Best Companies For Multicultural Women [Public Accounting CPA Firms] 2013

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Executive Summary

 Background on the Initiative

Since 2003, the purpose of the Working Mother Best Companies for Multicultural Women initiative has been to recognize American corporations that create and use best practices in hiring, retaining and promoting women of color in order to ensure that a variety of perspectives are represented at every level of management and decision-making.

We celebrate the winning companies at our annual Multicultural Women’s National Conference and in Working Mother. This year, we feature high- level multicultural women sharing how their race and cultural backgrounds have affected their careers:

Laurena L. Emhoff, VP & treasurer at The New York Times Company “I’m inspired by my grandmother. She emigrated from St. Vincent to Trinidad as a young woman, raised five kids and worked as a caterer. When I’m having a difficult day, I think of her.”

PHOTOGY TIFF PEMBERTON; HAIR BY JO DUMORNAY; MAKEUP BY TARA WATSON.

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2013 BEST COMPANIES for MULTICULTURAL WOMEN

Successful working moms of color from our winning companies share how their personal histories have impacted their careers—and the advice they give their own daughters.

AS TOLD TO ANNIE FINNIGAN

The Winners: How the Best Companies compare.

Our Stories, Our Strength: Where we come from can have a big effect on where our careers take us.

Top 5: Chief diversity officers from the top Best Companies on celebrating true diversity.

In the Mix: Profiles of the 2013 Best Companies for Multicultural Women.

Laurena L. Emhoff, vice president and treasurer of The New York Times Company, with Bailey and Ava (see page 39)

 

Ana Duarte McCarthy, CDO, Citi “We need to embrace our culture, language and experience, instead of trying to conform.”

Padmasree Warrior, chief technology

&strategy officer, Cisco “Being more authentic got me closer to my colleagues and made me a more effective leader.”

Kim Goodman, president of global business travel, American Express “As a multicultural woman, I’ve had to be diligent about bridging the comfort gap while staying true to myself.”

Denise Evans, VP, market development, IBM

“I realized that I had insight and the ability to assess a problem quickly, and that I could perform in an intense situation—skills I’ve used throughout my career.”

Research Methodology

Each organization completed a detailed application covering both internal and

external programs and activities that benefit women. The 2013 application included

sections on the following:

Representation

Hiring, Attrition and Promotions

Recruitment, Retention and Advancement Programs

Company Culture

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

Completed applications for the 2013 Working Mother Best Companies for Multicultural

Women were collected online from August 31 to November 16, 2012.

Winning companies were selected from the pool of applicant companies and ranked

numerically based on the data they provided in their applications.

Winners were announced in the June/July 2013 issue of Working Mother magazine.

Statistics reported are aggregated based on the data from the 25 winning companies.

 Summary of 2013 Findings

 

Representation of multicultural women at the manager (14%), senior manager (7%) and corporate executive (3%) positions has held steady at the Best Companies for the past two years, even though the proportion of total employees who are women of color at the Best Companies fell to 19% this year from 21% in 2012.

Multicultural women received 15% of all promotions to manager and above.

Multicultural female representation in top tenth of earners at each company fell to 7% this year from 12% in 2012.

Twenty-three percent of executives who report directly to the CEO at the Best Companies are women, and 5% are multicultural women. That’s an increase over last year, when women represented 19% of all executives reporting directly to the CEO at the Best Companies, with multicultural women making up 4%.

Diversity education programs saw higher participation rates last year. For example, 42% of employees at the Best Companies participated in education on gender diversity, up from 23% in 2012.

Almost half (48%) of the 2013 Best Companies reward managers who help multicultural women advance through formal compensation policies. (This is higher than last year’s 36%, but not as high as 2010’s 61%.)

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Congratulations to the 2013 Working Mother Best Companies for Multicultural Women!

  • Allstate Insurance
  • American Express
  • AXA Equitable
  • CA Technologies
  • Cisco Systems
  • Citi
  • Colgate-Palmolive
  • Deloitte
  • Freddie Mac
  • General Mills
  • Goldman Sachs
  • IBM
  • JPMorgan Chase
  • KPMG LLP
  • Kraft Foods
  • New York Life
  • Northern Trust
  • PepsiCo
  • Procter & Gamble
  • PwC
  • Sodexo
  • State Farm
  • The New York Times
  • Company
  • Verizon Communications
  • WellPoint

By the Numbers

The 2013 Working Mother

Best Companies for Multicultural Women

employ more than 1.2 million workers in 8 industries with almost 22,000 worksites across 50 states.

  1. Accounting
  2. Consumer Products
  3. Financial Services
  4. Food and Beverages
  5. Insurance
  6. Media, Internet and Advertising
  7. Professional Services
  8. Technology

Total Workforce

Multicultural women make up 19% of total employees at the Best Companies.

Representation of Workforce

Men represent 54% of total employees at the Best Companies

Representation by Job Level

As multicultural women move up the corporate ladder, their representation shrinks significantly.

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

Representation by Job Level

White Men

Multicultural Men

White Women

Multicultural Women

Total Employees

36%

18%

27%

19%

Managers

41%

16%

29%

14%

Senior Managers

54%

12%

27%

7%

Corporate Executives

68%

9% 20%

3%

Source: 2013 Working Mother Best Companies for Multicultural Women

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Representation of Multicultural Women

Representation of multicultural women at the manager, senior manager and corporate executive levels has held steady for the past two years at the Best Companies.

Representation by Job Level (Five-Year Trend)

Source: 2013 Working Mother Best Companies for Multicultural Women

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Percentage of

Managers who are

Multicultural Women

Percentage of

Senior Managers who are Multicultural Women

Percentage of

Corporate Executives who are Multicultural Women

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Board of Directors Membership

At the Best Companies, representation of multicultural women on the boards of directors remained at 4% in 2013 after decreasing last year.

By comparison, representation of white women on boards jumped to 22%, the highest in 5 years.

Representation on Board of Directors

White Men

Multicultural Men

White Women

Multicultural Women

2009

63%

15%

18%

4%

2010

62%

16%

17%

5%

2011

62%

16%

17%

6%

2012

62%

16%

19%

4%

2013

58%

16%

22%

4%

Source: 2013 Working Mother Best Companies for Multicultural Women

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Direct Reports and P&L Responsibilities

Multicultural women represent 3% of all executives with P&L responsibilities and 5% of all executives who report directly to the CEO.

Source: 2013 Working Mother Best Companies for Multicultural Women

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Direct Reports to CEO

66%

11% 18%

5%

Money & Promotions

Multicultural women at the 2013 Working Mother Best Companies for Multicultural Women receive 15% of all promotions to manager and above, and represent 7% of top earners.

White men receive 40% of the promotions to manager and above, and they represent more than half (54%) of the top earners at the Best Companies.

Top 10% Earners by Representation

Promotions to Manager and Above

White Men

Multicultural Men

White Women

Multicultural Women

 

Source: 2013 Working Mother Best Companies for Multicultural Women

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Hiring

At the Best Companies, multicultural women represent, on average, 15% of all managers hired in the past year.

At the corporate executive level, multicultural women represent

3% of all new hires, comparable to total female multicultural representation at this level across the Best Companies.

Representation of Hires by Job Level

White Men

Multicultural Men

White Women

Multicultural Women

Managers

37%

21%

25%

15%

Senior Managers

56%

17%

20% 7%

Corporate Executives

70%

16% 11% 3%

Source: 2013 Working Mother Best Companies for Multicultural Women

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Attrition

White women are leaving manager, senior manager and corporate executive positions at the Best Companies at higher rates than they are being hired into the same positions.

Multicultural women are being hired into these positions at exactly the same rate at which they are leaving them.

Representation of Attrition by Job Level

White Men

Multicultural Men

White Women

Multicultural Women

Managers

40%

17%

29%

15%

Senior Managers

53%

15%

26%

7%

Corporate Executives

69%

10% 20%

3%

Source: 2013 Working Mother Best Companies for Multicultural Women

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Recruitment & Retention

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

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

0%

Percentage of Best Companies offering program

100%

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

Professional development programs or classes for multicultural women/men

Forums and events specifically for multicultural women/men

Special programs designed to retain multicultural women/men

Active task force or committee specifically for multicultural women/men

Multicultural Women Multicultural Men

   Advancement Programs Specifically for Multicultural Employees

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

All Best Companies train mentors, while 76% 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?

0%

Percentage of Best Companies offering program

100%

Network/Affinity Groups

Multicultural Women

72%

Multicultural Men

56%

Mentoring

72%

68%

Career Counseling

64%

64%

Sponsorship Program

40%

40%

Recruitment

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

Number of Best Companies that Use These Recruitment Methods

24

21

20

20

20

20

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Recruitment, Retention & Advancement Programs

The number of Best Companies offering recruitment, retention and advancement programs specifically for multicultural women increased in 2013 versus 2012.

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

Connections with professional/ school organizations

Specific recruitment initiatives

Professional development programs/classes

Social media connections

Recruitment events

Active task force or committee

Network/affinity groups

Percentage of Best Companies offering program

100%

Manager Training

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

Number of Best Companies that Offer Manager Education

23

23

22

21

20

Gender

Race/ethnic

Generational

Sexual

Microinequities

diversity

diversity

diversity

orientation

Diversity Education

All Best Companies offer diversity/sensitivity education for their employees, while 76% of the Best Companies make this training mandatory for their workforces.

Percentage of Best Companies* that offer education to all employees

and rates of participation

Percentage of Best Companies* that offer education to all employees

Percentage of employees that participated in education

96%

95%

91%

85%

42%

33%

42%

39%

Gender

Generational

Race/Ethnic

Microinequities

Diversity

Diversity

Diversity

Diversity Education

A larger share of employees at the 2013 Best Companies for Multicultural Women participated in education on microinequities, generational diversity, race/ethnic diversity and gender diversity versus a year ago.

Percentage of employees participating in diversity education

100%

Manager Accountability

Almost half (48%) of the 2013 Best Companies compensate managers who help multicultural women advance, up from 36% of Best Companies last year. In addition, managers at the Best Companies are rated in the following ways.

Number of Best Companies that Appraise Managers on Advancing Multicultural Women

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!

Benchmarking

Our 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.

Scorecards

Each 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 Assessments

Let 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 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 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/wmri