top 60 companies for executive women in 2017 · top 60 for women executive executive summary 2017...

Top 60for

WomenExecutive EXECUTIVE SUMMARY

2017

Companies

workingmother.com/wmri 2Source: 2017 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 2017 application included sections on the following:

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

Completed applications for the 2017 NAFE Top 60 Companies initiative were collected online from December 14, 2015, to March 11, 2016, and also from June 20 to August 26, 2016.

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 2017 issue of Working Mother magazine and at workingmother.com.

NAFE is a division of Working Mother Media.

Research Methodology

workingmother.com/wmri 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: 2017 National Association for Female Executives

The purpose of the NAFE Top 60 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 60 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. childcare or flexibility), or consulting and government agencies (taxation and revenue departments, motor vehicle bureaus, military, legislatures, executive branches, judiciaries, prosecutorial offices, etc.).

Background on the Initiative


Almost a third of the 2017 NAFE Top Companies (32%) have at least 5 women on their boards of directors. That’s up from just 22% of them last year and only 8% in 2013.

At the NAFE Top Companies, an average of 29% of board of directors members are women, compared with 20% at the S&P 500.

Women lead 12% of the NAFE Top Companies as CEOs this year (up 4 percentage points from the 2016 list), compared with 5% of the companies in the S&P 500. Half of the NAFE Top 10 Nonprofits have female CEOs.

Women make up an average of 28% of the corporate executives at the NAFE Top Companies, including 30% of those reporting directly to the CEO and 41% of the executives in the top tenth of all earners.

Of employees being promoted to corporate executive positions at the NAFE Top Companies, women make up 35%.

All of the NAFE Top Companies offer executive coaching and management/leadership training, and 72% offer sponsorship programs—the highest number ever.

Ninety-five percent of CEOs meet regularly with the executive responsible for women’s advancement to review metrics and goals.

Summary of 2017 Findings


This year, Allstate Insurance and Merck and join 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

17 YEARS 17 YEARS16 YEARS

19 YEARS18 YEARS 15 YEARS 15 YEARS


Companies in red are 2016 Fortune 500 Companies ★ Top Ten Winners

2017 NAFE Top Companies

A.T. KearneyAbbott ★AccentureAdecco ★AetnaAllstate InsuranceAmerican ExpressAnthem AT&TBank of AmericaBDO USABenco DentalBoehringer IngelheimThe Boston Consulting GroupCapital OneCardinal HealthCisco SystemsCitiColgate-PalmoliveDeloitte ★

Diageo North AmericaDuPontEdelmanEli Lilly and CompanyErnst & Young LLP ★First Horizon NationalFleishmanHillard ★Freddie MacGeneral MillsGeneral MotorsGrant ThorntonIBM ★JLLJohnson & Johnson ★Katten Muchin RosenmanKelloggKPMG ★L’Oréal USA ★Marriott InternationalMassMutual Financial Group

McKinsey & Co.MerckMetLifeMoss AdamsNew York Life InsuranceNorthern TrustPillsbury Winthrop Shaw Pittman PNC Financial Services GroupPrincipal Financial GroupProcter & Gamble ★Prudential FinancialRoche DiagnosticsRyanState FarmTargetTexas InstrumentsVerizonViacomWal-Mart StoresZurich North America

workingmother.com/wmri 7Source: 2017 National Association for Female Executives; Catalyst. Pyramid: Women in S&P 500 Companies. New York: Catalyst, September 19, 2016.

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%

20%

29%2017 NAFE Top 60

S&P 500

workingmother.com/wmri 8Source: 2013, 2014, 2015, 2016, and 2017 National Association for Female Executives

The percentage of board seats occupied by women at the NAFE Top Companies increased one percentage point this year (to 29%). While female board representation is higher than five years ago, there has been no considerable change since 2015.


REPRESENTATION OF WOMEN ON BOARDS OF DIRECTORS AT NAFE TOP COMPANIES

100%

2013 26%

2014 27%

2015 29%

2017 29%

2016 28%

workingmother.com/wmri 9Source: 2013, 2014, 2015, 2016 and 2017 National Association for Female Executives

More than half (55%) of the 2017 NAFE Top Companies have four or more women on their boards of directors, versus 52% last year and 32% in 2013.

The percentage of NAFE Top Companies with 5 or more women on their boards continues to increase dramatically, jumping 10 percentage points since last year.


2 Women

3 Women

4 Women

5+ Women

NUMBERS OF WOMEN ON BOARDS OF DIRECTORS AT NAFE TOP COMPANIES

2017 NAFE Top 60

2013 NAFE Top 50

2014 NAFE Top 50

2015 NAFE Top 50

2016 NAFE Top 60

23% 23%28%38%

18%

25% 22%

34%30%

30%23%

28%24%22%

32%10%8%

32%

34%

16%

workingmother.com/wmri 10Source: 2013, 2014, 2015, 2016 and 2017 National Association for Female Executives; Catalyst. Pyramid: Women in S&P 500 Companies. New York: Catalyst, September 19, 2016.

CEO Representation

PERCENTAGE OF COMPANIES WITH FEMALE CEOS100%

S&P 500NAFE TOP 60

2013

10%4%

2014

10%4%

2015

10%5%

2017

12%5%

2016

8% 5%

Female representation among the CEOs at the NAFE Top Companies (12%) jumped four percentage points in the past year after a slight dip in 2016 (8%). This marks the highest representation of women CEOs at the NAFE Top Companies in the past five years, and still outpaces the S&P 500.


Overall female representation in each of three high-level executive positions (those with P&L responsibilities, those reporting directly to the CEO and those responsible for divisions with revenues of $1 billion or more) is the highest it has been in the past five years.

The percentage of corporate executives with P&L responsibility who are women increased to 24% after holding steady at 22% since 2013.

The percentage of corporate executives who report directly to the CEO who are women has been increasing since 2015.

After a slight dip last year, the percentage of corporate executives responsible for divisions with revenues of more than a billion dollars who are women increased to 27%.

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

24% 26% 25% 25%26%30%

26%29% 27% 27%28%

22% 22% 22% 22%

0%

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

FEMALE TOP EXECUTIVE REPRESENTATION AT NAFE TOP COMPANIES100%

2017 NAFE TOP 60

workingmother.com/wmri 12

0%

100%

Source: 2013, 2014, 2015, 2016, and 2017 National Association for Female Executives

Female representation among the top 10% of earners at the NAFE Top Companies increased two percentage points to 41%, the highest it has been since 2013.

Top Earners

FEMALE REPRESENTATION AMONG TOP EARNERS (HIGHEST 10%) AT NAFE TOP COMPANIES

41%32% 35%

40% 39%

2017 NAFE Top 60

2013 NAFE Top 50

2014 NAFE Top 50

2015 NAFE Top 50

2016 NAFE Top 60


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 2017 NAFE TOP COMPANIES

All promotions to the manager level

and above

46% 54%Promotions to manager

44% 56%

Promotions to senior manager 39% 61%

Promotions to corporate executive 35% 65%

MENWOMEN

workingmother.com/wmri 14Source: 2016 and 2017 National Association for Female Executives

While the overall percentage of promotions going to women at the NAFE Top Companies (44%) is the same as last year, the percentage of promotions to the manager level going to women increased one percentage point and the percentage of promotions to the corporate executive level going to women increased two percentage points from last year. However, promotions to the senior manager level going to women dropped to 39% from 41%.

Promotions

RECIPIENTS OF PROMOTIONS AT NAFE TOP COMPANIES

100%All promotions to the manager level

and above

Promotions to manager

Promotions to senior manager

Promotions to corporate executive

2017 44%2016 44%

2017 46%2016 45%

2017 39%2016 41%

2017 35%2016 33%


100%

Source: 2013, 2014, 2015, 2016, and 2017 National Association for Female Executives

Total representation of women at the 2017 NAFE Top Companies continues to hold steady at 51%. However, the percentages of women in senior manager and corporate executive roles increased by one percentage point each.

Representation by Job Level

Executives

25%28%

27%27%

Senior Managers

37%36%

34%35%

Managers 44%44%44%

45%43%

Total Employees

51%51%51%51%51%

REPRESENTATION OF WOMEN AT NAFE TOP COMPANIES

2017 NAFE TOP 60

2013 NAFE TOP 502014 NAFE TOP 502015 NAFE TOP 502016 NAFE TOP 60

28%

37%


All 2017 NAFE Top Companies consistently support executive coaching, affinity/network groups and management/leadership training.

Advancement Programs

PERCENTAGE OF NAFE TOP COMPANIES OFFERING:

2013 100%

2016 100%2017 100%

2014 100%2015 100%

Executive coaching

2013 100%

2016 100%2017 100%

2014 100%2015 100%Affinity/network

groups

2013 100%

2016 100%2017 100%

2014 100%2015 98%

Management/leadership

training


The percentage of NAFE Top Companies that offer sponsorship programs (72% for 2017) continues to increase and is the highest it has been in the past five years.

Ninety-seven percent of 2017 NAFE Top Companies offer career counseling, the highest number in the past five years.

The percentage of NAFE Top Companies that offer mentoring increased one point to 98%.



2013 96%

2016 97%2017 98%

2014 96%2015 96%

Mentoring program

2013 88%

2016 95%2017 97%

2014 90%2015 94%Career

counseling

2013 42%

2016 65%2017 72%

2014 60%2015 58%Sponsorship


The percentage of 2017 NAFE Top Companies that offer job rotation declined to 85%, from 92% in 2016 and from 98% in 2015, when it was its highest.

The percentage of NAFE Top Companies that offer succession planning continued to decline, to 95% for 2017 from 100% two years ago.



2013 100%

2016 100%2017 98%

2014 100%2015 100%

Program to identify high-

potential women

2013 98%

2016 97%2017 95%

2014 98%2015 100%Succession

planning

2013 80%

2016 92%2017 85%

2014 96%2015 98%Job rotation

workingmother.com/wmri 19Source: 2012, 2013, 2014 , 2015, and 2016 National Association for Female Executives

The percentage of managers at the NAFE Top Companies who are trained in how to implement and manage employee flexible work arrangements increased to 40% from 38% last year.

Additionally, after a two-year decline, the percentage of managers trained in how to manage work life concerns of employees bounced back to 42%.

Manager Participation in Training

How to implement and manage employee

flexible work arrangements

30%

40%37% 38% 38%

How to manage work life concerns of employees

42%41% 39%42% 43%

2013 2014 2015 20172016 2013 2014 2015 20172016

PERCENTAGE OF MANAGERS TRAINED AT NAFE TOP COMPANIES:

100%

0%


Ninety-five percent of 2017 NAFE Top Companies’ CEOs meet regularly with an executive responsible for women’s advancement to review metrics and goals. Eighty-seven percent of CEOs provide an annual update on women’s advancement to the board of directors.

CEO Engagement

PERCENTAGE OF 2017 NAFE TOP COMPANIES CEOS TAKING EACH MEASURE:

Meets regularly

with executive

responsible for women’s

advancement to review

metrics and goals

Provides annual

update on women’s

advancement to board of directors

Meets regularly with work

life executive to review

metrics and goals

Makes CEO women’s

advancement statement

available on corporate

website and in other

corporate materials

Includes an update on women’s

advancement during annual

updates with employees

Includes an update on work life

during annual

updates with employees

Oversees or approves

management compensa-tion plans

that are tied to women’s

advancement

Utilizes flexible work

Makes CEO work life

statement available on

corporate website

and in other corporate materials

Provides annual

update on work life

to board of directors

Chairs or oversees Women’s Advance-

ment Council

Oversees or approves

management compensa-tion plans

that are tied to work life

Chairs or oversees Work Life

Council

100%95%

87%

75%68%

60% 58% 58% 57% 57%53%

48%

35%

25%

workingmother.com/wmri 21Source: 2016 and 2017 National Association for Female Executives

Stress management or stress reduction programs

Health and lifestyle coaching

Benefits or programs for employees who show signs of depression

Fitness center discounts/subsidies

On-site fitness centers

Screening for sleep disorders

On-site vaccinations

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

Health & Wellness Benefits


2017 98%2016 100%

2017 95%2016 92%

2017 87%2016 85%

2017 60%2016 63%

2017 88%2016 92%

2017 82%2016 83%

2017 43%2016 30%


Almost all 2017 NAFE Top Companies offer professional development opportunities and cover certification/recertification fees.

Personal Service Benefits

PERCENTAGE OF 2017 NAFE TOP COMPANIES OFFERING:

Professional development opportunities

87%

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

Top 10for

WomenExecutive

Nonprofit

EXECUTIVE SUMMARY

2017

Companies



2017 NAFE Top 10 Nonprofit Companies

Bon Secours Virginia Health System

Children’s Healthcare of Atlanta

March of Dimes Foundation

Mercyhealth

Northwestern Memorial HealthCare

Scripps Health

TIAA

TriHealth

WellStar Health System

Yale New Haven Hospital

Source: 2017 National Association for Female Executives workingmother.com/wmri 25

At the 2017 NAFE Top 10 Nonprofit companies, women hold more leadership positions than they do at the 2017 NAFE Top 60.

For-Profit vs. Nonprofit Top Companies

100%

REPRESENTATION OF WOMEN IN LEADERSHIP POSITIONS:

Total employees76%

51%

29%29%

43%28%

44%24%

58%41%

Executives

Executives with P&L responsibilities

Top 10% earners

Board of directors

2017 NAFE TOP 10 NONPROFITS 2017 NAFE TOP 60


PERCENTAGE OFFERING:


All of the 2017 NAFE Top 10 Nonprofit Companies offer executive coaching and management/leadership training.

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%85%

95%

98%

97%

80%

100%100%

50%72%

90%

90%

90%

100%

Source: 2017 National Association for Female Executives workingmother.com/wmri 27

At the 2017 NAFE Top 10 Nonprofit Companies, the majority of managers are trained in how to hire, manage or advance women; manage work life concerns; and implement and manage employee flexible work arrangements.

For-Profit vs. Nonprofit Manager Participation in Training

42%

65% 63%

39%

61%

40%

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%


How does your company rate in key areas like diversity and 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 Best Law Firms for Women◆ NAFE Top Companies for Executive Women◆ Diversity Best Practices Benchmarking Tool and D&I Index

Participation is free and only winning companies are announced.

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


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!


Learn more at workingmother.com/research

From flexibility and childcare 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.


Contact Information

Krista Carothers, Executive Research Editor [email protected]

Kristen Willoughby, Director, Editorial & Research Initiatives [email protected]

Michele Siegel, Director of Research Initiatives [email protected]

Aviva Rosner, Custom Insights Analyst [email protected]

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