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Top 50 Companies for Executive Women 2015Executive Summary
Source: 2015 National Association for Female Executives
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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 2015 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 2015 NAFE Top 50 Companies initiative were collected online from December 13, 2013, to March 14, 2014, and also from June 20 to August 29, 2014.
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 2015 issue of Working Mother magazine and at workingmother.com.
NAFE is a division of Working Mother Media.
Research Methodology
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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: 2015 National Association for Female Executives
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.).
Background on the Initiative
Source: 2015 National Association for Female Executives
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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 2013. Notably, half of the 2015 Top Companies now have four or more women on their board of directors, versus 36% in 2011.
More senior manager growth: Representation of women overall at the 2015 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 2012.
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 2014.
Summary of 2015 Findings
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In 2015, 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.
NAFE Top Companies Hall of Fame
15 YEARS
17 YEARS
15 YEARS
16 YEARS
Source: 2015 National Association for Female Executives
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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.
2015 NAFE Top 50Companies in red are 2014 Fortune 500 Companies
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7 Source: 2010, 2011, 2012, 2013, 2014, and 2015 National Association for Female Executives
Board RepresentationThe 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 2013—after remaining steady at 23% between 2010 and 2012.
2010 23%
2012 23%
2013 26%
2014 27%
2015 29%
2011 23%
( RepResentation of women on boaRds of diRectoRs at the nafe top 50 )
0% 100%
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8Source: 2015 National Association for Female ExecutivesSource: 2014 Catalyst Census: Women Board Directors
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%.
Board Representation
2015 nafe top 50
s&p 500 19%
29%
( RepResentation of women on boaRds of diRectoRs )
0% 100%
Source: 2015 National Association for Female Executives
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2 women 3 women 4 women 5+ women
0%
100%
’11
28%
’15
18%
’11
36%
’15
32%
’11
26%
’15
34%
’11
10%’15
16%
2015 NAFE Top 502011 NAFE Top 50
The NAFE Top Companies report significant growth in female representation on their boards of directors. Fifty percent of the 2015 Top Companies now have four or more women on their board of directors, versus 36% in 2011.
Board Representation
( women on boaRd of diRectoRs )
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Source: 2010, 2011, 2012 ,2013, 2014 and 2015 National Association for Female ExecutivesCatalyst: Historical List of Women CEOs of the Fortune Lists (2014), based on percentage of women CEOs at the time of the annual published Fortune 500 listFortune: “Number of Fortune 500 women CEOs reaches historic high,” June 3, 2014: fortune.com/2014/06/03/number-of-fortune-500-women-ceos-reaches-historic-high/
Female CEO representation has held steady at 10% for the past four years at the NAFE Top Companies.
CEO Representation
14%
3%
2010 2011
14%
3%
2012
10%4%
2013
10%4%
2014 2015
10% 10%4% 5%
0%
NAFE Top 50 ForTuNE 500 CompANiEs
( Percentage of comPanies with female ceos )
100%
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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
0%
100%
Source: 2012, 2013, 2014, and 2015 National Association for Female Executives
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.
P&L Executive Representation
( peRcentage of p&L executives who aRe women at the nafe top 50 )
’12 ’13 ’14 ’15’12 ’13 ’14 ’15’12 ’13 ’14 ’15’12 ’13 ’14 ’15
19%22% 22% 22% 23%
26%29% 27%
22%26% 25% 26%
37%32%
35%40%
Source: 2015 National Association for Female Executives
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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.
Promotions
Female Male
( pRomotions to manageR and above )
0% 100%
total 45% 55%
managers 46% 55%
senior manager 40% 60%
corporate executive 34% 66%
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13 Source: 2012, 2013, 2014, and 2015 National Association for Female Executives
Total representation of women at the 2015 NAFE Top Companies continues to hold steady at 51%, while the percentage of female senior managers (37%) continues to climb.
Representation By Job Level
executives
2012201320142015
22%25%
28%27%
senior managers
2015
201220132014
37%
33%34%
35%
managers2015
201220132014
44%
44%
45%43%
total employees
2015
201220132014
53%51%51%51%
( RepResentation of women at the nafe top 50 )100%0%
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Advancement Programs
Source: 2013, 2014, and 2015 National Association for Female Executives
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 2014.
( peRcentage of nafe top 50 that offeR: )
Job Rotation
succession planning
career counseling
0% 100%
2013
2014
2015
2013
2014
2015
2013
2014
2015
98%96%
80%
94%90%
88%
100%98%98%
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15 Source: 2013 and 2014 National Association for Female Executives
In addition, the 2015 NAFE Top Companies all continue to support women’s issues and advancement through the following impactful programs.
Advancement Programs
( peRcentage of nafe top 50 that offeR: )
100%100%100%
100%100%100%
100%100%100%
42%60%
58%
100%100%
98%
96%96%96%
0% 100%
executive coaching
affinity/network groups
program to identify high-potential women
management/leadership training
mentoring program
sponsorship
201320142015
201320142015
201320142015
201320142015
201320142015
201320142015
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16 Source: 2011, 2012 ,2013, 2014 and 2015 National Association for Female Executives
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%.
Participation in Advancement Programs
12%19% 20%
32%
mentoring program
management/leadership
training
15%
23% 26%32%
’11 ’12 ’13 ’14 ’15 ’11 ’12 ’13 ’14 ’15’11 ’12 ’13 ’14 ’15 ’11 ’12 ’13 ’14 ’15 ’11 ’12 ’13 ’14 ’15
20%
38%38%
52%
64%57%
29%
career counseling
18%23%
17%17%12%
affinity/ network groups
9% 11% 9% 9%10%
sponsorship program
( femaLe paRticipation Rate in advancement pRogRams at the nafe top 50 )
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17 Source: 2011, 2012, 2013, 2014 , and 2015 National Association for Female Executives
The percentage of managers participating in training at the NAFE Top Companies shrank this year, after steadily increasing the previous four years.
Manager Participation in Training
how to manage work life concerns of employees
32%
2011
41%
2012
41%
2015
42%
2013
43%
2014
how to implement and manage employee
flexible work arrangements
30%
2015
34%
2011
34%
2012
37%
2013
38%
2014
( peRcentage of manageRs at the nafe top 50 tRained in: )
0%
100%
0%
100%
Source: 2015 National Association for Female Executives
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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.
CEO Engagement
( peRcentage of nafe top 50: )0% 100%
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
oversees/approves management compensation plans that are tied to
women’s advancement
makes ceo work life statement available on corporate website/corporate materials
includes an update on work life during annual updates with employees
98%
80%
66%
64%
60%
56%
44%
Source: 2015 National Association for Female Executives
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The NAFE Top Companies are committed to the physical and mental health of employees and are providing increased support for the following programs:
Health & Wellness Benefits
( peRcentage of nafe top 50 that offeR: )
84%94%
84%90%
76%86%
76%86%
50%82%
50%58%
42%58%
38%48%
32%42%
18%24%
0% 100%
20142015
20142015
20142015
20142015
20142015
20142015
20142015
20142015
20142015
20142015
fitness center discounts/subsidies
financial incentives for achieving health/wellness goals or for participation in programs
benefits or programs for employees who show signs of depression
wellness newsletter/column
support groups
healthcare premium discounts for participating in annual health risk assessment
on-site sick room
healthcare premium discounts for not using tobacco products
fitness equipment subsidy/reimbursement
healthcare premium discounts for participating in a weight-loss program
Source: 2015 National Association for Female Executives
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All NAFE Top Companies offer professional development opportunities and cover certification/recertification fees.
Personal Service Benefits
( peRcentage of nafe top 50 that offeR: )
professional development opportunities 100%
98%professional memberships
88%cross-training to develop skills not directly related to the job
78%professional license application or renewal fees
100%certification/recertification fees
0% 100%
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Top 10 Nonprofit Companies 2015
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Source: 2015 National Association for Female Executives
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2015 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
Source: 2015 National Association for Female Executives
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At the 2015 NAFE Top 10 Nonprofit companies, women hold more leadership positions than they do at the NAFE Top 50.
For-Profit Vs. Nonprofit Top Companies
( RepResentation of women in LeadeRship positions )2015 NAFE Top 502015 NAFE Top 10 NoNproFiT CompANiEs
executives
top 10% earners
executives with p&L responsibilities
board of directors
0% 100%
29%32%
27%39%
22%37%
40%63%
Source: 2015 National Association for Female Executives
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For-Profit Vs. Nonprofit Top CompaniesSeventy 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: )
affinity/network groups
career counseling
management/leadership training
sponsorship
succession planning
Job rotation
executive coaching
mentoring
0% 100%
100%100%
100%96%
100%100%
70%98%
100%98%
100%100%
100%94%
70%58%
2015 NAFE Top 502015 NAFE Top 10 NoNproFiT CompANiEs
Source: 2015 National Association for Female Executives
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At the 2015 NAFE Top 10 Nonprofit Companies, a majority of managers are trained in how to hire, manage, or advance women and managing work life concerns.
For-Profit vs. Nonprofit Manager Participation in Training
( peRcentage of manageRs at the 2015 nafe top 10 nonpRofit companies tRained in: )2015 NAFE Top 502015 NAFE Top 10 NoNproFiT CompANiEs
74%
41%
67%
41% 42%30%
0%
100%
implementing and managing employee flexible work
arrangements
managing work life concerns
how to hire, manage, or advance women
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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.
Interested in learning more? Visit wmmsurveys.com 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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28 Learn more at workingmother.com/wmri
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.
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Contact Information
Learn more at workingmother.com/wmri
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]