Top 50 Companies for Executive Women Executive Summary

Transcription

1 Top 50 Companies for Executive Women Executive Summary

2 Research Methodology Each organization completed a detailed application from the National Association for Female Executives (NAFE) covering both internal and external programs and activities that benefit women. The application included sections on the following: Company Profile Workforce Profile Women s Issues and Advancement Company Culture and Work Life Programs Completed applications for the NAFE Top 50 Companies initiative were collected online from December 13,, to March 14,, and also from June 20 to August 29,. Winning companies were selected from a pool of self-selected applicant companies and ranked on the data they provided in their applications. Statistics reported are aggregated based on the data from the 50 winning for-profit companies. Ten nonprofit companies were also chosen as winners in a separate list. Winners were selected based on these applications and are being announced in the February/March issue of Working Mother magazine and at workingmother.com. NAFE is a division of Working Mother Media. 2 Source: National Association for Female Executives

3 Background on the Initiative The purpose of the NAFE Top 50 Companies for Executive Women initiative is to recognize American corporations that move women into top executive positions and create a culture that identifies, promotes and nurtures high-potential women. This application is designed to identify companies where women have significant clout, making the decisions that affect their company s future and its bottom line by leading businesses, setting policy and holding profit-and-loss responsibility. The application also tracks what companies are doing to help advance women as well as the impact of their programs. In order to be eligible to be considered for the NAFE Top 50 initiative, a company: 1. Must have a minimum of TWO (2) women on the Board of Directors 2. Must be a public or private for-profit* company 3. Must have a minimum of 1000 employees 4. The following organizations are NOT eligible to apply: Divisions of companies and companies in the business of providing work life services or consulting (e.g. child care or flexibility), or consulting and government agencies (taxation and revenue departments, motor vehicle bureaus, military, legislatures, executive branches, judiciaries, prosecutorial offices, etc.). 3 *Please note that each year we also recognize a small group of not-for-profit companies, but each must meet the other criteria above. Source: National Association for Female Executives

4 Summary of Findings More women at the top: The percentage of board seats occupied by women at the NAFE Top Companies continued to increase this year, to 29% up from 27% last year and 26% in. Notably, half of the Top Companies now have four or more women on their board of directors, versus 36% in More senior manager growth: Representation of women overall at the NAFE Top Companies continues to hold steady at 51%. The biggest increase in female representation is found in the senior manager ranks, where women now hold 37% of these positions, up from 33% in More manager promotions: Overall, women at the NAFE Top Companies receive 45% of promotions to the manager level and above. The largest proportion of promotions going to women is at the manager level; however, men still receive the majority of promotions at all job levels. More support for advancement: Top Companies continue to support advancement programs; the percentage of companies that offer job rotation, succession planning and career counseling programs increased from. 4 Source: National Association for Female Executives

5 NAFE Top Companies Hall of Fame In, both Procter & Gamble and Prudential Financial celebrate their 15th year on the NAFE Top Companies list, joining IBM and Aetna in our Hall of Fame. 15 YEARS 15 YEARS 17 YEARS 16 YEARS 5

6 NAFE Top 50 Companies in red are Fortune 500 Companies Abbott TOP 10 Accenture Aetna Allstate Insurance American Express AstraZeneca AT&T Avon Products Bank of America Boehringer Ingelheim USA Capital One Financial Cardinal Health Cisco Colgate-Palmolive Diageo North America DigitasLBi DuPont Edelman Eli Lilly and Company Ernst & Young LLP TOP 10 First Horizon National FleishmanHillard Freddie Mac General Mills TOP 10 General Motors Grant Thornton IBM TOP 10 Intel Johnson & Johnson TOP 10 Kellogg KPMG TOP 10 Kraft Foods Group L Oreal USA Marriott International TOP 10 MassMutual Financial Group TOP 10 MasterCard MetLife Moss Adams Northern Trust PNC Financial Services Group Procter & Gamble TOP 10 Prudential Financial PwC State Farm TOP 10 Target Texas Instruments Verizon Communications Viacom Walmart Stores Williams-Sonoma, Inc. 6 Source: National Association for Female Executives

7 Board Representation The percentage of board seats occupied by women at the NAFE Top Companies continued to increase this year, to 29% up from 27% last year and 26% in after remaining steady at 23% between 2010 and ( Representation of women on boards of directors at the NAFE Top 50 ) 0% % % % 26% 27% 29% 7 Source: 2010, 2011, 2012,,, and National Association for Female Executives

8 Board Representation When it comes to female representation on their boards of directors, the NAFE Top Companies far outpace the Standard & Poor s 500, 29% vs. 19%. ( Representation of women on boards of directors ) 0% NAFE Top 50 29% S&P % 8 Source: National Association for Female Executives Source: Catalyst Census: Women Board Directors

9 Board Representation The NAFE Top Companies report significant growth in female representation on their boards of directors. Fifty percent of the Top Companies now have four or more women on their board of directors, versus 36% in ( Women on Board of Directors ) 2011 NAFE Top 50 NAFE Top % 36% 32% 34% 28% 26% 18% 16% 10% Women 3 Women 4 Women 5+ Women Source: National Association for Female Executives

10 CEO Representation Female CEO representation has held steady at 10% for the past four years at the NAFE Top Companies. ( Percentage of companies with female CEOs ) NAFE Top 50 Fortune 500 Companies 0% 14% 3% 14% 3% 10% 4% 10% 4% 10% 10% 4% 5% Source: 2010, 2011, 2012,, and National Association for Female Executives Catalyst: Historical List of Women CEOs of the Fortune Lists (), based on percentage of women CEOs at the time of the annual published Fortune 500 list Fortune: Number of Fortune 500 women CEOs reaches historic high, June 3, : fortune.com//06/03/number-of-fortune-500-women-ceos-reaches-historic-high/

11 P&L Executive Representation Women make up 40% of the top ten percent of earners at the NAFE Top Companies, which marks the highest percentage in the past four years. By contrast, female representation among the executive ranks tracked by NAFE has not shifted significantly in recent years. ( Percentage of P&L executives who are women at the NAFE Top 50 ) 19% 22% 22% 22% 23% 26% 29% 27% 22% 26% 25% 26% 37% 40% 32% 35% 0% Corporate executives with P&L responsibilities Corporate executives who report directly to the CEO Corporate executives responsible for divisions with revenues of more than one billion dollars Top 10% of earners 11 Source: 2012,,, and National Association for Female Executives

12 Promotions Overall, women at the NAFE Top Companies receive 45% of promotions to the manager level and above. The largest proportion of promotions going to women is at the manager level; however, men still receive the majority of promotions at all job levels. Female ( Promotions to manager and above ) Male Total 45% 55% Managers 46% 55% Senior Manager 40% 60% Corporate Executive 34% 66% 0% 12 Source: National Association for Female Executives

13 Representation By Job Level Total representation of women at the NAFE Top Companies continues to hold steady at 51%, while the percentage of female senior managers (37%) continues to climb. 0% ( Representation of women at the NAFE Top 50 ) Executives % 25% 28% 27% Senior Managers % 34% 35% 37% Managers % 45% 43% 44% Total Employees % 51% 51% 51% 13 Source: 2012,,, and National Association for Female Executives

14 Advancement Programs The NAFE Top Companies continue to support advancement programs; the percentage of companies that offer job rotation, succession planning and career counseling programs increased from. ( Percentage of NAFE Top 50 that offer: ) 0% Job Rotation 80% 96% 98% Career Counseling 88% 90% 94% Succession Planning 98% 98% 14 Source:,, and National Association for Female Executives

15 Advancement Programs In addition, the NAFE Top Companies all continue to support women s issues and advancement through the following impactful programs. ( Percentage of NAFE Top 50 that offer: ) 0% Executive coaching Affinity/network groups Program to identify high-potential women Management/ leadership training Mentoring program 98% 96% 96% 96% Sponsorship 42% 60% 58% 15 Source: and National Association for Female Executives

16 Participation in Advancement Programs Female participation in mentoring and affinity/network groups increased significantly at the NAFE Top Companies this year, with more than a third (38%) of women utilizing mentoring programs, and 29% of women participating in affinity/network groups. Management/leadership training groups experienced a decline in female usage to 17%, from 32% last year, as did career counseling where female participation fell from 64% to 58%. Female participation in sponsorship programs continued to hold somewhat steady at around 9%. ( Female participation rate in advancement programs at the NAFE Top 50 ) Management/ leadership training Mentoring program Career counseling Affinity/ network Groups Sponsorship program 64% 57% 52% 15% 23% 26% 32% 17% 12% 19% 20% 32% 38% 20% 38% 18% 23% 17% 12% 29% 9% 11% 9% 10% 9% Source: 2011, 2012,, and National Association for Female Executives

17 Manager Participation in Training The percentage of managers participating in training at the NAFE Top Companies shrank this year, after steadily increasing the previous four years. ( Percentage of managers at the NAFE Top 50 trained in: ) How to manage work life concerns of employees How to implement and manage employee flexible work arrangements 32% 41% 42% 43% 41% 34% 34% 37% 38% 30% 0% % 17 Source: 2011, 2012,,, and National Association for Female Executives

18 CEO Engagement Nearly every NAFE Top Companies CEO reviews succession plans for gender equity, while at 80% of the winning companies, the CEO meets regularly with a Women s Advancement executive to review work life goals and performance. ( Percentage of NAFE Top 50: ) 0% Senior-level succession plans for gender equity reviewed by CEO 98% Meets regularly with Women s Advancement executive to review work life goals and performance 80% Provides annual update on women s advancement to the board of directors Requires work life executive to report back to him/her on work life metrics Oversees/approves management compensation plans that are tied to women s advancement Makes CEO work life statement available on corporate website/corporate materials 66% 64% 60% 56% Includes an update on work life during annual updates with employees 44% 18 Source: National Association for Female Executives

19 Health & Wellness Benefits The NAFE Top Companies are committed to the physical and mental health of employees and are providing increased support for the following programs: ( Percentage of NAFE Top 50 that offer: ) 0% Fitness center discounts/subsidies 84% 94% Financial incentives for achieving health/ wellness goals or for participation in programs 84% 90% Benefits or programs for employees who show signs of depression 76% 86% Wellness newsletter/column 76% 86% Support groups 50% 82% Healthcare premium discounts for participating in annual health risk assessment 50% 58% On-site sick room 42% 58% Healthcare premium discounts for not using tobacco products 38% 48% Fitness equipment subsidy/reimbursement 32% 42% Healthcare premium discounts for participating in a weight-loss program 18% 24% 19 Source: National Association for Female Executives

20 Personal Service Benefits All NAFE Top Companies offer professional development opportunities and cover certification/ recertification fees. ( Percentage of NAFE Top 50 that offer: ) 0% Professional development opportunities Certification/recertification fees Professional memberships 98% Cross-training to develop skills not directly related to the job 88% Professional license application or renewal fees 78% 20 Source: National Association for Female Executives

21 Top 10 Nonprofit Companies 21

22 NAFE Top 10 Nonprofit Companies Blue Cross Blue Shield of North Carolina Bon Secours Virginia Health System Children s Healthcare of Atlanta Mercy Health System Moffitt Cancer Center Northwestern Memorial HealthCare Scripps Health TIAA-CREF TriHealth WellStar Health System 22 Source: National Association for Female Executives

23 For-Profit Vs. Nonprofit Top Companies At the NAFE Top 10 Nonprofit companies, women hold more leadership positions than they do at the NAFE Top 50. ( Representation of women in leadership positions ) NAFE Top 10 Nonprofit Companies NAFE Top 50 0% Board of Directors 32% 29% Executives Executives with P&L responsibilities 22% 27% 39% 37% Top 10% earners 40% 63% 23 Source: National Association for Female Executives

24 For-Profit Vs. Nonprofit Top Companies Seventy percent of the NAFE Top 10 Nonprofit Companies offer a sponsorship program, compared to 58% at the NAFE Top 50. ( Percentage of NAFE Top 10 Nonprofit Companies that offer: ) NAFE Top 10 Nonprofit Companies NAFE Top 50 0% Executive coaching Affinity/network groups Succession planning Management/ leadership training Mentoring Career counseling Job rotation 70% 98% 96% 94% 98% Sponsorship 58% 70% 24 Source: National Association for Female Executives

25 For-Profit vs. Nonprofit Manager Participation in Training At the NAFE Top 10 Nonprofit Companies, a majority of managers are trained in how to hire, manage, or advance women and managing work life concerns. ( Percentage of managers at the NAFE Top 10 Nonprofit Companies trained in: ) NAFE Top 10 Nonprofit Companies NAFE Top 50 74% 67% 41% 41% 42% 30% 0% How to hire, manage, or advance women Managing work life concerns Implementing and managing employee flexible work arrangements 25 Source: National Association for Female Executives

26 How do you rate in key areas like diversity & inclusion, women s advancement and work life programs? The Working Mother Research Institute has the answer. With one of the most comprehensive databases available to corporate America, WMRI has the data you need to make the right decisions for both your employees and your bottom line. To find out how your company rates, register today for one of our initiatives: Working Mother 100 Best Companies Working Mother Best Companies for Multicultural Women Working Mother & Flex-Time Lawyers Best Law Firms for Women NAFE Top Companies for Executive Women Diversity Best Practices Benchmarking Tool Participation is free and confidential. 26 Interested in learning more? Visit wmmsurveys.com today!

27 Benchmarking Our benchmarking reports offer the most detailed data available, showing how your company rates, question-by-question, against all of the Best Companies. Custom comparisons are also available. Scorecards Each participating company receives a free top-line summary of how it compares with all applicants across essential clusters of the initiative s extensive application. Custom Assessments Let our researchers do the assessment for you. Our experienced team will turn your benchmarking data into a turnkey presentation showing where your company leads and lags compared with the Best Companies. 27 Interested in learning more? Contact Kristen Willoughby at kristen.willoughby@workingmother.com for more information today!

28 From flexibility and child care to the recruitment, retention and advancement of women, the Working Mother Research Institute is dedicated to tracking and promoting the best practices of today while creating strategies for tomorrow. WMRI s goal is to give both working mothers and their employers the information they need to make workplaces truly family friendly. 28 Learn more at

29 Contact Information Jennifer Owens, Director Krista Carothers, Senior Research Editor Kristen Willoughby, Senior Manager, Editorial & Research Initiatives Michele Siegel, Director of Research Initiatives Tierney O Brien, Custom Insights Analyst tierney.obrien@bonniercorp.com 29 Learn more at