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What Women Want
They want the business, that's what. And here's where Connecticut businesswomen can find help in getting it
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Business New Haven
4/2/2001
By: Susan Cornell
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In the recent film of the same name as this article, Mel Gibson plays the role of an executive with the power to hear everything the women around him are thinking. In reality, however, organizations such as NAWBO, NFWBO, the AFL-CIO's Working Women's Department and even fort-profits like Avon are listening and quantifying findings.
As well, companies such as Fleet Financial and People's Bank are targeting female business-owners with specific small-business services while a number of Connecticut companies are receiving commendations for effectively responding to the needs their female employees. A number of recent studies identify the top working women's concerns and priorities.
What Women Want (the movie) is an amusing portrayal of what happens when a man listens to women. The actual statistics from scientific studies of women entrepreneurs and employees, however, are much more enlightening and deserving of a four-star rating.
The services and support systems of a seemingly endless number of Connecticut organizations and businesses demonstrate how both listen to and respond to findings.
The AFL-CIO's Working Women's Department conducts scientific surveys focusing on the top concerns of businesswomen. The 2000 findings identified equal pay, health care, paid family leave and retirement security as of greatest significance.
Specifically, 87 percent of those surveyed cited equal pay as their No. 1 issue, followed by quality, affordable health care (84 percent), expanding the Family & Medical Leave Act (83 percent) and pensions and Social Security (81 percent).
Another key finding, according to the report, is that “Working women say employers aren't providing the benefits they need to care for their families. Nearly one-third say they don't have paid sick leave for themselves, and more than half have no paid time off to pay for an ill family member.”
Finally, 70 percent of working women surveyed said that improving child care must be a legislative priority.
In Connecticut, a number of companies have earned commendations as female-friendly corporate role models that promote a work/life balance as well as provide family care benefits and opportunities for advancement. Such companies include Aetna, Bristol-Myers Squibb, Cigna, Deloitte & Touche and Yale-New Haven Hospital.
With their high concentrations of female employees, Aetna and Cigna have effectively achieved reputations of addressing the needs of family and health care. Aetna has been on the Working Mother magazine list of the 100 best companies for working women for 11 years, and ranked No. 6 in the same magazine's list of the top 25 employers for executive women.
Comprising more than three-quarters of the company's Connecticut employees, females at Aetna receive an array of perks geared toward different age groups. Special services range from lactation rooms for nursing mothers to programs for menopausal women. The company also runs a “New Child” program for pregnant employees via the company intranet. Under this program, expectant mothers receive periodic reminders of pregnancy-related preparations.
For the corporate ladder set, Aetna is launching a networking group for senior executive women. Because of a recent wave of promotions at Aetna, 40 percent of middle and upper-middle management positions are presently occupied by women.
At Cigna, where women comprise 80 percent of the total workforce, the company also takes care of first-time mothers with its “Cigna Babies” program. This service provides month-to-month health guidance, breastfeeding advice and even a disposable camera to record the event.
Cigna also offers an onsite day-care facility and a “Great Escape” program that takes children on fieldtrips over summer vacation and during school holidays.
Both of these insurance titans have effectively responded to the expressed needs for health- and child-care services.
Bristol-Myers Squibb also receives high marks for the company's efforts in increasing flexibility for female workers.
Says Stacey Gibson, whose title is director of work/life diversity, “Our goal is to make sure that any type of work schedule - whether it be flex-time, job-sharing, or compressed work weeks - is an acceptable way of working.” Bristol-Myers also instituted a new plan to care for elders and children and recently added an onsite child-care center.
At Yale-New Haven Hospital (YNHH), where 76 percent of the workforce is female, a national shortage of nurses (see related story, page 8) and tight finances have forced the not-for-profit organization to implement an array of plans to retain staff. As a result, YNHH is now known for its child-care and flexibility options as well as opportunities for advancement.
Additionally, the hospital hosts an annual women's health conference in conjunction with Yale University.
YNHH has clearly rates highly in the categories of child care, flexibility, leave for new parents, work/life balancing solutions and opportunities for advancement.
The premier source of information and intelligence on women business owners is the National Foundation for Women Business Owners (NFWBO), a non-profit leadership-development and research institute affiliated with the National Association of Women Business Owners (NAWBO).
While NFWBO's mission is to “support the growth of women business owners and their enterprises through conducting research and sharing information,” NAWBO's vision statement is to “propel women entrepreneurs into economic, social and political spheres of power worldwide.” NAWBO is a national organization representing all types of businesses as well as the interests of all female entrepreneurs and operates local chapters. While the two organizations are “sisters,” they are separate and independent. Explains Communications and Public Relations Manager Bruce Rosenthal, “[NFWBO] is a research institute. [NAWBO] is a membership organization.”
In a recent survey of women business owners internationally, NFWBO revealed that optimism, global trade and technology use were mentioned universally. “Maintaining the success and furthering the growth of their enterprises is a high priority for women entrepreneurs worldwide,” noted Lois E. Haber, NFWBO chair who is president and CEO of Delaware Valley Financial Services in Berwyn, Pa.
According to the study's findings, “The most important issues cited by women business owners around the globe include maintaining business profitability, managing cash flow and bill payment and finding and keeping quality employees.”
In addition, access to technology, government corruption and access to capital for business growth were also cited as issues of concern for women entrepreneurs. Finally, regardless of nationality, the majority of respondents were optimistic about the future of their businesses.
The Avon Global Women's Survey 2000 concentrates on the top factors women worldwide believe would most improve their lives in the new Millennium.
In the financial and business issues realm, the Avon survey revealed that financial independence, having equal job opportunities with men and the ability to start one's own business are the key ingredients to improving women's lives.
A critical finding of the study was that not only do women worldwide desire both business ownership and financial independence, they feel that the support of a domestic partner or spouse is key to facilitating the achievement of these life-improving goals.
Says Susan J. Kropf, CEO of Avon North America and Global Business Operations, “What is extremely compelling, but perhaps not surprising, is how the personal and professional lives of women are invariably linked.”
This survey also identified the three factors which women feel would most enable them to start a business. They are: a large network of personal contacts, support of one's domestic partner or spouse and greater self-confidence.
Respondents also cited improved access to credit and bank services as well as business-management training as two additional factors that facilitate establishing a business.
Both Fleet Financial and People's Bank offer special interest services within their respective small-business services departments. The women's services provide solutions to access to credit, facilitate networking and offer business-management training. Both companies provide information, support, and resources targeting female business owners.
Fleet's Women Entrepreneurs Connection offers internal services and refers clients to external sources such as strategic alliances to familiarize business owners with a variety of services and organizations available. Additionally, the company provides business management training and publishes The Source, “a comprehensive technical-assistance guide for women business owners [and] a key reference tool for women looking to start a business or grow an existing one.”
Says Teri Cavanaugh, director of the Women Entrepreneurs Connection, “The key to small-business strength and sustained growth is access to credit.” Cavanaugh offers the following tips in explaining what she considers are the three biggest considerations women face in starting a business: Know your banker, know how you will repay the loan, and have a total relationship with your bank (e.g., “It will help you to have your business checking account with the bank who handles your credit needs. The bank may suggest it as part of the approval process. Or, be flexible and be prepared to offer to move your business and personal accounts to develop a relationship with your bank.”)
The Hartford district of the U.S. Small Business Administration named People's Bank its “Top Lender to Women Owned Businesses” in 1999. The People's Women's Business Center was established to assist women starting businesses and works in concert with the Service Corps of Retired Executives (SCORE), whose services range from assisting with building a business plan to designing and implementing marketing and advertising campaigns.
The Women's Business Center offers resources including educational programs, loans, assistance in business plan preparation and information about federal and state loan programs.
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