America's Best Companies for Minorities
The three companies that I have chosen to review that are on the "50 Best Companies for Asians, Blacks, and Hispanics" lists from Fortune 2000 magazine are Advantica, Fannie Mae, and PEPSICO. Advantica is #1 on the list, Fannie Mae is #3, and PEPSICO is #24.Advantica's Denny Chain now requires all employees to complete an extensive diversity training and 35 of Denny's franchises are minority owned (America's 50 Best Companies For Minorities, p 10). The combined Advantica and FRD Acquisition boards consist of eleven directors; 42% are women and people of color. Fifty percent of Advantica's 45,000 employees are minorities; 11 percent are African-Americans and 31 percent are Hispanic-American. (Progress of Diversity Initiatives, p 1& 2). Denny's, the largest corporate sponsor of Save the Children (STC), has contributed nearly $5 million since 1994 to support STC initiatives on behalf of U.S. children, over three-quarters of them minorities (Advantica Restaurant Group - Philanthropy, p 1). In
PEPSICO climbs 25 spots by adding two minority board members and spending 5% of its procurement budget with minority- and women-owned businesses (America's 50 Best Companies For Minorities, p 12). On the PEPSICO site they mentioned that they believe in diversity of supplier base and within the company (Our Commitment To Growth, p 1). They have a Minority and Women Business Program (M/WBE) which is a purchasing-focused supplier development operation, which began in 1982 (Our Prime Supplier Guide..., p 1). Since 1982 Pepsi-Cola has conducted a structured program of purchasing quality products and services from suppliers who are designated as Minority/Women Business Enterprises (M/WBEs). They stated that "We seek opportunities to give qualified minority suppliers a chance to succeed. It benefits PEPSICO and our communities" (Our Commitment to Growth, p 1). In reviewing the three companies, I was most impressed with Fannie Mae. There were many factors that contributed to their being on the
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