The 2008 DiversityInc Top 10 Companies for Latinos
By the Editors of DiversityInc
April 28, 2008
What makes a Latino join a particular company--and stay there and flourish? Find out how these companies create a culture of inclusion for ALL of their employees, which puts them on this specialty list.
Consider these points of comparison:
- Eighteen percent of their new hires were Latinos, compared with a Top 50 average of 12 percent. The U.S. Latino work-force participation rate is 12 percent, according to the EEOC
- An average of 8 percent of their boards of directors were Latino, compared with a Top 50 average of 5 percent and a national average of 3.1 percent, according to the Hispanic Association on Corporate Responsibility
- Ten percent of those promoted in management were Latino, compared with 6 percent for the Top 50. The national average of Latinos in management is 5.6 percent, reports the EEOC
- These top 10 spent an average of 26 percent of their advertising budgets on multicultural advertising, compared with a Top 50 average of 15 percent
- These top 10 averaged 31 percent of their work forces participating in employee-resource groups, compared with a Top 50 average of 19 percent
- These top 10 spent an average of 17 percent of their total procurement budgets with Tier I (direct contractor) women- and minority-owned enterprises, compared with a 9 percent average for the Top 50
Here's the list and a key factor in why each company was named:
No. 1: Kaiser Permanente, No. 43 on The 2008 DiversityInc Top 50 Companies for Diversity® list. Also No. 8 on The Top 10 Companies for African Americans and on The Top 10 Companies for Executive Women and The Top 10 Companies for People With Disabilities
An impressive 17 percent of its work force and 13 percent of those promoted in management were Latino. In addition, 14.5 percent of its board of directors was Latino.
No. 2: Verizon Communications, No. 1 on the Top 50. Also No. 2 on The Top 10 Companies for Recruitment & Retention
An outstanding company for diversity, demonstrated by its being No. 1 on the DiversityInc Top 50 two of the last three years, Verizon reports that 17 percent of the women in its middle management were Latina, compared with a 4 percent average for the Top 50. In addition, 12 percent of those promoted in management were Latino.
No. 3: American Express, No. 10 on the Top 50. Also No. 6 on The Top 10 Companies for Recruitment & Retention, on The Top 10 Companies for Executive Women
All of its managers participated in its mentoring program, compared with a 35 percent average for the Top 50. In addition, 7 percent of its top 10 percent highest-paid employees were Latino, compared with a 4 percent average for the Top 50.
No. 4: Wells Fargo & Co., No. 26 on the Top 50. Also No. 9 on The Top 10 Companies for Recruitment & Retention and on The Top 10 Companies for Executive Women
Sixteen percent of its work force was Latina, compared with a 10 percent average for the Top 50. Nationally, Latinas were 5.3 percent of the work force, according to the EEOC. And Wells Fargo spent 23 percent of its advertising dollars on multicultural advertising.
No. 5: Bank of America, No. 3 on the Top 50. Also, No. 5 on The Top 10 Companies for Recruitment & Retention and No. 6 on The Top 10 Companies for Supplier Diversity
Twenty-three percent of its new hires were Latino, which is very high for a bank. All of its managers participated in the mentoring program as well, compared with 17 percent of The Top 10 Companies for Latinos.
No. 6: Pepsi Bottling Group, No. 29 on the Top 50
Twenty-two percent of its board of directors was Latino. This company spent 44 percent of its advertising budget on multicultural advertising. In addition, 60 percent of its workers were members of employee-resource groups, compared with a 31 percent average for The Top 10 Companies for Latinos.
No. 7: The Walt Disney Co., No. 36 on the Top 50
Thirty-two percent of its new hires were Latino, compared with 12 percent for the Top 50. Demonstrating its commitment to diversity, the CEO tied 30 percent of senior-executive bonuses to diversity, compared with an average of 10 percent of bonuses for the Top 50.
No. 8: Blue Cross and Blue Shield of Florida, No. 15 on the Top 50
Twenty-four percent of those promoted in management were Latino, compared with 6 percent for the Top 50 and 10 percent for The Top 10 Companies for Latinos. In addition, 16.75 percent of its board of directors was Latino.
No. 9: Sodexo, No. 12 on the Top 50. Also, No. 3 on The Top 10 Companies for Recruitment & Retention, No. 9 on The Top 10 Companies for African Americans, and on The Top 10 Companies for People With Disabilities
The CEO tied 25 percent of senior-executive bonuses to diversity, which delivered results. For example, 17.5 percent of its work force was Latino, compared with 10 percent for the Top 50 average.
No. 10: HSBC Bank USA, NA, No. 18 on the Top 50
The bank reported that 6.25 percent of its middle managers were Latino, compared with 3 percent for the Top 50 and 4 percent for The Top 10 Companies for Latinos.
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