™

Top 60 Companies
for Executive Women
2016
EXECUTIVE SUMMARY
 ™ Research Methodology
Each organization completed a detailed application from the National Association for Female
Executives (NAFE) covering both internal and external programs and activities that benefit
women. The 2016 application included sections on the following:
◆ Workforce Profile

◆ Women’s Issues and Advancement

◆ Company Culture and Work Life Programs

Completed applications for the 2016 NAFE Top Companies initiative were collected online
from December 12, 2014, to March 13, 2015, and also from June 22 to August 28, 2015.

The NAFE Top Companies list includes 60 winners, up from 50 in 2015.

Winning companies were selected from a pool of self-selected applicant companies and
ranked on the data they provided in their applications.

Statistics reported are aggregated based on the data from the 60 winning for-profit companies.

Ten nonprofit companies were also chosen as winners in a separate list.

Winners were selected based on these applications and are being announced in the February/
March 2016 issue of Working Mother magazine, at workingmother.com and on nafe.com.

NAFE is a division of Working Mother Media.

Source: 2016 National Association for Female Executives workingmother.com/wmri 2
 ™ Background on the Initiative
The purpose of the NAFE Top Companies for Executive Women initiative is to recognize
American corporations that have moved women into top executive positions and created a
culture that identifies, promotes and nurtures the careers of talented women.

This application is designed to identify companies where women have significant clout,
making the decisions that affect their company’s future and its bottom line, leading
businesses, setting policies and holding profit-and-loss responsibilities. The application
also tracks what companies are doing to help advance women as well as the impact of their
programs. In order to be eligible to be considered for the NAFE Top Companies initiative, a
company:
1. Must have a minimum of TWO (2) women on the Board of Directors
2. Must be a public or private for-profit company
3. Must have a minimum of 1000 employees
4. The following organizations are NOT eligible to apply: Divisions of companies
and companies in the business of providing work life services or consulting
(e.g. child care or flexibility), or consulting and government agencies (taxation
and revenue departments, motor vehicle bureaus, military, legislatures,
executive branches, judiciaries, prosecutorial offices, etc.).

Please note that each year we also recognize a small group of not-for-profit companies, but
each must meet the other criteria above.

Source: 2016 National Association for Female Executives workingmother.com/wmri 3

 ™ Summary of 2016 Findings
More than half the companies on the 2016 NAFE Top Companies have at least four women on
their boards of directors, and 22% have at least five women on their boards. By comparison, in
2012, only 24% of NAFE Top Companies reported having four or more women on boards.

At the NAFE Top Companies, an average of 28% of board of directors members are women,
compared with 19% at S&P 500 companies.

The number of NAFE Top Companies led by women CEOs dropped two percentage points
versus a year ago, to 8%. However, the NAFE Top Companies still outpace Fortune 500
companies (with only 5% female CEOs) in this regard.

Of employees promoted annually to a manager position or above at the NAFE Top 60, 44%
are women. Among those promoted to senior manager and corporate executive ranks,
female representation is 41% and 33%, respectively.

Women continue to hold about a quarter of key executive roles, including those with P&L
responsibility (22%), reporting directly to the CEO (28%) and running divisions worth at
least a billion dollars (25%).

All NAFE Top Companies offer executive coaching, affinity groups, programs for identifying
high-potential women and management/leadership training.

The percentage of NAFE Top Companies offering sponsorship (65%) is the highest it’s been
in the past four years.

Source: 2016 National Association for Female Executives workingmother.com/wmri 4

 ™ NAFE Top Companies Hall of Fame
This year, Principal Financial Group joins the elite group of organizations that have been on
the NAFE Top Companies list for at least 15 years.

18 YEARS 17 YEARS

16 YEARS 15 YEARS 16 YEARS

Source: 2016 National Association for Female Executives workingmother.com/wmri 5

 ™ 2016 NAFE Top Companies
Companies in red are 2015 Fortune 500 Companies ★ Top Ten Winners

Abbott ★ Diageo North America MasterCard

Accenture DuPont McKinsey & Co.
The Advisory Board Company Edelman MetLife
Aetna Eli Lilly and Company Moss Adams
Allstate Insurance Ernst & Young LLP ★ New York Life Insurance
American Express First Horizon National Northern Trust
Aon FleishmanHillard ★ Pillsbury Winthrop Shaw Pittman
AstraZeneca Freddie Mac PNC Financial Services Group
AT&T General Mills Principal Financial Group
Avon Products General Motors Procter & Gamble ★
Bank of America Grant Thornton Prudential Financial
BDO USA IBM ★ PwC
Boehringer Ingelheim USA Intel Sodexo
Bristol-Myers Squibb JLL State Farm
CA Technologies Johnson & Johnson ★ Target
Capital One Financial Kellogg Texas Instruments
Cardinal Health KPMG ★ Verizon Communications
Cisco L’Oreal USA ★ Viacom
Citi Marriott International ★ Wal-Mart Stores
Colgate-Palmolive MassMutual Financial Group ★ Zurich North America

Source: 2016 National Association for Female Executives workingmother.com/wmri 6

 ™ Board Representation
When it comes to female representation on their boards of directors, the NAFE Top
Companies outpace the Standard & Poor’s 500.

REPRESENTATION OF WOMEN ON BOARDS OF DIRECTORS

0% 100%

2016 NAFE
28%
Top 60

S&P 500 19%

Source: 2016 National Association for Female Executives; Catalyst. Pyramid: Women in S&P 500 Companies. New York: Catalyst, December 14, 2015. workingmother.com/wmri 7
 ™ Board Representation
The percentage of board seats occupied by women at the NAFE Top Companies declined
one percentage point this year, to 28%. However, at the NAFE Top Companies, female board
representation is significantly higher than five years ago.

REPRESENTATION OF WOMEN ON BOARDS OF DIRECTORS AT THE NAFE TOP COMPANIES

100%
2010 23%

2011 23%

2012 23%

2013 26%

2014 27%

2015 29%

2016 28%

Source: 2010, 2011, 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives workingmother.com/wmri 8
 ™ Board Representation
More than half (52%) of the 2016 NAFE Top Companies have four or more women on their
boards of directors, versus 50% last year and 24% in 2012.

The percentage of NAFE Top companies with 5 or more women on their boards has
increased dramatically in the past few years, jumping 6 percentage points year over year.

100%
NUMBERS OF WOMEN ON BOARDS OF DIRECTORS

2012 NAFE TOP 50 2013 NAFE TOP 50 2014 NAFE TOP 50 2015 NAFE TOP 50 2016 NAFE TOP 60

38% 38% 38%

34% 34%
32%
30% 30%
28% 28%
25% 24%
23% 22%
18%
16% 16%
10%
8% 8%
0%

2 Women 3 Women 4 Women 5+ Women

Source: 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives workingmother.com/wmri 9
 ™ CEO Representation
Female representation among CEOs at the NAFE Top Companies (8%) declined in the past
year after holding steady at 10% from 2012 to 2015, but still outpaces the Fortune 500.

100%
PERCENTAGE OF COMPANIES WITH FEMALE CEOS

NAFE TOP COMPANIES FORTUNE 500

14% 14%
10% 10% 10% 10% 8%
3% 3% 4% 4% 4% 5% 5%

2010 2011 2012 2013 2014 2015 2016

Source: 2010, 2011, 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives; 2010, 2011, 2012, 2013, 2014, 2015 and 2016 Fortune 500 workingmother.com/wmri 10
 ™ P&L Executive Representation
Female representation in key executive roles tracked by NAFE continues to hold steady.

100%
FEMALE TOP EXECUTIVE REPRESENTATION AT NAFE TOP COMPANIES

2012 NAFE TOP 50 2013 NAFE TOP 50 2014 NAFE TOP 50 2015 NAFE TOP 50 2016 NAFE TOP 60

29%
26% 27% 28% 26% 25% 26% 25%
22% 22% 22% 22% 23% 22%
19%

0%

Corporate executives with P&L Corporate executives who report Corporate executives responsible for
responsibilities who are women directly to the CEO who are women divisions with revenues of more than
one billion dollars who are women

Source: 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives workingmother.com/wmri 11
 ™ Top Earners
Female representation among the top 10% of earners slipped to 39% from 40% last year.
However, this still remains higher than the averages previously reported.

100%
FEMALE REPRESENTATION AMONG TOP 10% OF
EARNERS AT NAFE TOP COMPANIES

2012 NAFE TOP 50 2013 NAFE TOP 50 2014 NAFE TOP 50 2015 NAFE TOP 50 2016 NAFE TOP 60

40% 39%
37% 35%
32%

0%

Source: 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives workingmother.com/wmri 12
 ™ Promotions
Overall, women at the NAFE Top Companies receive 44% of promotions to the manager
level and above. The largest proportion of promotions going to women is at the manager
level; however, men still receive the majority of promotions at all job levels.

RECIPIENTS OF PROMOTIONS AT THE 2016 NAFE TOP 60

WOMEN MEN

0% 100%
All promotions to
the manager level 44% 56%
and above

Promotions to
manager 45% 55%

Promotions to
senior manager 41% 59%

Promotions
to corporate 33% 67%
executive

Source: 2016 National Association for Female Executives workingmother.com/wmri 13

 ™ Representation by Job Level
Total female representation at the 2016 NAFE Top Companies continues to hold steady at
51%. Female representation at the manager and corporate executive levels remains firm.

REPRESENTATION OF WOMEN AT THE NAFE TOP COMPANIES

100%
22%
25%
Executives 28%
27%
27%

33%
Senior 34%
35%
Managers 37% 2012 NAFE TOP 50
36% 2013 NAFE TOP 50
2014 NAFE TOP 50
44% 2015 NAFE TOP 50
45% 2016 NAFE TOP 60
Managers 43%
44%
44%

53%
Total 51%
51%
Employees 51%
51%

Source: 2012, 2013, 2014, 2015 and 2016 National Association for Female Executives workingmother.com/wmri 14
 ™ Advancement Programs
All NAFE Top Companies offer executive coaching, affinity/network groups,
management/leadership training, and programs to identify high-potential women.
The percentage of NAFE Top Companies offering sponsorship programs (65%) is the
highest it has been in the past four years.

PERCENTAGE OFFERING:
2013 NAFE TOP 50 2014 NAFE TOP 50 2015 NAFE TOP 50 2016 NAFE TOP 60

100%
100%
Executive coaching 100%
100%

100%
100%
Affinity/network groups 100%
100%

100%
Program to identify 100%
100%
high-potential women 100%

100%
Management/ 100%
98%
leadership training 100%

96%
96%
Mentoring program 96%
97%

98%
98%
Succession Planning 100%
97%

88%
90%
Career Counseling 94%
95%

80%
96%
Job Rotation 98%
92%

42%
60%
Sponsorship 58%
65%

Source: 2013, 2014, 2015 and 2016 National Association for Female Executives workingmother.com/wmri 15
 ™ Manager Participation in Training
The percentage of managers at the NAFE Top Companies trained in how to implement and
manage employee flexible work arrangements bounced back to 38% after declining to 30%
last year. However, the percentage of managers trained in how to manage work life concerns
of employees continues to decline year over year.

How to implement
How to manage work life
and manage employee
concerns of employees
flexible work arrangements

41% 42% 43% 41% 39%

37% 38% 38%
34%
30%

2012 NAFE TOP 50 2013 NAFE TOP 50 2014 NAFE TOP 50 2015 NAFE TOP 50 2016 NAFE TOP 60

Source: 2012, 2013, 2014 , 2015, and 2016 National Association for Female Executives workingmother.com/wmri 16
 ™ CEO Engagement
Every NAFE Top Company CEO requires a women’s advancement executive to report to
him/her on women’s advancement metrics, and nearly every CEO reviews succession plans
for gender equity. At 85% of the 2016 NAFE Top Companies, the CEO meets regularly with a
women’s advancement executive to review work life goals and performance.

PERCENTAGE OF THE 2016 NAFE TOP 60 TAKING EACH MEASURE:

Requires women’s advancement executive to report

100%
back to him/her on women’s advancement metrics

Senior-level succession plans for gender equity

92%
reviewed by CEO

Meets regularly with women’s advancement

85%
executive to review work life goals and performance

Provides annual update on women’s advancement

77%
to the board of directors

Requires work life executive to report back to him/

73%
her on work life metrics

Meets regularly with work life executive to review

65%
work life goals and performance

Oversees/approves management compensation

63%
plans that are tied to women’s advancement

Makes CEO work life statement available on

57%
corporate website/corporate materials

Includes an update on work life during annual

53%
updates with employees

Source: 2016 National Association for Female Executives workingmother.com/wmri 17

 ™ Health & Wellness Benefits
The NAFE Top Companies are committed to the physical and mental health of employees,
providing support for the following programs:

PERCENTAGE OF NAFE TOP COMPANIES OFFERING:

2015 NAFE TOP 50 2016 NAFE TOP 60

Stress management or stress reduction 98%

programs 100%

96%
Weight-loss programs 98%

96%
Benefits or programs for mental health 98%

Benefits or programs for employees who show 86%

signs of depression 92%

88%
24-hour nurse line 90%

Preventive programs specifically geared toward 82%

employees with chronic medical conditions 87%

86%
Wellness newsletter/column 87%

62%
Massage therapy services at work 65%

58%
On-site sick room 62%

28%
On-site nap room 33%

Source: 2016 National Association for Female Executives workingmother.com/wmri 18

 ™ Personal Service Benefits
Nearly all NAFE Top Companies offer professional development opportunities and cover
certification/recertification fees.

PERCENTAGE OF THE 2016 NAFE TOP 60 OFFERING:

100%
Professional development
98%
opportunities

Certification/
98%
recertification fees

Professional
97%
memberships

Professional license
application or renewal 85%
fees
Cross-training to develop
skills not directly related 83%
to the job

Source: 2016 National Association for Female Executives workingmother.com/wmri 19

 ™

NAFE Top 10
Nonprofit Companies
2016

workingmother.com/wmri 20
 ™ 2016 NAFE Top 10 Nonprofit Companies

Bon Secours Virginia

Children’s Healthcare of Atlanta
March of Dimes Foundation
Mercy Health System
Northwestern Memorial HealthCare
Scripps Health
TIAA-CREF
TriHealth
WellStar Health System
Yale-New Haven Hospital

Source: 2016 National Association for Female Executives workingmother.com/wmri 21

 ™ For-Profit vs. Nonprofit Top Companies
At the 2016 NAFE Top Nonprofit Companies, women hold more leadership positions than
at the NAFE Top Companies.

REPRESENTATION OF WOMEN IN LEADERSHIP POSITIONS:

2016 NAFE TOP 10 NONPROFITS 2016 NAFE TOP 60

100%
76%
Total female employees
51%

27%
Board of directors
28%

39%
Executives
27%

Executives with P&L 39%

responsibilities 22%

62%
Top 10% earners
39%

Source: 2016 National Association for Female Executives workingmother.com/wmri 22

 ™ For-Profit vs. Nonprofit Top Companies
All NAFE Top Nonprofit Companies offer executive coaching, management/leadership
training, succession planning, mentoring and career counseling.

PERCENTAGE OFFERING:

2016 NAFE TOP 10 NONPROFITS 2016 NAFE TOP 60

100%
100%
Executive coaching 100%

Management/ 100%
leadership training 100%

100%
Succession planning 97%

100%
Mentoring 97%

100%
Career counseling 95%

Affinity/network 90%
groups 100%

60%
Job rotation 92%

60%
Sponsorship 65%

Source: 2016 National Association for Female Executives workingmother.com/wmri 23

 For-Profit vs. Nonprofit Manager
Participation in Training
™

At the 2016 NAFE Top Nonprofit Companies, a majority of managers are trained in how to
hire, manage or advance women.

100%
PERCENTAGE OF MANAGERS TRAINED IN:

2016 NAFE TOP 10 NONPROFITS 2016 NAFE TOP 60

67%

47% 44%
37% 39% 38%

0%

How to hire, manage, Managing work life Implementing and managing

or advance women concerns employee flexible work
arrangements

Source: 2016 National Association for Female Executives workingmother.com/wmri 24

™

How does your company rate in key areas like diversity & inclusion, women’s advancement
and work life programs? The Working Mother Research Institute has the answer. With one
of the most comprehensive databases available to corporate America, WMRI has the data
you need to make the right decisions for both your employees and your bottom line.

To find out how your company rates, register today for one of our initiatives:
◆ Working Mother 100 Best Companies

◆ Working Mother Best Companies for Multicultural Women

◆ Working Mother & Flex-Time Lawyers Best Law Firms for Women

◆ NAFE Top Companies for Executive Women

◆ Diversity Best Practices Benchmarking Tool

Participation is free and only winning companies are announced.

Interested in learning more? Visit workingmother.com/surveys today!

workingmother.com/wmri 25
™

Benchmarking
Our benchmarking reports offer the most detailed data available, showing how your
company rates, question-by-question, against all of the Best Companies. Custom
comparisons are also available.

Scorecards
Each participating company receives a free top-line summary of how it compares with all
applicants across essential clusters of the initiative’s extensive application.

Custom Assessments
Let our researchers do the assessment for you. Our experienced team will turn your
benchmarking data into a turnkey presentation showing where your company leads and
lags compared with the Best Companies.

Interested in learning more? Contact Kristen Willoughby at

kristen.willoughby@workingmother.com for more information today!

workingmother.com/wmri 26
™

From flexibility and child care to the recruitment, retention and advancement
of women, the Working Mother Research Institute is dedicated to tracking and
promoting the best practices of today while creating strategies for tomorrow.
WMRI’s goal is to give both working mothers and their employers the information
they need to make workplaces truly family friendly.

Learn more at workingmother.com/research

workingmother.com/wmri 27
 ™ Contact Information

Jennifer Owens, Director

jennifer.owens@workingmother.com

Krista Carothers, Senior Research Editor

krista.carothers@workingmother.com

Kristen Willoughby, Senior Manager, Editorial & Research Initiatives

kristen.willoughby@workingmother.com

Michele Siegel, Director of Research Initiatives

michele.siegel@bonniercorp.com

Tierney O’Brien, Custom Insights Analyst

tierney.obrien@bonniercorp.com

Source: 2016 National Association for Female Executives workingmother.com/wmri 28