PepsiCo 2023 Global DE&I Annual Report cover detail.
Published on November 9, 2023
Diversity data in Purpose Brand’s second annual survey of corporate DEI reports reveals a focus on women in corporate governance and top management. This 2023 review found 154 published diversity reports from Fortune 500 companies, compared to 79 reports in our first survey of diversity report examples. (In 2024, the growth trend began to unravel, with some companies dropping diversity reports.)
Among the 154 reports in this survey, 132 companies recognized U.S. gender and racial representation in their diversity reports, all but one of them as separate statistics rather than combining women and people of color. Of the 131 companies sharing data on Black, Indigenous and people of color, 105 noted POC proportions in board, senior management or management roles.
In reporting gender representation, 112 reports stated the percentage of women in top management; 46 reports indicated the positions these women occupy. These corporate diversity statistics speak to greater corporate commitment to gender representation in leadership roles.
The DEI report data also brings to light areas for broader industry attention. For instance, data on open positions being filled by women and POC was scarcely reported, with only AT&T offering information on both metrics and Discover Financial Services presenting the metric for female hires.
The focus on individuals with disabilities in the U.S, workforce also seems limited, with only 19 companies sharing statistics. Veterans are represented in the statistics of 27 companies.
In the realm of sexual orientation and gender identity, only 12 companies reported their LGBTQ+ workforce composition. Boeing distinguished itself not merely for leading percentages but also for its nuanced division between gender identity (14%) and sexual orientation (12%).
Workforce trends around hiring were also less in evidence. Only 33 reports showcased data about women as new hires. While 36 companies provided statistics on POC as new hires, 12 hired over 50% POC.
A baker’s dozen shared their internal promotion statistics. Just three reached gender parity, one counting only senior positions. For POC promotions, four exceeded the 50% mark. AT&T and Discover disclosed open positions filled by women; AT&T also noted the proportiton of POC candidates filling open positions.
The analysis suggests varying degrees of inclusion across Fortune 500 companies.
Most companies that share workforce data are showing improvement over the U.S. population. A significant segment attributes value to DEI performance, yet reporting across diverse categories is uneven, suggesting a lack of progress or adherence to DEI commitments.
While gender representation commands significant attention, areas like disability, veteran status and LGBTQ+ representation receive comparatively little focus. Also, reporting is far from comprehensive in areas that indicate transformative action, such as open positions being filled by women and POC.
In the words of Netflix inclusion strategist Verna Myers, “Diversity is being invited to the party; inclusion is being asked to dance.” Let’s ensure everyone gets their dance.
DEI is a foundation of thriving businesses. The corporate landscape is undergoing a powerful shift as companies recognize the impact of inclusive workforces, equal representation and environments that champion all voices.
Purpose Brand reviewed public websites of the 500 biggest companies in the U.S. as reported by Fortune magazine. We found 154 published reports about their diversity practices. The survey includes chapters of shareholder reports, sustainability or careers presentations and broader discussions of ESG factors. Out of the scope of this review are companies that pledge a commitment to diversity or otherwise publicize DEI initiatives without producing a summary document or website on DEI progress.
The 154 dedicated DEI reports indicate that diversity, inclusion and equity hold significant stakeholder interest. The transparency of a detailed report demonstrates corporate social responsibility, attracts a creative and productive workforce and enhances shareholder value.
Other posts in this Purpose Brand series review ESG reports from Fortune 500 companies, sustainability disclosures and corporate responsibility and impact reports. The organizations involved are listed in order of revenue, as determined by Fortune, with links to their reports.
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