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News For You - January 2002We have developed this page to give our visitors the opportunity to see what's new, at a glance, in the business world and how it relates to our program. Take a moment to browse and see what's of interest to you! So That's What Women Want Earlier this month, executive search firm Korn/Ferry International, the Eugene M. Lang Center for Entrepreneurship at Columbia Business School, and organizational consultant company, the Duran Group, released results from their recent survey. The survey, titled What Women Want in Business, was completed by 425 women who had previously worked at least five years at a large company. Of the women surveyed, 272 reported leaving their company to start their own small business and 153 found employment within a small company. Contrary to popular belief, the surveyed women did not leave their jobs at large companies because of bumping up against the glass ceiling. Instead, "the opportunity to take risks, a seat at the decision-making table and generous compensation for their performance" were the motivating factors behind the women's career moves. According to Caroline Nahas, the managing director at Korn/Ferry International, "bucking conventional wisdom, professional growth, power, and money were the big drivers in influencing women to leave corporate jobs in the past five years - not the glass ceiling, balance, or personal life". Seventy-eight percent of the women surveyed said that the "opportunity to take risks with new ideas and test personal limits were the chief reasons for trading their jobs with large companies for ones with smaller, entrepreneurial outfits." The chance to make more money influenced 67% of respondents to change jobs and 65% of women said the power to make strategic decisions influenced their career move. For whatever reason women are making transitions, Nahas worries that "companies cannot afford to lose a generation of women leaders. In today's world, talent is the primary source of competitive advantage. Even with the current wave of layoffs, the generation shift from baby boomers to the much smaller 35- to 44-year-old age group will leave us with a drought of seasoned talent." (Source: Business Week Online, Thursday, October 11, 2001).
STATISTICS: Where the Women Are The top 10 states with women-owned firms: 1) California..............................700,500 firms Top 10 metropolitan areas with the largest number of women-owned businesses: 1) New York, NY...............................201,000 (Source: Philadelphia Small Business News, September 2001).
Women & Co. Citigroup is debuting its unique program of services for women investors this fall. The program, Women & Co., is very different than the programs of the other companies in the women's financial services market. Whereas most financial companies merely offer seminars and brochures to aid female investors, the Citigroup programs are more complete and female-focused. Women & Co. is aimed at women ages 25-53 with an income or investable assets of at least $100,000. With an annual fee of $125, Citigroup provides female members with several services from asset-allocation advice to financial counseling for a bereaved spouse or partner. Also, discounts are available for mortgages, insurance, child-care centers, and nanny payroll-tax preparation. Women & Co. also offers members other "appreciation benefits" such as a summer luncheon at Manhattan's Four Seasons restaurant. Women & Co. services will be available in three cities this fall - New York, Chicago and Miami - and will become nationwide next year. Financial advisors for Women & Co. come from both Salomon Barney and Citigroup, and their primary focus is on educating clients and giving them plenty of time to make decisions. This framework "grew out of nearly two years of focus groups and interviews with women who said they wanted flexibility, options, and information" for financial services. (Source: BusinessWeek Online, Monday, October 29, 2001).
Women Get a Crack at Government Contracts When it comes to U.S. government contracts, female entrepreneurs have traditionally been at the back of the line. Last year, women-owned businesses, which make up nearly 40% of the marketplace, received only 2.3% of the $200 billion the government spent on goods and services. The reason for the low numbers is because federal prime contractors did not give women the opportunity to bid on subcontracts. Government contractors do not receive financial incentives by hiring female subcontractors as they do when subcontracting to other "disadvantaged" groups. Also, many government purchasing agents prefer to "work with people they already know - usually established male-owned companies". However, last year several steps were taken to improve conditions for female entrepreneurs. One such advancement is a new law passed by Congress that allows federal agencies to "set aside contracts for women-owned businesses in industries where women have been underrepresented in the past". Also, Congress has created the Office of Federal Contract Assistance for Women Business Owners (CAWBO) responsible for identifying industries where women have won few government contracts. Another measure taken by the government was to launch a website, Womenbiz.gov, which provides information on government contracts, lists key agency personnel, and links to lists of goods and services that agencies are seeking. One final development to aid female entrepreneurs is providing bonuses to agents who make efforts to reach out to women business owners. (Sources: Philadelphia Business Journal, October 5-11, 2001 & BusinessWeek Online, October 24, 2001). (Source: USA Today, April 24, 2002). Female Executives Increase Profits New research findings prove that women in senior level executive positions increase company profits. The study by Roy Adler, a marketing professor at Pepperdine University and the executive director of the Glass Ceiling Research Center, was conducted between 1980 and 1998. During the 18-year period, Adler tracked the number of women in high-ranking positions at 215 Fortune 500 companies and compared the company's financial performance to industry medians. The result was a strong positive correlation between company profits and the number of female senior executives. The companies with higher percentages of female executives showed earnings far above the average for other large firms in their industry. Thus, Adler cautions, "business leaders would be wise to keep these findings in mind when making promotion decisions." (Source: The Harvard Review, November 2001).
Only Slight Improvement for Women in Radio The Most Influential Women in Radio group (MIW's) released the 2001 Gender Analysis Summary in October. The results of the study indicate that the number of female general managers at radio stations in the top 100 markets has scarcely increased. Women manage 15% of all stations in the top 100 markets, compared to 13% last year. The percentages of stations with female Program Directors (10%) and Sales Managers (30%) did not change from last year. "Considering that more than half of radio salespeople and nearly a third of radio sales managers are women, the fact that only 15% of stations are managed by women confirms there is still a glass ceiling in radio." The more stations a group owns in the top 100 markets, then the higher the percentage of female general managers. Of the seven largest groups, ABC, Cox, and Cumulus have the highest ratio of female general managers with 38%, 27%, and 26% respectively. On the other end, Salem, Clear Channel, and Infinity have the fewest women as general managers at 7%, 13%, and 15% respectively. (Source: Advertising in the Delaware Valley, October 2001).
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