The gender gap in organizations has narrowed over the past three decades, giving more effortless labor mobility worldwide. There has also been increasing global awareness regarding the right to a dignified and respectful workplace irrespective of the sexual orientation and ethnicity of the employees, which promotes an open and inclusive workplace. However, labor market disruption due to the COVID-19 has had devastating consequences globally. According to International Labour Organization (ILO), women’s employment declined by 5% globally in 2020 compared with around 4% for men.
Diversity, equity, and inclusivity (DEI) are critical to the business performance of the retailers which includes food retail, fashion retail, and other outlets, since consumers want to buy goods that reflect their values, wants, and needs. Consumers expect more from brands than ever, and retailers must honor DEI. Understanding the brand, setting DEI commitments from the top, delivering on the pledges, recruiting from diverse pools, and creating a supportive environment can all contribute to DEI.
Best Buy Co Inc (Best Buy) is a multi-national retailer of electronic products. The company’s product offerings include consumer electronics, computing and mobile phones, appliances, entertainment products, and home office products. It also offers services including consultation, design, set-up, technical support, warranty-related services, health-related services and memberships, educational classes, delivery and installation for home theater, mobile audio, and appliances.
In 2021, the company reported 26% women participation in its workforce which decreased by 1 percentage point over 2020. In the same year, the representation of women in senior management (VP and above) increased to 31% by 2 percentage points over 2020.
In 2021, the representation of Black or African American employees of Best Buy in the US workforce was 14.7%. Asian and Hispanic employees represented 5.4% and 24.7% of the US workforce, respectively.
The company had 3% Black representation and 5% Hispanic representation in the VP and above level in its US workforce. At the Managers and above level, Best Buy had 4% Black representation, 6% Hispanic representation, and 9% Asian representation in its US workforce.
Best Buy aims to have one out of three new non-hourly field roles be filled by female employees and one out of three corporate positions to be filled by BIPOC employees by 2025.
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