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CLEVELAND, April 11, 2005 – KeyCorp (NYSE: KEY joined DiversityInc magazine’s preeminent list of the Top 50 Companies for Diversity in 2005, debuting 13th overall and second among financial institutions, based on excellence in diversity advocacy and management, CEO commitment, human capital, corporate communications, and supplier diversity.
More than 200 companies participated in the ranking through completion of the DiversityInc Top 50 Survey. Described by the publication as “corporate transparency at its best,” the survey is the most in-depth analysis of corporate diversity management, leadership and marketing ever undertaken.
Like Key, many of the listed companies reported high employee retention rates, diversity funding increases with executive compensation tied to diversity, responsibility for diversity held one direct report to one direct-report-removed from the CEO, and corporate vision statements clearly incorporating diversity’s importance.
Diversity is business at Key under the following vision: “Diversity drives strategic business advantages by instilling value for inclusive environments that guide Key employees to respectfully capitalize on similarities and differences to reach their full potential. Diversity drives business advantages through a three-fold strategic approach rooted in Key’s values of teamwork, integrity, leadership, accountability and respect.”
The corporate framework for diversity and inclusion at Key consists of strategic workforce development; economic inclusion; market growth and superior service delivery. Hallmarks in these areas include the company’s early adoption of domestic partner benefits and comprehensive employee training programs; establishment of its annual “KeyBank Diversity Thought leadership Series” as a springboard for progress through internal and community dialogues carrying important messages about relevant issues; and most notably, Key’s expansive philanthropic investment in organizations fostering diversity. Moreover, a commitment to diversity is a prerequisite for organizations receiving Key Foundation grants, which are aimed at building model financial literacy and workforce development programs that empower people and communities to achieve economic self-sufficiency.
Key’s appearance on the DiversityInc list resulted from an initial attempt to benchmark against other businesses nationally, according to Margot Copeland, executive vice president and director of Corporate Diversity at Key. “Making the DiversityInc list affirms our progress and lets us know we’re moving in the right direction, although we recognize there are still challenges to overcome,” says Copeland, who also chairs the Key Foundation. “Being ranked certainly helps distinguish Key as an employer of choice. It’s a level of prestige that we’d like to maintain by making the list each year. Where exactly we rank on the list, however, is really of no concern.
“Key is now in a position to be benchmarked against so, with respect to serving as a role model, we’re prepared to further engage in dialogues that put into perspective diversity management practices (including the application of strategic philanthropy) and diversity’s profound impact on business and communities.”
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