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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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workingmother.com/wmri 3Source: 2016 National Association for Female Executives
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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workingmother.com/wmri 4Source: 2016 National Association for Female Executives
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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workingmother.com/wmri 5Source: 2016 National Association for Female Executives
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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workingmother.com/wmri 6Source: 2016 National Association for Female Executives
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.
Board Representation
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.
Board Representation
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%
2012 NAFE TOP 50 2013 NAFE TOP 50 2014 NAFE TOP 50 2015 NAFE TOP 50 2016 NAFE TOP 60
FEMALE TOP EXECUTIVE REPRESENTATION AT NAFE TOP COMPANIES100%
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workingmother.com/wmri 12
0%
2012 NAFE TOP 50 2013 NAFE TOP 50 2014 NAFE TOP 50 2015 NAFE TOP 50 2016 NAFE TOP 60
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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workingmother.com/wmri 13Source: 2016 National Association for Female Executives
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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workingmother.com/wmri 14
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%
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 17Source: 2016 National Association for Female Executives
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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workingmother.com/wmri 18Source: 2016 National Association for Female Executives
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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workingmother.com/wmri 19Source: 2016 National Association for Female Executives
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
workingmother.com/wmri 20
™
NAFE Top 10 Nonprofit Companies
2016
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workingmother.com/wmri 21Source: 2016 National Association for Female Executives
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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workingmother.com/wmri 22
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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workingmother.com/wmri 23Source: 2016 National Association for Female Executives
100%
PERCENTAGE OFFERING:
2016 NAFE TOP 10 NONPROFITS 2016 NAFE TOP 60
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%
Source: 2016 National Association for Female Executives
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workingmother.com/wmri 24
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%
2016 NAFE TOP 10 NONPROFITS 2016 NAFE TOP 60
PERCENTAGE OF MANAGERS TRAINED IN:100%
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workingmother.com/wmri 25
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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workingmother.com/wmri 26
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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workingmother.com/wmri 27
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
Source: 2016 National Association for Female Executives
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workingmother.com/wmri 28
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