The DiversityInc Top 10 Companies for Executive Women
By the Editors of DiversityInc
- Bank of America
- Merck & Co.
- Xerox Corp.
- Consolidated Edison Co. of New York
- Blue Cross and Blue Shield of Florida
- Deloitte & Touche USA
- JPMorgan Chase
- HSBC-North America
- Hyatt Hotels
- Pepsi Bottling Group
Women certainly have made major strides in corporate America in recent years--there are 11 women now heading Fortune 500 companies, including two in The 2007 DiversityInc Top 50 Companies for Diversity® list (Xerox Corp., No. 7, and PepsiCo, No. 10). But they still have a long way to go. According to Catalyst, the leading research and advocacy organization for corporate women, it will take women 47 years to achieve parity as corporate officers of Fortune 500 companies. Catalyst finds women now are 15.6 percent of all corporate officers, down from 16.4 percent in 2005.
The Top 50--and especially the DiversityInc Top 10 Companies for Executive Women--are recruiting, retaining and promoting executive women at higher levels than other companies.
How did we compile this Top 50 list? We looked by gender at every demographic question we asked, including retention, salary, promotion rates and representation at levels of management and on the board of directors. We also examined the racial/ethnic demographics on women. And we factored in work/life benefits and other areas critical to women executives: mentoring, access to the CEO, employee-resource groups and diversity training. And we looked at the rates of procurement with women-owned suppliers.
Here are some key points about the DiversityInc Top 10 Companies for Executive Women:
- They average 22 percent women on their board of directors, compared with a Top 50 average of 19 percent. For Fortune 500 companies, the average is 14.6 percent, according to Catalyst.
- Of the women in management receiving promotions, 39 percent on this list were women of color, compared with a Top 50 average of 31 percent.
- An average of 18 percent of the women in senior management (CEOs and direct reports) are women of color, compared with a 15 percent average for the Top 50.
- They spend an average of 5.6 percent of their total procurement budgets with Tier I (contractor) women-owned suppliers, compared with a Top 50 average of 4.2 percent. Nationally, the average is about 1 percent, according to industry estimates.
Here are the 2007 DiversityInc Top 10 Companies for Executive Women:
No. 1: Bank of America
Also No. 1 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 1 for Recruitment & Retention, No. 8 for Asian Americans, No. 3 for Latinos, No. 3 for GLBT Employees, and No. 6 for Supplier Diversity
The No. 1 company on the Top 50 this year has a long history of promoting and valuing women executives. The company has 22 percent women on its board of directors, compared with a Top 50 average of 19 percent and an average of 14.6 percent for Fortune 500 companies, according to Catalyst. Women comprise 25 percent of its senior-level managers (direct reports to the CEO), compared with a Top 50 average of 21 percent. Women received 52 percent of management promotions, compared with a Top 50 average of 34 percent.
No. 2: Merck & Co.
Also No. 18 on The 2007 DiversityInc Top 50 Companies for Diversity list
The board of directors is 25 percent women, compared with a 19 percent average for the Top 50 and a 14.6 percent average for Fortune 500 companies, according to Catalyst. Women comprise 47 percent of all managers, compared with a 41 percent average for the Top 50. And women are 29 percent of most senior managers (direct reports to the CEO), compared with a Top 50 average of 21 percent. Merck also has strong work/life benefits.
No. 3: Xerox Corp.
Also No. 7 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 7 for Recruitment & Retention, No. 10 for Latinos, No. 1 for GLBT Employees, and No. 1 for Supplier Diversity
Xerox has a woman CEO and chair, Anne Mulcahy, and 27 percent of its board of directors are women, compared with a 19 percent average for the Top 50 and a 14.6 percent average for Fortune 500 companies, according to Catalyst. Of women in its senior management (direct reports to the CEO), 28 percent are women of color, compared with 15 percent for the Top 50. Sixty-five percent of its managers participate in the mentoring program, compared with 32 percent for the Top 50. Xerox spent 16.75 percent of its Tier I (contractor) procurement budget with women-owned suppliers, compared with a 4.2 percent average for the Top 50.
No. 4: Consolidated Edison Co. of New York
Also No. 8 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 2 for Recruitment & Retention, No. 1 for Latinos, and No. 5 for Supplier Diversity
Fifty-one percent of the women in its management are women of color, compared with 27 percent for the Top 50. Nationally, women of color are 20 percent of all women managers, according to the Equal Employment Opportunity Commission. Women are 40 percent of the most senior managers (direct reports to the CEO), compared with a Top 50 average of 21 percent.
No. 5: Blue Cross and Blue Shield of Florida
Also No. 15 on The 2007 DiversityInc Top 50 Companies for Diversity list and No. 10 for Recruitment & Retention
Twenty-five percent of its board of directors are women, compared with a 19 percent average for the Top 50 and a 14.6 percent average for Fortune 500 companies, according to Catalyst. Forty-four percent of its middle managers (direct reports to the CEO's direct reports) are women, compared with a 31 percent average for the Top 50.
No. 6: Deloitte & Touche USA
Also No. 19 on The 2007 DiversityInc Top 50 Companies for Diversity list and No. 10 for People With Disabilities
The accounting giant reports 20 percent of the women in its senior management (CEO and direct reports) are women of color, compared with a 15 percent average for the Top 50. Seventy-four percent of its managers participate in the mentoring program, compared with a 32 percent average for the Top 50. The company also has excellent work/life benefits.
No. 7: JPMorgan Chase
Also No. 9 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 6 for Recruitment & Retention, No. 4 for African Americans, No. 9 for Latinos, No. 8 for People With Disabilities, and No. 4 for GLBT Employees
Forty-eight percent of its managers are women, compared with 42 percent for the Top 50 and a national average of 36.7 percent, according to the Equal Employment Opportunity Commission. Women received 54 percent of all management promotions, compared with a Top 50 average of 34 percent.
No. 8: HSBC-North America
Also No. 36 on The 2007 DiversityInc Top 50 Companies for Diversity list
The bank has excellent work/life benefits. HSBC reports that women are 58 percent of its work force, compared with a 47 percent average for the Top 50. The company says 52 percent of its new hires are women of color, compared with a 44 percent average for the Top 50.
No. 9: Hyatt Hotels
Also one of the 25 Noteworthy Companies in 2007
Forty-nine percent of its managers are women, compared with a Top 50 average of 42 percent and a national average of 36.7 percent, according to the Equal Employment Opportunity Commission. Forty-five percent of its women managers received promotions, compared with a 34 percent for the Top 50 average.
No. 10: Pepsi Bottling Group
Also No. 2 on The 2007 DiversityInc Top 50 Companies for Diversity list, No. 2 for Recruitment & Retention, No. 7 for African Americans, and No. 2 for Latinos
Thirty-six percent of its board of directors are women, compared with a 19 percent average for the Top 50 and a 14.6 percent average for Fortune 500 companies, according to Catalyst. Twenty-four percent of the women in its top 10 percent highest-paid employees are women of color, compared with a 21 percent average for the Top 50.
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