A new Korn Ferry Institute report reveals the emerging trends among CEOs and their boards.
How effective are programs to support diversity and inclusion in the workplace?
In the early 2000s, a large consumer goods corporation recognized that women of color were reporting significantly lower job satisfaction, lower trust scores, and significantly higher intention to leave compared with all other demographic groups of employees. In partnership with Global Novations, now part of Korn Ferry, the company implemented a multiyear diversity and inclusion initiative for women of color that sped up their rates of promotion by six months or more and decreased turnover by 50%.
Other gains were clear: Within four years, the number of executive-level women of color doubled, from 60 to 120 (representation increased from 4% to 6.7%). Women of color also reported higher levels of job satisfaction and lower levels of intention to leave than they had before.