CohnReznick- N.J. Chamber Survey
Women in the Workplace is 'the Right Thing, and the Profitable Thing'
But New Jersey's Male and Female Execs Disagree on How Quickly the Business Community is Achieving Gender Diversity
Having women well represented in the workplace gives companies a competitive edge over companies that are not gender diverse, according to an overwhelming percentage of Garden State business executives that responded to the CohnReznick - New Jersey Chamber of Commerce Summer 2016 Business Climate Survey. Results were released today.
In fact, 87 percent of the business executives surveyed said gender diversity makes a company more competitive. Similarly, 87 percent of the respondents said gender diversity is an important priority to their company's CEO or president.
To back it up, more than six in ten respondents (62.4 percent) said their companies have launched initiatives - such as flexible working schedules and executive skill-building programs - to recruit, retain and promote women.
Gap Between Women and Men
When it comes to companies promoting gender diversity, the survey results suggest that more female business executives believe there is room for improvement, compared to their male counterparts.
When asked whether their organization should be doing more to increase gender diversity, 25.4 percent of women surveyed said their employer should be doing more. In contrast, only 12.2 percent of men thought more should be done.
Still, a large majority of both female (71.8 percent) and male (85.4 percent) respondents said the amount of effort their employer is currently putting in to increase gender diversity is "about right."
Opportunities to Advance
While three quarters (75.6 percent) of the men surveyed said women and men have the same opportunities to advance in their organizations, only 54.9 percent of the women leaders surveyed said women have the same opportunities to advance.
Even when it comes to the kind of gender diversity initiatives in place, there is a perception gap between men and women executives. For example, 61.5 percent of men surveyed said their company has mentoring programs for women, while only 37.2 percent of women said their company has mentoring programs for women.
"This survey reveals a disconnect when it comes to how male and female executives perceive what needs to be done to diversify the workplace," said Philip Mandel, regional managing partner NY/NJ at CohnReznick. "Still, it is heartening to see that nearly nine in ten business executives, men and women, consider gender diversity critical to business success, and they are taking steps to achieve it. At CohnReznick, we've realized it benefits our people, and our business overall."
More Diversity, More Business
Tom Bracken, president and CEO of the New Jersey Chamber of Commerce, said, "Diversity is not just the right thing, it is a profitable thing. An inclusive workplace leads to fresh business approaches and opens doors to clients, contacts and customers that also value diversity."
Gender diversity initiatives most frequently offered by New Jersey companies over the past five years, according to respondents are:
- Flexible working schedule and/or locations (71.4 percent of respondents said their companies offer this)
- Mentoring programs for women (45.7 percent)
- Skill-building programs for executive development targeted for women (38.6 percent)
Other initiatives include "creating and reviewing records of hiring and promoting women" (28.6 percent) and "gender quotas for hiring and promoting women" (10 percent).
The future looks bright. Nearly seven in ten respondents (68 percent) said they expect that there will be more women in senior leadership roles five years from now. Some 30.4 percent, however, expect the levels to remain the same.
Survey Details
The CohnReznick - New Jersey Chamber of Commerce Business Climate Survey is designed to measure the outlook of the state's business leaders, ranging from single entrepreneurs to CEOs of Fortune 500 companies in a wide array of fields. A total of 121 business leaders were surveyed by email between July 19 and Aug. 5. Most said they are presidents and CEOs, or senior level executives.
Complete results can be found here.
Results broken down by female respondents can be found here.
Results broken down by male respondents can be found here.
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About the New Jersey Chamber of Commerce
The New Jersey Chamber of Commerce is a business advocacy organization that represents its members on a wide range of business and education issues. Based in Trenton, the organization also links the state's local and regional chambers on issues of importance through its grassroots legislative network.
About CohnReznick
CohnReznick LLP is one of the top accounting, tax, and advisory firms in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's dynamic business environment demands. Headquartered in New York, NY, and with offices nationwide, CohnReznick serves a large number of diverse industries and offers specialized services for middle market and Fortune 1000 companies, private equity and financial services firms, government contractors, government agencies, and not-for-profit organizations. The Firm, with origins dating back to 1919, has more than 2,700 employees including nearly 300 partners and is a member of Nexia International, a global network of independent accountancy, tax, and business advisors. For more information, visit www.cohnreznick.com.
About CohnReznick's Initiatives for Women
The Collaborative Advocacy Network invests in the career growth and long-term development of women at the firm, while the Executive Women's Forum is a business development initiative that provides meaningful events and experiences that give women opportunities to build and deepen mutually beneficial relationships. The firm was named to the Best CPA Firms for Women list released by the Accounting & Financial Women's Alliance and AWSCPA in 2014, 2015 and 2016.
