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The Value of Women’s Internal Networks: Do Women — and Companies — Win with WINs? Best Practices for Corporate Leaders Full Report March 2015 A Survey of Leading Financial and Consulting Firms Special thanks to Executive Summary Women’s Internal Networks (WINs) are becoming more common and more popular as corporate America seeks to address a host of workforce issues from increasing the ranks of women and employee engagement to addressing attrition or reputational concerns. To help accelerate the leadership and success of women in the financial community across all industries, the Financial Women’s Association (FWA) undertook research to help understand how WINs are operating and to identify best practices. Specifically, we asked what works, what can be improved, and what companies should know for talent recruitment, engagement, retention, and advancement. In March 2015, the FWA conducted research that included two response groups: • Corporations — The FWA surveyed 21 leaders among its corporate partners, followed by a roundtable discussion with human resources (HR), diversity, and business leaders to share their best practices. • Female employees — The FWA then surveyed 583 number of women in the financial industry to understand their opinions about WINs including why they may or may not join, retention issues, and what features were most important. Key Findings •
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77% of respondents at firms without a WIN would join if their organizations had one. 39% of respondents believe these groups could contribute to their reasons for staying with their current firm. Millennials and newer employees who have worked in their firm for only a few years (up to 4) are more likely to say that their WIN contributes to their reasons for staying at their firms. •
While business objectives were not among the top goals cited by companies in creating WINs, our corporate roundtable revealed them to be a highly beneficial by-‐product – from new clients to “getting over the line with documentation.” •
WINs provide employee engagement and advancement, but they are also a means to “engage our clients around diversity,” said a corporate leader, citing a partnership with the FWA to host an event to which clients were invited. 41% of women said time was a reason for not participating: “The schedules are during family time,” noted one respondent. •
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WINs are falling short in two key areas: a connection to compensation or performance reviews and external networking opportunities. In terms of content, women want career education over personal topics, placing emphasis on “new work skills” (e.g., new software, social media) and “trending technology.” 39% of respondents agree that men should join a WIN. The key reason cited was to increase men’s understanding of women’s needs for advancement and avoid segregation of female employees. Nearly 10% of WIN members prefer to receive information about their WIN from social media (Facebook or LinkedIn groups), yet none of the corporate leaders surveyed are actually using social media to engage with their members. INTRODUCTION It is not easy to be a woman in the professional world. Women make up 50.8% of the United States population and represent 47% of the country’s labor force.1 But American women are still lagging behind men when it comes to their representation in leadership positions. • Only three of the 100 bank holding companies in the U.S. with assets above $10 billion have female CEOs at the helm.2 • Women are only 14.6% of executive officers, 8.1% of top earners, and 4.6% of Fortune 500 CEOs.3 • Only 19% of women are in senior positions in financial services globally. In the United States, only 25% of middle-‐management jobs are held by women.4 These statistics represent a severe lack of female representation and advancement in the financial workforce, a situation that is even more troublesome considering that women currently control $12 trillion in global consumer spending5 and will control two-‐thirds of wealth in the United States by 2020.6 The rate of change for women in the workplace is slow — too slow. Experts estimate that women will not achieve parity with men in the United States until 2085.7 Companies and governments alike are working to expedite this process, to continue to elevate and advance women in the workforce, and to engage employees to participate in industry-‐wide change management. Women’s Internal Networks (WINs) are a type of employee resource group (ERG) designed to bring employees together and give them a voice within a corporation.8 These organizations 1
Warner, Judith. "Fact Sheet: The Women's Leadership Gap." Center for American Progress. N.p., 7 Mar. 2014. Web. 11 Feb. 2015. <https://www.americanprogress.org/issues/women/report/2014/03/07/85457/fact-‐
sheet-‐the-‐womens-‐leadership-‐gap/>. 2
Landy, Heather. "The Incredible Shrinking Statistic: Female Bank CEOs." American Banker. Source Media, 19 June 2014. Web. < http://www.americanbanker.com/bankthink/the-‐incredible-‐shrinking-‐statistic-‐female-‐bank-‐
ceos-‐1068188-‐1.html> 3
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Mending the Gender Gap: Advancing Tomorrow’s Women Leaders in Financial Services. Rep. PwC’s Financial Services People & Change, May 2013. Web. < http://www.pwc.com/en_US/us/financial-‐
services/publications/assets/pwc-‐advancing-‐women-‐in-‐financial-‐services.pdf> 5
Mending the Gender Gap: Advancing Tomorrow’s Women Leaders in Financial Services. 6
Retail Banking 2020: Evolution or Revolution? Rep. PwC Retail Banking, 2014. Web. <http://www.pwc.com/et_EE/EE/publications/assets/pub/pwc-‐retail-‐banking-‐2020-‐evolution-‐or-‐
revolution.pdf>. 7
Warner 2014. 8
"Winning with Diversity: Affinity and Networking Groups." The New York Times, 2004. Web. <http://www.nytimes.com/marketing/jobmarket/diversity/affinity.html>. have many different goals and impacts in each company. But across the board it is clear — WINs are not just social networks. These organizations are becoming more common and more popular as corporate America seeks to address workforce issues from increasing the ranks of women and employee engagement to addressing attrition or reputational concerns. Recognizing the enormous organizing and impact potential of a well-‐organized WIN, the Financial Women’s Association (FWA) undertook research to help understand how WINs are operating, to examine the contexts where WINs are successful, and to identify best practices. Specifically, we asked what works, what can be improved, and what companies should know for talent recruitment, engagement, retention, and advancement. THE IMPACT OF WINS ON COMPANIES AND FIRMS Women’s Internal Networks (WINs) serve a number of functions for companies, helping with a wide-‐ranging host of issues, including but not limited to: o Advancing women’s leadership o Networking and community building within a firm or company for female employees between o Career advancement opportunities departments and business areas o Skill building and growth of o Cultivating personal growth and knowledge bases development o Attracting, recognizing, and o Providing resources and insights retaining talent relating to women in the workplace, o Creating mentorship opportunities marketplace, and community For companies and firms, the benefits of having a WIN are generally clear for employee engagement. The FWA asked corporate diversity leaders to describe the top-‐ranked goals for WINs in their companies. Most leaders of WINs identify the most positive outcome to be employee engagement. • Employee engagement (84%): The vast majority of companies surveyed cite engagement of employees as a key goal and a part of their company culture. Engagement may include: o Enabling like-‐minded employees to connect, share, and support each other o Providing ways to give back to the community In describing how one company started its WIN, which grew from 50 members and now stands at over 450 in the U.S., one respondent commented, “We focused a lot on internal employee engagement to make them feel that they can stay and we’ll provide the additional skills to help build their career here.” •
Women’s leadership (84%) — WINs serve to increase the number of women in leadership roles and try to provide opportunities to develop skills for advancement. Building a women-‐
friendly workplace can certainly impact the face of a company’s workforce, especially in industries with a greater presence of women. Case: More than half of the nation’s accounting graduates are women. Deloitte started its Women’s Initiative in 1993. Here’s how its gender breakdown in mid-‐ and senior-‐level U.S. staff has changed since then: Source: Forbes •
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Enable like-‐minded employees to connect, share, and support each other (74%) — Networking with peers can provide not only valuable guidance but also access to job opportunities elsewhere in a firm. Access to leaders (68%) — WINs provide a channel and purpose for bringing senior executives before women, sharing career advice as well as job trends within their own business unit or throughout the company. Women can also build new relationships with these executives by taking on leadership roles through both internal and external events and other initiatives related to their company’s WIN. Social responsibility (68%) — The FWA’s survey to employees also revealed a social responsibility purpose behind WINs. According to a 2014 Nielson report, 67% of the labor market prefer to work for socially responsible companies, and 55% of consumers will pay extra for products and services from companies committed to positive social and environmental impact.9 Meet diversity goals (63%) — A diverse workforce brings different perspectives and a greater understanding of the changing face of the customer and communities they serve. Diversity has shown to reduce risk within a firm and enhance a company’s competitiveness as it seeks to capture new and changing markets. WINS AND BUSINESS OBJECTIVES The connection between WINs, empowering women employees, and connections to business objectives did not rank highly in the administered survey — 42% of corporate leaders surveyed cited business objectives as a key reason firms operate a WIN. But during the corporate roundtable discussion aspect of this study, participants overwhelmingly believed that if a business purpose could be tied to the WIN, the initiative would be more successful and better embraced by leaders. WINs can have a real impact on a company’s bottom line, so much so that they may even cause a shift in their purpose from just employee engagement to business objectives. Leaders can communicate these WIN initiatives in sales efforts as a core part of the company’s values and strategy. This is a surprising key finding that should be further explored, but survey respondents indicated positive impacts in three major areas: • Engaging Female Clients — The growth of women as decision makers in the home and on the job front creates a critical opportunity to engage them as clients. “Across our 9
"Doing Well By Doing Good." Nielsen. Natural Marketing Institute, June 2014. Web. <http://www.nielsen.com/content/dam/nielsenglobal/apac/docs/reports/2014/Nielsen-‐Global-‐Corporate-‐
Social-‐Responsibility-‐Report-‐June-‐2014.pdf>. •
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ERGs [employee resource groups], we have a focus on employee engagement and advancement, but also engaging our clients around diversity,” said a corporate leader. The leader cited a partnership with the FWA in hosting an event to which clients were invited, and a partnership with a major firm to produce research on unconscious bias. The Finish Line — WINs can make a difference in “getting over the hump” with a business deal. One respondent said, “We were having trouble completing the documentation of a deal. It wasn’t until we started talking to women at an event that we ultimately got over the hump and closed the deal. Now business leaders are recognizing the value of [employee resource groups].” Engaging Top Leaders — A WIN’s positive impact on business can gain the attention of senior leaders, especially men who still hold most leadership positions. “When [a WIN] can help senior leaders — who happen to primarily be men — with their business objectives, like client engagement and business performance, we’re finding this is what really gets their attention. It’s moved from ‘this is the right thing to do for employee engagement’ to ‘this is going to help our businesses.’” Increasing Job Satisfaction — WINs that increase job satisfaction and employee engagement may have a real impact on employee turnover and related costs, from hiring to training. Indeed, the finding that 39% of women find WINs a factor in remaining at their firms further contributes to the bottomline. THE IMPACT OF WINS ON FEMALE EMPLOYEES Of the 583 women surveyed, 66% of respondents have a Women’s Internal Network (WIN) in their firm, 67% of which have joined their WIN. Among those whose firms do not have a WIN, 77% would join if their organization had one. Who joins a WIN? WIN members come from every demographic and line of business in a company or firm. According to the survey, directors, and managers are the most likely to join a WIN. What inspires a female employee to join a WIN? Respondents reported that they joined their company’s WIN because they want to: • Help and mentor each other • Network internally • Support diversity • Advance their own careers Respondents offered other responses as well: • “I want to be part of the change I want to see at my firm.” • “Help promote women's initiatives.” • “Learn from other women what works for them.” • “Feel more a part of a community in my business.” • “To learn more about gender differences in the agency and how they impact business effectiveness.” • “Specialized business development and marketing ideas.” The women who join WINs are highly motivated to advance themselves and the women around them. Those who join are certainly reaping the benefits. Respondents indicated a number of positive outcomes related specifically to their WINs in the past year, including: • Developing closer relationships with executives • Increased visibility of WIN participants within the firm • Peer support and relationships • Promotional and branding opportunities for the firm •
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Matched mentees and mentors Generated more business These positive outcomes make female employees more comfortable in their firms, and can contribute to employee retention. • WINS can help improve retention for millennials and newer employees — Attrition is an increasingly important workplace issue (according to 43% of corporate respondents), not only because of the cost to hire and retain workers. The employee survey found that newer employees who have worked in their firm for four years or less are more likely to say that their WIN contributes to the reasons for staying at their firms. One corporate leader said: “If you’re the CEO, you’re looking at how can I make money and reduce turnover and that means paying attention to millennials.” She noted millennials’ work-‐hour preferences and the cost to train and retain if they’re not satisfied on the job. Although reducing attrition was not a top goal of WINS among company leaders, the survey to employees tells a different story: 39% of all respondents believe these groups could contribute to their reasons for staying with their current firm. • 39% of respondents whose companies do not have a WIN believe that joining could contribute to them staying with current firms. This figure is compared with 36% of respondents who don’t believe it would impact them leaving or staying and 25% remained unsure. •
HR/diversity and line of business/division heads are more likely to consider staying with their current firm due to WINs, while CEOs less so. WHAT MAKES A WINNING WIN? Just as the Financial Women’s Association’s own member survey found that networking and advocacy tied as top reasons for joining the FWA, our broader WIN survey found that networking remains a top feature. However, corporate leaders agreed that women want — and need — to network externally to achieve optimum success. • Employees on top-‐ranked features of their WIN — Respondents ranked the following as the most valuable features of their WIN. Note that the findings are highly consistent with the reasons they join a WIN. These include: 1. Networking opportunities internally 2. Help each other/mentor 3. Support diversity 4. Access to company leaders/more executive face time 5. Motivate others to join/participate 6. Develop leadership skills 7. Social responsibility/community impact •
Employees on lower-‐ranked features of their WIN — Women ranked the following as weaker features of their WIN: 1. Improved compensation/performance review 2. New business opportunities 3. Networking opportunities externally 4. Try out new skills 5. Entertainment Junior employees appear to benefit most from corporate WINs, according to interviews with leaders. However, according to survey results, junior employees are overall less satisfied with features offered by their company’s women’s groups. How can current women’s internal networks improve? • Improved coaching — Both leaders and employees think that Business Coaching is an area calling for more support or investment. This would make WIN a place for employees to gain and improve on skills that could be crucial to personal and professional success. • Support emerging leaders — WIN members believe firms could have more programming for emerging leaders, but this feature appears less important to WIN leaders. This disconnect could explain lower satisfaction levels among younger and less experienced WIN members. • Form external partnerships — Both leaders and employees expressed that forming external partnership is an important feature that could be improved upon with additional focus to enhance WIN programming and efforts. Additional employee comments on WIN aspects include: • Location — More local presence and meetings to help employee participation in companies with many locations or satellite offices • Metrics and progress — Quantify women's progress with specific metrics and incentivize improvement • Funding — Additional funding from the firm for events Understanding that there might be a disconnect between WIN constituents and leadership, this survey opted to explore what leaders wanted to improve in their WINs. The answers were similar: leaders wanted to invest in additional coaching, training, and partnerships to improve outcomes. WOMEN’S INTERNAL NETWORK BEST PRACTICES Based on survey findings, below are some tips and best practices for starting and operating a Women’s Internal Network in a company or firm. HOW TO START A WOMEN’S INTERNAL NETWORK WINs can start any number of ways, from the CEO’s vision to a single woman employee’s effort to a particular corporate office. But the consensus is that the greater the engagement from top executives, the more successful it will be. • Leadership — We asked corporate leaders: how should a WIN be started? They can start a variety of ways but oftentimes, an internal employee will approach a sponsor. •
However the WIN is started and operated, firms should be sensitive to work overload by an employee volunteer, given regular job responsibilities. Participation by men should be welcomed because they too can be champions. Funding — We asked corporate leaders about funding since it is essential for events, speakers, communications, and more. Most respondents indicated that funding currently lies within one business unit or division, or within a human resources department. Respondents also indicated that these were the most appropriate places for funding to be housed. •
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Funding Purpose — Funding can be driven by reasons that range from employee recruitment, to business objectives, to the “shame” a firm might have experienced from public scrutiny or competitors’ diversity efforts — and, of course, to the commitment to simply advancing the education and success of women. Funding Source — Typically, funding comes from one primary source such as Human Resources, but is often supplemented by a business unit. Sources of funding for a WIN’s external partnerships may include a corporate foundation or marketing department, depending on the nature of a partner. Making the Ask — How does one go about making a funding request internally? If a business unit or clients will somehow benefit, buy-‐in can often be achieved. Firms that have a spotlight on them may be more inclined to provide financial support although that strategy might hurt overall WIN efforts. However, the best practice is to get to the place where this is not seen as “we have to correct something,” but about making it part of the business. The bottom line — Consider a centralized funding source, and seek funding from multiple sources that have a stake in the results and ensure the funding is a regular line item in their budgets. Having it included in a budget “legitimizes” the program, said one corporate leader. One corporate leader stated, “What made it so powerful at our firm is that it came from the CEO. Someone went to the CEO and said: you need to do this and so he embraced it and created a diversity council of which the women’s group was one.” Other groups include Hispanics, Asians, African Americans, and veterans. With this firm, all groups receive a set budget and can obtain funding from other areas. Each features a senior executive as a sponsor. Another corporation started its first WIN started as a New York-‐based women’s network. It has since expanded nationally with chapters in three main locations. CHOOSING WIN ACTIVITIES Survey respondents indicated that the most interesting WIN activities from their perspectives are: • Networking and building new relationships • Creating new business opportunities • Opportunities to mentor others •
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Educational programs Chances to try out new skills With the changing job landscape and role of technology in the financial community, women are clearly saying they want to be ready with the skills needed for advancement. Survey respondents placed priority on educational or learning topics over personal topics such as fashion or fun. Top five most interesting topics are all related to educational and learning: 1. Career development/leadership 2. Developing new work skills (example: new software, social media) 3. Finance/economy/industry trends 4. Success stories 5. Trending technology Other interesting topics noted by respondents include: • Team building • Advocacy for gender based income inequality • Work/life balance for both women and • Social responsible investing men • Learning about clients • Business development and business acquisitions • Negotiating and communication skills with regards to the differences between • Diversity within women's group (too men and women few minorities are represented) Female employees are clearly seeking work-‐related benefits from their WIN, and see these groups as vehicles for professional growth and development within their current companies. There are other powerful ways that corporate leaders may leverage their WINs to create powerful events and networks for participants, including: • Employee Resource Group (ERG) cross-‐collaboration — WINs may collaborate with other ERGs to expand attendance, increase participation, find new client outlets, and engage employees. Some firms will have quarterly collaboration strategy sessions to identify future opportunities to cross market events and coordinate calendars. • Leadership development — This can be accomplished through external or internal speakers as well as offering women actual leadership roles. “Getting women in leadership positions and having them organize a speaker are great skills outside their normal day-‐to-‐day role •
where they don’t get much notoriety,” said one executive who leads a steering committee of 25 with half vice presidents and half associates. “All of a sudden, a manager sees them differently and she says to herself, ‘I can do this.’” Internal job recruiting — Some companies find it helpful to showcase new job opportunities to reduce the number of women leaving the firm. One leader noted that their WIN “allows people to come together like speed networking so they can learn about opportunities instead of leaving the firm.” KEY WIN MEMBERSHIP DEMOGRAPHICS Support from the top, including but not limited to the CEO, is critical to a WIN’s success. But who can benefit most from a program? • Next generation leaders — One of the best practices is to target the next generation of leaders — vice presidents and above. These emerging leaders can impact new hires and job satisfaction. By creating an internal pipeline of candidates and sharing job opportunities internally, you reduce losing high quality employees. • C-‐suite executives — Many corporate leaders agreed that there should also be a focus on how to strategically help mid-‐ to senior-‐level women get to the c-‐suite. One corporate leader said, “It’s important to help those women not quite at the executive level to build presentation and executive skills because we’re not seeing women make it onto the executive committee or the global management committee. It is important to focus on those women who need a push over.” • Should men join? — Both corporate leaders and employees overwhelmingly said that men are instrumental to the success of women. Nearly 40% of respondents agree that men should join a WIN. Among these respondents, most of them think that male WIN membership could increase understanding of the needs of women for advancement and avoid segregation of female employees. Regardless of membership, be careful of a simple “checking off the box” mentality when engaging men in a WIN or in any work to advance women in a company. Sending a male leader to talk to a group may lead him think he’s done his job, when in fact it’s a small part to truly advancing women. “You need to focus on inclusive leadership behaviors — who gets staffed on key accounts,” said a leader. COMMUNICATING WITH AND PROMOTING YOUR WIN Companies may think they’re communicating WIN activities and opportunities effectively, but respondents say otherwise. • Communicating WINs — WINs are mostly promoted internally through a company website, but group members say they prefer to get information through email. Visiting a website presents a barrier to taking action during a busy day compared to the ease of receiving an email. • Remember social media —10% of WIN members prefer to receive information about their WIN from social media (Facebook or LinkedIn groups), yet none of the corporate leaders surveyed are actually using social media to engage with their members. OVERCOMING BARRIERS TO SUCCESS There can be many issues that get in the way of WIN success, but when it comes to involvement of female employees, time is the primary barrier. WINs that try to operate outside normal work hours may find few women participating due to family obligations. Also, the perception that a WIN is just for women and may actually harm careers is another top concern. •
No time — Many women lack the time to lead or even participate in WIN activities, but lunchtime programs can address multiple goals including employee engagement, learning, and advancement. o Solution: Frequency — The ideal frequency of WIN activities, according to our respondents, is once per quarter (48.72%). Some respondents also think that appropriate frequency depends on the activities. For example, respondents said: o If work related, then maybe once per month; if social, maybe twice per year o Quarterly for regional events; monthly for single office women's meeting. o National group to give quarterly conference calls and our local group to meet twice a year •
Too limited — Women often want to network externally, not solely within their organization o Solution: Form partnerships — While many WINs initially started with an internal focus — providing events, speakers, and the like — WINs need to focus externally for both maximum employee engagement and company impact. The FWA recommends WIN leaders identify the following fields to create the most effective programming possible through partnerships: o Impact — Identify the impact the WIN wants through a partnership: business, new client engagement, branding and visibility for the firm or its leaders, reputational (i.e. support for diversity), target new recruits and candidates, other benefits? o Audience — Women of a particular background, age, or industry? o Budget — Will funding come solely from the WIN or might it be supplemented by a business unit? o Ownership — Who will manage and make the most of the relationship? The FWA typically conducts one to two meetings per year with leaders to discuss priorities and opportunities. •
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It’s geared for a different audience or age group than me. o Solution: Target — Engage the right women There are women who say, “This group is not targeted to me.” A corporate leader at a top firm said, “I worried I’d be stigmatized” for participating but “as I’ve matured, I’ve learned how important it was because I did change firms and needed to learn how to network and show people who I was.” Engagement can come to the attention of male leaders. “When the men saw we went from 50 to 300 to 3,000 members, it raised a huge amount of awareness that if many women are not engaged, that’s a problem. Firms should be mindful of who would be best served or of programming that is suitable for different audiences, from new hires to senior women trying to ‘get over the C-‐suite hump.’” Examples of proper programming for different audiences might include: o Young and emerging women — leadership skills, networking, mentoring, and insights into new, emerging careers or jobs, negotiation o Mid-‐level women — Management skills, executive coaching, technology, project management, work-‐life balance o Senior-‐level women — Executive presence, effective communication skills, company culture Weak Programming or Internal Engagement o Solution: Better approaches to construction — The following are seven key success factors to building strong programming and engagement across the firm. 1.
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Segmentation — Corporate leaders agreed that in order to operate a successful WIN, it is critical to segment audiences according to the firm’s needs, whether by age, role, or line of business. o Steering committee — A steering committee can include women assigned to address different programming. For example, one firm with a committee of 20 has four women leaders assigned to work-‐life balance/retention, four to compensation, four to professional skills development Top-‐Down Support — Support for the WIN from leadership in various business units can be especially helpful in driving both executive support and business goals. Leveraging internal experts — A common mistake, especially in large companies, is to seek outside consultants and advisors, thinking they know more. But a better strategy may be to leverage internal leaders both to save on speaker costs of speakers and to build the brand of their leaders. “If you look across your firm, you might have a lot of experts,” noted one employee. Incorporate inclusive leadership — Ask leaders about their needs and obtain feedback on topics that might also engage female clients and decision makers. One corporate leader pointed out the importance of considering “an initiative to manage inclusively.” This can include ensuring that “women are staffing key accounts and being included in key meetings.” 5. Partner with HR Leaders — Work together to identify gaps and ways the WIN can move the needle. This might include campus recruiting efforts, outside partnerships, or communicating job openings through employee resource groups. 6. Tie diversity to compensation — Survey respondents overwhelmingly believe that executive compensation should be tied to diversity goals. One global bank made diversity a core metric with CEO support. This can be done by requiring a slate of diverse applicants for a particular job, to having a more diverse team, to engaging women in opportunities that raise their skills and profiles, such as inclusion in client meetings. Another corporate leader pointed out that, in her firm, part of the compensation evaluation is commitment to diversity. “It must be demonstrated. If there isn’t a mandate to share business or include women in a pitch meeting, then it won’t happen.” By building it into performance reviews, leaders — men and women — can enhance participation and hopefully advance individual employees’ career paths. 7. Conduct “Stay Interviews” — Exit interviews are common, but how can leaders address satisfaction, engage employees, and reduce attrition? “We look at people at that critical flash point in their careers, 3-‐5 years when millennials want that next great opportunity to understand what are the key drivers of engagement,” one bank leader pointed out. These reasons are not exhaustive. Other reasons women cite for failing to join their WIN include: • Location — Difficulty for branch employees to participate if most activity centers around headquarters • Value — Some women “don't see the value, don't find it helpful” • Multiple demands — Women juggling “education, family time, exams,” as one respondent noted, may find participation a challenge MEASURING SUCCESS The traditional method of WIN formation may not have led to strong metrics that could drive a company’s bottom-‐line success. Our roundtable discussion revealed unanimous consensus that metrics should be used to help measure a WIN’s efficacy. The diversity and HR leaders who participated in FWA’s roundtable also agreed that while a WIN may not have ownership of these metrics, they could be powerful influencers. •
Metrics and ownership — HR and diversity leaders point out that ultimate impact on key metrics that drive women’s progress, such as the hiring, promotion and retention of •
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women, depends on the business units or leaders. However, these leaders can impact career satisfaction through WIN programs. Metric challenges — Measuring success and obtaining clear metrics appears to be a work in progress and a topic to be addressed in greater detail. “We still struggle with metrics,” said one leader. While participation in community programs or event attendance are obvious ways, others tied to business objectives are likely more compelling. Best practice for diversity leaders — WINs should partner with HR (if they don’t already) to make recommendations and set measurable goals. The HR metrics should ultimately be brought to senior management, ideally with support from the CEO and business units. Tracking results — Tracking and sharing results can drive both the success of the WIN and a firm’s bottom line. Some ways to easily track results include: o Business anecdotes — A series of anecdotes of how the WIN helped translate into business can relay the network’s importance to senior leadership. Examples include client feedback or a manager’s story of “getting to the finish line.” o Growth of the women’s network — Track the increase in participating employees and consider how decentralized employees can participate. Remember, too, that the growth of any network takes time, as does the progression of young women. “We might invest in the young women analysts who need to be brought along,” said one leader, “but that won’t pay dividends the day after; it takes time.” o Number and reach of events — Events that include clients as well as those for employee engagement and training should be monitored and communicated. o New hires – Monitor the increase in applicants generated either externally or internally through the WIN. Leaders could also make assumptions about the recruiting cost savings as a result. SUMMARY Companies in the financial industry are keenly focused on the bottomline. But the answer to growth — as well as women’s advancement — just might be right in front of it: with their own WIN. WINs are no longer just for networking or a means to give back or support diversity. Successful ones are linking their impact to real business, and engaging top leaders in the process. Women driving these networks can not only build their skills and access leaders they may not have in the past, but they may find them their means to their next job. Indeed, while leaders are still working to understand the winning formula for these networks, they are beginning to show some powerful financials wins. If the last decade is any indication of the future, WINs will play a greater role in the race to capture a greater share of wallet. Our hope at the FWA is that they will also truly propel more women to the top of these firms. ABOUT OUR EMPLOYEE RESPONDENTS •
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583 total respondents o 100% female o 97% work in the financial industry: wealth management/financial advisory, insurance, banking /lending, consulting/accounting, technology, retail/consumer, broker/dealer, nonprofit, and clearing services. Positions — Nearly 44% of respondents are at the vice president (VP) level or above, 23% junior or associate level, and 21% director or manager level. Over 11% run their own companies and 8% lead lines of businesses or divisions. Years of experience — Most of our respondents have remained at their current firm more than six years. Driving Your WIN How can you advance women and your firm’s success? Partner with the FWA. For an overview of opportunities go here, or contact us. Contact: Jennifer Openshaw, Executive Director [email protected] • (212) 533-‐2141 x303 About the FWA Founded in 1956, the FWA’s mission is to accelerate the success and leadership of women in the financial community across all industries. The New York-‐based organization partners with companies to share best practices and provides opportunities for members to build their careers, meet industry leaders, earn the support of powerful women and major companies, and contribute to the next generation of female leaders. The FWA’s community activities include mentoring, scholarships and training programs that have helped over 5,000 young people. Visit our newsroom and learn about our annual Women of the Year Awards Dinner. To learn about membership, visit fwa.org. The FWA’s President Circle companies include the following: