Associated Industries of Massachusetts today urged its 3,400 member companies to participate in an effort by the Boston Business Journal (BBJ) to provide businesses with research and information on workforce diversity and demographics.

The BBJ is planning to publish an inaugural Corporate Diversity Index, a listing that will recognize companies by their percentage of employees who are people of color. This exclusive data will provide businesses with research and information on the workforce demographics at local companies large and small, at public companies and private, and will include breakdowns in the C-Suite, at the board level, and across Massachusetts companies’ local and global workforces.

For employers with at least 100 employees (and government contractors with at least 50 employees), this information is already being reported to the federal Equal Employment Opportunity Commission.)

Data shows that the most diverse companies are also more likely to show above-average profitability. At the same time, more large companies are publicly dropping their diversity, equity and inclusion initiatives amid a backlash.

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This effort follows in a long line of lists and rankings by the Boston Business Journal. The publication tracks corporate philanthropy, for example, in its Corporate Charitable Givers List.

An event scheduled in March 2025 will bring together local leaders, with HR and diversity officers to explore growth strategies, diversity challenges and leadership lessons on how to continue to develop the most successful hiring, recruitment and retention strategies.

Several studies show that companies that are more ethnically and gender-diverse tend to outperform companies that are not, including an increased likelihood of above-average profitability. And many local companies acknowledge the importance and need for such efforts, because it broadens the talent pool, helps ensure they have the best and brightest, and makes companies more representative of their customers and constituencies — all of which are paths to capture more potential revenue.

Only companies based in Massachusetts are eligible, though workers outside of the state will be included in the calculation.