BEST COMPANIES FOR WOMEN: L’Oréal USA and Procter & Gamble made the top 10 list of best companies for executive women in 2017, according to the National Association for Female Executives. Other firms making the top 10 list were Abbott; Adecco; Deloitte; Ernst & Young LLP; FleishmanHillard; IBM; Johnson & Johnson, and KPMG.
The entire list of the NAFE Top 60 companies are featured in the February/March issue of Working Mother and on workingmother.com/nafe. Included among the top 60 companies in the fashion/retail/beauty world are Target, Wal-Mart and Colgate-Palmolive.
According to the report, the top companies recognize the value of women as leaders and create programs and initiatives to support women to lead, run billion-dollar lines of business, fill board seats and occupy chief executive officer jobs.
“NAFE emphasizes women with bottom-line and top-line responsibility — the positions that lead to the corner office — and we’re pleased to report an 8 percent increase in women running billion-dollar divisions at the NAFE Top Companies this year,” said Subha V. Barry, vice president and general manager, Working Mother Media. “In addition, now nearly a third of these companies have five or more women on the board, with many simply increasing the number of board seats to add a woman.” NAFE is a division of Working Mother Media.
Among the NAFE top 60, 12 percent have female ceo’s, compared with 5 percent on the S&P 500. Women comprise 29 percent of the board of director seats. Female representation among the top 10 percent of earners at the NAFE top companies inched up 2 percentage points to 41 percent, the highest since 2013. Men, though, still received the greatest number of promotions. The largest proportion of women promoted was to the manager level (46 percent of all promotions), but 61 percent of the promotions to senior manager and 65 percent of the promotions to corporate executive were awarded to men.
As far as L’Oréal’s inclusion in the top 10, the study found that those at the vice president level and above are able to attend executive leadership programs at Harvard, and receive master’s certificates in business excellence from M.I.T. Since its 2012 launch, the number of women on the operations management committee has more than doubled.
The report noted that P&G’s family-friendly policies increase executive retention. Management recently boosted fully paid maternity and adoption leave to 16 weeks and extended leave for other new parents to four paid weeks. Inclusive leadership programs and a new diversity and inclusion advisory board are among the company’s features.