Corporate Boards Are Changing, But Not Fast Enough

Report to Members

By Michele N. Siekerka, Esq., NJBIA President and CEO On Aug 31, 2018

More than 38 percent of the 358 newly created or vacant Fortune 500 board seats went to women in 2017, a 10 percent uptick from the prior year and the largest increase since The Heidrick & Struggles Board Monitor report began tracking these statistics nine years ago.

While this is certainly good news, the pace of change isn’t fast enough. Boards of directors at Fortune 500 firms still remain overwhelmingly male, with men holding more than 78 percent of overall board seats in 2017.  And, as the study notes, these leadership positions do matter: Fortune 500 boards overseeing the largest US corporations have a combined $12.8 trillion in revenues and employ 28.2 million workers. 

Companies that reflect the diversity of their customers and workforce by appointing women to the C-Suite know it’s good for business. Research has found corporations with the most women in top management have a 41 percent higher return on equity than the average. But the point isn’t that one gender is better for the corporate bottom line than the other. Rather, it’s that gender balance in the C-Suite and boardroom is key.

 Studies show companies are better able to improve financial performance, attract and retain talent, increase innovation and enhance their brand when both women and men have the opportunity to be part of the leadership team and together contribute to the organization’s success.

That’s why “Empowering Together” is the theme of NJBIA’s 4th annual Women Business Leaders Forum, an event that draws hundreds of people, both men and women, every year to participate with top business leaders and expert panelists who share career advice and life lessons that inspire our attendees to achieve their professional goals.  Our 2018 keynote speaker is beauty industry titan Bobbi Brown, a woman who created 10 simple lipsticks and started a beauty company that she grew into a global empire. Brown’s entrepreneurial talents for translating trends into real-life applications have made her a much sought after business expert for the media and audiences around the world. 

Our daylong event on Sept. 14 begins with Ted Talk-like presentations by several prominent CEOs, followed by five breakout sessions moderated by top business executives who will lead expert panelists in a discussion about timely career topics before taking audience questions. “Coaches Corner” – a new addition to our program – will offer one-on-one career coaching sessions with experts. Both men and women can learn how to grow a women’s business network in their workplace; effectively communicate during difficult conversations; use successful negotiation tactics; navigate leadership challenges; and bridge the confidence gap.

Throughout the day there will be extensive networking opportunities that allow attendees to make important business connections that can open new doors and advance their careers.  The program will conclude with a fireside-chat style talk with Bobbi Brown, the lifestyle entrepreneur whose experience building a billion-dollar brand is sure to resonate with the audience and inspire them to overcome their own career challenges.

Few people are born leaders. Most of us need role models and mentors whose effective communication, negotiation skills and leadership abilities show us the way to raise our professional profile and make important career connections. The 4th Annual NJBIA Women Business Leaders Forum: “Empowering Together” is the perfect opportunity to network and learn from the best.

 Whether you are someone who aspires to a seat in the boardroom, or someone committed to helping women advance there, I hope you’ll join us. Register to attend on NJBIA’s website at www.njbia.org. 

 

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