As more organizations shift their focus to be more inclusive, a new partnership could reward employers for disclosing their diversity and inclusion (D&I) efforts.
FORTUNE and Refinitiv, a global provider of financial market data and infrastructure, have announced a new partnership that aims to make corporate diversity disclosure the new standard of doing business. The partnership, called the “Measure Up Initiative,” is powered by Refinitiv’s environmental, social, and corporate governance (ESG) data.
Measure Up will help business leaders across industries tackle one of the biggest barriers to a just and equitable society: the continued lack of racial and ethnic diversity in corporate workplaces. FORTUNE and Refinitiv will begin this work by establishing diversity disclosure and accountability as a critical metric for stakeholder-driven businesses and will disclose their own D&I data, as well.
Data Are the Key for Successful D&I
Companies frequently make commitments about D&I and about rethinking who rises and who leads in their workplaces. But very few companies report metrics on how well they’re executing on these commitments.
The corporate world desperately needs public disclosure of such measurements, which will help companies set benchmarks, encourage high-performing companies to reach higher, and prompt companies lagging in these areas to step up.
FORTUNE and Refinitiv will support this call to action by providing executives with data-driven insights and in-depth conversations on key topics such as inclusive leadership, corporate anti-racism, and the racial wealth gap. Measure Up will help corporate senior leaders set transparent goals around inclusion, share tactics and strategies, and work collectively to deliver measurable returns to a broader set of stakeholders.
D&I Efforts Could Land You on FORTUNE’s ‘Most Progressive Companies’ List
To further reinforce workplace inclusion as the new business standard, FORTUNE will launch a new D&I filter that will allow companies on the 2021 FORTUNE 500 List to be sorted and ranked using the companies’ self-reported data, provided by Refinitiv. FORTUNE will also use these data to identify the 2021 Most Progressive Companies in Racial Inclusion.
Of this partnership and the addition of D&I data to the FORTUNE 500, FORTUNE CEO Alan Murray says in a press release, “What gets measured gets managed. Until companies commit to measuring and disclosing their diversity data, it will be hard to make progress. FORTUNE is proud to partner with Refinitiv on this important initiative to hold companies to a higher standard, and to make business better.”
Refinitiv CEO David Craig adds, “I believe the corporate world overwhelmingly wants to see change and understands how vital diversity is in building successful and sustainable companies. However, efforts to tackle minority under-representation in the workplace will fall flat unless companies first have an accurate picture of their racial composition.”
“As one of the world’s biggest providers of ESG data, we are encouraging companies to share minority-related measures of their workforce with the world—just as they already do with gender. By teaming up with FORTUNE to create Measure Up, harnessing their unique link with the CEO community, I’m more hopeful than ever that the corporate world can fulfill its promises and respond to the cries for change that have only grown louder in the wake of the murder of George Floyd,” Craig concludes.
Why This Is Good for Business
FORTUNE 500 refers to a list of 500 of the largest companies in the United States, compiled by Forbes magazine every year. Companies are ranked by their annual revenues for their respective fiscal years, and this list includes both public and private companies using publicly available revenue data.
While making the FORTUNE 500 list may be big businesses’ goals, small- to midsize employers may be wondering how they can compete. By using the same strategies the FORTUNE 500 companies implement, you can show jobseekers you’re an employer of choice, as well. One way to stand out is by applying for FORTUNE’s Great Place to Work’s Best Workplaces list.
According to FORTUNE, Great Place to Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue and increased innovation. Being included on this list is a talent magnet! Every jobseeker wants to work at an employer of choice, but how do you get on this list to begin with?
- You must be a U.S. employer.
- You must have at least 10 full- and/or part-time employees.
- You must survey employees using FORTUNE’s flagship assessment, the Trust Index, and complete a Culture Brief.
- You must apply before the next deadline.
As FORTUNE expands its focus on D&I, now is the time for your organization to, as well.