financial women’s association survey results january 2002 padilla speer beardsley
TRANSCRIPT
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Financial Women’s Association
Survey ResultsJanuary 2002
Padilla Speer Beardsley
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Objectives To profile the membership of the FWA for
both recruitment and public relations purposes
To measure member satisfaction with the organization and its programs, events and services
To identify needs and issues that the FWA could or should address
Compare results to 1998-99 survey
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Methodologies Online survey distributed December
2001 to about 1,000 member e-mail addresses
About 75 surveys were mailed to members without e-mails, 6 were returned and included
Closed survey January 4; 288 surveys completed (28%)
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Overview Data collected on the survey fell into
four areas:- Career & Employment- Issues- FWA Membership and Information
Sources- Demographics
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Findings Little change in demographics or issues
since 1998 Majority of members (58%) work in
Organizations with less than 10 employees; OR
Organizations with more than 10,000 Less optimism among members for
improvements in past three years Compensation gender gap is strong
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Findings (cont.) Like past survey, members …
Support affirmative action Believe women are paid less than men for
comparable work Believe gender has held back their career Believe other women would say gender has
held them back Networking and professional development
are primary reasons to belong; “role model for women” moved up
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Findings (cont.) Reasons to belong to FWA are “more
important” than three years ago
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Career and Employment
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Employment status
Full-time58%
Part-time2%
Partnership/practice12%
Self-employed14%
Other14%
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Seeking employment
Seeking full-time17%
Seeking part-time9%
Not seeking/Not applicable
72%
Retired2%
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Industry
Financial services29%
Consulting11%
Investment banking8%
Marketing/Advertising/PR6%
HR/Executive recruiting6%
Government/Non-profit5%
IT4%
Other31%
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Years in finance industryLess than five years
2%5-9 years
6%10-14 years
13%
15-19 years23%
20-24 years29%
25-29 years17%
30 or more years10%
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Job title
Vice President19%
CEO/President14%
Director13%EVP/SVP/Managing
Director13%
Consultant12%
Owner6%
Manager6%
Partner6%
Other8%
CFO/Controller3%
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Size of organizations
Less than 10 employees31%
10-254%
26-495%50-100
4%101-500
13%
501-1,0004%
1,001-2,5004%
More than 10,000 employees
27%
2,501-5,0004%
5,001-10,0004%
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Career advancement Members say they would…
Assume more responsibility (85%) Take line management job (70%) Obtain more schooling (58%) Relocate (24%)
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Gender balance Less access to venture capital to start a
business (88%) No gender equality in determining
workforce reductions (61%) Represented on corporate and non-
profit boards (38% serve on at least one board)
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Issues
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Are things better in past three years?
19%
24%
23%
25%
29%
28%
29%
33%
37%
41%
4%
7%
7%
5%
2%
1%
1%
1%
3%
1%
0% 20% 40% 60% 80% 100%
Equal pay for men and women
Breaking through the glass ceiling
Firms providing on-site childcare
Corporate/govt programs addressing women's issues
Number of women on boards at Fortune 500
Preparing women to succeed in business
Finding mentors to advance women's careers
Work programs to balance work and family
Workforce diversity
Enabling employees to work flexible schedules
Somewhat better Much better
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Do you expect the situation to get better in next ten years?
49%
51%
65%
65%
8%
6%
8%
10%
0% 20% 40% 60% 80% 100%
Access to venture capital
Pay equity
Representation on corporateboards
Representation in seniormanagement roles
Somewhat better Much better
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Compared to men, women earn…
63%
51%
53%
7%
30%
30%
0% 20% 40% 60% 80% 100%
Base salary
Stock options
Performance/incentive bonus
Somewhat less Much less
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Factors holding women back in their careers…
53%
54%
51%
58%
58%
61%
0%
3%
16%
17%
20%
16%
17%
26%
7%
23%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Lack of education credentials
Work experience in general
Family obligations
Perceived less of commitment to career
No line mgmt experience
Conflict with male counterparts
Stereotypes
Corporate culture
Somewhat Agree Strongly Agree
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Considerations for employment opportunities…
36%
41%
45%
47%
24%
19%
18%
24%
28%
74%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Family-friendly policies
Diversity initiative
High variable compensation
History of internal promotions
Intellectual challenge
Somewhat Important Very Important
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What age retirement for full-time employees…
Before age 504%
50-60 years23%
61-65 years31%
66-70 years23%
70+ years11%
Not applicable8%
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Do you plan to continue working after retirement?
No6% Volunteer 10 hours or less
7%
Volunteer 10+19%
Part-time-non-profit30%
Part-time-corporate31%
Not applicable7%
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Benefits
Big disparities in flexible benefits and telecommuting
Those with access to these benefits don’t always use them
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Findings Overall the members
Support affirmative action Believe women are paid less than men
for comparable work Believe gender has held back their
career Believe other women would say gender
has held them back
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Financial Women’s Association and
Information Sources
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Rate level of satisfaction w/following aspects of FWA…
47%
49%
45%
47%
36%
49%
40%
50%
23%
28%
33%
32%
42%
35%
28%
37%
9%
7%
9%
10%
13%
8%
25%
8%
0% 20% 40% 60% 80% 100%
Cost/value for membership dues
Annual dinner
Cost/value of programs/events
Web site
Quality of programs/events
Newsletter
Support from office/staff
Overall
Satisfied Very SatisfiedExtremely satisfied
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Reasons for belonging to the FWA…
36%
54%
50%
41%
52%
37%
51%
33%
21%
23%
29%
40%
34%
53%
41%
62%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Business development/sales leads
Social networking
Career planning/employmentopportunities
Advocacy for women in business
Personal development
Mentor/role model for highschool/college age women
Professional development/education
Networking
Somewhat important Very important
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Member of the FWA for how long?
Less than one year7%
1-3 years26%
4-5 years17%
6-10 years20%
10+ years30%
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Which FWA chapter are you affiliated with?
New York95%
Chicago3%
Washington, D.C.2%
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Rate importance in attending event or program…
37%
42%
51%
41%
15%
9%
38%
32%
52%
84%
0% 20% 40% 60% 80% 100%
Cost
Location
Advance notice
Time of day
Topic
Somewhat important Very important
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Interest in what types of programs/events…
7%
9%
9%
22%
22%
19%
20%
14%
21%
25%
21%
29%
30%
35%
43%
49%
27%
37%
39%
35%
35%
39%
40%
47%
43%
41%
49%
42%
42%
39%
40%
42%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Workplace diversity/minority issues
Family/lifestyle issues
Community volunteering
Job switching tactics
Career guidance
Entrepreneurship
Government/political briefing
Women's health
Technology
Small, targeted networking events
Personal finance
Global economic policy/int'l. finance
Survival in a changing work environment
CEO briefing
Financial services industry issues
Women executives/business leaders
Very interested Somewhat interested
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What aspects of Web site do you use?
6%
21%
30%
38%
53%
85%
0% 20% 40% 60% 80% 100%
Others
Bulletin board
Registration form
Career connections
Member directory
Calendar
Respondents
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Membership Findings 48% consider themselves active 50% have done business with other
FWA members 82% think the program frequency is
right 41% attend 3-5 programs a year 71% prefer events in Upper mid-town 86% aren’t interested in programs in NJ
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Membership Findings (cont.)
70% prefer after work events 84% never participated in activities at
affiliated chapters 43% interested in international 89% prefer the newsletter for
communication with FWA 77% prefer e-mail for communication
with FWA
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Membership Findings (cont.)
30% have participated with FWA international affiliates
16% have participated in activities with other FWA chapters
16% have never visited the Web site– down from 53% in 1998
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Demographics
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Age
45-4922%
50-5421%
55-5920%
Under 30 years3%65+ years
1%
40-4414%
60-645%
30 -345%
35-399%
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EducationSome college or less
2%Undergraduate degree
24%
Post graduate degree(s)74%
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Degree(s)JD5%
BA42%
Ph.D.2%
BS11%
MBA40%
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Marital StatusWidowed
1%Married/living with
partner54%
Single31%
Divorced/separated14%
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Ethnic background
Caucasian94%
Indian subcontinent0%
Latina/Hispanic0%
African American4%
Asian/Pacific Islander2%
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2001 income before taxesLess than $50,000
8%$500,000 plus
8%
$200,000-299,99916%
$300,000-499,9997%
$100,000-149,00026%
$150,000-199,99916%
$50,000-74,9997%
$75,000-99,99912%
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2001 household income before taxes
Less than $50,0003%
$200,000-299,99920%
$500,000 plus13%
$300,000-499,99920%
$100,000-149,00017%
$150,000-199,99912%
$50,000-74,9997%
$75,000-99,9998%
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Number of wage earners in household…
248% 1
49%
None3%
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Household’s total net worth…
Less than $50,0002%
$5 million plus8%
$1 million-$4,999,99939%
$750,000-999,99911%
$250,000-499,99917%
$500,000-749,99912%
$50,000-99,9993%
$100,000-249,9998%
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Conclusions Members overall satisfied with FWA Little has changed since 1998
Compensation is still a gender issue Members still belong for networking and
professional development Demographic profiles match
FWA needs to recruit 35-45 year old women to replace those ready to retire
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Recommendations Cultivate the value of membership
Emphasize networking and professional development in your programs, since they are the primary reasons for membership
Keep it all businessFor programming topics, members really look to the FWA for highlighting finance industry and work issues, less for community or personal issues
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Recommendations (cont.) Focus communication efforts on
newsletter and e-mailMembers prefer these methods; also use the Web site since this is growing in value and importance.
One size does not fit allProvide variety of programming on business issues that reflects diverse member demographics (company size, age, income, industry)
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Recommendations (cont.) Opportunity for the media
The opinions of your members as leaders in the community may be of interest to the media.
• Identify spokespersons• Define 3-5 topics – compensation, women-owned
businesses and access to capital, workplace equality• Update fact sheet/issue press releases or media contact• Media contact/response – provide FWA point of view on
business news
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Questions and answers