Facing employee and investor pressure, S&P 500 companies are beginning to disclose workforce representation targets with timeline commitments.
RBC found that 40% of S&P 500 companies discussed diversity, equality and inclusion during second quarter earnings calls, up from 4% in the first quarter, and 6% during the same quarter a year ago.
"Most of the comments have been made during prepared remarks, with companies highlighting their heightened, longer-term focus on diversity & inclusion and its importance to their corporate strategies," RBC analysts led by Sara Mahaffy wrote in a note to clients Thursday. The firm found that comments came primarily from companies in the staples, discretionary, financials, communication services and utilities sectors.
Social values aside, there's a real financial risk for companies that fail to put their money where their mouth is on this issue. A lack of diversity in background and experience can stifle innovation and promote group think, while companies that don't prioritize inclusion may struggle to attract and retain top talent and younger workers.
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