Women Business Organization Leaders Make History on Internat
NEW YORK, March 5, 2020 /PRNewswire/ -- Women Business Collaborative (WBC) will host representatives of 34 of America's most influential women's business organizations in celebration of International Women's Day on March 9 in New York City to reinforce WBC's movement to uplift and elevate all businesswomen and to inspire action. WBC is the fastest-growing movement of women's business organizations, corporate partners and C-suite leaders in the world, with a mission of accelerating the advancement of all women in business.
"WBC's vision, which is shared by our 34 partner women business organizations, is to change the business landscape for the next generation," said WBC CEO Edie Fraser. "Our goal is to work together to amplify our voices, programs and action, ultimately achieving equal pay and equal representation of women in the workforce in 25 years rather than the 100 years the World Economic Forum experts currently estimate. When the more than 3 million children born in the U.S. this year reach the workforce, we want them to encounter the realization of equal position, pay and power for all women."
The International Women's Day Forum in New York will bring together members of WBC's Advisory Council and Leaders Council, as well as CEOs of WBC's partner organizations and corporate sponsors, including C200, Catalyst, Working Mother Media, Aflac, Tata Consultancy Services, Diversified Search, Bank of America and Johnson & Johnson.
"The benefits to resolving the gender equity issue go far beyond the social impact considerations – the economic well-being of nations and the financial sustainability of businesses are at stake," said Fraser. A McKinsey study estimated that if women were to participate in the economy identically to men, they could add $28 trillion to annual global GDP by 2025. S&P data indicates that adding women to the workforce could add $5.8 trillion to global market capitalization in 10 years and an additional $2.9 trillion in stock market value. Interestingly, gender diverse companies are 21% likelier to earn more than their competitors, according to a 2020 McKinsey study.
The WBC movement is driving to the achievement of accelerator goals in support of nine Action Initiatives in five-year increments, starting in 2025, focused on an aggressive rise in the rate at which women move into the C-suite in P&L roles; onto boards; and as successful entrepreneurs, scaling their businesses, in part because of a dramatic increase in their access to capital. All goals have been created to recognize the inclusion of multicultural women.
Examples of WBC's 2025 Accelerator goals include:
- 35% of Russell 3000 board seats held by women (vs 20.4% as of 11/19)
- 10% of Russell 3000 board seats held by women are women of color (vs 5% currently)
- 10% of Fortune 100 and S&P 100 CEO roles held by women (vs 6.4% currently)
- 10% of Fortune 100 and S&P 100 female CEOs are women of color (vs 2% currently)
- 8% of women occupying the C-Suite with P&L responsibility (vs 4% currently)
- 3 in 25 females in the C-Suite are women of color (vs 1 in 25 currently)
- The number of women-owned firms with revenues above $10 million to grow by 20% (vs. 8% currently)
- The percentage of capital available to women founders to double (vs 2.3% in 2019)
- 18% of Partners at VC firms are women (vs 12% in 2019)
Robert Reiss, CEO of CEO Forum and a member of the WBC Board of Directors, said, "Now is the time to identify and celebrate more women as high-powered leaders, and ensure that all male CEOs join us in the process of elevation as we share in the positive social, economic and business impact that is realized with a critical mass of diverse women leaders."
Judee von Seldeneck, chairman of Diversified Search, added, "If there is one thing I know for sure, it is the power of women collaborating with other women to achieve goals. Success will only be achieved if women remain focused, driven and dedicated to connecting with each other to keep the momentum going. Let me add we need great men joining us."
In the one year since it launched, WBC has brought together 34 organizations and more than 120 C-suite leaders in an unprecedented act of collaboration to share best practices, leverage one another's core competencies and lean into the acceleration of the movement.
"These leaders represent an inspirational and inspired action team," said Working Mother Media CEO Subha Barry, who leads WBC's C-suite initiative. "We will walk together and walk far. We will pick each other up when we tire, and we will cheer each other on as we find success."
Ana Dutra, WBC board member and chair of the WBC Board Initiative, added, "Revolutions are never done by one person only; they're done by teams of people committed to a higher purpose."
Lorraine Hariton, president and CEO of Catalyst, said, "Catalyst is privileged to bring its expertise to Women Business Collaborative and join forces with the most influential organizations working to accelerate progress for women at work, and co-chair the WBC CEO Initiative with C200."
Kimber Maderazzo, chair of C200 and co-chair of the WBC CEO Initiative, added, "Together we are mighty – we want to advocate for and celebrate each woman who advances to the C-suite and onto boards at public and private companies."
For more information on WBC's efforts, visit www.wbcollaborative.org and follow the conversation at #WBCFasterTogether.
NOTES FOR EDITORS
The Women Business Collaborative focuses on nine Action Initiatives, with accelerator goals. Each of these nine areas reports quarterly on progress:
- Women in the C-Suite and Executive Leadership with P&L Responsibility
- CEO Leadership and Sponsorship of Women CEOs
- Women in the Boardroom
- Voice of Entrepreneurs as CEOs and Board Members and Capital Support (Private Equity Leadership and Capital)
- Diversity and Inclusion
- Women and Technology
- Learning, Training and Development
- Communications and Media
WBC Organization Partners
Topic Area of Leadership
1. 2020 Women on Boards
3. ATHENA International C200
All and chair, WBC Awards
CEO, C Suite, Diversity and Board
CEO Chair and C Suite, Board
7. Diversity Best Practices
Diversity and C Suite
8. Diversity Woman Media
Diversity Chair and Communications
9. Ellevate Network
10. Enterprising Women Magazine
Ent/Capital Co-Chair and Communications
11. Golden Seeds
12. Hispanic IT Executive Council (HITEC)
13. Information Technology Senior Management
Diversity and Communications
15. Latino Corporate Directors Association
16. National Association for Female Executives (NAFE)
C Suite and Parity
17. National Association of Corporate Directors (NACD)
18. Paradigm for Parity (P4P)
20. Springboard Enterprises
22. The Executive Leadership Council (ELC)
Diversity, Board, CEO
23. Thirty Percent Coalition
24. U.S. 30% Club
C Suite, Education & Training
26. Women in Economic and Leadership Development (WELD)
C Suite, Board and L&D
27. Women Corporate Directors (WCD)
28. Women in Fund Finance (WFF)
Finance and Capital
29. Women in the Boardroom
30. Women Presidents' Organization (WPO)
31. WOMEN Unlimited
Learning and Development Chair
32. Women's Forum of New York
33. Working Mother Media (WMM)
C Suite Chair and Communications
34. Women in Finance
Finance and Capital
*Bloomberg's Gender Equality Index
SOURCE Women Business Collaborative