FOR IMMEDIATE RELEASE:

CONTACT:
Erin Brownfield,
Families and Work Institute
212-465-2044 x210

Janice Swaby
Catalyst
212-514-7600 x305

NEW STUDY CHALLENGES CONVENTIONAL WISDOM
ABOUT EXECUTIVE WOMEN AND MEN

NEW YORK, NY, May 14, 2003-A study released today challenges many conventional notions about women and men executives. Leaders in a Global Economy: A Study of Executive Women and Men is the first study to look at a large representative group of very senior women and men executives and the factors that enhance, and inhibit, their success on the job and at home.

Ten companies participated in this first-of-its-kind study, which included a survey of close to 1,200 of their women and men senior executives from around the world. The study was conducted in partnership with three premier non-profit organizations: Families and Work Institute, Catalyst, and the Boston College Center for Work & Family, also a first-of-its-kind collaboration.

The participating companies are: Baxter International Inc.; Citigroup; Deloitte Touche Tohmatsu; The Dow Chemical Company; Eli Lilly and Company; Goldman, Sachs & Co.; IBM Corporation; JPMorgan Chase; Marriott International; and The Procter & Gamble Company.

Among the assumptions challenged by the Leaders in a Global Economy study are: "the higher women climb, the more they have to give up in their personal or family lives," "women and men use different personal strategies to succeed," and "executives have to be work-centric in order to succeed."

This study finds that while most executives (61%) are, in fact, work-centric, there is a sizable minority of executives, 32 percent, who are "dual-centric," placing the same priority on their lives at work and outside of work.

"Of particular importance for employers is the finding that executives who are dual-centric-who give equal weight to work and personal life-feel more successful at work, are less stressed, and have an easier time managing the demands of their work and personal/family lives," said Ellen Galinsky, President of Families and Work Institute. "Women who are dual-centric have advanced to higher reporting levels and feel more successful in their home lives."

In addition, the study finds:

Women at reporting levels closer to the CEO are more likely to have children and less likely to have decided not to have children than women executives at lower levels, when differences in age are controlled statistically. Moreover, these higher-ranking women are no more likely to have delayed or decided against committed relationships than women in lower status executive jobs.

Although more men executives than women surveyed want to be CEO or Managing Partner (19% of men versus 9% of women), a sizable number of women (43%) want to be on their executive management committee. However, 34 percent of women and 21 percent of men executives have down-sized their aspirations, with sacrifices to family and personal life being the most highly cited reason. In addition, women who don't think there has been progress in breaking the glass ceiling are more likely to have reduced their aspirations than women who think progress has been made.

"Contrary to popular opinion, women are ambitious and do want to rise to the top," said Marcia Brumit Kropf, Catalyst Vice President of Research and Information Services. "However, the women who don't see a level playing field are going to downgrade their expectations to what they can more realistically achieve."

The study finds that executive women and men describe the personal strategies that have helped them succeed as much more alike than different. These include both so-called "masculine" strategies, such as "taking risks and challenges" and "standing up for what I think," as well as so-called "feminine" strategies, such as "being collaborative."

The study also found that 44 percent of women and men executives plan to leave their jobs in the next 5 years-with 29 percent planning on leaving, but not retiring. There are few gender differences in the intent to leave and what issues drive whether an executive stays or leaves.

"In order to retain top talent," says Brad Harrington, Executive Director of the Boston College Center for Work & Family, "employers need to pay attention to more than promotion and compensation-they need to focus on the so-called 'soft' issues such as acceptance of individual differences, job quality, and flexibility."

"Leaders in a Global Economy provides a roadmap that will allow IBM, and other companies, to develop and maintain workplaces that understand and value the 'whole person,'" said Ted Childs, Vice President, Global Workforce Diversity, IBM.

Families and Work Institute (FWI) is a non-profit center for research that provides data to inform decision-making on the changing workplace, changing family and changing community. Founded in 1989, FWI is known for ahead-of-the-curve, non-partisan research into emerging workforce issues; for solutions-oriented studies addressing topics of vital importance to all sectors of society; and for fostering connections among workplaces, families, and communities. For more information, see www.familiesandwork.org.

Catalyst is the nonprofit research and advisory organization working to advance women in business, with offices in New York, California and Toronto. The leading source of information on women in business for the past four decades, Catalyst has the knowledge and tools that help companies and women maximize their potential. Our solutions-oriented approach-through research, Advisory Services, Corporate Board Placement, and the Catalyst Award-has earned the confidence of global business leaders. For more information, see www.catalystwomen.org.

The Boston College Center for Work & Family provides a bridge linking the academic community to the applied world of the human resources practitioner. The Center is committed to enhancing the quality of life of today's workforce by providing leadership for the integration of work and life, an essential for business and community success. Our vision is that companies and communities will work together to ensure their mutual prosperity and the well-being of employees and their families. The Center has three main focus areas: research, membership, and education. For more information, see www.bc.edu/cwf.

The Executive Summary of Leaders in a Global Economy, as well as information about the full research report of the study findings, are available online at www.familiesandwork.org, www.catalystwomen.org, and www.bc.edu/cwf.

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