NEW YORK, May 18, 2016 /PRNewswire/ -- Allstate has been named one of the 2016 "Best Companies for Multicultural Women" by Working Mother magazine. This honor recognizes U.S. companies that create and use best practices in hiring, retaining and promoting women of color.
"Inclusive diversity is a core value at Allstate – we know that welcoming different strengths, ideas and perspectives makes our company stronger and more innovative," said Christy Harris, Allstate's chief diversity officer. "This recognition by Working Mother reinforces the value we can offer our multicultural employees, women and men alike. At Allstate, we don't just 'talk the talk' – we continually 'walk the walk' to create an inclusive environment where diverse perspectives are encouraged and embraced."
The Working Mother Research Institute has conducted the study since 2003, tracking corporations' progress in promoting women of color and evaluating their representation at every level of management and decision-making.
"The progress that has been made among top earners this year – with the representation of multicultural women quadrupling – is astounding, and reflects that companies who put resources behind growing their multicultural talent will get a big return," said Subha V. Barry, vice president and general manager, Working Mother Media.
"A key factor in helping women of color to advance is sponsorship," said Jennifer Owens, editorial director, Working Mother Media. "We are encouraged to see that more and more Best Companies – 76 percent versus 68 percent a year ago – are committed to making sure multicultural woman have access to leaders who can help guide their careers."
Key findings of the 2016 report can be found at http://www.workingmother.com/2016-best-companies-for-multicultural-women. Highlights include:
- Top earners progress. Multicultural women at the Best Companies represent 17% of the top fifth of earners, quadrupling their representation from last year's 4%.
- CEO commitment. At 96% of the Best Companies, CEOs show their commitment to advancing multiculturalism by requiring a diversity executive to report back to him/her on diversity metrics. They meet regularly to review goals and performance and provide information on diversity to the board of directors.
- Management representation. The percentage of management positions held by multicultural women held steady from last year at the manager (14%), senior manager (8%) and corporate executive (4%) levels.
- Board seats. Women hold 28% of the board seats at the Best Companies, the highest proportion attained in the initiative over the last eight years. However, multicultural women hold only 6% of the seats, down two percentage points from last year.
- Best Companies' workforce composition. The 2016 Best Companies for Multicultural Women employ more than 2.5 million workers at 28,500 worksites across 50 states in the following 11 categories: automotive; consumer products; financial services; hospitality; hospitals and healthcare; insurance; manufacturing; professional services, management consulting and accounting; retail and apparel; science, technology, engineering, aerospace and medical devices; and telecommunications. Multicultural women make up 21% of total employees at the Best Companies, while multicultural men represent 18%.
The Working Mother Best Companies for Multicultural Women application is only available to companies that have at least 500 U.S. employees. The winners were selected based on their answers to an extensive questionnaire covering representation; hiring, attrition, and promotion rates; recruitment, retention, advancement programs; and company culture. The Working Mother Research Institute created a scoring algorithm based on the previous year's benchmark results to determine the winners.
About Working Mother
Working Mother Media (WMM), a division of Bonnier Corporation (bonnier.com), publishes Working Mother magazine and its companion website, workingmother.com. The Working Mother Research Institute (workingmother.com/wmri), the National Association for Female Executives (nafe.com) and Diversity Best Practices (diversitybestpractices.com) are also units within WMM. WMM's mission is to serve as a champion of culture change. Working Mother magazine is the only national magazine for career-committed mothers. Follow us on Facebook, Twitter, LinkedIn and Pinterest.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, protecting approximately 16 million households from life's uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Now celebrating its 85th anniversary as an insurer, Allstate is widely known through the slogan "You're In Good Hands With Allstate®." The Allstate brand's network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In 2015, The Allstate Foundation, Allstate, its employees and agency owners gave $36 million to support local communities. Allstate employees and agency owners donated 230,000 hours of service across the country.
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SOURCE Allstate Insurance Company