For more than 30 years, Catalyst, a non-profit organization dedicated to expanding opportunities for women and business, has recognized exceptional efforts by companies that help advance women in business with its signature award.
Advancement initiatives implemented by companies that win the Catalyst Award often help attract and retain women, either directly or indirectly, and this year is no exception.
Recruiting Daily Advisor shares some of the efforts that earned two of this year’s winners the Catalyst Award.
All in at 3M
Manufacturing giant 3M’s global initiative, “I’m in. Accelerating Women’s Leadership,” includes a number of talent management and leadership development components, including networking, mentoring, talent development, work-life and workplace flexibility programs, and external community efforts.
The company encourages women, as well as men, to have a formal development plan that includes stretch projects and assignments, opportunities to take on different roles, training programs, and coaching. At the same time, leadership development programs help advance individual goals.
These and other efforts related to the “I’m in” initiative have accelerated progress for women throughout the company, and the numbers are noteworthy.
From 2011 to 2016, women’s representation at the director level increased from 18.2 percent to 23 percent, and at the vice president and above levels from 16.7 percent to 24.2 percent. Women leaders have also made progress in traditionally underrepresented roles, including an increase from 19.1 percent to 23.9 percent for technical and lab managers and from 11.4 percent to 17.4 percent for plant managers. The percentage of women leading 3M subsidiaries increased from 2.4 percent to 22.7 percent, and women’s representation on the executive team increased from 12.5 percent to 20 percent.
Diversity and Inclusion at BMO
BMO Financial Group, a North American provider of diversified financial services, refers to its initiative as “Diversity and Inclusion Renewal for Sustainable Change” or DIR. The bank’s strategy is to build an inclusive work environment that drives employee, customer, and business goals across the organization. DIR focuses on transforming senior leadership ranks, talent pipeline, and organizational culture through innovative diversity and inclusion strategies.
The program began in 2012, after an internal review of the workforce revealed the bank had hit a plateau with regard to women and minorities in senior leadership roles. BMO sought to remove barriers to advancement by engaging senior leaders and through various programs and talent practices.
The bank’s talent practices focus on four elements: hire, know, grow, and move. The “hire” piece ensures that diversity and inclusion are integrated into recruitment and hiring processes. Tools like employee surveys provide insight (“know”), which lead to action plans to facilitate individual development (“grow”). BMO can then take action from the standpoint of succession planning, shifting professionals into roles that allow for breadth and depth of experience that will prepare them for more senior roles (“move”).
These and other efforts related to the DIR initiative have led to significant results.
By 2016, BMO had met its five-year goal of 40 percent women’s representation among senior leaders in the United States and Canada; women in these roles increased from 33 percent to 40.1 percent, while women of color and visible minority women increased from 4.4 percent to 6.5 percent. Within the same five-year period, women’s representation increased from 7.7 percent to 31.3 percent among executive committee members and from 32.2 percent to 35.2 percent among senior managers and managers overall. Women’s representation on BMO’s Enterprise Board of Directors also increased, from 30.8 percent to 36.4 percent.
Takeaways
When a company has a track record of advancing women, it becomes easier to recruit and retain top talent. Winning a top award and receiving widespread recognition doesn’t hurt, either.
At 3M and BMO, the success of diversity and inclusion initiatives is irrefutable; the proof is in the numbers.
But here’s the main takeaway. You can borrow from these and other best practices to achieve similar results at your organization. The roadmap already exists. All you have to do is follow it.