Sharpened focus on accountability and transparency reflected in fourth-annual report and first-time disclosure of EEO-1 diversity and pay data
BOISE, Idaho, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU), today announced the release of its fourth annual diversity, equality and inclusion (DEI) report, highlighting significant accomplishments and efforts across six DEI commitments that Micron introduced in last year’s report. The commitments hold the company accountable for diversifying Micron’s workforce, driving equitable pay and benefits, strengthening the culture of inclusion and creating an equal voice for all. Additionally, the company publicly disclosed its consolidated Equal Employment Opportunity (EEO-1) data for the first time.1
“We’re proud to have achieved nearly every goal we set and to have made significant progress across all our DEI commitments,” said Micron Chief People Officer April Arnzen. “This work is critically important to our company and stems from our firm belief that DEI spurs innovation, advances our corporate mission, drives market competitiveness and is the right thing to do for all.”
Micron “For All: DEI Annual Report 2021” Highlights
Micron increased female representation at all levels around the world. In India, Malaysia and Taiwan, the number of female employees now exceeds semiconductor industry benchmarks. The company also reached 50/50 gender parity on its board of directors.
In March, Micron achieved comprehensive global pay equity for all underrepresented groups, eliminating statistically significant differences in base pay, cash bonuses and stock awards among veteran, Black or Hispanic/Latino employees in the United States, as well as for gender and for people with disabilities globally.
Micron added DEI targets to our annual incentive plan goals for employees and executives. This change tied employee and executive compensation to Micron’s overall DEI goals and commitments for the first time. These goals encompassed our efforts to increase representation of underrepresented groups, achieve comprehensive pay equity and increase our inclusion index score in our engagement survey.
Micron also doubled membership in our employee resource groups (ERGs), which are employee-led, volunteer-driven groups centered around shared identities or experiences. This growth results from 20 new ERG chapters around the world, including the five PRIDE+Allies chapters in Asia, and formation of the Asian American and Pacific Islander Network (AAPIN), which launched following pandemic-related violence directed at this community.
In addition to engaging in targeted programs to strengthen DEI within Micron globally, the company identified key areas outside its business that it deems essential to creating deep and lasting gains toward a more inclusive economy. Micron earmarked $300 million in fiscal year 2021 (FY21) to be managed by diverse firms, including Ramirez & Co. and Seelaus Asset Management, LLC (a wholly owned subsidiary of R. Seelaus & Co.), and to support impact investment initiatives and strategies. That amount has been increased to $500 million for FY22, with services expanded to include share repurchases. Micron also increased its annual spend with diverse suppliers to $212 million2 — up over 100% from FY20 levels.