{"id":6224,"date":"2016-09-27T11:04:32","date_gmt":"2016-09-27T15:04:32","guid":{"rendered":"https:\/\/globewomen.org\/globalsummit\/?page_id=6224"},"modified":"2018-02-02T16:39:13","modified_gmt":"2018-02-02T21:39:13","slug":"september-23-2016-no-ccxlvii","status":"publish","type":"page","link":"https:\/\/globewomen.org\/globalsummit\/september-23-2016-no-ccxlvii\/","title":{"rendered":"September 23, 2016; No. CCXLVII"},"content":{"rendered":"

\"eNews<\/p>\n

\n


\nNo. CCXLVII;\u00a0September 23, 2016<\/strong><\/h4>\n


\nTHIS ISSUE’S HIGHLIGHTS:
\n<\/em><\/strong>I. MORE WOMEN IN LEADERSHIP LEADS TO MORE PROFITS<\/em><\/strong>
\n<\/em><\/strong>II. TAKING GENDEROUT OF FAMILY LEAVE POLICIES<\/em><\/strong>
\n<\/em><\/strong>III. WOMEN’S ECONOMIC EMPOWERMENT AT TOP OF GLOBAL AGENDA
\nIV. WHAT IT TAKES TO REACH THE TOP
\nV. WOMEN BRING MORE TECH EXPERIENCE TO THE BOARDROOM<\/em><\/strong><\/h4>\n
\n

I.\u00a0MORE WOMEN IN LEADERSHIP LEADS TO MORE PROFITS<\/em><\/strong>\u00a0\u00a0<\/em><\/strong><\/h4>\n

\"\"<\/a>The Credit Suisse Research Institute released its 2016 CS Gender 3000<\/em> report reaffirming its prior findings that companies with a higher participation of women in decision-making roles continue to generate higher market returns and superior profits, while running more conservative balance sheets<\/em><\/strong>.\u00a0 For instance, companies with more than 25% women in management fare better than companies with only 15%, and companies with over 50% women senior executives (of which there are 61 out of 3,000 companies in the study) show superior sales growth and higher cash flow on investments. As female participation increases in senior management, so does performance, providing more quantitative evidence of the enhanced decision-making and governance that gender diversity enables within organizations.<\/em><\/strong><\/p>\n

The report also debunks the \u201cQueen Bee\u201d Syndrome which argues that women who have made it to senior positions actively seek to exclude other women from promotions into top management.\u00a0\u00a0 The findings show that female CEOs globally are actually significantly more likely to surround themselves with other women in senior roles<\/em><\/strong>.\u00a0 Women CEOs are 50% more likely than male CEOs to have a female CFO and 55% more likely to have women running major business units within the company.\u00a0 An example is General Motors CEO Mary Barra, who has a 50\/50 gender-balanced Board.\u00a0 Ms. Barra has been credited with leading GM\u2019s turnaround after the recall scandal that began just as she stepped into her CEO position.\u00a0 (PR Newswire, \u201cCredit Suisse Research Institute Releases the CS Gender 3000<\/em>,\u201d 9\/22\/16)<\/p>\n

\n

II. TAKING GENDER OUT OF FAMILY LEAVE POLICIES<\/em><\/strong><\/h4>\n

\"\"<\/p>\n

The U.S. is one of few countries without paid parental leave policies, which often leaves families with limited options for child care.\u00a0 Over the past few years, however, a number of U.S. companies have been ramping up their paid parental leave programs as a means to attract and retain more young talent.\u00a0 New parents at Google can receive up to 18 weeks of paid leave; Etsy employees can get six months, while new parents at Netflix may take off a full year.\u00a0 A new policy announced this month by Deloitte adds a new twist to the parental leave perk by extending the benefit not only to new parents, but to any employee with family care-giving responsibilities.<\/p>\n

Deloitte\u2019s gender-neutral policy makes family leave available to more than just parents.<\/em><\/strong> For example, the new policy allows a single male in his 40s to take a few months off to care for his elderly mother in the same way a new mother could take leave to care for her new child.\u00a0 Since older workers and men could take time off in the same manner as a new mother, the stigma attached to taking time off for child care may lessen in time and may also help managers to better understand the challenges their employees face when they must leave the workforce for a period of time for family reasons.<\/p>\n

Introducing a generous leave program that includes all kinds of caregiving could be a step toward making the practice of taking leave from work for family-care less attached to employees of a certain group or age. (\u201cThis New Paid Leave Policy May Be the Smartest Perk for Families Yet,\u201d Washington Post<\/em>, 9\/12\/2016)<\/p>\n

\n

III. WOMEN’S ECONOMIC EMPOWERMENT AT TOP OF GLOBAL AGENDA<\/strong><\/em><\/h4>\n

\"\"<\/a>The UN\u2019s High-Level Panel for Women\u2019s Economic Empowerment this week presented its first findings as it aims to place women\u2019s economic empowerment at the top of the global agenda as the UN General Assembly meets in New York. The report draws attention to the challenges faced by the most disadvantaged women, to bring informal work from the margins to the mainstream, to highlight how discriminatory laws limit choice and to shed light on the centrality of unpaid work and care.<\/p>\n

\u201cClosing the pay gap between women and men and finding solutions to the unpaid work done by millions of women and girls will have a huge impact on women\u2019s ability to shape change in their lives,\u201d said Phumzile Mlambo-Ngcuka, Executive Director of UN Women.\u00a0 \u201cThis is the time, for us, and for the world, to put gender equality and women\u2019s empowerment at the center of the changes to which we all aspire, and make a real impact on poverty.\u201d<\/p>\n

Research shows that women invest their income back into their families and communities, including in health and education.\u00a0 The McKinsey Global Institute estimates that if women in every country were to play an identical role to men in markets, as much as $28 trillion would be added to the global economy by 2025.<\/em><\/strong> (UN Women, \u201cFirst Report by High-Level Panel on Women\u2019s Economic Empowerment outlines drivers to advance gender equality,\u201d 9\/22\/16 )<\/p>\n

\n

IV. WHAT IT TAKES TO REACH THE TOP<\/strong><\/em><\/h4>\n

\"\"For women to become the boss takes more than hard work, intelligence, leadership ability, and luck.\u00a0 New evidence from a survey of management consultants conducted by LinkedIn shows another attribute which seems to be particularly important \u2013 experience in as many of a business\u2019s functional areas as possible.<\/em><\/strong>\u00a0 A person who stays for years in one department, such as finance, has less chance of reaching the C-suites than someone who gains experience in multiple departments, such as finance, marketing, and engineering, for instance.<\/p>\n

In one scenario, a woman with an MBA and 15 years\u2019 experience has a 16% chance to reach an executive position if she has worked in only one department, while a woman with the same background has a 40% chance to reach a top job if she has worked in six different departments over the same 15 years.<\/p>\n

There is a caveat to too much variety: switching industries has a negative correlation with corporate success, which lends support to the importance of building relationships and experience within an industry.\u00a0 Switching between companies within an industry, however, neither helps nor hurts reaching a top job. (New York Times<\/em>, \u201cA Winding Path to the Top\u201d, 9\/11\/16)<\/p>\n

\n

V. WOMEN BRING MORE TECH EXPERIENCE TO THE BOARDROOM<\/strong><\/em><\/h4>\n

\"\"<\/a>Female members of corporate boards are nearly twice as likely as their male counterparts to have professional technology experience<\/em><\/strong>, according to research covering companies in 39 countries conducted by Accenture.\u00a0 The research found that 16% of women directors have technology experience compared to just 9% of men directors.<\/p>\n

Overall, only 10% of board directors have any technology experience, an alarmingly low percentage.\u00a0 As companies operate more and more in the digital arena, the need for directors with technology experience presents another opportunity for women to gain access to board positions.<\/p>\n

\u201cAs technology disrupts virtually every industry, companies need to think more broadly about the type of skills and experience needed for their boards,\u201d said Roxanne Taylor, Accenture\u2019s Chief Marketing and Communications Officer.\u00a0 \u201cAt the same time, they need to stay focused on gender diversity, since organizations with diversity at the board level perform better.\u00a0 Women directors with technology experience bring diversity and valuable insight \u2013 a clear recipe for strategic advantage.\u201d<\/p>\n

Examples of women now sitting on corporate boards who came through the technological ranks include Patricia Russo, who worked for several years at Lucent Technologies before becoming their CEO, and Sari Baldauf, an executive at Nokia.\u00a0 Russo now serves on the Boards of Alcoa, Merck, and GM, while Baldauf sits on the Supervisory Boards of German giants Daimler and Deutsche Telekom.<\/p>\n

The study found large differences among industries.\u00a0 The tech industry had the highest percentage of tech-savvy women board members at 51%, while banking and insurance are at the bottom of the list with only 8% and 2% of women directors with tech experience. (Accenture Press Release, 8\/31\/16)<\/p>\n

\n

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\"5\"<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

No. CCXLVII;\u00a0September 23, 2016 THIS ISSUE’S HIGHLIGHTS: I. MORE WOMEN IN LEADERSHIP LEADS TO MORE PROFITS II. TAKING GENDEROUT OF FAMILY LEAVE POLICIES III. WOMEN’S ECONOMIC EMPOWERMENT AT TOP OF GLOBAL AGENDA IV. WHAT...<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-6224","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/globewomen.org\/globalsummit\/wp-json\/wp\/v2\/pages\/6224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globewomen.org\/globalsummit\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/globewomen.org\/globalsummit\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/globewomen.org\/globalsummit\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/globewomen.org\/globalsummit\/wp-json\/wp\/v2\/comments?post=6224"}],"version-history":[{"count":3,"href":"https:\/\/globewomen.org\/globalsummit\/wp-json\/wp\/v2\/pages\/6224\/revisions"}],"predecessor-version":[{"id":15065,"href":"https:\/\/globewomen.org\/globalsummit\/wp-json\/wp\/v2\/pages\/6224\/revisions\/15065"}],"wp:attachment":[{"href":"https:\/\/globewomen.org\/globalsummit\/wp-json\/wp\/v2\/media?parent=6224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}