U.S. Chamber of Commerce News Release:

Release Date: Feb 28, 2013Contact: 888-249-NEWS

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U.S. Chamber’s Center for Women in Business Hosts 2nd Annual Summit

Discussion, New Report Focus on U.S. Companies “Advancing Women to the Top”

WASHINGTON, D.C.—The U.S. Chamber of Commerce’s Center for Women in Business (CWB) hosted their second annual summit today to highlight the best practices that U.S. companies have taken to achieve gender diversity at the executive level and among their board of directors.  The CEOs of several prominent companies shared successful practices to advance women in the workplace including Tamara L. Lundgren of Schnitzer Steel, James J. Murren of MGM Resorts International, and James S. Turley of Ernst & Young.

Also at today’s event, CWB released a new report, “Advancing Women to the Top: How the Best Do It,” which outlines common themes and steps that all companies can take to better incorporate and advance women. McKinsey & Company served as research adviser.

“For America to have a competitive workforce and a robust economy, we must leverage the full potential of all our talent.  Business leaders, men and women alike, can gain new insights and increase their engagement on gender diversity,” said David Chavern, founder and president of CWB and executive vice president and chief operating officer at the Chamber. “Companies have success stories to tell and solutions to offer. We hope that companies from across the country can use this analysis to improve their gender diversity, resulting in many more women rising to the top.”

The research finds that successful companies in this area share six common themes:

• Success Begets Success. Companies build on a history of sustained efforts that yield a cycle of success as women, and men, at the top pull more women through the pipeline.
• Leveraged Advantages. Successful companies often have a natural inclination to achieving gender balance including a large number of female employees or customer base, and more women already at the executive level or on the board.  But many companies are able to overcome disadvantages to rise to the top, too.
• Gender Diversity is Personal for the CEO. The sentiment is rooted in experience, demonstrated through role-modeling, and emulated by other executives.
• Human Culture. These organizations are steeped in humanistic values like inclusion, talent, caring, or empathy, leading to a more welcoming environment for women.
• Proactive Human Resources. They tend to focus on a few clear tactics like an explicit talent review process led from the top, tying individual performance to diversity goals, and objective succession planning processes. They also focus on measuring results.
• Board Reinforcement. Having more women on the board of directors and discipline on gender diversity encourages accelerated development for women.
 

McKinsey conducted interviews with top teams and in-depth analysis of corporate policies, procedures, and cultures, with twelve Fortune 1000 companies including Abbott, Aetna, Campbell’s, Charles Schwab, Kelly Services, MetLife, Schnitzer Steel, Steelcase, Travelers, and Wells Fargo.

To view the full report click here.

The Center for Women in Business (CWB) promotes and empowers women business leaders to achieve their personal and professional goals by increasing opportunities for women to serve on corporate boards and in the C-suite; mentoring women at all stages of their careers; and building a network for women entrepreneurs to encourage peer-to-peer networking, education, and professional growth.