Diversity MBA Magazine - Fall 2008 - (Page 18)

Be s t Pr ac tice S e ssion:Diver sit y Ne x t Pr ac tice s were indeed truly unique, or simply more of the same. Portia Kibble Smith, founder of PKS Executive Search and Consulting, served as the moderator and engaged a group of business professionals in an examination of diversity best practices used by corporations today to succeed in a global marketplace. The questions posed to the panel were deliberately difficult, with the objective of getting frank, specific answers from individuals directly involved in championing diversity and inclusion within their firms. They included what prohibits organizations from creating and maintaining not just inclusive, but supportive environments for diverse talent? What needs to be done to truly take care of the retention issue? How do the new buzz words such as engagement, inclusion, cultural competence, etc., play into describing the new challenges with diversity today? In response to the question “What changes and new challenges concerning the recruitment and retention of diverse talent have you seen over the years, and what impact do you feel those changes have for organizations today?” Sharon Barnes, and HR professional at Vanguard, noted, “The biggest change is that there is a real talent war to recruit and close the best minority candidates. We’ve always worked hard to get these candidates, but it’s now harder than ever. It makes it even more critical for the candidates to make sure companies are who they say they are and really willing to offer a workplace where diverse employees are valued, developed, and promoted. Engagement has become very important to retain talented employees. Managers are now expected to get to know their people, discover their unique talents and gifts, and deploy them for the good of the organization. We all must be mindful that 18 w w w. d ive r s it y mb a ma g a z in e. c o m #2 Verizon Communications Inc., New York, NY Ivan G. Seidenberg, Chairman and CEO 235,000 Employees www.verizon.com One of the world’s leading communications companies, Verizon is an undisputed leader in diversity. Women and minorities make up 43% and 30%, respectively, of its workforce, and hold 32% and 19%, respectively, of its top management positions. Its internal diversity program concentrates on fostering a high-performance culture of inclusion, with respect and zero tolerance of discrimination. Verizon uses diversity councils and affinity groups to promote its diversity management process, and has established mentoring programs. Partnerships with professional organizations, historically Black colleges and universities (HBCUs}, Hispanic-serving institutions and others help expand its outreach, and ensure attracting a diverse workforce. Verizon’s multicultural sales and solution centers support language-specific services. Targeted TV, radio, print, and promotional campaigns have culturally relevant themes. The Verizon Foundation targets millions in philanthropic contributions to diverse communities. A charter member of the Billion Dollar Roundtable, Verizon spends over $2 billion annually with diverse suppliers. Diverse financial-services firms manage over $2 billion of the firm’s assets. “It was an honor attending the 2nd Annual Diversity MBA Magazine Leadership Forum and Gala Event, to celebrate a shared vision and determined focus on diversity success. It provided a unique professional development opportunity and a chance to network and share best practices on relevant business issues. The demonstrated commitment by business leaders, honorees and invited guests was both evident and inspirational.” - Mike Millegan, President, Verizon Partner Solutions #3 Wal-Mart Stores Inc., Bentonville, AK Lee Scott, President and CEO 1.3 million employees www.walmart.com As the world’s largest retailer, Wal-Mart puts having a diverse workforce among its top priorities. It currently has among its associates approximately 154,000 Hispanics, 237,000 Blacks, 41,000 Asians, 15,000 Native Americans, 256,000 55 and older, and over 826,000 women. Its 15-member board of directors includes three women, two Blacks and two Hispanics. Females (40%) and minorities (23%) make up over half its officials and managers. Wal-Mart’s Office of Diversity ensures diversity in associate programs, placement efforts, supplier relations, philanthropic initiatives, and community engagement. In 2003, Wal-Mart introduced leadership seminars specifically for women, and in 2004, added seminars for people of color. Officer compensation is linked to attracting/hiring/retaining qualified diversity associates; officers not meeting their individual diversity goals have their bonuses reduced by up to 15%. Wal-Mart actively recruits talent from colleges and universities with significant populations of diverse students. The company http://www.verizon.com http://www.walmart.com http://www.diversitymbamagazine.com

Table of Contents Feed for the Digital Edition of Diversity MBA Magazine - Fall 2008

Diversity MBA Magazine - Fall 2008 Contents Letters to the Editor In Your Own Hands Editor's View Business Briefs Off the Shelf Diversity MBA 2008 Awards Gala and Leadership Forum "Diversity Next Practices" Illusion of Inclusion Good Is Not Enough Revisiting Your Personal Brand Discover Your Power Voice Authentic Leadership In An Ever-Changing Marketplace Stopping the Brain Drain: How Companies Can Keep Talented People of Color Corporate Succession Planning - How Do You Fit In? How To Manage Virtual Teams Beyond Demographics Recruit, Recognize, Retain, Reinvest – Winning the Talent Acquisition Game Leave Ego at the Door Modernizing Supplier Diversity Taking the Leadership High Road… When You Can Find It Think Boardroom Bound; It’s Happening Who's Who In Diversity Fail to Succeed 4-Star Start-Up, Chris Ward: Character Above All Get Them at Hello – Tips to Improve Your Marketing Kit Sonny Vu, Entrepreneur A World at Your Fingertips Big Brother Wants Your Bank Account Stepping Off The Corporate Ladder HR Focus with Monica Ross A Unique New England Vacation Bold Caballeros y Noble Bandidas Women of Color and Cancer: The Chicago Phenomenon Being Single Isn't Easy International MBAs Flock To U.S. Schools Smart Strategy Gadgets+Gizmos Advertiser's Index

Diversity MBA Magazine - Fall 2008

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