Diversity Verizon Made Diversity Inc.\'s

Diversity

Verizon made Diversity Inc.'s Top 50 list because of its wholesale commitment to diversity in the workplace. This commitment begins at the top, with CEO Ivan Seidenberg. Under his leadership, Verizon continually evaluates its performance in the area of diversity, including suppler diversity. They hire and promote visible minorities on a level far above the national average

One of the key tools that Verizon uses are ten employee resource groups. The structure of these groups demonstrates that Verizon views them as an integral part of its business. Not only does the company fund them, but the groups meet regularly during business hours. At these meetings they discuss issues ranging from recruitment to employee development to external partnerships. Each group meets regularly with Seidenberg, and each is supported by a designated senior executive. In this way, Verizon demonstrates a firm commitment to all of its employees, and places a high value on input from all segments of their workforce.

The result of Verizon's diversity strategy is that 39% of its managers are either black, Asian, Latino, or Native American, compared with 25% in the Diversity Top 50 altogether and just 17% in the U.S. workforce as a whole. Moreover, Verizon's managers are retained at almost equal rates across race/ethnicity and gender lines. In addition, Verizon has a domestic partner benefits program.

The groups have been in place for the past ten years, illustrating why Verizon is considered a longtime diversity leader. The company scores extremely well in all four of Diversity Inc.'s main areas of measurement - CEO Commitment, Human Capital, Corporate and Organizational Communications, and Supplier Diversity.

This could not occur without a single-mindedness of vision on the subject of diversity - that diversity is key to Verizon's success. Verizon clearly views diversity as a source of competitive advantage in its industry, and their ongoing commitment at all levels shows a mindset that if they can remain at the fore of diversity they can sustain this competitive advantage long-term.

2) Verizon's commitment to diversity meets the needs of America's changing demographics. Visible minority groups are becoming an increasingly large portion of the population, to the point where in some border states certain groups are projected to be the largest ethnic group in the coming years and decades.

In the face of such demographic shifts, a diverse workforce can be a powerful tool for sustainable competitive advantage. It captures a greater share of an underutilized source of talent. For example, Diversity Inc.'s top 50 employs 17% of college-educated blacks, Asians, Latinos and Native Americans, despite only employing 5% of the nation's workforce. This in turn acts as a draw for future graduates from these groups, as well as for non-graduates. Verizon's customer base cuts across all lines of race and gender, and having such a diverse workforce allows for them to better understand their customers, and thus better meet their needs.

3) as domestic markets mature, more American companies are turning to global markets in search of new sources of growth and profit. The gradual reduction in trade barriers is making global trade an increasingly vital part of American enterprise. The firms best suited to take advantage of these opportunities are the firms with a diverse workforce that better understands the markets they are about to enter.