The top 20 Fortune 500 companies on diversity and inclusion
More and more companies and CEOs are learning that a strong business is one that includes people with disabilities as well as diversity in race, gender, and cultural backgrounds, and business leaders across industries have made pledges to become more diverse and inclusive.
The reality: More than talk is needed.
Fortune partnered with Refinitiv to bring in data, and this year’s Fortune 500 list includes Measure Up, a ranking of the most progressive companies in diversity and inclusion. Using Refinitiv diversity and inclusion data and figures sourced from public disclosures, Refinitiv and Fortune were able to see which companies were the best at addressing 14 key metrics, including the percentage of minorities on the board, the percentage of employees that are women, and the percentage of employees with disabilities, among others.
The numbers were sourced from 2020 data, when available, or 2019 data at the earliest. Sixteen companies voluntarily contributed their data to Measure Up for at least one of the 14 key metrics, and 14 companies voluntarily contributed their data for any of the four minority data measures. The rest of the data was sourced from public disclosures or wasn’t available.
Although an increasing number of companies are publishing data on diversity and inclusion, in the Fortune 500, the sample size is still small. Refinitiv found that at least 256 of the 500 companies on the list had published some sort of racial and ethnic data last year, but only 22 companies published a full breakdown of the percentage of minorities in their companies for four categories of minority group: Black, Hispanic, Asian, and other. These companies also reported metrics for representation in management and on the board, as well as for their racial pay gap.
Readers will now have the chance to filter and compare companies on the Fortune 500 by their Measure Up ranking.
Top 20 companies with best diversity and inclusion numbers overall:
- Verizon Communications
- Bank of America
- Wells Fargo
- Bank of New York Mellon
- Walgreens Boots Alliance
The top ranking company in diversity and inclusivity this year was Microsoft. The Redmond, Wash.-based tech and software company had the most complete diversity and inclusion numbers of the companies analyzed.
The tech company provides day care services and has an employee resource group voluntarily formed by employees. The company also set targets to be achieved on diversity and inclusion and has a policy regarding gender diversity and a policy to promote diversity and inclusion in its workforce.
When it comes to racial and gender diversity, Microsoft also tops the list. According to data from 2020, the company’s board was made up of 39.7% of racial and ethnic minorities and its workforce as a whole was 49.8% racial or ethnic majorities. Based on the same data, Microsoft’s managers also consisted of 41.3% racial or ethnic minorities.
Though the tech giant was one of the best in its racial diversity statistics, it is lacking in terms of gender diversity. The company reported 2020 data showing that just 28.6% of its employees were women and 26.3% of its managers were women.
Through Measure Up, Refinitiv and Fortune are highlighting the businesses progressing the most in diversity and inclusion efforts. It’s our hope that in the future more companies will lead by example in improving their numbers and transparency when it comes to this important issue.
The Measure Up program is ongoing, and we encourage companies of all sizes to participate and contribute. All contributions should be submitted via the Refinitiv ESG contributor tool, and more details are available at Fortune.com/MeasureUp.