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2008 BEST COMPANIES FOR MULTICULTURAL WOMEN
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Many diversity initiatives are well-intentioned. But experts say there’s still a sense among many women of color that policies that look good on paper are imperfect in practice. To find out what works, we need look no further than our 20 Best Companies for Multicultural Women, part of a larger diversity initiative created by Working Mother Media six years ago that now includes a nationwide series of Multicultural Women’s Leadership Summits. Our winning firms know that to succeed, it takes more than having strong diversity programs in place. It also takes resources and top-level commitment—and possibly most important, accountability on the part of managers. All of our winning companies not only require manager training on diversity issues but also rate manager performance partly on diversity results, such as how many multicultural women advance. These companies recognize that it’s not just about recruitment; inclusion programs must work to develop, retain and promote their multicultural employees as well. We salute our winning companies for successfully achieving all three of these critical goals. They have something better than good intentions—they have results.

By Shaheen Pasha and Christina Frank
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Allstate Insurance
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This insurer is on a mission to fill its ranks with talented multicultural women. One out of four new hires in 2006 was a woman of color, thanks to the company’s efforts to reach out to the multicultural community through recruiters and organizations focused on ...
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American Electric Power
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AEP’s Power to Generate scholarship program aims to get more women and minorities studying technical disciplines. Additionally, a new mentoring program with local high schools was launched to spark an interest in engineering among the next generation of multicultural workers. ...
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American Express
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Career counseling continues to be a huge draw for women of color at American Express, with 56% participating last year. Multicultural women can also seek career guidance through a diversity mentoring program that’s available to women and minorities. ...
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Chubb & Son
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Chubb’s Minority Development Council held its first Women of Color Leadership conference last year, attracting more than 70 multicultural women. The event included workshops on career development and leadership, and participants were encouraged to pay it forward by mentoring others. ...
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Citi
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Roughly 28% of new hires last year were women of color, up from 25% in 2006. Even better, 16% of newly hired managers were multicultural women, up from 12%. Recruiting efforts at historically black schools such as Howard University and partnerships with groups like the ...
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Colgate-Palmolive
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Outside recruiters are required to submit a diverse slate of candidates for every job. Those who don’t are quickly abandoned. The focused approach appears to be paying off: 18% of all hires in the past year were women of color. ...
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Credit Suisse Securities
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Recognizing that multicultural businesswomen around the world benefit from microloans, the company sponsors related conferences and last year helped the Mexican microlending bank Banco Compartamos SA go public.
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Deloitte
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In the past five years, minority hiring at Deloitte has increased 13%. Equally important, turnover among minority staffers plunged 8% during the same time period. Sponsoring events with groups such as the National Association of Black Accountants has amplified Deloitte’s visibility among women of color. ...
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Ernst & Young
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The Ernst & Young Foundation makes grants of $700,000 a year to organizations that support minorities in higher education. Recipients include the National Association of Black Accountants and the Hispanic College Fund.
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GENERAL MILLS
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Last year, the company received the prestigious Brillante Award for corporate excellence, given by the National Society of Hispanic MBAs, for its commitment to advancing a diverse workforce. That commitment extends from top to bottom: 43 managers and one corporate executive who are women of ...
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IBM
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All employees set annual goals regarding diversity activity, behavior and company values, and their pay and bonuses are tied to how successfully they reach these targets. ...
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JPMORGAN CHASE
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JPMorgan has rolled out health information and screening tests targeted to multicultural women in its workforce. One program, designed to fight high blood pressure among black women, found that nearly 35% had readings above normal. A few months later, after the women embarked on recommended ...
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