JRQ Research, May 20071
FEI Membership Value Research
Quantitative Phase: Spring 2007
JRQ Research, May 20072
Objectives
The main objective of this research is to determine how to increase the value of FEI membership (Boston Chapter) and active participation
Also to explore the appeal of initiatives identified in a qualitative phase of research including:
– Forming special interest groups within the chapter– Varying the time and location of events
JRQ Research, May 20073
Methodology
This report is based on an online survey of FEI Boston Chapter members:
– The initial list (provided by FEI) contained 1109 names and there were 93 “bounce backs” (total mailed = 1,016)
– JRQ Research sent the initial broadcast and two reminder mailings
– There were 220 completed interviews for a (good) 22% response rate
JRQ Research, May 20074
Executive Summary (1)
Many members are unaware of some FEI National services. They may derive more value from their membership by taking advantage of these services.
Usage and awareness of FEI Boston Services is high. Satisfaction with FEI Boston services is also high.
The most common reason for attending a professional development (p-d) session is interest in the topic. There is most interest in attending p-d sessions on financial issues followed by management, technology, treasury, and human resource issues.
Early morning and after work are the most popular times for p-d sessions. At both of these times Waltham/128, Newton/Needham, and Burlington/128 generate the highest interest as locations. There is also substantial interest for an early morning session in the Financial District and lunchtime Webinars.
JRQ Research, May 20075
Executive Summary (2)
Attendance at dinner meetings is high in this sample. Frequent attendance is higher among long term members. The greatest barrier to attendance (other than work/family conflict) is the location of meetings
More members favor a dinner meeting after work than at other times and there is most support for Newton/Needham, Waltham/128, and Burlington/128. However, there are more members who are likely to have a “much higher” attendance if the meetings are in Boston (especially the Financial District)
JRQ Research, May 20076
Executive Summary (3)
Members put educational content just ahead of entertaining content/presentation in judging the appeal of a dinner speaker
Many members are satisfied with the current format of dinner meetings. There is substantial support for having dinners with “tables sometimes divided by industry/role” and “peer contacts assigned to make introductions for new members”
Nearly two-thirds of members are interested in joining a smaller group within Boston FEI that would allow them to build a knowledge sharing network. There sub-groups with the most support are “private companies”, “high tech”, “public companies”, and “start ups”
More recent members are more interested in joining a sub-group than longer term members. This could change with different suggestions for sub-groups (e.g., retired members). Most would like to meet before work.
JRQ Research, May 20077
Executive Summary (4)
Based on this survey it is recommended that the following issues be explored:
– Forming sub-groups of special interests– Including new locations for dinner meetings– Considering new formats for dinner meetings– Including new locations for professional development
sessions, having some after work, and instituting lunchtime Webinars
– Educating members about the benefits of FEI National
JRQ Research, May 20078
Respondent Profile
Job titles are CFO (37%), Controller (11%), VP of Finance (8%), retired/in transition (8%), Treasurer (6%), consultant (5%). Other positions (2-3%) are CEO, Partner, President, and academic/educator
Nearly two-thirds (65%) of the respondents have been members of FEI Boston for 5 years or more
92% of members intend to continue their membership to FEI. Reasons for discontinuing are high costs and limited benefits/participation.
JRQ Research, May 20079
Respondent’s Company Profile
70% work for private and 30% for public companies Most work in the technology (24%), manufacturing (16%), financial
services (11%) and business/professional/consulting services (10%) sectors.
How would you describe your company sector (N=220)?
24%
16%
11% 10%8% 8%
0%5%
10%15%
20%25%30%
Technology Manufacturing FinancialServices
Other services Healthcare Non-Profit
% o
f res
pond
ents
JRQ Research, May 200710
Committee Membership
Over a third (36%) have served on an FEI Boston Committee and 3% have served on an FEI National committee
14% of respondents (31) have not served on an FEI Boston Committee but would like to do so.
JRQ Research, May 200711
FEI Dues
Two-thirds (66%) of respondents (N=220) have annual dues paid by their company (31% by self)
Over half (56%) of respondents have professional development meetings paid for by their company (32% by self)
Just under a half (48%) of respondents have dinner meetings paid for by their company (45% by self)
0
10
20
30
40
50
60
70
Paid by Co.
Paid by Self
N/A
JRQ Research, May 200712
Awareness/Usage of FEI National Services (1)
Usage is highest for Financial Executive magazine (91%), followed by Career Services (44%), FERF Online Library (25%), and FERF FELIX Online Discussion (19%)
Awareness of National Conferences and Summits is high (79%/84%) but attendance is relatively low (18%/13%)
JRQ Research, May 200713
Awareness/Usage of FEI National Services (2)
Usage/Awareness of FEI National Services (N=220)
0102030405060708090
100
% o
f re
spo
nd
en
ts
Have used
Aware but not used
Not aware
JRQ Research, May 200714
Awareness/Usage of FEI National Services (3)
More than 50% are aware but less than 10% have used:– Board resources– Government relations
More than 50% are unaware and less than 10% have used:– CPE credits for reading Financial Executive magazine– Online CPE testing/record keeping– FERF on demand staff research– Online financial toolkits
JRQ Research, May 200715
Awareness/Usage of FEI National Services (4)
Usage/Awareness of FEI National Services (N=220)
0
10
20
30
40
50
60
Board Resources Gov. Relations CPE Credits forFE Mag.
Online CPE testing
% o
f re
spo
nd
en
ts
Have used
Aware but not used
Not aware
JRQ Research, May 200716
Awareness/Usage of FEI National Services (5)
Usage/Awareness of FEI National Services (N=220)
0
10
20
30
40
50
60
70
80
FERF StaffResearch
OnlineSOX/COSO toolkit
Online SEC toolkit Online WhitePaper toolkit
% o
f re
spo
nd
en
ts
Have used
Aware but not used
Not aware
JRQ Research, May 200717
Awareness/Usage of FEI Boston Services (1)
Awareness of dinner meetings, career services, and professional development sessions is very high (>97%)
Attendance at/usage of dinner meetings is highest (81%) followed by professional development sessions/seminars (57%) and career services (53%)
40% have used the discounted rate for professional dev. seminar plus dinner meeting, but 14% are unaware
13% have used the director’s connection to obtain board seats, but 34% are unaware.
JRQ Research, May 200718
Awareness/Usage of FEI Boston Services (2)
Usage/Awareness of FEI Boston Services (N=220)
0
10
20
30
40
50
60
70
80
90
Dinnermeetings
Prof. dev.pm
Prof. dev.am
Careerservices
Discount forprof. dev +
dinner
Director'sconnection
(Board)
% o
f re
spo
nd
en
ts
Have used
Aware but not used
Not aware
JRQ Research, May 200719
Satisfaction with FEI Boston Services (1)
Users of services rated them on a satisfaction scale (of 1-5 where “1” is “not at all satisfied” and “5” is “very satisfied”
All services (dinner meetings, career, prof. dev., discounted rates for prof. dev + dinner) have high satisfaction ratings with means of 4-4.1
Career services has the highest percentage of “very satisfied” users (42%) and prof. dev. sessions have the lowest (26% for am and 30% for pm sessions)
JRQ Research, May 200720
Satisfaction with FEI Boston Services (2)
Satisfaction with Boston FEI Services
0
10
20
30
40
50
60
Dinner Meetings(N=180)
Career Services(N=118)
Prof. Dev. AM(N=126)
Prof. Dev. PM(N=128)
% o
f re
spo
nd
en
ts
Rated 1
Rated 2
Rated 3
Rated 4
Rated 5
Satisfaction is rated on a 1-5 scale where “1” is “not at all satisfied” and “5” is “very satisfied”. Graph shows satisfied respondents (rating 4 and 5)
JRQ Research, May 200721
Professional Development: Current Attendance
Over three-fourths of respondents (76%) attend professional development sessions, and most attend occasionally (59%)
In general, how often do you attend FEI professional development sessions? (N=220)
010203040506070
Never Occasionally (1-2 timesper year)
Sometimes (3-5 timesper year)
Frequently (6+ times peryear)
% o
f re
spo
nd
en
ts
JRQ Research, May 200722
Professional Development: Reasons to Attend
The most common reason for attending is interest in the topic (91%), followed by the speaker (47%), networking (46%), and CPE credits (30%)
What are your main reasons for attending professional development? (N=168)
0
20
40
60
80
100
Interest in the topic Speaker Networking CPE credits
% o
f re
spo
nd
en
ts
JRQ Research, May 200723
Professional Development: Issues
Respondents are most interested in Financial Issues (86% interested), followed by Management (70%), Technology (68%), Treasury (50%), and Human Resource (31%) issues.
If the chapter were to conduct quality professional development programs on the following issues, which would you be most interested in attending? (N=220)
020406080
100
Financial Management Technology Treasury Humanresource
Issues for Professional Dev.
% o
f res
pond
ents
% of respondentsrating interest 4-5on a 5 point scale
JRQ Research, May 200724
Professional Development: Location and Timing (1)
More respondents favor p-d after work (75%) and early morning (72%) rather than afternoon (60%) or lunch time (49%).
Favored locations after work (N=164) are Newton/Needham (54%), Waltham/Route 128 (52%), and Burlington/Route 128 (38%). These locations are also favored for afternoon sessions.
Favored locations for early morning (N=158) are Waltham/Route 128 (52%), Newton/Needham (49%), and Burlington/Route 128 (36%) and the Financial District (29%)
There is substantial support for a Webinar format, especially at lunchtime (44%, N=108) and in the afternoon (39%, N=131)
JRQ Research, May 200725
Professional Development: Location and Timing (2)
Which locations/formats and times for professional development sessions are most convenient for you? (N=220)
0
10
20
30
40
50
60
Early am (N=158) Lunchtime (N=108) Afternoon (N=131) After work (N=164)
% o
f re
spo
nd
en
ts
Financial District
Back Bay
Seaport
Newton/Needham
Waltham/128
Burlington 128
North Shore
South Shore
Webinar
JRQ Research, May 200726
Professional Development: Location and Timing (3)
If p-d sessions were held at the respondents’ preferred locations/ formats/times, over half of respondents (53%) would have slightly higher and over a third (34%) would have much higher attendance.
“Much higher” attendance is more likely in areas far from the current venue (see slides 23 and 24), especially in Boston.
If the seminars/sessions were held in your preferred locations/formats and at your preferred time(s), how would this affect your attendance? (N=220)
0
10
20
30
40
50
60
Same Slightly higher Much higher Don't know
% o
f re
spo
nd
en
ts
JRQ Research, May 200727
Professional Development: Location and Timing (4)
Locations/Formats for Breakfast Sessions by Attendance (N=220)
0
10
20
30
40
50
60
70
% o
f res
pond
ents
Same
Slightly Higher
Much Higher
JRQ Research, May 200728
Professional Development: Location and Timing (5)
Locations/Formats for After Work P-D Sessions by Attendance (N=220)
0
10
20
30
40
50
60
70
% o
f res
pond
ents
Same
Slightly Higher
Much Higher
JRQ Research, May 200729
Dinner Meetings: Current Attendance
Over three-fourths of respondents (76%) attend dinner meetings. Over a third attends (35%) “occasionally”, over a quarter (26%) attends “sometimes” , and the remainder (15%) attends “frequently”
In general, how often do you attend FEI dinner meetings? (N=220)
05
10152025303540
Never Occasionally (1-2 timesper year)
Sometimes (3-5 timesper year)
Frequently (6+ times peryear)
% o
f res
pond
ents
JRQ Research, May 200730
Dinner Meetings: Current Attendance
Nearly half (48/9%) of long term members (5+ years) (N=142) attend dinners sometimes/frequently compared to only a quarter (25%) of those who have been members for 1-4 years (N=56)
Attendance at Dinner Meetings by Length of Membership (N=220)
0
10
20
30
40
50
60
I yr. or less (N=22) 1-4 yrs. (N=56) 5-9 yrs. (N=58) 10+ yrs. (N=84)
Res
pond
ents Frequently
Sometimes
Occasionally
Never
JRQ Research, May 200731
Dinner Meetings: Barriers to Attendance (1)
The greatest barriers to more frequent attendance are work (59%) and family (49%) conflict
Other important barriers are the location of meetings (31%, up from 22% in ‘01) and low interest in the speakers/topics (22%)
Other barriers include no friends/contacts planning to attend (11%, up from 5% in ‘01) and the day of the week (9%)
The time of the meetings is not a barrier for most respondents (6%). “Other” responses include cost (3%) and focus on sponsors (1%)
JRQ Research, May 200732
Dinner Meetings: Barriers to Attendance (2)
Which of the following reasons explains why you do not attend dinner meetings more frequently? (N=220)
0
10
20
30
40
50
60
70
% o
f re
spo
nd
en
ts
JRQ Research, May 200733
Dinner Meetings: Location and Timing (1)
More respondents favor a “dinner meeting” after work (86%) rather than breakfast (59%) or lunch (44%).
Favored locations after work (N=190) are Newton/Needham (57%), Waltham/Route 128 (55%), and Burlington/Route 128 (42%).
Favored locations for breakfast (N=130) are Waltham/Route 128 (49%), Newton/Needham (47%), Burlington/Route 128 (35%), the Financial District (29%), and Back Bay (25%).
Favored locations for lunch (N=96) are Waltham/Route 128 (46%), Newton/Needham (41%), Burlington/Route 128 (35%), and the Financial District (27%).
JRQ Research, May 200734
Dinner Meetings: Location and Timing (2)
Which locations and times for a "dinner style meeting" (networking, meal, and speaker) are most convenient for you? (N=220)
0
10
20
30
40
50
60
Breakfast (N=90) Lunch (N=124) Dinner (N=190)
% o
f re
spo
nd
en
ts
Financial District
Back Bay
Seaport
Newton/Needham
Waltham/128
Burlington 128
North Shore
South Shore
JRQ Research, May 200735
Dinner Meetings: Location and Timing (3)
If dinner style meetings are held at the respondents’ preferred locations/times, over half of respondents (55%) would have slightly higher and just under one-fifth (19%) would have much higher attendance.
If the "dinner meetings" were held in your preferred locations and at your preferred time(s), how would this affect your attendance? (N=220)
0
10
20
30
40
50
60
Same Slightly higher Much higher
% o
f re
spon
de
nts
JRQ Research, May 200736
Dinner Meetings: Location and Timing (4)
After work dinner meetings in Boston (especially the Financial District, Seaport, and the North Shore) are more likely to have “much higher” attendance
Location and Timing of After Work Dinner Sessions by Attendance (N=220)
0
1020
3040
5060
70
% o
f re
sp
on
de
nts
Same
Slightly Higher
Much Higher
JRQ Research, May 200737
Dinner Meetings: Speakers
Respondents rated the importance of educational content, entertaining content/presentation, and fame/notoriety to the
appeal of a dinner speaker (on a scale of 1-5): – Educational content is rated as most important (mean rating 4.1),
followed by entertaining content/presentation (3.8), and fame/notoriety (3.2)
Further guidelines for choosing speakers include:– Satisfaction with existing “mix”– More entrepreneurs/small company/speakers with passion – At least one big name a year
JRQ Research, May 200738
Dinner Meetings: Format
Respondents rated the appeal of different meeting formats on a 1-5 scale
The highest appeal is to “retain the current format for all meetings” (50% rated 4/5, mean rating 3.5), followed by “tables sometimes divided by industry/role” appealing (44% rated 4/5, mean 3.2)
The appeal of “peer contacts assigned to make introductions for new members” has a neutral response (36% rated 4/5, mean 3)
Most respondents do not find “occasional networking sessions with a buffet (no speaker)” (28% rated 4/5, mean 2.6) or “annual social dinner with spouses” (21% rated 4/5, mean 2.3) appealing.
JRQ Research, May 200739
Boston FEI Sub-Groups (1)
Nearly two-thirds (64%) of respondents are interested (rating 4/5 on a 5 point scale) in joining a smaller group within the FEI that would allow them to network
Of those interested (N=170), the most appealing sub-groups are Private Companies (66%), High Tech (39%), Public Companies (35%), and Start-Ups (29%)
There is also some interest in the Service Sector (24%), Medical/Biotech (22%), and Non-Profit (19%)
Other suggestions include Higher Ed., Financial Services, Healthcare, and Treasury.
JRQ Research, May 200740
Boston FEI Sub-Groups (2)
More recent members are more interested* in joining sub-groups than longer term members.
*Interest rating on a scale of 1-5 where “1” is “not at all interested” and “5” is “very interested”
Interest in Sub-Groups by Length of Membership (N=220)
0
20
40
60
80
100
< 1 (N=22) 1-4 (N=56) 5-9 (N=58) 10+ (N=84)
Years of Membership
Re
spo
nd
en
ts 1/2 *
3 *
4/5 *
Unsure
JRQ Research, May 200741
Boston FEI Sub-Groups (3)
Three-fourths (75%) of those interested in joining a sub-group (N=170) would like occasional breakfast meetings and just over half (54%) would like occasional after work meetings. There is less support for lunch meetings (40%) and minimal support for virtual meetings (via web conference 17%, chat room 15%) `
Those interested in joining a sub-group want an opportunity to build a knowledge sharing network.
“A higher level of personal contact and networking”
“To share experiences and challenges. To have sounding board opportunities. To both give and take”
“Stronger networking, discussion, brainstorm solutions to unique challenges and issues”
“More focus on content and less on vendors and people looking for jobs”
JRQ Research, May 200742
Other Ideas
Respondents were invited to make extra comments. They are as follows:
– Nothing more to say (27)– On benefits of interest groups and suggestions for a group for retired
members (9)– Congratulations on a strong chapter (8)– High cost (7)– Inconvenient location of meetings (7)– Improving networking/integration of new members (5)– Scheduling (including day of week) (4)– On the make-up of the membership and reducing presence of vendors (4)– On the format of meetings (3)– On the focus of the organization (3)– Other (4)
JRQ Research, May 200743
Conclusions (1)
Many members are unaware of some FEI National services. They may derive more value from their membership by taking advantage of these services.
Usage and awareness of FEI Boston Services is high. Satisfaction with FEI Boston services is also high.
The most common reason for attending a professional development (p-d) session is interest in the topic. There is most interest in attending p-d sessions on financial issues followed by management, technology, treasury, and human resource issues.
Early morning and after work are the most popular times for p-d sessions. At both of these times Waltham/128, Newton/Needham, and Burlington/128 generate the highest interest as locations. There is also substantial interest for an early morning session in the Financial District and lunchtime Webinars.
JRQ Research, May 200744
Conclusions (2)
Attendance at dinner meetings is high in this sample. Frequent attendance is higher among long term members. The greatest barrier to attendance (other than work/family conflict) is the location of meetings
More members favor a dinner meeting after work than at other times and there is most support for Newton/Needham, Waltham/128, and Burlington/128. However, there are more members who are likely to have a “much higher” attendance if the meetings are in Boston (especially the Financial District)
JRQ Research, May 200745
Conclusions (3)
Members put educational content just ahead of entertaining content/presentation in judging the appeal of a dinner speaker
Many members are satisfied with the current format of dinner meetings. There is substantial support for having dinners with “tables sometimes divided by industry/role” and “peer contacts assigned to make introductions for new members”
Nearly two-thirds of members are interested in joining a smaller group within Boston FEI that would allow them to build a knowledge sharing network. There sub-groups with the most support are “private companies”, “high tech”, “public companies”, and “start ups”
More recent members are more interested in joining a sub-group than longer term members. This could change with different suggestions for sub-groups (e.g., retired members). Most would like to meet before work.
JRQ Research, May 200746
Recommendations
Based on this survey it is recommended that the following issues be explored:
– Forming sub-groups of special interests– Including new locations for dinner meetings– Considering new formats for dinner meetings– Including new locations for professional development
sessions, having some after work, and instituting lunchtime Webinars
– Educating members about the benefits of FEI National
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