2012 MCW exec summary

DISCLAIMER: Working Moms CPA Exam Motivation is in no way affiliated or owned by Working Mother Media. This report was converted from a PDF created by Working Mother Media for the purposes of easier reading and review. If you wish to download the PDF version, please refer to the link below for the original report published by Working Mother Media.

10 Years of the Best Companies for Multicultural Women!

In the initiative’s first year, 2003, Working Mother only chose 3 Best Companies for Multicultural Women; a decade later, 25 companies have policies in place to make sure that women of color are hired, retained and promoted at high enough rates to qualify for the award.

“We’ve built a dialogue that’s ongoing, that doesn’t stop, that influences women all over the country, that makes people comfortable talking about race and gender, that shifts the culture of our companies, that joins with other dialogues and other voices and stories to impact the culture of our country.”

– Carol Evans, President, Working Mother Media

Congratulations to the 2012 Working Mother Best Companies for Multicultural Women!

  • Allstate Insurance
  • American Express*
  • AXA Equitable
  • CA Technologies
  • Chubb Group of Insurance Companies
  • Cisco*
  • Citi
  • Colgate-Palmolive
  • Deloitte*
  • Freddie Mac
  • General Mills*
  • Goldman Sachs
  • IBM
  • JPMorgan Chase
  • KPMG*
  • Macy’s
  • New York Life Insurance
  • The New York Times Company*
  • Northern Trust
  • PepsiCo
  • Procter & Gamble*
  • PwC*
  • State Farm Insurance*
  • Verizon Communications*
  • Walmart

* Top 10 Company

Source: 2012 Working Mother Best Companies for Multicultural Women

The Best Companies for Multicultural Women represent more than 2.5 million employees in

9 industries with some 24,000 worksites nationwide.

  • Accounting
  •  Consumer Products
  •  Financial Services
  • Insurance
  • Media, Internet and Advertising
  • Professional Services
  • Retail
  • Technology
  • Telecommunications

Source: 2012 Working Mother Best Companies for Multicultural Women

Accounting

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Total Workforce

Multicultural women make up 21% of total employees at the Best Companies, while multicultural men represent 15% of the total workforce.

Representation of Workforce

Caucasian Employees

Multicultural Employees

Women represent 55%

Men represent 45%

of total employees at the Best Companies

of total employees at the Best Companies

Source: 2012 Working Mother Best Companies for Multicultural Women

 Representation by Job Level

As multicultural women move up the corporate ladder, their representation shrinks significantly, even compared with that of their male multicultural peers.

Caucasian men are the only employee group to gain representation as they advance in their careers.

Representation of Workforce by Job Level

Source: 2012 Working Mother Best Companies for Multicultural Women

Representation of Multicultural Women

Representation of multicultural women at the manager level increased one percentage point in the past year, while representation at the senior manager and corporate executive levels have held steady for the past three years.

Representation of Workforce by Job Level (Four-Year Trend)

% of Multicultural Women Managers

% of Multicultural Women Senior Managers

% of Multicultural Women Corporate Executives

Source: 2012 Working Mother Best Companies for Multicultural Women

Board of Directors Membership

At the Best Companies, multicultural women hold 4% of board seats, on average, vs. 3% across the Fortune 500.

Membership on the board was more diverse at the Best Companies than at the Fortune 500 as they appointed more board seats to women and multicultural men, on average.

Representation on Boards of Directors

Source: 2011 Catalyst Census: Fortune 500 Women Board Directors

Source: 2012 Working Mother Best Companies for Multicultural Women

Board of Directors Membership

However, at the Best Companies, representation of multicultural women on the corporate boards of directors declined two percentage points in 2012 after a steady increase for the previous two years.

Representation on Boards of Directors (Four-Year Trend)

Source: 2012 Working Mother Best Companies for Multicultural Women

Direct Reports to the CEO

4.3% of the executives who report directly to the CEO at the Best Companies are multicultural women, while 7.9% are multicultural men.

Women represent

19.4%

of the executives who report directly to the CEO at the Best Companies

Multicultural

Women 4.3%

Caucasian

Women 15.1%

Multicultural

Men 7.9%

Caucasian Men

72.7%

Direct

Reports to

the CEO

Source: 2012 Working Mother Best Companies for Multicultural Women

P&L Responsibilities

Of the executives with P&L responsibilities at the Best Companies, 2.8% are multicultural women.

Women make up less than a quarter of all executives with P&L responsibilities.

Multicultural

Women 2.8%

Women represent

Men 77.7%

Source: 2012 Working Mother Best Companies for Multicultural Women

Promotions

At the Best Companies, multicultural women represented 14.3% of all management promotions, on average, last year. This represents an increase in promotions to multicultural women in the past year by one percentage point.

Representation of Promotions

*percentage of promotions by employee group represented out of total employees promoted to managers, senior managers or corporate executives

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Source: 2012 Working Mother Best Companies for Multicultural Women

Attrition

At the Best Companies, the attrition rate of multicultural women has held steady for the past four years while the attrition rate of multicultural men has decreased, falling to 17% after three years of being stable.

Representation of Attrition* (Four-Year Trend)

% of employees who left that are Caucasian Men

% of employees who left that are Multicultural Men

% of employees who left that are Caucasian Women

% of employees who left that are Multicultural Women

 

*includes non-manager, manager, senior manager, and corporate executive (exempt and non-exempt) who left

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Source: 2012 Working Mother Best Companies for Multicultural Women

Top Earners

At the Best Companies, multicultural women make up 14% of all top earners, which is a significant increase over last year’s 11% representation.

Representation of Top Earners

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Source: 2012 Working Mother Best Companies for Multicultural Women

Recruitment & Retention

The Best Companies support initiatives specifically designed to recruit and retain multicultural women.

Which of the following do you offer specifically for Multicultural Women & Men?

Multicultural Women

Multicultural Men

Specific recruitment initiatives for multicultural women/ men, not including outside recruiters

Special programs designed to retain multicultural women/men

Professional development programs or classes for multicultural women/men

Active task force or committee specifically for multicultural women/men

Percentage of Best Companies offering program

Source: 2012 Working Mother Best Companies for Multicultural Women

Advancement Programs

The Best Companies offer a wide array of programs specifically designed to promote the advancement of multicultural women.

88% of the Best Companies offer mentoring programs specifically geared towards younger multicultural women or those early in their careers.

Which of the following do you offer specifically for Multicultural Women and Men?

Source: 2012 Working Mother Best Companies for Multicultural Women

Recruitment

The Best Companies try to attract high-level multicultural talent in numerous ways.

Number of Best Companies that:

  • Connect with professional or school organizations for multicultural women
  • Utilize employee resource groups/networks to recruit new employees
  • Advertise recruitment in magazines/media used by multicultural women
  • Sponsor recruitment events that cater to multicultural women
  • Post job opportunities on career websites geared towards multicultural women
  • Host recruitment events specifically for multicultural women
  • Recruit using social media

Source: 2012 Working Mother Best Companies for Multicultural Women

Manager Training

The Best Companies educate managers by offering them guidance on diversity and inclusion issues.

Number of Best Companies that Offer Training In:

  1. Race/ethnic diversity
  2. Generational diversity
  3. Gender diversity
  4. Sexual orientation
  5. Microinequities (i.e., unconscious filters or bias)

Source: 2012 Working Mother Best Companies for Multicultural Women

Diversity Education

All Best Companies offer diversity/sensitivity education for their employees, with 76% of the winners offering such education three or more times a year.

Percentage of Best Companies* that offer education

to all employees and rates of participation

*data reflect only those companies that offer each education program

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Source: 2012 Working Mother Best Companies for Multicultural Women

Manager Accountability

84% of the Best Companies have performance appraisal objectives for managers that include managing diversity issues.

Managers at the Best Companies are rated in the following manners:

Manager Rating at the Best Companies

2012 Working Mother Best Companies for Multicultural Women

Managers rated on managing diversity issues

Managers rated on employee satisfaction in regards to diversity issues measured in employee surveys

Managers rated on number of multicultural women advancing for whom they have managerial responsibilty

Managers rated on feedback based on 360-degree type process (multi-source feedback) in regards to diversity issues

Formal compensation policies to reward managers who help multicultural women advance

Percentage of Best Companies that support these programs/policies 20

Source: 2012 Working Mother Best Companies for Multicultural Women

Research Methodology

The Working Mother Best Companies for Multicultural Women are selected based on their answers to 391 questions on the 2012 application, which covers the follow topics:

  •  Company Profile
  • Representation
  • Female Representation
  • Male Representation
  • Top Earners
  • Board of Directors
  • Hiring, Attrition and Promotions
  • Hiring
  • Losses & Attrition
  • Promotions & Advancement
  •   Best Practices Essay
  •   Recruitment, Retention & Advancement
  • Use of Internal/External Recruitment
  • Retention Programs
  • Diversity Task Forces
  • Affinity Groups
  • Mentoring/Sponsorship
  • Career Counseling
  • Management & Leadership Training
  • Networking
  • Succession Planning
  • Tuition Reimbursement
  •   CompanyCulture
  • Manager Accountability
  • Diversity-Related Benefits and Policies
  • Employee Diversity Surveys
  • Grievance Policies
  • Internal & External Communication
  • External Diversity Activities
  • Philanthropic Giving

Research Methodology

Completed applications for the 2012 Best Companies for Multicultural Women were collected online from September 23 to December 2, 2011.

To qualify, companies must have at least 500 U.S. employees.

Winning companies were selected from a pool of applicant companies and ranked numerically based on the data they provided in their applications.

Winners were selected based on these applications and were announced in the June/July 2012 issue of Working Mother magazine and on workingmother.com/bestcompanies.

Statistics outlined in this report are aggregated based on the data from the 25 winning companies.

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 Best Companies for Hourly Workers
  • NAFE Top Companies for Executive Women
  • NAFE & Flex-Time Lawyers Best Law Firms for Women
  • Diversity Best Practices

Participation is free and confidential.

Interested in learning more? Visit wmmsurveys.com today!

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Interested in learning more? Contact us

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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 also creating marching orders for tomorrow. WMRI’s goal is to give both working mothers and their employers the information they need to be truly family friendly.

Registration for the 2013 Working Mother Best Companies for Multicultural Women is now closed.

Upcoming Schedule

Survey Opens

Survey Closes

Diversity Best Practices Assessment & Benchmarking Tool

April 2012

June 2012

2013 Working Mother Best Companies for Hourly Workers

June 2012

September 2012

2013 NAFE Top 50 Companies for Executive Women

July 2012

September 2012

2013 Working Mother Best Companies for Multicultural Women

August 2012

November 2012

2013 Working Mother 100 Best Companies

December 2012

March 2013

2013 NAFE & Flex-Time Lawyers Best Law Firms for Women

January 2013

April 2013