New York Life Insurance Company (NY Life) has been named one of Working Mother Magazine’s 25 “Best Companies for Multicultural Women.” In order to promote the interests of women of color in corporate America, Working Mother recognizes 25 companies that exceed in advancing opportunities for women of color within the corporate sphere.
In order to be considered for the top 25 companies across myriad industries, companies have to go beyond the usual networking and mentoring programs and extend themselves to professional and school groups by sponsoring recruitment attempts and engaging in other activities to attract “the best multicultural female talent." The companies were also selected based on representation, hiring, attrition and promotion rates, retention and advancement programs as well as overall company culture. A scoring algorithm was implemented based on the previous year’s benchmarks which helped determine the winners.
NY Life was recognized for employing methods that create a clear path for the advancement of multicultural women by offering career counseling and guidance from senior leaders of the company to multicultural women employees in order to assist them in formulating career paths and plans; executing diversity groups that aim to grow knowledge of inclusion practices; holding regional conferences that actively seek out female professionals and underrepresented minorities as well as holding diversity and inclusion goals built into manager’s performance objectives.
Multicultural women represent 19 % of total employees; 2 % of corporate executives; 4% of senior managers; 4% of top earners and 12% of the company's promotions in 2011.
“Workplace diversity is something we foster because we recognize that harnessing the wealth of talents and perspectives of people from different backgrounds is not only crucial to our success as a company, it’s a part of our culture,” said Joanne Rodgers, vice president and chief diversity officer, New York Life.