Home / 2023 Racial Equity Dividends Index: Private Sector / About the Private Sector Index

About the Private Sector Index

What is the Racial Equity Dividends Index for the private sector? 

The Racial Equity Dividends Index for the private sector (Private Sector Index) is a comprehensive analytical tool in survey form developed by the Center for Economic Inclusion to help businesses measure their progress towards building racially equitable and inclusive workplaces.  

Participating companies complete the Private Sector Racial Equity Dividends Index survey and receive a confidential score report that: 

  • identifies where organizations have met racial equity standards 

  • provides peer comparisons, and  

  • recommends opportunities for further progress towards racially equitable and inclusive workplaces.  

  • The Index assesses participating companies’ progress in implementing 43 racial equity standards across seven categories that support racial equity in workplaces:

    • Leadership

    • Hiring

    • Culture, retention, and advancement

    • Procurement

    • Philanthropy and investment

    • Public policy

    • Products

    Participating companies will also be given the opportunity to provide details of specific practices and policies they are implementing to advance racial equity in their workplace.

  • Developed by the Center for Economic Inclusion, the racial equity standards draw from the insights of expert practitioners and organizations at the forefront of corporate racial equity strategies, including PolicyLink, Just Capital, and FSG.

    Each standard is measured through a simple, multiple-choice answer and includes definitions and examples to help respondents answer appropriately. Company scores are confidential.

  • A growing number of businesses are recognizing the value of prioritizing and advancing racial equity and inclusion in their workplaces for the many benefits that it brings, from increased productivity and innovation to improved employee retention and satisfaction. Doing so requires intentional effort, clear action steps, and data to evaluate progress over time. The Racial Equity Dividends Index is a tool to help companies understand their current state, benchmark against peers, and identify opportunities for further growth in clear, quantifiable ways on an annual basis.

  • After completing the Racial Equity Dividends Index survey, participating companies will receive a customized, confidential Racial Equity Dividends Index report featuring company scores, peer comparisons, recommendations and case studies from leading companies. High-scoring companies will, with their permission, also be publicly recognized in an annual Racial Equity Dividends Index Report published by the Center for Economic Inclusion.

    The Private Sector Index participation fee covers all costs for administering the Index for participating companies, as well as a briefing of the results and recommendations for senior leaders, councils, or employee resource groups, including from Tawanna Black, Founder and Chief Executive Officer of the Center for Economic Inclusion.

  • The Racial Equity Dividends Index was first published in 2022 and is implemented annually. You can find past reports on the Center for Economic Inclusion website. Some 50 companies have participated in the Racial Equity Dividends Index to date.

    In late 2023, the Center announced expansion of its job creation and wealth building racial equity tools and services into nine markets in Alabama, Iowa, Kansas, Louisiana, Missouri, Ohio, and Virginia through groundbreaking partnerships with regional business organizations.

    In the new markets, the Center will partner with business and racial and economic justice organizations, to offer its proprietary suite of racial equity analytics tools to businesses and local governments – including the Racial Equity Dividends Index and the Indicators for an Inclusive Regional Economy.

    The Center for Economic Inclusion has earned a national reputation for the confidence business leaders have placed in the Center’s leadership team and for the organization’s ability to motivate business leaders to take bold actions that are good for business and communities of color. Since launching in 2017, the organization has gained traction in Minnesota with the creation of data informed tools and strategies that have attracted national corporations including 3M, U.S. Bank, and Target.  

  • The Private Sector Index is intended to complement currently available racial equity tools by identifying specific racial equity standards that can be implemented across your organization, from your organization’s budget processes to procurement, to hiring and retention, to public policy. In doing so, it offers tangible actions that organizations can take to leverage their power to drive racially inclusive outcomes for their business and communities. Distinct from existing tools, the Private Sector Index score reports also provide quantitative scoring, peer comparison and regional context to give leaders a clear sense of their current progress and future opportunities for inclusive, anti-racist action.

  • The Private Sector Index is designed for midsized and large private-sector businesses. Companies with at least 50 full-time employees will find the greatest value from this tool, though companies of all sizes are eligible to participate.

    • The Index is also suited for healthcare organizations, regardless of their nonprofit or for-profit status.

    • Organizations from other sectors– such as nonprofits and foundations– are welcome to complete the Racial Equity Dividends Index and will receive customized score reports. However, their results will not be included in the Racial Equity Dividends Index report.

  • The Index is a tool designed to help companies self-assess and improve in building racially equitable and inclusive workplaces – not be blamed for what they haven’t yet accomplished. All company scores in the Racial Equity Dividends Index will be kept confidential and non-identifiable. Furthermore, companies will only be named publicly if they score highly. These measures are intended to encourage all companies, regardless of their starting place on racial equity, to participate.

  • Once a company registers for the Index, they will receive a survey link to complete.

  • We offer a tiered pricing based on company size noted below.

    The fee also includes a briefing of the results and recommendations for senior executives, Diversity, Equity and Inclusion (DEI) leaders, DEI councils or employee resource group sponsors, from experienced executives at the Center for Economic Inclusion.

    Please register according to your company size:

    • Companies with fewer than 500 FTEs: $2,000

    • Companies with 500-5,000 FTEs: $3,500

    • Companies with more than 5,000 FTEs: $5,000

  • Companies can choose to purchase a briefing with leaders from the Center for Economic Inclusion to better understand their scores and future opportunities for action. They can also pursue additional consulting services with the Center for Economic Inclusion to support strategy development and implementation within their organization. 

Here’s what participating companies said about taking the Racial Equity Dividends Index in 2022: 

““Over the last two years 3M has been on a journey to drive equity in our workplaces, communities, and business practices. Participating in the inaugural Racial Equity Dividends Index was a unique opportunity to assess how we were doing compared to companies in the region... The Index provided great perspective which in turn served as increased motivation to continue this very important work with even greater focus! Thank you, Center for Economic Inclusion, for providing this important comparative tool.” ”
— Garfield Bowen, Vice President of Social & Environmental Justice Strategy and Initiatives, 3M 
““We don’t often have the right tools to benchmark our work in the space of Diversity, Equity and Inclusion.  The Racial Equity Dividends Index provided a powerful yet easy platform to assess the work we’ve done and align on the work we need to do. Organizations do not consistently know what good looks like in the spaces of Racial Equity. The Center for Economic Inclusion helped define best in class racial equity practices and allowed us to quickly assess our efforts.  This process helped inform practices we’re working to put in place.” ”
— Joffrey Wilson, Vice President of Diversity, Equity, and Inclusion, Mortenson Construction 
“We found the racial equity dividends index tool very easy to use. Once we received the results it was great to use the data as we continued to work towards inclusion.”
— Carlye Carlson, Human Resources Manager, Brunswick Boat Group, New York Mills Operation 

  • The Index is designed to be completed by one senior leader within a company, with input from leaders in other departments, potentially including:

    • Human Resources (HR)

    • Diversity, Equity & Inclusion

    • Staffing / Recruitment

    • Counsel / Legal

    • Supplier Diversity

    • Information Technology (IT)

    • Marketing / Communications

    • Corporate Giving / Corporate Foundation / Community Relations  

  • The Racial Equity Dividends Index was first published in 2022 and is updated annually. Prior year reports can be seen on our website.

  • All company scores in the Racial Equity Dividends Index will be kept confidential and non-identifiable. Furthermore, companies will only be named publicly if they score highly and with their permission. These measures are intended to encourage all companies, regardless of their starting place on racial equity, to participate.

  • The Center for Economic Inclusion team is here to support you! Please send all questions to index@centerforeconomicinclusion.org and you will be connected with staff from the Center.