L’Oréal USA and Procter & Gamble were included among the Top 10 Companies for Executive Women, identified by The National Association for Female Executives. The list recognizes American corporations that have promoted women into top executive positions and created a culture that fosters the careers of talented women. Other companies that made the top 10 list were Abbott, Ernst & Young LLP, Fleishman Hillard, IBM, Johnson & Johnson, KPMG, Marriott International, and MassMutual Financial Group.
NAFE’s full list, entitled “Top 60 Companies for Executive Women,” also includes Target, Wal-Mart and Avon Products. The results are featured in the February/March issue of Working Mother and on workingmother.com. NAFE is a division of Working Mother Media.
This is L’Oréal USA’s first time on the Top 10 list, but it’s the second year on the Top 60 list. P&G has made the Top 10 list eight times, and the top 60 list 16 times.
According to the report that highlights each of the top 60 companies, women make up 58 percent of those in line for key roles at L’Oréal, and earn 49 percent of top salaries. At P&G, 30 percent of those at the vice president level and above are female, as are 45 percent of those in management positions. In January 2015, Carolyn Tastad became group president, North America, a promotion that put her in charge of $29 billion in net sales.
Last June at the 30th annual Women of Achievement Awards Gala in New York, Tastad, an honoree, told the crowd, “I’m lucky to work for P&G where half of our managers and board members are women. At P&G women are celebrated. I believe in the power of women.”
The report also pointed out that at Wal-Mart, women earn 45 percent of all promotions to the manager level and above, and at Target, women make up 45 percent of its leadership team and are the officers in charge of the company’s hiring, budget, store management, risk and compliance and social responsibility efforts. In 2015, women comprised 67 percent of those heading billion-dollar divisions at Target.
“I am happy to report that female representation in senior management positions continues to inch up at NAFE top companies,” said Betty Spence, president of NAFE. “Though progress of women into senior positions has slowed nationally, the 2016 NAFE Top Companies are leading the way in moving women in power positions where they have the influence to innovate and boost profits.”
Some highlights from NAFE’s Top 60 Companies are that more than half (52 percent) of the companies have at least four women on their boards of directors. The number of NAFE Top 60 companies led by women chief executive officers has dropped two percentage points since last year to 8 percent, but still outpaces Fortune 500 companies with 5 percent.
Women at the NAFE Top Companies last year received 44 percent of promotions to the manager level and above. The largest proportion of promotions going to women is at the manager level. Men still receive the majority of promotions at all levels.
For the annual ranking, NAFE issued an application that includes more than 200 questions on female representation at all levels, particularly the corporate officer and profit-and-loss ranks. The vetting process includes the training and accountability of managers in relation to the number of women who advance, and the access and usage of programs and policies that promote the advancement of women. To be eligible, entrants must have a minimum of 1,000 employees, two women on the board of directors and be a public or private company.
The complete list is below: