For the fifth year, Black Enterprise magazine has named Verizon to the publication's list of 40 Best Companies for Diversity.
The companies were selected based on their commitment to diversity in areas such as employee base, senior management, supplier diversity and board of directors. The 40 Best Companies for Diversity list will be featured in the July issue of Black Enterprise, available on newsstands on Tuesday (June 29).
"It's an honor for a company like Verizon, which has the privilege of serving the most diverse markets in the country, to once again be recognized by Black Enterprise magazine," said Magda Yrizarry, vice president of workplace culture, diversity and compliance for Verizon. "Delivering on our promise to put our customers first requires a company culture rich in diversity and defined by inclusion, where people can explore new ideas and bring the latest technologies to market."
African-Americans make up 20 percent of Verizon's workforce and nearly 24 percent of new hires, and hold many leadership positions including chief security officer, president of partner solutions and vice president of open development initiatives for Verizon Wireless. By comparison, African-Americans make up nearly 11 percent of the U.S. labor force. Women and people of color constitute nearly half of Verizon's Board of Directors, and they make up nearly 60 percent of the company's workforce.
Over the last two years, the company's philanthropic arm, the Verizon Foundation, has awarded more than $28 million in grants supporting programs and nonprofits that benefited African-American communities.
Verizon's goal in regard to diversity and inclusion is to leverage the diversity of employees, customers, suppliers and community partners to better serve customers and create new and innovative market opportunities. In 2009, the company spent $3.8 billion with diverse suppliers.
Earlier this year, Verizon's commitment to the African-American community resulted in the company earning a spot on DiversityInc magazine's list of Top 10 Companies for African Americans, in addition to a spot on the magazine's list of Best Companies for Diversity.
Other diversity honors earned by Verizon in 2010 include being named to Working Mother magazine's list of Best Companies for Multicultural Women, and a No. 4 ranking on Diversity MBA Magazine's 2010 list of Top 50 Companies for Diverse Managers to Work.
Verizon Communications Inc. (NYSE, NASDAQ:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 93 million customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers innovative, seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 217,000 and last year generated consolidated revenues of more than $107 billion. For more information, visit www.verizon.com.