Tata Steel joins World Economic Forum’s Global Parity Alliance to accelerate Diversity Equity & Inclusion outcomes
~ The leading steel producer joined the Global Parity Alliance by World Economic Forum as one of the founding members ~
~ Diversity, Equity and Inclusion (DE&I) is an integral part of Tata Steel’s ethos ~
Tata Steel, which thrives in a culture of respect, inclusion, and diversity, has recently joined the Global Parity Alliance (GPA) by the World Economic Forum as one of the Founding members. The GPA is a cross-industry group of global organisations taking holistic action to accelerate diversity, equity & inclusion (DE&I) at the workplace and beyond.
Established in collaboration with McKinsey & Company, the GPA seeks to promote DE&I best practices that benefit underrepresented groups and are hardwired across business processes – including creating equitable work opportunities, promoting supplier diversity, and launching inclusive products and services.
On the alliance, T. V. Narendran, CEO & MD, Tata Steel, said: “At Tata Steel, our vision is to curate a workplace where we embrace differences in individuals and create a culture where everyone can bring their authentic selves to work every day. In our inclusion, diversity and belonging journey, we are working across recruitment, sensitisation, infrastructure, retention, and development. We believe that the Global Parity Alliance will help us in understanding how to tap the diverse talent pool in remote manufacturing & mining locations and learn from other organisations doing commendable work in DE&I.”
DE&I has been an integral part of Tata Steel’s ethos since long. Tata Steel is committed to creating a diverse, inclusive, safe, and fair workplace and has taken a target of having 25 percent diverse workforce by 2025. The Company has taken several path-breaking initiatives, including menstrual leaves, equal benefits for LGBTQ+ partners, gender neutral parental leaves, support for gender confirmation and many more. Tata Steel is also a certified gold employer under Workplace Equality Index for LGBT+ workforce.
Global Parity Alliance’s vision is to drive better and faster DE&I improvements by sharing what works, raising each other’s aspirations, and elevating DE&I actions across organisations beyond the Alliance.
Developed with leading Chief Human Resource Officers and Chief Diversity & Inclusion Officers from around the world who are part of the Forum’s peer communities, as well as Forum and McKinsey & Company experts, the Global Parity Alliance is unique in its global, cross-industry and holistic approach. The group’s learnings will support people and business leaders across all functions to take ownership of and deliver DE&I change.
About Global Parity Alliance
The World Economic Forum, in collaboration with McKinsey & Company, has launched the Global Parity Alliance, a cross-industry group of global organizations that are taking action to accelerate diversity, equity and inclusion. The Global Parity Alliance’s vision is to drive better and faster DE&I improvements by sharing what works, raising each other’s aspirations, and elevating DE&I actions across the corporate ecosystem. The Founding Members include DE&I thought leaders and pioneers in building an equal workplace for all.
About Tata Steel
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world. The group recorded a consolidated turnover of US $21.06 billion in the financial year ending March 31, 2021.
A Great Place to Work-CertifiedTM organisation, Tata Steel Ltd., together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 65,000. Tata Steel has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016. Besides being a member of ResponsibleSteelTM and worldsteel’s Climate Action Programme, Tata Steel has won several awards and recognitions including the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants, and Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17. The Company, ranked as India’s most valuable Metals & Mining brand by Brand Finance, featured amongst CII Top 25 innovative Indian Companies in 2021, received Steel Sustainability Champion recognition from worldsteel for four years in a row, ‘Most Ethical Company’ award 2021 from Ethisphere Institute, RIMS India ERM Award of Distinction 2021, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others.
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.
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