One Chicago Group’s Dynamic New Approach to Improving Women’s Advancement
By Jessica Titlebaum (Chicago)
For all the progress women have made in the workplace, the numbers just aren’t showing it. One Chicago group is shaking its head at the statistics and looking at ways to increase the amount of women on corporate boards.
The Chicago Network, an organization dedicated to connecting and promoting high-profile women, has published an annual Census for the past 12 years. Taking a look at the top 50 publicly reported companies in the Chicagoland area, from Fortune 500 and Crain’s Chicago Business, the group determined that in 2009, growth had slowed for women climbing the corporate ladder.
“Roughly 15% of board seats are filled by women in the top 50 publicly reported companies in Chicago,” said Cheryl Francis, the Chair of The Chicago Network. “When we first started publishing the Census, women filled 10% of board seats but there has been very little movement since 2003.”
New Solutions to Disappointing Statistics
This year’s Census indeed revealed disappointing statistics including a 7% decrease in the number of new director positions filled by women from 2008 and a 2.3% decrease in the number of new executive positions filled by women.
“Companies have taken their eye off the ball or have women on staff and think they are done,” said Monica Fohrman, the Chair of The Chicago Network’s Census Committee.
Fohrman has compiled data for the Census since 2004. Like Francis, she too has seen better numbers referring to a 2005 statistic stating that 15.4% of women held executive titles but the number declined in 2009 to 14.9%.
“We were thinking about how to crack this and then thought about using our own membership,” said Fohrman, referring to the new Women On Board initiative the organization launched.
For over 30 years, The Chicago Network has had strict membership requirements enabling the organization to compile an extensive list of members that would be qualified as candidates for board positions. When considering applications, they take into account how big the company is, how many people the potential member manages and if they directly report to the CEO. In 2007, when the Women On Boards initiative was launched, The Chicago Network decided to use their member list, a directory of over 400 women from various professional sectors to raise awareness about the qualified female candidates.
“We can provide directors, head hunters and nominating committees with lists of women,” said Fohrman. “We are exposing their credentials to other people, educating both sides.”
Expanding Diversity Efforts is ‘Good for Business’
Pamela Forbes Lieberman is the Chair of the Women On Boards program. She explained that the process has been slow moving but this was the first year the program was up and running.
Lieberman is also excited at a new stance the Securities and Exchange Commission (SEC) has taken which will go into effect at the end of February. The SEC has mandated that companies disclose their diversity process, among other things, and explain in their disclosure documents how they meet these policies.
“This should help companies expand their diversity practices,” said Lieberman.
Besides the Women on Boards initiative, The Chicago Network has also partnered with Catalyst, a research firm helping promote women and businesses, to organize panel discussions and networking events regarding board positions and topical issues. Some of the Network’s members are also meeting with CEO’s and heads of companies to educate them on the benefits of having women in senior management positions.
Cheryl Francis, who has also been a member of The Chicago Network since 1993, said, “any organization good for women is also good for business.”
