Post on 25-Dec-2015
MWI’s Mission Accelerate the advancement of women in key
leadership positions. Change the face and quality of leadership
through the advancement of women. Encourage and support catalytic action by
partnering with other organizations that share these goals.
MWI accomplishes its mission by: Partnering with Wisconsin corporations to
advance gender diversity by identifying qualified women executives.
Providing education and mentoring. Sharing best practices.
2009 Report: Driving Results with Diversity of Thought
Fourth biennial report -- previous reports released in 2003, 2005 and 2007
Fiscal 2008 total returns were basis for report.
Data sources: Annual reports, 10ks and proxy statements
Directors ExecutivesAssociated Banc-Corp. Great Wolf Resorts, Inc.Harley-Davidson, Inc. Manpower Inc.Kohl’s Corporation Marshall & Ilsley
Corp.The Manitowoc Co., Inc. Plexus Corp.Plexus Corp.School Specialty, Inc.
2007 - 2009: Increases in directors and executives
12 companies had decreases in women directors or executives
13 companies have no women directors
21 have no women executives
2007 - 2009: Decreases offset increases -- net gain of 0
Gehl Company
Joy Global Inc.
Ladish Co., Inc.
Marten Transport, Ltd.
MGIC Investment Corporation
Wausau Paper Corp.
Six companies have no representation of women on their board of directors or as executives
McKinsey & Company research: Companies with three or more women on
senior management team scored higher on all nine important dimensions of organization: from leadership and direction to accountability and motivation.
Higher scores on these dimensions associated with higher operating margins
Impact on business success is high
Kudos to these companies with greater than 25% women on board of directors or as executivesAlliant Energy Corporation Manpower, Inc.
Assisted Living Concepts, Inc. MGE Energy, Inc.
Associated Banc-Corp. National Presto Industries Inc.
Baylake Corp. Renaissance Learning, Inc.
Great Wolf Resorts School Specialty, Inc.
Johnson Outdoors Inc. Snap-On Incorporated
Journal Communications, Inc. Tufco Technologies, Inc.
Executive interviews: Importance of diversity to business success, board composition and executive development
“ …that companies and shareholders benefit from better solutions when their leaders engage in thoughtful dialogue from diverse perspectives.”
Executive interviews: Importance of diversity to business success, board composition and executive developmentBaird – holds senior executive committee accountable
Ernst & Young – embraces specific inclusiveness strategy
JPMorgan Chase – invests in training for recruiting staff
Lloyds TSB – assigns individuals to encourage talented women to move up
Wisconsin Energy, Journal Communications and the Blood Center of Wisconsin – employ targeted development plans and mentoring
Badger Meter – applies a leadership pipeline strategy
Executive interviews: Importance of diversity to business success, board composition and executive developmentManpower
Uses an experience assessment tool at each nominating committee meeting
Channels the conversation
Looks at diversity of current board’s experience in areas including work, culture and gender to identify where additional representation would be beneficial
Moving forward….the challenge and the goal:
Ten-Year WI 50 Target:
The WI 50 would achieve 50-50 gender parity before 2020 if 50% of new board member appointments were women for the next 10 years.
Five-Year WI 50 Target:
The WI 50 could reach 25% women on boards within just five years if, like other companies nationally, they filled one-third of each year’s board vacancies with qualified women.
Groundbreakers: Using the strength of women to rebuild the world economy
► If all a country’s human resources are not being channelled into the economy and not being part of the decision-making processes, then that country’s economic potential is bound to suffer.
► Analysis of World Economic Forum studies have statistically confirmed the correlation between gender equality and the level of development of countries.
► Closing the gap between male and female employment rates would have huge implications for the global economy, boosting US GDP by as much as 9%.
► These same macroeconomic concepts have applicability to ethnicity, sexual orientation and disabilities.
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Context for the discussion of the framework
► US Department of Education reports that women have been earning more bachelor’s degrees than men since 1982, and more master’s degrees than men since 1981.
► Women began making up 50% of accounting graduates at about this time period.
► Larger accounting firms operate an apprentice model for staff.► Model operates on an assumed turnover rate of 15-20 percent
annually► Results in an average workforce age of 28-29 years► Results in early identification of workforce trends
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Develop a strategy for the future workforce
► Alignment of Future Workforce Strategy to Business Strategy
► Primary CEO responsibility is Strategy Development and Execution
► A need for CEO to delegate, with a requirement to be Visible Sponsor
► Develop near term and long term goals aligned with strategy
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Diversity
The characteristics of the aggregate workforce, which is often measured in quantifiable terms. Could be used for comparison to community demographics.
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Inclusiveness
The common experience of the individuals within the workforce, which in essence reflects the culture of the organization. These common experiences should transcend the geographic location where the individual resides.
Elements of a framework
► Recruiting
► Orientation/Onboarding
► Assignments
► Feedback/Coaching/Mentoring
► Community Engagement/Socialization
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Recruiting
► Expand the campuses and schools for recruiting employees► Identify and engage with alternative student organizations► Offer and support paid internships and multiyear internships► Allow current employees to support classroom activities► Build relationships with faculty and share your goals► Develop success indicators and apply consistently across interviews► Provide recruiting teams with framework for expected outcomes
GOALS- Execute a plan that drives expanded diversity of workforce- Strive for critical mass of diversity as quickly as possible- Apply stringent hiring criteria that results in high probability for success
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Orientation/Onboarding
► Match a coach with recruit upon offer acceptance► Complete a formal orientation upon employment start
► Technical requirements► Administrative requirements► Discussion of culture and success factors
► Assign a peer or “buddy” to assist in navigating environment
GOALS- Assist new employees to quickly understand spoken and unspoken success
factors- Help individuals understand that they shape their reputations in first 3-6 months
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Assignments
► Primary driver for building a diverse future workforce and inclusive environment
► Build quantifiable measures for assignments that are specific to the business and aligned with learning
► Develop a trained team to assess qualitative features of assignments► Hold senior executives accountable for team composition
Academic research has established that diverse groups of people tend to outperform homogenous groups if both groups’ members have equal abilities.
GOALS- Consciously achieve parity by gender and ethnicity in difficult assignments- Build skills in diverse workforce that lead to advancement
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“The diverse group almost always outperforms the group of the best by a substantial margin. Accordingly, companies facing a difficult and complex task (such as designing a new product or entering a new market) should consider the makeup of the groups it assigns to solve the problem.”
Scott Page
Professor of Complex Systems
University of Michigan
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Feedback/Coaching/Mentoring
► Construct mechanisms for frequent formal feedback in first six months of employment, ideally with varied reviewers
► Require each formal feedback encounter to use stop, start, continue concept
► Consider use of team feedback methodology► Train coaches and reviewers to facilitate candid dialogue► Consider broader group to review and analyze performance reviews
and develop annual ratings► Hold senior executives accountable for talent development over time► Conduct annual discussion of employee’s career goals
GOALS- Provide direct, timely feedback to allow individuals to grow- Identify change agents willing to take responsibility for advancing diverse
workforce
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Community Engagement/Socialization
► Large elements of the workforce are inspired and motivated by giving back to the community
► Community engagement projects are also team building experiences across diverse groups
(school supply drive and Junior Achievement at Longfellow Elementary)
► Connections to the broader community will result in retaining talent in our business community
► Leverage existing organizations, if needed, to achieve scale► Hispanic Professionals of Greater Milwaukee► National Association of Black Accountants► Milwaukee Urban League Young Professionals► FUEL Milwaukee► Association of Latino Professionals in Finance and Accounting
GOAL: Attach talented diverse employees to community as well as employer
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Confront the Bias Within
“Why then is the situation still unresolved? It is because we do not have recognition that the problem lies in our own minds, that as we make big and small decisions every day, we systematically ignore the potential and talents of women. Recognizing our own unconscious bias in this regard, testing it to prove to ourselves that we have it, and acting on the knowledge that we are each part of the problem is the way to be part of the solution.”
Mahzarin Banaji
Professor of Psychology
Harvard University
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Supplement the strategy with enablers
► Allow individuals and teams to introduce flexibility into their work day► Organize inclusiveness group(s) to provide counsel to process
owners regarding considerations for diverse groups► Imbed measureable goals into annual performance plan for process
owners and senior executives► Visibly celebrate individual successes and progress toward goals► Adjust strategy annually and adjust goals as needed
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Evidence of progress
► FORTUNE "100 Best Companies to Work For" — For the 11th consecutive year, Ernst & Young is among FORTUNE magazine's "100 Best Companies to Work For.”
► 100 Best Companies for Working Mothers — Ernst & Young ranked among the top 10 companies on Working Mother magazine’s annual 100 Best Companies for Working Mothers list for the fourth year in a row and for the 12th consecutive year.
► Top 50 Companies for Diversity — Ernst & Young has once again been recognized as one of the Top 50 Companies for Diversity by DiversityInc. magazine. We ranked No. 17 on the list and also were among DiversityInc.'s Top 10 Companies for Asian-Americans and Top 10 Companies for LGBT Employees.
► Careers & the disABLED magazine’s Top 50 Employers for People with Disabilities — Ernst & Young is the only Big Four firm on this list.
► Most Admired Knowledge Enterprise (MAKE) Award — For the 10th consecutive year, Ernst & Young was a Most Admired Knowledge Enterprise (MAKE) award winner, one of only 20 organizations recognized.
► Black Collegian Top 100 Diversity Employers — Ernst & Young landed the No.14 spot on Black Collegian’s Top 100 Diversity Employers. The publication has recognized Ernst & Young for six years.
Milwaukee Awards:
► Great Places to Work — Ernst & Young’s Milwaukee office was twice named one of the “Great Places to Work” by the Milwaukee Business Journal.
► Alfred P. Sloan Awards for Business Excellence in Workplace Flexibility! — The Milwaukee office has been recognized twice for successfully using flexibility to meet both business and employee goals.
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The MWi report shows that we have not had the progress we had hoped to have in the number of women represented on corporate boards over last 2 years
We are calling on the business community to seize the moment and increase efforts to make Milwaukee’s corporate boardrooms more diverse
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Fill one-third of all board vacancies with qualified women directors
Reach the goal of having 25% women board members on the WI Top 50 by 2014
Put Wisconsin companies on par with national trends
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Inclusiveness as a recognized community attribute is importantNot just in the work forceBut in the composition of corporate boards
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If change is to occur, inclusiveness and diversity must be embedded in the corporation’s business strategy
Board leadership is key to achieving this objective
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In hiring, developing and retaining diverse talent
In giving women leaders P&L responsibility
In mentoring women leaders In requiring that succession plans
incorporate diverse candidates
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Find ways to interview candidates from non-traditional demographics for board positions
Insist that diverse candidates be included on the board slate
Require at least 1/3 of all board vacancies to be filled by women
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DirectWomen is an initiative developed by ABA and Catalyst
Alliance for Board Diversity is a collaboration between Catalyst, Executive Leadership Council, Hispanic Association for Corporate Responsibility and Leadership Education for Asia Pacific
Women leaders of U.S. Health Care industry is an industry group comprised of prominent women in the health care field
Kellogg School of Management at Northwestern University sponsors the Center for Executive Women
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Pay attention to orientation and onboarding process
Give new board members meaningful orientation
Provide ongoing board training/education on industry and technical requirements, as well as informal insight into corporate culture
Be an active mentor to women business leaders who are elected to serve as corporate directors
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Recognize the importance of “Assignments” with respect to corporate boards
Simply put, give someone new a chance to develop and expand their skill-set
Help a promising new leader to develop Recommend emerging leaders for both
non-profit and corporate board positions
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Be proactive in developing new community/corporate leaders
Mentor a rising star Watch and promote the up-and-comers Monitor the pipeline of diverse
candidates for upcoming board positions
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Existing community organizations allow leaders in non-traditional demographics to flourish and develop
For Milwaukee women, Tempo and Professional Dimensions are key
They provide training ground for women business leaders on board service and leadership
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Inclusiveness and diversity should be part of every corporation’s overall business strategy not only for workforce development, but also for board development
Corporate boards should consider adopting measurable diversity goals for board composition
Progress must be tracked and linked to board self-evaluation
Manpower’s experience assessment tool is a model
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The existence of an independent and diverse board signals the organization is interested in creative thought
It signals an open-mindedness on part of company
Our goal is to make Milwaukee a destination for young talent from all backgrounds and all demographics
We seek to enhance level of inclusion and develop new generation of leaders
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