FedEx Express among top 40 'Black Enterprise' diversity companies
Black Enterprise magazine has selected FedEx Express as one of 40 U.S. companies to be included in its second annual list of best companies for diversity.
The magazine also recognized FedEx Express as being among the “very best at bringing talented people of color into the ranks of senior management,” along with Xerox Corp. (NYSE: XRX) and McDonald’s (NYSE: MCD).
FedEx Express is a subsidiary of Memphis-based FedEx Corp. (NYSE: FDX). The global air freight carrier is the FedEx’s strongest business segment, posting quarterly revenues of $5.34 billion.
Black Enterprise’s list will be published in the July 2006 issue of the magazine, which was released Monday. The list is part of the issue’s cover story.
The magazine surveyed more than 1,000 of the country’s largest publicly traded companies and more than 50 leading global companies with significant U.S. operations.
The survey focused primarily on activities related to the participation of African Americans and other ethnic minority groups as defined by the U.S. Census Bureau.
The companies were then chosen by evaluating diversity programs, and consulting with diversity experts and corporate diversity officers, then merging the results of the survey and the direct contact information.
The magazine says that, to be included, a company had to demonstrate significant representation of African Americans and other ethnic minorities in four key areas: Corporate procurement, corporate board participation, senior management representation and total work force.
Black Enterprise says the spending power of black Americans is estimated to reach $965 billion by 2010, motivating the magazine to examine companies that are hiring African Americans and other ethnic minorities to craft brand images, and create and deliver those messages-including the use of black-owned media.
It cites U.S. Census statistics that more than 50 percent of African Americans are under the age of 35 and currently outpacing the growth of the total U.S. population. By the year 2050, it is estimated that African Americans will make up 14.6 percent of the total population.
