- 2016-08-25
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.
- 2016-08-24
- Asbury Park Press
Women business leaders are about twice as likely as their male counterparts to say their company should put more effort into increasing gender diversity, a new poll said.
One-quarter of the women polled said their employer should be doing more to advance female employees compared to about 12 percent of the men, according to the latest CohnReznick-New Jersey Chamber of Commerce Business Climate Survey, released Wednesday.
- 2016-08-24
- The (Bergen) Record
Women business leaders are about twice as likely as their male counterparts to say their company should put more effort into increasing gender diversity, a new poll said.
One quarter of the women polled said their employer should be doing more to advance female employees compared to about 12 percent of the men, according to the latest CohnReznick-New Jersey Chamber of Commerce Business Climate Survey, released Wednesday.
- 2016-08-09
N.J. Chamber of Commerce President and CEO Thomas Bracken's Statement on Prioritizing Transportation Trust Fund Funding and Tax Reform
The New Jersey Chamber of Commerce is pleased that the constitutional amendment mandating pension payments will not be on the November ballot.
This should clear the way for state legislators to expeditiously resolve the Transportation Trust Fund and tax fairness issues, including the phase out of the estate tax, as proposed by the state Senate and Assembly.
- 2016-08-05
N.J. Chamber of Commerce President and CEO Thomas Bracken's Statement on Prioritizing Transportation Trust Fund and Tax Reform Funding
The N.J. Chamber believes the state legislature should pass the proposed legislation that responsibly funds the Transportation Trust Fund and effectively provides tax reform and fairness. Both are critical to New Jersey's economic future.
- 2016-07-21
N.J. Chamber of Commerce President and CEO Thomas Bracken's statement on Today's Jobs Report
We are very pleased to see New Jersey's strong job growth in the month of June. As we have said many times, job growth is the key to the economic future of New Jersey and we hope this month begins a sustained trend that enhances New Jersey's business climate and enables us to achieve fiscal stability.
- 2016-07-21
N.J. Chamber of Commerce President and CEO Thomas Bracken's statement on Transportation Trust Funding and the Republican National Convention
As I watched the Republican National Convention roll call on Monday night, I was struck by the number of times delegates displayed pride in their respective states, and talked about the prominence and prosperity in place "back home." That's in stark contrast to the stalled Transportation Trust Fund/tax fairness situation we are facing here in New Jersey.
- 2016-07-11
Dr. Bonnie Bassler, Bacteria Fighter
Dr. Bonnie Bassler, Whose Breakthroughs are Leading to New Antibiotics, will receive the N.J. Chamber's Woman in Innovation Award
Dr. Bonnie Bassler, whose work at Princeton University is changing the face of medicine and laying the groundwork for new antibiotics, will receive the New Jersey Chamber of Commerce's second annual Alice H. Parker Women Leaders in Innovation Award, the N.J. Chamber announced today.
- 2016-06-29
N.J. Chamber of Commerce President and CEO Thomas Bracken's statement on TTF Funding Legislation passed by the Assembly:
The New Jersey Chamber of Commerce is pleased that the bill passed by the State Assembly on Monday night replenishes the Transportation Trust Fund.
It is imperative that we begin to invest in the repair and upgrades of our roads, bridges, tunnels and other infrastructure as soon as possible. This is critical to our state's economic health and to the safety of the thousands of New Jersey drivers who use and depend on this infrastructure every day.
- 2016-06-21
N.J. Chamber of Commerce President and CEO Thomas Bracken's statement on the bipartisan proposal for transportation and tax reform:
The New Jersey Chamber of Commerce believes the proposed legislation to authorize funding of the NJ Transportation Trust Fund and to enact tax reform, including the phase out of the estate tax, is good news for New Jersey.
While no one likes tax increases and not all of the provisions in the TTF funding bill are optimal, the overall impact of the legislation is positive. The revenue raised by the TTF bill will be invested in repair and maintenance of our roads, bridges and tunnels, which is a critical investment for New Jersey's future.