DiversityInc has named Verizon Communications to the number six position on the magazine's 2007 Top 50 Companies for Diversity list. Verizon has consistently been among the magazine's top ranked companies for diversity.
"Verizon Communications is much different from the average corporation; it is a true champion of diversity," said Luke Visconti, partner and cofounder of DiversityInc.
This is the first time Verizon Business was included in the application process, along with Verizon's wireline and wireless business groups. Verizon also ranked number three for the recruitment and retention of women and minorities and number eight in recruitment and retention of African-American employees.
The 50 companies, selected from among 317 submissions, were announced during a live video Webcast on March 21.
Verizon established its supplier diversity program more than 20 years ago to create mutually beneficial business relationships with a diverse body of suppliers, a process that strengthens communities and creates value for shareholders. Verizon's goal is to increase year-over-year spending with companies owned and managed by minorities, women, people with disabilities and Vietnam-era and service-disabled veterans. Verizon spent $2.6 billion last year with such businesses.
In March, the Women's Business Enterprise National Council again named Verizon one of the top American corporations for women's business enterprises. The winners were selected on the basis of their world-class supplier diversity programs, which offer equal access for women's business enterprises in competing for, and winning, corporate contracts for goods and services.
The council also named Verizon one of the top American corporations for women's business enterprises in 2006. Also this year, Verizon earned a Top 10 ranking on Black MBA magazine's list of Top 50 Companies for African-American MBAs to Work. In 2006, Verizon was recognized as a leader in workplace practices in numerous benchmarks including BusinessWeek, Working Mother magazine, LatinaStyle and Black Enterprise.
Verizon says that diversity is part of the company's culture and an integral part of its business strategy, which cuts across all business groups and functions—from human resources and supplier relations, to marketing and philanthropy.
Through its philanthropic arm, the Verizon Foundation, Verizon contributed more than $31 million in 2006 to charitable causes and organizations that serve minority communities across the country.
Verizon says depends on the unique talents, perspectives and experiences of all employees in an increasingly competitive marketplace to be a leader in the delivery of broadband and other communication innovations.
Minority employees account for nearly 34 percent of Verizon's work force and make up nearly 38 percent of Verizon's management team. The company's recruitment strategy depends on forming partnerships with colleges and universities as well as professional and community-based organizations. Employees can create their own road map for advancement through mentoring, training, education initiatives, and through development and leadership initiatives that target high-performing employees, with a special focus on identifying women and minorities for developmental opportunities.
For more information, check out the press release DiversityInc Magazine Ranks Verizon No. 6 on Publication's List of Top 50 Companies for Diversity.
