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Kris Rappe Senior Vice-President Wisconsin Energy Corporation

Kris Rappe Senior Vice-President Wisconsin Energy Corporation. MWI’s Mission Accelerate the advancement of women in key leadership positions. Change the face and quality of leadership through the advancement of women.

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Kris Rappe Senior Vice-President Wisconsin Energy Corporation

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  1. Kris Rappe Senior Vice-President Wisconsin Energy Corporation

  2. MWI’s Mission • Accelerate the advancement of women in key leadership positions. • Change the face and quality of leadership through the advancement of women. • Encourage and support catalytic action by partnering with other organizations that share these goals. MWI accomplishes its mission by: • Partnering with Wisconsin corporations to advance gender diversity by identifying qualified women executives. • Providing education and mentoring. • Sharing best practices.

  3. 2009 Report: Driving Results with Diversity of Thought • Fourth biennial report -- previous reports released in 2003, 2005 and 2007 • Fiscal 2008 total returns were basis for report. • Data sources: Annual reports, 10ks and proxy statements

  4. Directors Executives Associated Banc-Corp. Great Wolf Resorts, Inc. Harley-Davidson, Inc. Manpower Inc. Kohl’s Corporation Marshall & Ilsley Corp. The Manitowoc Co., Inc. Plexus Corp. Plexus Corp. School Specialty, Inc. 2007 - 2009: Increases in directors and executives

  5. 12 companies had decreases in women directors or executives • 13 companies have no women directors • 21 have no women executives 2007 - 2009: Decreases offset increases -- net gain of 0

  6. Six companies have no representation of women on their board of directors or as executives Gehl Company Joy Global Inc. Ladish Co., Inc. Marten Transport, Ltd. MGIC Investment Corporation Wausau Paper Corp.

  7. McKinsey & Company research: • Companies with three or more women on senior management team scored higher on all nine important dimensions of organization: from leadership and direction to accountability and motivation. • Higher scores on these dimensions associated with higher operating margins Impact on business success is high

  8. Kudos to these companies with greater than 25% women on board of directors or as executives Alliant Energy Corporation Manpower, Inc. Assisted Living Concepts, Inc. MGE Energy, Inc. Associated Banc-Corp. National Presto Industries Inc. Baylake Corp. Renaissance Learning, Inc. Great Wolf Resorts School Specialty, Inc. Johnson Outdoors Inc. Snap-On Incorporated Journal Communications, Inc. Tufco Technologies, Inc.

  9. Executive interviews: Importance of diversity to business success, board composition and executive development “ …that companies and shareholders benefit from better solutions when their leaders engage in thoughtful dialogue from diverse perspectives.”

  10. Executive interviews: Importance of diversity to business success, board composition and executive development Baird – holds senior executive committee accountable Ernst & Young – embraces specific inclusiveness strategy JPMorgan Chase – invests in training for recruiting staff Lloyds TSB – assigns individuals to encourage talented women to move up Wisconsin Energy, Journal Communications and the Blood Center of Wisconsin – employ targeted development plans and mentoring Badger Meter – applies a leadership pipeline strategy

  11. Executive interviews: Importance of diversity to business success, board composition and executive development • Manpower • Uses an experience assessment tool at each nominating committee meeting • Channels the conversation • Looks at diversity of current board’s experience in areas including work, culture and gender to identify where additional representation would be beneficial

  12. Moving forward….the challenge and the goal: Ten-Year WI 50 Target: The WI 50 would achieve 50-50 gender parity before 2020 if 50% of new board member appointments were women for the next 10 years. Five-Year WI 50 Target: The WI 50 could reach 25% women on boards within just five years if, like other companies nationally, they filled one-third of each year’s board vacancies with qualified women.

  13. Keith Burns Managing Partner Milwaukee

  14. Framework for Inclusiveness:A Journey to the Future Workforce12 October 2009

  15. Groundbreakers: Using the strength of women to rebuild the world economy If all a country’s human resources are not being channelled into the economy and not being part of the decision-making processes, then that country’s economic potential is bound to suffer. Analysis of World Economic Forum studies have statistically confirmed the correlation between gender equality and the level of development of countries. Closing the gap between male and female employment rates would have huge implications for the global economy, boosting US GDP by as much as 9%. These same macroeconomic concepts have applicability to ethnicity, sexual orientation and disabilities. Page 16

  16. Context for the discussion of the framework US Department of Education reports that women have been earning more bachelor’s degrees than men since 1982, and more master’s degrees than men since 1981. Women began making up 50% of accounting graduates at about this time period. Larger accounting firms operate an apprentice model for staff. Model operates on an assumed turnover rate of 15-20 percent annually Results in an average workforce age of 28-29 years Results in early identification of workforce trends Page 17

  17. Develop a strategy for the future workforce Alignment of Future Workforce Strategy to Business Strategy Primary CEO responsibility is Strategy Development and Execution A need for CEO to delegate, with a requirement to be Visible Sponsor Develop near term and long term goals aligned with strategy Page 18

  18. Inclusiveness The common experience of the individuals within the workforce, which in essence reflects the culture of the organization. These common experiences should transcend the geographic location where the individual resides. Page 19 Diversity The characteristics of the aggregate workforce, which is often measured in quantifiable terms. Could be used for comparison to community demographics.

  19. Elements of a framework Recruiting Orientation/Onboarding Assignments Feedback/Coaching/Mentoring Community Engagement/Socialization Page 20

  20. Recruiting • Expand the campuses and schools for recruiting employees • Identify and engage with alternative student organizations • Offer and support paid internships and multiyear internships • Allow current employees to support classroom activities • Build relationships with faculty and share your goals • Develop success indicators and apply consistently across interviews • Provide recruiting teams with framework for expected outcomes GOALS • Execute a plan that drives expanded diversity of workforce • Strive for critical mass of diversity as quickly as possible • Apply stringent hiring criteria that results in high probability for success Page 21

  21. Orientation/Onboarding • Match a coach with recruit upon offer acceptance • Complete a formal orientation upon employment start • Technical requirements • Administrative requirements • Discussion of culture and success factors • Assign a peer or “buddy” to assist in navigating environment GOALS • Assist new employees to quickly understand spoken and unspoken success factors • Help individuals understand that they shape their reputations in first 3-6 months Page 22

  22. Assignments • Primary driver for building a diverse future workforce and inclusive environment • Build quantifiable measures for assignments that are specific to the business and aligned with learning • Develop a trained team to assess qualitative features of assignments • Hold senior executives accountable for team composition Academic research has established that diverse groups of people tend to outperform homogenous groups if both groups’ members have equal abilities. GOALS • Consciously achieve parity by gender and ethnicity in difficult assignments • Build skills in diverse workforce that lead to advancement Page 23

  23. “The diverse group almost always outperforms the group of the best by a substantial margin. Accordingly, companies facing a difficult and complex task (such as designing a new product or entering a new market) should consider the makeup of the groups it assigns to solve the problem.” Scott Page Professor of Complex Systems University of Michigan Page 24

  24. Feedback/Coaching/Mentoring • Construct mechanisms for frequent formal feedback in first six months of employment, ideally with varied reviewers • Require each formal feedback encounter to use stop, start, continue concept • Consider use of team feedback methodology • Train coaches and reviewers to facilitate candid dialogue • Consider broader group to review and analyze performance reviews and develop annual ratings • Hold senior executives accountable for talent development over time • Conduct annual discussion of employee’s career goals GOALS • Provide direct, timely feedback to allow individuals to grow • Identify change agents willing to take responsibility for advancing diverse workforce Page 25

  25. Community Engagement/Socialization • Large elements of the workforce are inspired and motivated by giving back to the community • Community engagement projects are also team building experiences across diverse groups (school supply drive and Junior Achievement at Longfellow Elementary) • Connections to the broader community will result in retaining talent in our business community • Leverage existing organizations, if needed, to achieve scale • Hispanic Professionals of Greater Milwaukee • National Association of Black Accountants • Milwaukee Urban League Young Professionals • FUEL Milwaukee • Association of Latino Professionals in Finance and Accounting GOAL: Attach talented diverse employees to community as well as employer Page 26

  26. Confront the Bias Within “Why then is the situation still unresolved? It is because we do not have recognition that the problem lies in our own minds, that as we make big and small decisions every day, we systematically ignore the potential and talents of women. Recognizing our own unconscious bias in this regard, testing it to prove to ourselves that we have it, and acting on the knowledge that we are each part of the problem is the way to be part of the solution.” Mahzarin Banaji Professor of Psychology Harvard University Page 27

  27. Supplement the strategy with enablers Allow individuals and teams to introduce flexibility into their work day Organize inclusiveness group(s) to provide counsel to process owners regarding considerations for diverse groups Imbed measureable goals into annual performance plan for process owners and senior executives Visibly celebrate individual successes and progress toward goals Adjust strategy annually and adjust goals as needed Page 28

  28. Evidence of progress FORTUNE "100 Best Companies to Work For" — For the 11th consecutive year, Ernst & Young is among FORTUNE magazine's "100 Best Companies to Work For.” 100 Best Companies for Working Mothers — Ernst & Young ranked among the top 10 companies on Working Mother magazine’s annual 100 Best Companies for Working Mothers list for the fourth year in a row and for the 12th consecutive year. Top 50 Companies for Diversity — Ernst & Young has once again been recognized as one of the Top 50 Companies for Diversity by DiversityInc. magazine. We ranked No. 17 on the list and also were among DiversityInc.'s Top 10 Companies for Asian-Americans and Top 10 Companies for LGBT Employees. Careers & the disABLED magazine’s Top 50 Employers for People with Disabilities — Ernst & Young is the only Big Four firm on this list. Most Admired Knowledge Enterprise (MAKE) Award — For the 10th consecutive year, Ernst & Young was a Most Admired Knowledge Enterprise (MAKE) award winner, one of only 20 organizations recognized. Black Collegian Top 100 Diversity Employers — Ernst & Young landed the No.14 spot on Black Collegian’s Top 100 Diversity Employers. The publication has recognized Ernst & Young for six years. Milwaukee Awards: Great Places to Work — Ernst & Young’s Milwaukee office was twice named one of the “Great Places to Work” by the Milwaukee Business Journal. Alfred P. Sloan Awards for Business Excellence in Workplace Flexibility! — The Milwaukee office has been recognized twice for successfully using flexibility to meet both business and employee goals. Page 29

  29. Tracey L. Klein Shareholder - Reinhart Boerner Van Deuren, s.c.

  30. Call to Action • The MWi report shows that we have not had the progress we had hoped to have in the number of women represented on corporate boards over last 2 years • We are calling on the business community to seize the moment and increase efforts to make Milwaukee’s corporate boardrooms more diverse

  31. Goal • Fill one-third of all board vacancies with qualified women directors • Reach the goal of having 25% women board members on the WI Top 50 by 2014 • Put Wisconsin companies on par with national trends

  32. Value of Inclusiveness • Inclusiveness as a recognized community attribute is important • Not just in the work force • But in the composition of corporate boards

  33. Business Case Clear • If change is to occur, inclusiveness and diversity must be embedded in the corporation’s business strategy • Board leadership is key to achieving this objective

  34. Boards Must Track Management’s Progress • In hiring, developing and retaining diverse talent • In giving women leaders P&L responsibility • In mentoring women leaders • In requiring that succession plans incorporate diverse candidates

  35. Boards Must Lead By Example - Recruiting • Find ways to interview candidates from non-traditional demographics for board positions • Insist that diverse candidates be included on the board slate • Require at least 1/3 of all board vacancies to be filled by women

  36. Expand Methods of Recruitment • DirectWomen is an initiative developed by ABA and Catalyst • Alliance for Board Diversity is a collaboration between Catalyst, Executive Leadership Council, Hispanic Association for Corporate Responsibility and Leadership Education for Asia Pacific • Women leaders of U.S. Health Care industry is an industry group comprised of prominent women in the health care field • Kellogg School of Management at Northwestern University sponsors the Center for Executive Women

  37. Boards Must Lead By Example - Orientation / Onboarding • Pay attention to orientation and onboarding process • Give new board members meaningful orientation • Provide ongoing board training/education on industry and technical requirements, as well as informal insight into corporate culture • Be an active mentor to women business leaders who are elected to serve as corporate directors

  38. Boards Must Lead By Example - Assignments • Recognize the importance of “Assignments” with respect to corporate boards • Simply put, give someone new a chance to develop and expand their skill-set • Help a promising new leader to develop • Recommend emerging leaders for both non-profit and corporate board positions

  39. Boards Must Lead By Example - Mentoring • Be proactive in developing new community/corporate leaders • Mentor a rising star • Watch and promote the up-and-comers • Monitor the pipeline of diverse candidates for upcoming board positions

  40. Boards Must Lead By Example - Community Engagement Strategy • Existing community organizations allow leaders in non-traditional demographics to flourish and develop • For Milwaukee women, Tempo and Professional Dimensions are key • They provide training ground for women business leaders on board service and leadership

  41. Boards Must Lead By Example - Strategy Enablers • Inclusiveness and diversity should be part of every corporation’s overall business strategy not only for workforce development, but also for board development • Corporate boards should consider adopting measurable diversity goals for board composition • Progress must be tracked and linked to board self-evaluation • Manpower’s experience assessment tool is a model

  42. Conclusion • The existence of an independent and diverse board signals the organization is interested in creative thought • It signals an open-mindedness on part of company • Our goal is to make Milwaukee a destination for young talent from all backgrounds and all demographics • We seek to enhance level of inclusion and develop new generation of leaders

  43. Conclusion (continued) • Our specific goal is for 1/3 of all board vacancies each year to be filled by qualified women • 25% women board members on WI Top 50 by 2014 • Broadly distribute tools, resources and best practices to facilitate this objective • Your assistance is requested

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