The best companies for women's advancement have a long-standing commitment to mentoring and executive coaching.
The best companies for women’s advancement have a long-standing commitment to mentoring and executive coaching, and robust participation by women in these programs, reports Working Mother Media, the parent company of Working Mother Magazine.
Ten firms made Working Mothers’ first-ever list of Best Companies for Women’s Advancement: American Express, Bank of America, Deloitte, Ernst & Young, General Electric, General Mills, IBM, KPMG, Marriott International and The Procter & Gamble Co.
“Firms like AmEx and GE know they need to cultivate the human potential of all their employees, and have implemented programs to support the unique needs of working mothers,” said Catherine McBreen, president of MillionaireCorner. “These policies are reflected in the growing numbers of women professionals and executives, who have achieved a certain level of financial independence.”
Women make up 47 percent of the work force at these companies and hold 39 percent of the management jobs, Working Mother reports. They are also extremely likely to take advantage of support and mentoring programs offered by the firms. Eighty-seven percent belong to affinity groups, and 79 percent participate in career counseling programs. Thirty-six percent are involved in formal mentoring and management training programs, while 11 percent take advantage of company sponsorship programs.
Sponsors are senior executives who advocate for their protégés. The five best companies have offered sponsorship programs for at least 10 years, Working Mother reports. Plans to achieve equal numbers of men and women in senior management jobs are reviewed by the top levels of management at all of the 10 best companies. And, 90 percent of the companies tie a manager’s compensation to his or her success in advancing women.
Eighty percent of the companies expect their managers to receive training in how to hire, manage and advance women. All of the top 10 companies train managers how to cope with work-life concerns of their employees, and also how to implement and manage flexible work arrangements. The companies all offer programs to resolve grievances relating to wage gaps and work-life conflicts.
The companies represent the accounting, consumer products, financial services, hospitality, manufacturing, professional services and technology industries.