L’Oréal USA has been named the #1 Company for Multicultural Women, according to Working Mother magazine, which today announced its 2020 list of organizations that create and use best practices in hiring, retaining, and promoting multicultural women in the United States. Winners will be featured in the June/July issue of Working Mother and at workingmother.com.
The Working Mother Research Institute has conducted the initiative since 2003, tracking corporations’ progress in creating cultures that encourage multicultural women to join and rise through the ranks.
"At L’Oréal, we believe it is essential that our workforce be as dynamic as the marketplace that we serve, and we find endless inspiration in the diversity of perspectives and ideas that comes with that,” said Angela Guy, Senior Vice President, Diversity & Inclusion, L'Oréal USA. “We are proud to have multicultural women represent one third of that workforce, and remain unwavering in our commitment to support women along every step of their career path. We are honored to be recognized by Working Mother for our efforts.”
“Corporate interest in assessing and promoting multicultural women continues to rise dramatically,” said Subha V. Barry, president of Working Mother Media. “We recognize the significant progress these 50 companies have made in closing the gap between multicultural women’s readiness to be promoted. The path isn’t easy, but they continue to pave the way toward a more equitable corporate world.”
The winners of the Working Mother Best Companies for Multicultural Women were selected based on their answers to an extensive questionnaire covering representation, hiring, attrition and promotion rates, recruitment, retention and advancement programs, and company culture. The Working Mother Research Institute created a scoring algorithm based on the previous year’s benchmark results to determine the winners.
L’Oréal USA was recognized in part for the strength of its Women of Color Think Tank, which is focused on supporting an inclusive community to engage, inspire, and develop women of color at the world’s number one beauty company. The Think Tank serves to promote professional advancement; drive total business performance, impact the external community, and ensure that L’Oréal USA is a great place to work for women of color.
Key findings of the 2020 Working Mother report include:
●The percentage of multicultural women has increased since last year at most levels. Multicultural women were 11 percent of senior managers (compared with 10 percent last year and 8 percent five years ago).
●Asian women show the most significant gains. For example, the percentage of Asian women managers and the percentage of Asian women in the top 20 percent highest-paid earners are both up by about a third.
●There is encouraging news at the top with increases in promotions for black, Latinx and Asian women with profit & loss experience and in heading major divisions or country revenues of more than $1 billion. For example, the percentage of black women with P&L experience who were promoted and the percentage of Latinx women leading major divisions more than doubled since last year.
●The improvement at the very senior positions correlates to progress in participation in best practices, including recruitment initiatives, formal sponsorship, and mentoring and leadership development. For example, the percentage of companies requiring diverse slates of interviewers for new hires is up a third.
●More CEOs have publicly declared their support for diversity & inclusion, including the hiring and promotion of multicultural women.
View the complete list of 2020 Working Mother Best Companies for Multicultural Women here: https://www.workingmother.com/best-companies-for-multicultural-women-2020