Corporate America Goes on a Diversity Officer Hiring Spree
The police killing of George Floyd focused attention on the need to eliminate discrimination in the workplace.
The Bloomberg article, "Corporate America Goes on a Diversity Officer Hiring Spree," quoted Russell Reynolds Associates Consultant Tina Shah Paikeday on the push for diversity, equity and inclusion in organizations. The article is excerpted below.
In the three months after the police killing of George Floyd touched off mass protests, new hires for chief diversity officers in S&P 500 companies jumped to as many as a dozen a month—almost triple the normal rate, according to research from executive recruiter Russell Reynolds Associates Inc. For many, it was their first diversity executive. “What’s different this time is that the whole world is focused on it,” says Tina Shah Paikeday, who leads the diversity and inclusion advisory practice at Russell Reynolds.
Companies such as McDonald’s, Microsoft, and Boeing have set specific hiring goals. International Business Machines Corp. has dropped degree requirements that had proved to be barriers to recruiting minorities. Other corporations have pledged support to groups promoting the hiring of more Black directors, executives, and employees.
The percentage of S&P 500 companies with a diversity chief is still only 53%, up from 47% in 2018, Russell Reynolds found. An oft-cited 2019 study from Boston Consulting Group Inc. found that 97% of workers say their company has a diversity program, but only 25% say they are benefiting from it.
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