ALBEMARLE CORPORATION RECOGNIZED IN 2022 BLOOMBERG GENDER-EQUALITY INDEX
ALBEMARLE CORPORATION RECOGNIZED IN 2022 BLOOMBERG GENDER-EQUALITY INDEX
Now more than ever, it's critical for companies to demonstrate a commitment to gender inequality solutions. At Albemarle, we aim to cultivate an environment that reflects our employees' unique backgrounds and experiences.
"Gender equality will generate a better work environment; women feel more appreciated and will be more committed to a company," stated Catalina Orb, Deputy Manager of Environmental Sustainability. "This will improve the way future employees view Albemarle and the performance of current employees."
To measure our company's Diversity and Inclusion practices, Albemarle has voluntarily disclosed our gender-related data to the Bloomberg Gender-Equality Index (GEI). The GEI Framework is a globally standardized reporting method that acquires comprehensive workplace gender data. Standardized disclosure allows companies to attract talent, empowers investors and enables employees and communities to hold companies accountable for progress.
"Diversity thought is essential to the growth and success of our company. Diverse groups make better decisions, leading to better outcomes for the company,” stated Katheryne Pyfer, Investor Relations Manager. “As a company, Albemarle should be accountable to focus on gender inclusion to remove the heavy burden on individual women and minorities. Participating in the Gender Equality Index lays the groundwork for improvement."
The reporting framework includes over 70 metrics. The primary “Disclosure Score” is worth 30% of the GEI Score. The other 70% is the “Data Excellence Score” and is broken into five pillars:
- Female Leadership & Talent pipeline
- Equal pay & Gender pay parity
- Inclusive culture
- Anti-sexual harassment policies
- Pro-women brand
(You can find more information on the Bloomberg GEI scorecard metrics by following this link: About Us - Bloomberg GEI | Gender-Equality Index)
Albemarle’s GEI score Breakdown
Our GEI score has increased 2% since 2021. While we believe there is always room for improvement, we are encouraged by our proactive strategies and further breakdown of the scores.
"Let's give women a chance for leadership roles that they haven't traditionally led. Let's provide them with the training and support they need. I know we are trying, but we have ways to go and each one of us has a role to play. I believe in hiring the right person for the right position, but we can do it with intention," urged Anna Lo, Senior Director of Supply Chain.
The Female Leadership and Talent Pipeline increased 11%. We intentionally require our hiring managers to select a gender-diverse candidate pool for available positions. Our data also shows a 9% increase of women taking IT roles at Albemarle, although the GEI did not award a point toward the "Percent of Women of IT workforce" metric.
With a 20% increase, our most significant change is our Pro-Women brand pillar. We evaluate our advertising and marketing content for gender bias and participate in sponsoring female STEM education programs.
We have stayed consistent in our Anti-sexual harassments policies and remain confident our employees feel comfortable and encouraged to report any workplace harassment.
Like many other companies, the pandemic threw a wrench in many of our plans. Women exited the global workforce in droves. For Albemarle, 26% left compared to the 5% from the previous year, driving our Equal Pay and Gender pay parity score down 10 percent. While the decrease is discouraging, we hope to overcome this drop as more people return to the labor market. Part of that plan is our “Journey to Excellence” initiative's "Future of Work" project. Our goal is to offer workplace flexibility while balancing business needs, designing collaborative workspaces and actively engaging employees to bring in a diverse candidate pool.
Albemarle is committed to moving the needle and implementing strategies to change how we work and engage with each other. We've asked our employees what methods they believe Albemarle should deploy. Vice President of Inclusion and Diversity Timitra Hildebrand-Jones says Albemarle’s 2022-2023 plans align with employee asks:
- Launching various DE&I learning programs, including unconscious bias
- Attracting diverse candidates
- Enhancing career development opportunities including leadership development, internal mobility, mentorship, coaching
- Executive Leadership taking bolder stances in the cultural evolution
- Increasing awareness of the social aspects of sustainability
"We can't afford to give up," urged Indu Kheterpal, Director of Quality Improvement Programs. "It is not unreasonable to expect women to hold 50% of senior leadership roles at Albemarle, but we have to be intentional to make it happen."
To view the complete breakdown for the reports, click the link below:
Related Articles
