Norstan’s Performance… - Financial Women's Association

Report
Financial Women’s Association
Survey Results
January 2002
Padilla Speer Beardsley
Objectives




To profile the membership of the FWA for
both recruitment and public relations
purposes
To measure member satisfaction with the
organization and its programs, events
and services
To identify needs and issues that the FWA
could or should address
Compare results to 1998-99 survey
Methodologies
Online survey distributed December
2001 to about 1,000 member e-mail
addresses
 About 75 surveys were mailed to
members without e-mails, 6 were
returned and included
 Closed survey January 4; 288
surveys completed (28%)

Overview

Data collected on the survey fell into
four areas:
-
-
Career & Employment
Issues
FWA Membership and Information
Sources
Demographics
Findings


Little change in demographics or issues
since 1998
Majority of members (58%) work in




Organizations with less than 10 employees;
OR
Organizations with more than 10,000
Less optimism among members for
improvements in past three years
Compensation gender gap is strong
Findings (cont.)

Like past survey, members …





Support affirmative action
Believe women are paid less than men for
comparable work
Believe gender has held back their career
Believe other women would say gender has
held them back
Networking and professional development
are primary reasons to belong; “role
model for women” moved up
Findings (cont.)

Reasons to belong to FWA are “more
important” than three years ago
Career and Employment
Employment status
Other
14%
Self-employed
14%
Full-time
58%
Partnership/practice
12%
Part-time
2%
Seeking employment
Retired
2%
Seeking full-time
17%
Seeking part-time
9%
Not seeking/Not
applicable
72%
Industry
Financial services
29%
Other
31%
IT
4%
Government/Non-profit
5%
HR/Executive recruiting
6%
Consulting
11%
Marketing/Advertising/PR
6%
Investment banking
8%
Years in finance industry
30 or more years
10%
Less than five years 5-9 years
2%
6%
10-14 years
13%
25-29 years
17%
15-19 years
23%
20-24 years
29%
Job title
Partner
6%
Other
8%
CFO/Controller
3%
Vice President
19%
Manager
6%
Owner
6%
CEO/President
14%
Consultant
12%
EVP/SVP/Managing
Director
13%
Director
13%
Size of organizations
More than 10,000
employees
27%
Less than 10 employees
31%
5,001-10,000
4%
2,501-5,000
4% 1,001-2,500
4%
501-1,000
4%
101-500
13%
50-100
4%
26-49
5%
10-25
4%
Career advancement

Members say they would…
Assume more responsibility (85%)
 Take line management job (70%)
 Obtain more schooling (58%)
 Relocate (24%)

Gender balance
Less access to venture capital to start a
business (88%)
 No gender equality in determining
workforce reductions (61%)
 Represented on corporate and nonprofit boards (38% serve on at least
one board)

Issues
Are things better in past three
years?
Enabling employees to work flexible schedules
41%
Workforce diversity
7%
37%
Work programs to balance work and family
5%
33%
Finding mentors to advance women's careers
29%
Preparing women to succeed in business
28%
Number of women on boards at Fortune 500
29%
Corporate/govt programs addressing women's issues
7%
2%
4%
1%
25%
Firms providing on-site childcare
23%
Breaking through the glass ceiling
24%
Equal pay for men and women
19%
0%
Somewhat better
1%
3%
1%
1%
20%
40%
60%
Much better
80%
100%
Do you expect the situation to
get better in next ten years?
Representation in senior
management roles
65%
10%
Representation on corporate
boards
65%
8%
Pay equity
51%
Access to venture capital
6%
49%
0%
20%
Somewhat better
8%
40%
60%
Much better
80%
100%
Compared to men, women
earn…
Performance/incentive bonus
53%
Stock options
30%
51%
Base salary
30%
63%
0%
20%
7%
40%
Somewhat less
60%
Much less
80%
100%
Factors holding women back
in their careers…
Corporate culture
61%
26%
Stereotypes
58%
17%
Conflict with male counterparts
58%
16%
No line mgmt experience
51%
20%
Perceived less of commitment to career
54%
Family obligations
53%
Work experience in general
23%
Lack of education credentials
7%
0%
17%
16%
3%
0%
10%
20%
Somewhat Agree
30%
40%
50%
Strongly Agree
60%
70%
80%
90%
100%
Considerations for
employment opportunities…
Intellectual challenge
24%
74%
History of internal promotions
47%
High variable compensation
28%
45%
Diversity initiative
24%
41%
Family-friendly policies
18%
36%
0%
10%
20%
Somewhat Important
19%
30%
40%
50%
Very Important
60%
70%
80%
90%
100%
What age retirement for
full-time employees…
70+ years
11%
Not applicable
8%
Before age 50
4%
50-60 years
23%
66-70 years
23%
61-65 years
31%
Do you plan to continue
working after retirement?
Not applicable
7%
No
6%
Part-time-corporate
31%
Volunteer 10 hours or less
7%
Volunteer 10+
19%
Part-time-non-profit
30%
Benefits
Big disparities in flexible benefits
and telecommuting
 Those with access to these benefits
don’t always use them

Findings

Overall the members
Support affirmative action
 Believe women are paid less than men
for comparable work
 Believe gender has held back their
career
 Believe other women would say gender
has held them back

Financial Women’s
Association and
Information Sources
Rate level of satisfaction
w/following aspects of FWA…
Overall
37%
50%
Support from office/staff
28%
40%
Newsletter
25%
35%
49%
Quality of programs/events
Web site
13%
32%
47%
Annual dinner
23%
47%
20%
Satisfied
Extremely satisfied
9%
28%
49%
Cost/value for membership dues
10%
33%
45%
0%
8%
42%
36%
Cost/value of programs/events
8%
40%
Very Satisfied
60%
7%
9%
80%
100%
Reasons for belonging to the
FWA…
Networking
33%
62%
Professional development/education
51%
Mentor/role model for high
school/college age women
41%
37%
Personal development
53%
52%
Advocacy for women in business
34%
41%
Career planning/employment
opportunities
40%
50%
Social networking
29%
54%
Business development/sales leads
23%
36%
0%
10%
20%
21%
30%
Somewhat important
40%
50%
60%
Very important
70%
80%
90%
100%
Member of the FWA for how
long?
Less than one year
7%
10+ years
30%
1-3 years
26%
6-10 years
20%
4-5 years
17%
Which FWA chapter are you
affiliated with?
Chicago
3%
Washington, D.C.
2%
New York
95%
Rate importance in attending
event or program…
Topic
15%
Time of day
84%
41%
Advance notice
52%
51%
Location
32%
42%
Cost
37%
0%
20%
Somewhat important
38%
9%
40%
60%
Very important
80%
100%
Interest in what types of
programs/events…
Women executives/business leaders
49%
Financial services industry issues
42%
43%
CEO briefing
40%
35%
Survival in a changing work environment
30%
Global economic policy/int'l. finance
29%
Personal finance
39%
42%
42%
21%
Small, targeted networking events
49%
25%
Technology
41%
21%
Women's health
43%
14%
47%
Government/political briefing
20%
Entrepreneurship
19%
40%
39%
Career guidance
22%
35%
Job switching tactics
22%
35%
Community volunteering
9%
Family/lifestyle issues
9%
Workplace diversity/minority issues
39%
37%
7%
0%
27%
10%
20%
Very interested
30%
40%
50%
60%
Somewhat interested
70%
80%
90%
100%
What aspects of Web site do
you use?
Calendar
85%
Member directory
53%
Career connections
38%
Registration form
30%
Bulletin board
21%
Others
6%
0%
20%
Respondents
40%
60%
80%
100%
Membership Findings
48% consider themselves active
 50% have done business with other
FWA members
 82% think the program frequency is
right
 41% attend 3-5 programs a year
 71% prefer events in Upper mid-town
 86% aren’t interested in programs in
NJ

Membership Findings (cont.)
70% prefer after work events
 84% never participated in activities at
affiliated chapters
 43% interested in international
 89% prefer the newsletter for
communication with FWA
 77% prefer e-mail for communication
with FWA

Membership Findings (cont.)
30% have participated with FWA
international affiliates
 16% have participated in activities
with other FWA chapters
 16% have never visited the Web
site– down from 53% in 1998

Demographics
Age
60-64
5%
65+ years
1%
Under 30 years
3%
30 -34
5%
35-39
9%
55-59
20%
40-44
14%
50-54
21%
45-49
22%
Education
Some college or less
2%
Post graduate degree(s)
74%
Undergraduate degree
24%
Degree(s)
JD
5%
Ph.D.
2%
BA
42%
MBA
40%
BS
11%
Marital Status
Divorced/separated
14%
Single
31%
Widowed
1%
Married/living with
partner
54%
Ethnic background
Asian/Pacific Islander
2%
Latina/Hispanic
0%
Indian subcontinent
0%
African American
4%
Caucasian
94%
2001 income before taxes
$300,000-499,999
7%
$500,000 plus
8%
Less than $50,000
8%
$50,000-74,999
7%
$75,000-99,999
12%
$200,000-299,999
16%
$150,000-199,999
16%
$100,000-149,000
26%
2001 household income
before taxes
$500,000 plus
13%
Less than $50,000
3%
$50,000-74,999
7%
$75,000-99,999
8%
$300,000-499,999
20%
$100,000-149,000
17%
$200,000-299,999
20%
$150,000-199,999
12%
Number of wage earners in
household…
None
3%
2
48%
1
49%
Household’s total net
worth…
$5 million plus
8%
Less than $50,000
2%
$50,000-99,999
3%
$100,000-249,999
8%
$250,000-499,999
17%
$1 million-$4,999,999
39%
$750,000-999,999
11%
$500,000-749,999
12%
Conclusions


Members overall satisfied with FWA
Little has changed since 1998




Compensation is still a gender issue
Members still belong for networking and
professional development
Demographic profiles match
FWA needs to recruit 35-45 year old
women to replace those ready to retire
Recommendations

Cultivate the value of membership
Emphasize networking and professional
development in your programs, since they are
the primary reasons for membership

Keep it all business
For programming topics, members really look to
the FWA for highlighting finance industry and
work issues, less for community or personal
issues
Recommendations (cont.)

Focus communication efforts on
newsletter and e-mail
Members prefer these methods; also use the
Web site since this is growing in value and
importance.

One size does not fit all
Provide variety of programming on business issues that
reflects diverse member demographics (company size,
age, income, industry)
Recommendations (cont.)

Opportunity for the media
The opinions of your members as leaders in the
community may be of interest to the media.
• Identify spokespersons
• Define 3-5 topics – compensation, women-owned
businesses and access to capital, workplace equality
• Update fact sheet/issue press releases or media contact
• Media contact/response – provide FWA point of view on
business news
Questions and answers

similar documents