Northbrook-based Allstate has been named one of the 2014 "Best Companies for Multicultural Women" by Working Mother magazine.
The award recognizes the 25 U.S. corporations that create and use best practices in hiring, retaining and promoting women of color.
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The Working Mother Research Institute has conducted the study since 2003, evaluating how multicultural women are represented at every level of management and decision making at companies that apply for inclusion on the list.
"Inclusive diversity and creating professional development opportunities for women of color continues to be a core business value for Allstate because it improves our ability to attract, retain and develop the best and brightest of our industry," said Michael Escobar, vice president, chief diversity & organization effectiveness officer for Allstate. "It also improves our ability to understand our customers better and deliver products and services they want."
At the 2014 Best Companies for Multicultural Women, 9 percent of the executives reporting directly to the CEO are women of color, up from 5 percent last year. Multicultural women represent 12 percent of the Best Companies' top earners (defined as those among the top 20 percent of earners at the company); last year this number was 10 percent.
Representation of multicultural women at the senior manager level (8 percent) and corporate executive level (4 percent) each increased a percentage point in the past year. Multicultural women received 13 percent of all promotions to manager and above, down from 15 percent in 2013. 2014's Best Companies employ more than 2.7 million workers with almost 32,000 worksites across 50 states in the following 7 industries: Consumer Products, Financial Services, Hospitality, Insurance, Professional Services, Retail and Technology. Multicultural women make up 20 percent of total employees at the Best Companies while multicultural men represent 18 percent.
"The Best Companies for Multicultural Women are leaders in building an inclusive culture so that women of color can thrive and lead," said Carol Evans, president of Working Mother Media, says. "We are proud of the policies and programs these winning companies support. Creating a culture of inclusion and authenticity is essential for all companies that want to have access to the top talent needed to drive their business."
Key findings of the 2014 Working Mother report can be found on workingmother.com.