When Women Thrive: Surprising Findings From … · When Women Thrive: Surprising Findings From Mercer’s ... Leadership engagement and company culture. ... top 10 killers of younger
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
The opinions expressed in this presentation are those of the speaker. The International Society and International Foundation disclaim responsibility for views expressed and statements made by the program speakers.
When Women Thrive: Surprising Findings From Mercer’s Global Gender Diversity Research
Overall Business Context:• When Women Thrive, so does your business. . .
Findings from Mercer’s When Women Thrive (WWT) Research• Mercer's When Women Thrive (WWT) program—Thinking holistically about gender
diversity solutions: Health, wealth, and career• Five Research Themes• Opportunities to improve representation
Health Context• A gender lens on health and healthcare• Women and financial wellness• Women and Health: Building a conducive climate
Next Steps
A G E N D A
14C-2
WHY EMPLOYERS SHOULD
“HELP WOMEN THRIVE”
14C-3
G E N D E R D I V E R S I T Y — T H E D A T A I S C O M P E L L I N G
F O R E M P L O Y E R S : A S U M M A R Y O F R E S U L T S
F R O M 3 5 G L O B A L S T U D I E S S I N C E 2 0 0 5An extensive body of trusted research has consistently demonstrated the positive impact of improved gender diversity on business performance:
Source: Catalyst.org, “The Facts Support the Claim: Diversity Matters”
IMPROVED FINANCIAL PERFORMANCE
Improved financial performance Higher return on sales Higher return on equity Higher return on
invested capital
Better economic growth Better stock growth Lower risk of insolvency Higher market tobook value
Higher organizational excellence scores Higher operating result Improved corporate
Eliminating the gap between male and female employment rates could boost countries’ GDP by as much as 34%.
%34Only 63% of women are confident they will be able to save enough for their ideal retirement —compared to 80% of men.
%63Women make 80% of healthcare decisions for themselves and their families.
80 %
14C-6
M E R C E R ’ S W O R K W I T H T H E W O R L D E C O N O M I C
F O R U M I D E N T I F I E S S I G N I F I C A N T O P P O R T U N I T Y
F O R C O U N T R I E S A N D C O M P A N I E S O N A
G L O B A L S C A L E One of the most significant factors limiting the growth potential of countries around the world is the fundamental participation and engagement of women in their workforce Eliminating the gap between male and female employment rates could boost countries’ GDP by as much as 34%.
To have a highly engaged female workforce, companies need a multi-faceted program that supports women to be healthy, productive and financially secure across the various phases of their professional and personal lifecycle.
Employers play a driving role with enormous ability to influence change and impact in this space—and reap the resulting benefits to their own business performance.
14C-7
MERCER’S “WHEN WOMEN
THRIVE” RESEARCH—
LAUNCHED IN 2014
14C-8
+ =
Contextual“Controls”
OperationalContext
Dependent“Outcomes”
Internal Labor Market
Dynamics
Policies,Practices,
and Culture
Independent“Drivers”
O U R R E S E A R C H U N I Q U E L Y F O C U S E D O N
L I N K I N G B R O A D H R P O L I C I E S A N D P R A C T I C E S
T O A C T U A L W O R K F O R C E R E S U L T S
14C-9
S U R V E Y E D 1 6 4 C O M P A N I E S F R O M 2 8 C O U N T R I E S ,
R E P R E S E N T I N G 1 . 7 M I L L I O N E M P L O Y E E S ,
I N C L U D I N G M O R E T H A N 6 8 0 , 0 0 0 W O M E N
14C-10
Use disciplined workforce analytics and predictive modeling to build a holistic diversity & inclusion strategy
Seek holistic solutionsBroad, enterprise focus is linked to sustainable change
Ensure pay equity is a core part of the annual rewards process; monitor utilization and impact of programs
Manage actively, not passivelyActive management of policies and programs, intended to
support different life choices, is required to avoid unintended career penalties
Realize unique valueCompanies that recognize and value the
differences between women and men benefit
Conduct network analysis to understand how employees are connected to one another and can uniquely drive value
RESEARCH THEMES SOLUTIONS
Engage and coach leaders to drive success; train managers on how to build a more inclusive workforce
Foster passion over formalityAccountability is not enough – leadership needs to be engaged
in promoting & managing diversity
Think and act differentlyNon-traditional solutions drive future success
Provide customized benefits and trainingfor different talent segments
M E R C E R ’ S W H E N W O M E N T H R I V E R E S E A R C H
T R A N S L A T I N G F I N D I N G S I N T O A C T I O N
14C-11
Are you confident in your organization’s ability to. . .
T H E M E 1 — S E E K H O L I S T I C S O L U T I O N S
14C-12
Relationship between survey response and workforce outcomes Current Female Representation
Future Female Representation
I agree that senior leaders and men at my organization are actively involved and engaged on D&I initiatives
I agree that leaders at my organization are held accountable, via incentives or other consequences, for failing to meet D&I goals
56%
15% Agree that bonuses/incentives for senior executives (i.e., CEO plus direct reports) are linked to the achievement of D&I goals.
Agree that senior executives (i.e., CEO plus direct reports) are actively involved in diversity and inclusion (D&I) programs/initiatives.
T H E M E 2 — F O S T E R P A S S I O N O V E R F O R M A L I T Y
14C-13
“Our company’scommitments
to gender equalityare publicly
documented.”
61% agree, Northern America
42% agree, Latin America
58% agree, Europe/Oceania
“We have aformalized
remediation processto address anypay equity risks
identified.”
42% agree, Northern America
37% agree, Latin America
23% agree, Europe/Oceania
Relationship between survey response and workforce outcomes Current Female Representation
Future Female Representation
I agree that my organization’s commitments to gender equalityand pay equity are communicated and documented
I agree my organization has a dedicated team responsible for pay equity and a formalized remediation process that relies on a robust statistical approach
T H E M E 3 — M A N A G E A C T I V E L Y , N O T P A S S I V E L Y
14C-14
Employee-level review
Pay Equity AssessmentData Preparation Model Development
Systemic evaluation (by business unit-job, AAP)
Identify prioritized groups
EEID Expected Pay
ActualPay
Pay smaller than expected?
1 $ $
2 $ $
3 $ $• Marker rates for jobs• Unemployment rates
• Business unit• Job• Pay grade
External Conditions
• Compensation• Gender and
race/ethnicity• Prior experience (age)• Tenure and time in job• Performance history
Employee Characteristics
Job FactorsLegitimateDrivers of
CompensationStatistical Modeling
Workforce Segmentation
1 2 3
A robust pay equity process
T H E M E 3 — M A N A G E A C T I V E L Y , N O T P A S S I V E L Y
14C-15
Relationship between survey response and workforce outcomes
FemaleRepresentation
Current Future
I agree my organization’s main retirement/savings programs address different work arrangements and help employees save for others
I agree my organization monitors saving ratios by gender and provides education/training customized to different gender behaviors
My organization offers gender-specific health education campaigns
My organization offers gender-specific health education and I believe it is a critical program for engaging and retaining women
Customized Health
Education Programs
48% of respondents who agree they provide such solutions
Customized Retirement Solutions
13% of respondents who agree they provide such solutions
T H E M E 4 — T H I N K A N D A C T D I F F E R E N T L Y
14C-16
Female managers—“top 3” ranked strengths:
Inclusive team management/ people leadership skills
Flexibility/adaptability to change or hardship
Teamwork/cooperationwith other groups
Male managers
Female managers
27% (of participants selecting)11%
20% 10%
22% 6%
Relationship between survey response and workforce outcomes Current Female Representation
Future Female Representation
I believe these three strengths are most important for career success at my organization
I believe these three strengths are least important for career success at my organization
T H E M E 5 — R E A L I Z E U N I Q U E V A L U E
14C-17
B U I L D I N G B L O C K S O F A N E F F E C T I V E G E N D E R
S T R A T E G Y
Passion, perseverance and making it personal: Leadership engagement and company culture.
Proof: Basing your gender diversity strategy/ priorities on robust workforce analytics, in order to pinpoint which policies/programs are accelerating or slowing the progression of women in your organization.
Programs: Broadening your understanding of what it takes to support women. In particular, recognizing and responding to women’s unique health and financial needs across their lifecycle with innovative, targeted programs.
Process: Implementing new programs and benefits ONLY in the context of an enabling environment.
HEALTHAND WELLNESS
FINANCIALWELLBEING
TALENTMANAGEMENT
PROCESS PROOF PROGRAMS
PASSION PERSER-VERANCE
PERSONAL
Women as patients, caregivers, and healthcare decision-makers
Policy/practice, management to support women’s career opportunity
Managing finances and preparing for retirement
14C-18
O U T C O M E S I N N A : W H A T D O T A L E N T F L O W S
L O O K L I K E T O D A Y ?
14C-19
19%
36%
24% 26%
18%
47%
12%
39%
2014 2024 2014 2024 2014 2024 2014 2024
LATINAMERICA
+27 % PTS
EUROPE/OCEANIA
+29 % PTS
NORTHERN AMERICA
+2 % PTS
GLOBAL
+17 % PTS
E X A M I N I N G O U T C O M E S : W H A T I S T H E F U T U R E
O U T L O O K ?
14C-20
GLOBAL
+17 % PTS +25 % PTS
19%
44%
24%
42%
18%
55%
12%
53%
2014 2024 2014 2024 2014 2024 2014 2024
LATINAMERICA
+27 % PTS+41 % PTS
EUROPE/OCEANIA
+29 % PTS+37 % PTS
NORTHERN AMERICA
+2 % PTS+18 % PTS
E X A M I N I N G O U T C O M E S : W H A T I S T H E F U T U R E
O U T L O O K , A N D F U T U R E O P P O R T U N I T Y T O
I M P R O V E R E P R E S E N T A T I O N ?
14C-21
MERCER’S “WHEN WOMEN
THRIVE” PROGRAMWOMEN AND HEALTH
14C-22
M E R C E R ’ S P E R S P E C T I V E
C O M P O N E N T S O F A H O L I S T I C G E N D E R
D I V E R S I T Y S T R A T E G Y
PHYSICAL AND EMOTIONAL WELLNESS
FINANCIAL WELLNESS
CAREER ENGAGEMENT
14C-23
W O M E N A N D H E A L T H — T H E P A T I E N T
N o t j u s t r e p r o d u c t i o n —To p s u b j e c t s w o m e n d i s c u s s w i t h t h e i r h e a l t h c a r e p r o v i d e r s 1
• Obesity (increased risk of breast/uterine cancers; obese women more likely to have high blood pressure, diabetes and other complications)
• Nutrition/wellness• Efficacy and side effects of many drugs and devices
(medical testing issue)
Health conditions far more
prevalent in women2, e.g.:
• Autoimmune diseases (75% occur in women, among the top 10 killers of younger women in particular)
• Depressive disorders (2-3x more prevalent in women)• Eating disorders (88% of patients are women)• Alzheimer’s disease (75% of patients are women)• Sleep disorders (women 2x as likely to have difficulty)• Osteoarthritis (typically women over the age of 45)
PAT I E N T
Age / life stage consideration
1. Kaiser Family Foundation, Women’s Health Care Chartbook2. The Business Case for Women’s Health, Anula Jayasuriya, MD PhD
14C-24
0%
10%
20%
30%
40%
50%
Ages18-29
Ages30-39
Ages40-49
Ages50-64
From a healthcare providerFrom the internetFrom family/friendsOther sources
• 85% of mothers select their young children’s doctor5
• 84% of mothers take their children to doctor’s appointments5
• 48% of full time working women have to take time off work when their child is sick5
The Healthcare Caregiver—
“Women as the CMOs of their
families”
Mid-Career Women Late-Career Women Women in Retirement
• 55% of family caregivers are ages 45-545
• Many late-career women care for growing children, many of whom are becoming adults themselves, as well as their spouses and often elderly parents5
• On average, women live 6-8 years longer than their male counterparts. Many end up making decisions for their aging spouses and/or caring for their male loved ones as they near death6
Women account for 80% of all healthcare consumer purchases1
Average annual healthcare expenditures for all women as of 2011 was $4,315 (versus $3,948 for men)2
Health categories in which women are the largest consumers: Cosmetic procedures; Aesthetic medical devices; Nutraceuticals; Wellness3
The Healthcare Consumer
Women are increasingly turning to social media for health care information and sharing their healthcare experiences, recommendations, and decisions3 – but where/how women get their health care information varies across the lifecycle in today’s multi-generational workforce:
“Women: Where do you get your healthcare information today?”5
C O N S U M E R & C A R E G I V E R
Age / life stage consideration
W O M E N A N D H E A L T H — T H E C O N S U M E R
A N D T H E C A R E G I V E R
1. http://she-conomy.com/report/marketing-to-women-quick-facts2. CDC (http://www.cdc.gov/nchs/data/hus/2014/106.pdf)3. The Business Case for Women’s Health, Anula Jayasuriya, MD PhD4. Pew Internet Project5. Kaiser Family Foundation, Women’s Health Care Chartbook6. Fidelity Money Fit Women Study
14C-25
W O M E N A N D M O N E Y
F I N A N C I A L W E L L N E S S A N D G E N D E R
Financialwellness
Financial literacy
Women tend to be less confident in their financial knowledge than men.
Personal characteristics
Compounding lifecycle circumstances
Financial situation
Women earn increasingly less than men across their employee lifecycle.
Financial behavior
Risk aversion and low investing confidence
Financial stressors
Women report higher levels of financial stress due to unique life stressors.
Despite these reservations, there is research that suggests that women who take risk outperform their male counterparts
Source: The MetLife Study of Financial Wellness Across the Globe
14C-26
H O W C A N Y O U I N N O V A T E ? W O M E N A N D M O N E Y
A L I F E C Y C L E P E R S P E C T I V E
Investments: • Do you have a tiered investment line-up that addresses different life stage needs? • Is the design of your default target fund consistent with the potential circumstances of women?
Analytics: • Do you monitor retirement plan participation, savings rates, expected replacement ratios, investment returns and investment choices
by gender?
Education/communication: Are your communications/education programs customized to different gender behaviors and learning preferences?
Retirement income menu:• Do you offer options that protect against the risks of
women living longer?
Design• Do your benefit designs address different work arrangements? (e.g. adapted to part-timers, service
breaks, contributions during leave, catch-up contributions, automatic features)• Do they help employees manage the financial well-being of their dependents?
Advice solutionsDo your advice programs consider financial issues typical of women? Are your advice providers gender-aware?
The rising professionalwoman
The mid-career woman
The late career woman
The woman in retirement
14C-27
WOMEN AND HEALTHBUILDING A CONDUCIVE CLIMATE
14C-28
W O M E N A N D H E A LT H
C R E AT I N G A C O N D U C I V E C L I M AT E . . .
. . . I T I S N O T J U S T A B O U T “ B E N E F I T S / P R O G R A M S ”
BENEFITS POLICY AND OFFERINGS
LEADERSHIP WORKPLACE CULTURE
• Heal th care benef i t des ign o f fer ings
• Time-of f benef i ts for w omen AND men
• Wel lbe ing o f fer ings / too ls /programs promoted to w omen AND men
• Specia l ty ne tw orks and Centers o f Exce l lence for w omen’s hea l th needs
• Specia l i zed fer t i l i ty benef i ts
• Leading by example • Divers i ty t ra in ing
inc lus ion in new manager and new h i re t ra in ings
• Inc lus ive team leadersh ip sk i l ls , cooperat ive f lex ib le and adaptab le management s ty les are impor tant to career advancement
• Vis ib le sen ior leader champions
• Flex hours• Sabbat ica l o f fe r ings• Matern i ty /patern i ty /adopt
ion /e ldercare leave f lex ib i l i ty
• Onsi te ch i ldcare and/or ch i ldcare /e ldercare subs id ies
• EAP programming• Work /L i fe Ba lance
so lu t ions• Specia l i zed Return to
Work programming
• Pr ivate space for new mothers
• Aff in i ty groups• “Careg iv ing” lunch
and learns for w omen and men
• Heal th in format ion for w omen throughout the i r l i fecyc les
14C-29
M E R C E R ’ S W W T R E S E A R C H
2 0 1 5 S U R V E Y L I V E I N T H E M A R K E T
TAKE THE SURVEY
5/25/15 – 9/1/15 Participate in 2015 study:• Register on imercer.com and choose the level of your participation• Complete the web-based research questionnaire (~1.5 hours)
November 11 Findings published
ATTEND THE ANNUAL CONFERENCE
November 9-10 Brussels, Belgium
Early 2016 Washington, DC, United States (date to be announced)
14C-30
T O D A Y ’ S A G E N D A
• THE W@M BRG JOURNEY- 2013 Re-Launch W@M Laying the Foundation