking,” said
In the survey, leaders indicate the primary goals driving diversity and inclusion efforts at the present time include building teams and talent processes that reflect markets and customers served, optimizing team performance, and enhancing competitive advantage in the marketplace. And while the leaders expect that 5 years from now those issues will still be priorities, they believe their D&I programs will evolve to be a key way to enable business strategy.
“It is clear that diversity and inclusion efforts are quickly evolving
to go beyond simply being an HR issue to a being seen as a core
strategic business enablement tool,” said Andrés Tapia, senior partner
and a global D&I thought leader and strategist at
Recruiting and Talent Management
In terms of external recruiting, nearly three quarters (70 percent) of survey respondents give their companies high marks for effectiveness in recruiting women leaders and 72 percent say their companies are effective in recruiting people with different backgrounds and characteristics at the leadership level.
More than three quarters (78 percent) say internal development is supported by formal mentoring and coaching processes for women, and 74 percent say there are mentoring and coaching programs in place for people with different backgrounds and characteristics. Reported use of formal mentoring and coaching processes is considerably higher among the leaders of the most admired companies versus peer companies.
However, despite the priority they say their companies put on D&I efforts, more work needs to be done. Only 66 percent feel that people managers are held accountable for diversity and inclusion goals and plans, and nearly half (45 percent) say they do not yet have a Chief Diversity Officer.
“Diversity and inclusion programs are no longer just a ‘nice to have.’ It is clear beyond a doubt that focusing on unique hiring and development initiatives that service underrepresented groups will bring enhanced productivity and profits to well-run organizations,” said Tapia. “Research shows that diverse and inclusive teams make better quality decisions that align with future initiatives, so companies need to continue to evolve their D&I programs to ensure they meet the changing needs of organizations.”
About the World’s Most Admired Companies Rankings
The World’s Most Admired Companies (WMAC) rankings are the definitive
benchmark on corporate reputation.
Data were derived from a survey of 867 senior executives from companies eligible to participate in the annual FORTUNE World’s Most Admired Companies rankings.