top 60 companies for executive women 2016 - working · pdf filetop 60 companies for executive...

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Top 60 Companies for Executive Women

2016

EXECUTIVE SUMMARY

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workingmother.com/wmri 2Source: 2016 National Association for Female Executives

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 2016 application included sections on the following:

◆ Workforce Profile◆ Women’s Issues and Advancement◆ Company Culture and Work Life Programs

Completed applications for the 2016 NAFE Top Companies initiative were collected online from December 12, 2014, to March 13, 2015, and also from June 22 to August 28, 2015.

The NAFE Top Companies list includes 60 winners, up from 50 in 2015.

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 60 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 2016 issue of Working Mother magazine, at workingmother.com and on nafe.com.

NAFE is a division of Working Mother Media.

Research Methodology

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The purpose of the NAFE Top Companies for Executive Women initiative is to recognize American corporations that have moved women into top executive positions and created a culture that identifies, promotes and nurtures the careers of talented 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, leading businesses, setting policies and holding profit-and-loss responsibilities. 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 Companies 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.).

Please note that each year we also recognize a small group of not-for-profit companies, but each must meet the other criteria above.

Background on the Initiative

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More than half the companies on the 2016 NAFE Top Companies have at least four women on their boards of directors, and 22% have at least five women on their boards. By comparison, in 2012, only 24% of NAFE Top Companies reported having four or more women on boards.

At the NAFE Top Companies, an average of 28% of board of directors members are women, compared with 19% at S&P 500 companies.

The number of NAFE Top Companies led by women CEOs dropped two percentage points versus a year ago, to 8%. However, the NAFE Top Companies still outpace Fortune 500 companies (with only 5% female CEOs) in this regard.

Of employees promoted annually to a manager position or above at the NAFE Top 60, 44% are women. Among those promoted to senior manager and corporate executive ranks, female representation is 41% and 33%, respectively.

Women continue to hold about a quarter of key executive roles, including those with P&L responsibility (22%), reporting directly to the CEO (28%) and running divisions worth at least a billion dollars (25%).

All NAFE Top Companies offer executive coaching, affinity groups, programs for identifying high-potential women and management/leadership training.

The percentage of NAFE Top Companies offering sponsorship (65%) is the highest it’s been in the past four years.

Summary of 2016 Findings

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This year, Principal Financial Group joins the elite group of organizations that have been on the NAFE Top Companies list for at least 15 years.

NAFE Top Companies Hall of Fame

18 YEARS 17 YEARS

16 YEARS 16 YEARS15 YEARS

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Companies in red are 2015 Fortune 500 Companies ★ Top Ten Winners

2016 NAFE Top Companies

Abbott ★AccentureThe Advisory Board CompanyAetnaAllstate InsuranceAmerican ExpressAonAstraZenecaAT&TAvon ProductsBank of AmericaBDO USABoehringer Ingelheim USABristol-Myers SquibbCA TechnologiesCapital One FinancialCardinal HealthCiscoCitiColgate-Palmolive

Diageo North AmericaDuPontEdelmanEli Lilly and CompanyErnst & Young LLP ★First Horizon NationalFleishmanHillard ★Freddie MacGeneral MillsGeneral MotorsGrant ThorntonIBM ★IntelJLLJohnson & Johnson ★KelloggKPMG ★L’Oreal USA ★Marriott International ★MassMutual Financial Group ★

MasterCardMcKinsey & Co.MetLifeMoss AdamsNew York Life InsuranceNorthern TrustPillsbury Winthrop Shaw PittmanPNC Financial Services GroupPrincipal Financial GroupProcter & Gamble ★Prudential FinancialPwCSodexoState FarmTargetTexas InstrumentsVerizon CommunicationsViacomWal-Mart StoresZurich North America

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workingmother.com/wmri 7Source: 2016 National Association for Female Executives; Catalyst. Pyramid: Women in S&P 500 Companies. New York: Catalyst, December 14, 2015.

When it comes to female representation on their boards of directors, the NAFE Top Companies outpace the Standard & Poor’s 500.

Board Representation

REPRESENTATION OF WOMEN ON BOARDS OF DIRECTORS

100%0%

19%

28%2016 NAFE Top 60

S&P 500

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workingmother.com/wmri 8Source: 2010, 2011, 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives

The percentage of board seats occupied by women at the NAFE Top Companies declined one percentage point this year, to 28%. However, at the NAFE Top Companies, female board representation is significantly higher than five years ago.


2010

2012

2013

2014

2015

2016

2011

REPRESENTATION OF WOMEN ON BOARDS OF DIRECTORS AT THE NAFE TOP COMPANIES

100%

23%

23%

26%

27%

29%

28%

23%

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workingmother.com/wmri 9Source: 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives

More than half (52%) of the 2016 NAFE Top Companies have four or more women on their boards of directors, versus 50% last year and 24% in 2012.

The percentage of NAFE Top companies with 5 or more women on their boards has increased dramatically in the past few years, jumping 6 percentage points year over year.


2 Women 3 Women 4 Women 5+ Women

NUMBERS OF WOMEN ON BOARDS OF DIRECTORS

0%

100%

2012 NAFE TOP 50 2013 NAFE TOP 50 2014 NAFE TOP 50 2015 NAFE TOP 50 2016 NAFE TOP 60

23%28%

38%38%

18%

25%

34%30%

38%

30%28%24%

16%

22%

10%8%8%

32% 34%

16%

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workingmother.com/wmri 10Source: 2010, 2011, 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives; 2010, 2011, 2012, 2013, 2014, 2015 and 2016 Fortune 500

Female representation among CEOs at the NAFE Top Companies (8%) declined in the past year after holding steady at 10% from 2012 to 2015, but still outpaces the Fortune 500.

CEO Representation

2010 2011 2012 2013 2014 2015 2016

PERCENTAGE OF COMPANIES WITH FEMALE CEOS100%

FORTUNE 500NAFE TOP COMPANIES

14%

3%

14%

3%

10%4%

10%4%

10%4%

10%5%

8%5%

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workingmother.com/wmri 11Source: 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives

Female representation in key executive roles tracked by NAFE continues to hold steady.

P&L Executive Representation

Corporate executives with P&L responsibilities who are women

Corporate executives who report directly to the CEO who are women

Corporate executives responsible for divisions with revenues of more than

one billion dollars who are women

22%26% 25% 25%26%

23%26%

29% 27% 28%

19%22% 22% 22% 22%

0%


FEMALE TOP EXECUTIVE REPRESENTATION AT NAFE TOP COMPANIES100%

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workingmother.com/wmri 12

0%


100%

Source: 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives

Female representation among the top 10% of earners slipped to 39% from 40% last year. However, this still remains higher than the averages previously reported.

Top Earners

FEMALE REPRESENTATION AMONG TOP 10% OF EARNERS AT NAFE TOP COMPANIES

37%32% 35%

40% 39%

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100%0%

Overall, women at the NAFE Top Companies receive 44% 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.

Promotions

RECIPIENTS OF PROMOTIONS AT THE 2016 NAFE TOP 60

All promotions to the manager level

and above

45% 55%Promotions to manager

44% 56%

Promotions to senior manager 41% 59%

Promotions to corporate

executive33% 67%

MENWOMEN

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100%

Source: 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives

Total female representation at the 2016 NAFE Top Companies continues to hold steady at 51%. Female representation at the manager and corporate executive levels remains firm.

Representation by Job Level

Executives

22%25%

28%27%27%

Senior Managers 37%

36%

33%34%35%

Managers

44%

44%44%

45%43%

Total Employees

53%51%51%51%51%

REPRESENTATION OF WOMEN AT THE NAFE TOP COMPANIES

2012 NAFE TOP 50

2013 NAFE TOP 50

2014 NAFE TOP 50

2015 NAFE TOP 50

2016 NAFE TOP 60

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workingmother.com/wmri 15Source: 2013, 2014, 2015 and 2016 National Association for Female Executives

All NAFE Top Companies offer executive coaching, affinity/network groups, management/leadership training, and programs to identify high-potential women. The percentage of NAFE Top Companies offering sponsorship programs (65%) is the highest it has been in the past four years.

Advancement Programs

PERCENTAGE OFFERING:

100%

100%

100%100%Executive coaching

100%

100%

100%100%Affinity/network groups

100%

100%

100%100%

Program to identify high-potential women

100%

100%

100%98%

Management/leadership training

97%

96%96%96%Mentoring program

65%

42%60%

58%Sponsorship

Career Counseling 94%90%

88%

95%

Job Rotation 98%96%

80%

92%

Succession Planning 100%97%

98%98%

2013 NAFE TOP 50 2014 NAFE TOP 50 2015 NAFE TOP 50 2016 NAFE TOP 60

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workingmother.com/wmri 16Source: 2012, 2013, 2014 , 2015, and 2016 National Association for Female Executives

The percentage of managers at the NAFE Top Companies trained in how to implement and manage employee flexible work arrangements bounced back to 38% after declining to 30% last year. However, the percentage of managers trained in how to manage work life concerns of employees continues to decline year over year.

Manager Participation in Training

How to implement and manage employee

flexible work arrangements

30%34% 37% 38% 38%

How to manage work life concerns of employees

41% 41% 39%42% 43%


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Every NAFE Top Company CEO requires a women’s advancement executive to report to him/her on women’s advancement metrics, and nearly every CEO reviews succession plans for gender equity. At 85% of the 2016 NAFE Top Companies, the CEO meets regularly with a women’s advancement executive to review work life goals and performance.

CEO Engagement

PERCENTAGE OF THE 2016 NAFE TOP 60 TAKING EACH MEASURE:

100%

73%

85%

63%

92%

65%

77%

57%

53%

Requires women’s advancement executive to report back to him/her on women’s advancement metrics

Senior-level succession plans for gender equity reviewed by CEO

Meets regularly with women’s advancement executive to review work life goals and performance

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

Includes an update on work life during annual updates with employees

Oversees/approves management compensation plans that are tied to women’s advancement

Makes CEO work life statement available on corporate website/corporate materials

Meets regularly with work life executive to review work life goals and performance

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Stress management or stress reduction programs

Weight-loss programs

Benefits or programs for mental health

Benefits or programs for employees who show signs of depression

24-hour nurse line

On-site sick room

On-site nap room

Wellness newsletter/column

Massage therapy services at work

Preventive programs specifically geared toward employees with chronic medical conditions

The NAFE Top Companies are committed to the physical and mental health of employees, providing support for the following programs:

Health & Wellness Benefits

PERCENTAGE OF NAFE TOP COMPANIES OFFERING:

2016 NAFE TOP 602015 NAFE TOP 50

100%

98%

90%

87%

62%

98%

92%

87%

65%

33%

98%

96%

88%

86%

58%

96%

86%

82%

62%

28%

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100%

Nearly all NAFE Top Companies offer professional development opportunities and cover certification/recertification fees.

Personal Service Benefits

PERCENTAGE OF THE 2016 NAFE TOP 60 OFFERING:

Professional development opportunities

85%

97%

98%

98%

Professional memberships

Professional license application or renewal

fees

Cross-training to develop skills not directly related

to the job83%

Certification/recertification fees


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NAFE Top 10 Nonprofit Companies

2016

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2016 NAFE Top 10 Nonprofit Companies

Bon Secours Virginia

Children’s Healthcare of Atlanta

March of Dimes Foundation

Mercy Health System

Northwestern Memorial HealthCare

Scripps Health

TIAA-CREF

TriHealth

WellStar Health System

Yale-New Haven Hospital

Source: 2016 National Association for Female Executives

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At the 2016 NAFE Top Nonprofit Companies, women hold more leadership positions than at the NAFE Top Companies.

For-Profit vs. Nonprofit Top Companies

100%

REPRESENTATION OF WOMEN IN LEADERSHIP POSITIONS:

Total female employees 76%51%

27%28%

39%27%

39%22%

62%39%

Executives

Executives with P&L responsibilities

Top 10% earners

Board of directors

2016 NAFE TOP 10 NONPROFITS 2016 NAFE TOP 60

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100%

PERCENTAGE OFFERING:


All NAFE Top Nonprofit Companies offer executive coaching, management/leadership training, succession planning, mentoring and career counseling.

For-Profit vs. Nonprofit Top Companies

Management/leadership training

Affinity/network groups

Mentoring

Sponsorship

Succession planning

Job rotation

Executive coaching

Career counseling

100%100%

60%92%

100%95%

100%97%

97%100%

100%100%

60%65%

90%100%


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At the 2016 NAFE Top Nonprofit Companies, a majority of managers are trained in how to hire, manage or advance women.

For-Profit vs. Nonprofit Manager Participation in Training

37%

67%

47%39%

44%38%

Implementing and managing employee flexible work

arrangements

Managing work life concerns

How to hire, manage, or advance women

0%


PERCENTAGE OF MANAGERS TRAINED IN:100%

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How does your company 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 only winning companies are announced.

Interested in learning more? Visit workingmother.com/surveys today!

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BenchmarkingOur 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.

ScorecardsEach 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 AssessmentsLet 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.

Interested in learning more? Contact Kristen Willoughby at [email protected] for more information today!

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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.

Learn more at workingmother.com/research


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Jennifer Owens, Director [email protected]

Krista Carothers, Senior Research Editor [email protected]

Kristen Willoughby, Senior Manager, Editorial & Research Initiatives [email protected]

Michele Siegel, Director of Research Initiatives [email protected]

Tierney O’Brien, Custom Insights Analyst [email protected]

Contact Information

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