The research is clear — companies that are diverse perform better. A 2018 McKinsey study shows that companies in the top quartile for gender diversity on executive teams were 21 percent more likely to experience above-average profitability than other companies.
Paradigm for Parity® coalition member companies understand this and are working to make gender parity in corporate leadership a reality. Leaders from Bank of America, Merck and Yum! Brands explain why diversity is critical to the success of their companies.
Sheri Bronstein, the Global Head of Human Resources for Bank of America, shares why diversity is important to her company and the progress they are making to achieve parity.
“We joined the Paradigm for Parity® coalition because we believe being a diverse and inclusive company is a critical component of making us a great place to work and is essential to our ability to meet the needs of our clients, communities and employees. Our ongoing work to invest in women as they make meaningful contributions within our company and in our communities includes our focus on being a great place to work for all employees, making the financial lives of our female clients and customers better and advancing the economic empowerment of women around the world. The impact of this work is evident in increased female representation at leadership levels as well as improved employee engagement and inclusion indexes. We’re proud that women make up more than 50% of our global workforce, more than 40% of our global management team and our managers, and more than 30% of our board of directors. As we move forward, we will focus on continuing to make progress in driving these efforts so we can help women have the power to reach their goals. We know that when we do that, we are collectively able to achieve more.”
Celeste R. Warren, Vice President Human Resources and Global Diversity & Inclusion COE from Merck, showcases why diversity and inclusion is important to the company.
“The world is full of people with different backgrounds, perspectives and experiences. Merck recognizes that to have the greatest impact in such a diverse world, we need to champion a workforce that reflects the individuals we serve. As such, we are proud to support the Paradigm for Parity® coalition — a call to action and model for gender equality. By signing on, we pledged to continue working with our colleagues and others across the globe, to establish parity in our own businesses.
“We believe that having a diverse workforce — including all dimensions of diversity — is fundamental to our success. Having a workforce that is diverse — and inclusive — deepens our perspectives, enriches our lives and inspires the next great idea or invention that can lead to better health.
“We pledged support because we believe these D&I goals are important.
“We pledged support because we believe these goals create a competitive advantage
“We pledged support because we believe it is the right thing to do.”
Tracy Skeans, the Chief Transformation and People Officer of Yum! Brands Inc., discusses how the company is prioritizing the creation of a diverse and inclusive culture.
“At Yum! and our brands — KFC, Pizza Hut and Taco Bell — we believe our unrivaled culture and talent is what differentiates us from our competitors and what fuels our results. As part of our relentless focus on people, we are working to ensure we have ALL people represented at all levels of our organization. Joining Paradigm for Parity® coalition sent a strong signal to our employees and the industry regarding our commitment to gender parity. In addition, launching global unconscious bias training programs, working to provide our female and minority employees with mentors, and hosting a live online conversation with our CEO on diversity and inclusion are all about enabling people to experience our commitment and create change. What we’re most proud of is the progress we’re making, currently we have 40% of our senior leadership roles filled by women, an increase of 6 points in the last year and a half. While we won’t be satisfied until we have parity, we’re excited to be on the journey.”