Top Ten Companies
No. 1 Top 10 Companies for Recruitment & Retention
No. 8 Top 10 Companies for African Americans
No. 9 Top 10 Companies for Latinos
Business Type: Telecommunications
Corporate Headquarters: New York, N.Y.
Number of U.S. Employees: 250,000
Annual Worldwide Revenues: $75.1 billion
CEO leadership coupled with consistent, crystal-clear
communication of diversity-management principles
and goals has propelled Verizon Communications/
Wireless to the No. 1 rank on The 2006 DiversityInc Top
50 Companies for Diversity list. Verizon Chairman and
CEO Ivan Seidenberg signs off on executive compensation
Chairman and CEO
Diversity and Compliance
tied to successful completion of
diversity benchmarks and on diversity-related metrics and goals.
Seidenberg also chairs Verizon’s
Seidenberg’s emphasis on diversity as a business benefit focused the
entire organization by holding leadership accountable. Goals are set for
maintaining a diverse work-force
composition and against hires and
promotions. Training is provided to
employees of color who want leadership roles. Five percent of the annual
bonus for directors and above is tied
to diversity goals. Seidenberg and the
company’s board set those objectives.
As a result, diversity management
is as essential as other business goals,
such as sales volume, because success
in both areas defines success at
Verizon. Executives do not want to
be singled out as a person who cannot complete the goals set forth by
Seidenberg, says Magda Yrizarry, vice
president, workplace culture, diversity and compliance for Verizon.
“We’ve created a culture where
people understand that diversity is
a business decision and the compensation incentive is part of how
we move,” says Yrizarry.
Whites account for 66 percent
of the work force and receive 66
percent of the promotions, while
employees of color comprise 34 percent of the work force and receive
34 percent of the promotions.
Verizon also features a strong
supplier-diversity program with
2,505 businesses owned by women
and people of color. The head of
supplier diversity reports to the
head of procurement and Verizon
offers training to women business
owners and business owners of
color. Moreover, to ensure that
diverse suppliers truly are owned by
people of color and/or women,
Verizon requires third-party certification of their authenticity.
“Strong relationships build an
authentic brand,” says Yrizarry.