Tata Steel recognised as Global Diversity Equity & Inclusion (DEI) Lighthouse 2023 by World Economic Forum
~ The only Indian company to feature in the global list of eight companies ~
~ Recognised for advancing intersectional gender diversity for employees and students through inclusive work policies and recruiting processes, upskilling and sponsorship ~
Tata Steel has been recognised as Global Diversity Equity & Inclusion (DEI) Lighthouse 2023 by World Economic Forum (WEF). The Company’s efforts towards improving gender diversity at the workplace have been chosen as one of the eight case studies and have been featured in the Global Parity Alliance: Diversity, Equity and Inclusion Lighthouses 2023 report published to coincide with the World Economic Forum 2023 held in Davos, Switzerland between 16 and 20 January. The insights report builds on the work of the Global Parity Alliance – a cross-industry group committed to advancing DEI around the world – and the associated DEI Lighthouse Programme launched to identify proven, effective DEI initiatives from companies across industries and geographies, organised by WEF’s centre for the New Economy and Society in collaboration with McKinsey and Company.
T.V. Narendran, CEO & MD, Tata Steel, said: “Developing and nurturing a diverse workforce in the manufacturing sector, particularly in the metals & mining sector, is filled with some unique set of challenges including the cultural and social barriers that we face here. What we have accomplished in terms of diversity in workforce is an outcome of a whole range of systemic initiatives implemented through very effective programmes and solutions. It is also important to acknowledge the role played by our employees and especially the union members who enthusiastically participated and contributed immensely to this ongoing journey. We are both proud and encouraged for being chosen as a success case and for being featured in the Lighthouse Report. We hope the Lighthouses and their stories will inspire employers across the globe to shape the future of workplace.”
The ‘Lighthouse Report’ while highlighting the approach and impact of Tata Steel’s efforts in improving diversity and inclusion (D&I) in the company said: “Tata Steel’s case for change centered around the conviction that in order to achieve their aspiration – to be the most valuable steel organisation in the world with a “future ready” and “pioneering” workforce – they needed to invest in culture as a key enabler. Tata Steel’s leaders identified DEI as a central pillar of that culture because of the importance of diversity and inclusion in fueling innovation.”
The report while acknowledging the particular challenges faced by Tata Steel because it is operating in the mining and manufacturing sector known for being a largely male-dominated workforce, commended the Company’s impact-driven approach to bringing more women and LGBTQIA+ members into its workforce. The launch of the ‘25 by 25’ programme in 2019 aspires to have 25% diverse workforce in Tata Steel by 2025.
Read the Global Parity Alliance: Diversity, Equity and Inclusion Lighthouses 2023 report @ https://www3.weforum.org/docs/WEF_Global_Parity_Alliance_2023.pdf.
About Global Parity Alliance
The Global Parity Alliance is a cross-industry group of companies taking action to accelerate diversity, equity and inclusion (DE&I) in the workplace and beyond. This group seeks to drive better and faster DE&I outcomes by sharing proven DE&I best practices and practical insights from leading organizations. To realise the promise of diversity, the Global Parity Alliance members together with identified DE&I lighthouses will work to close opportunity gaps faster in the new economy.
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 $ 32.83 billion in the financial year ending March 31, 2022.
A Great Place to Work-CertifiedTM organisation, Tata Steel Limited, 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, worldsteel’s Climate Action Programme and World Economic Forum’s Global Parity Alliance, 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 and top 10 sustainable organisations of India Hurun Research Institute in the 2021 Capri Global Capital Hurun India Impact 50, received Steel Sustainability Champion recognition from worldsteel for five years in a row, ‘Most Ethical Company’ award 2021 from Ethisphere Institute, RIMS India ERM Award of Distinction 2021, Masters of Risk - Metals & Mining Sector recognition at The India Risk Management Awards for the sixth consecutive year, 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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