Why focus on Women?

1. Why focus on Women? Where is the talent? Who are the best managers? What is the business Impact? Who are the healthcare providers and decision makers? What can women and men do?

2. Women are the current workforce and the future pool of leaders • According to The Center for American Progress report The Women’s Leadership Gap (May 2017), women make up: • 50.8% of the U.S. population4 • 57% of the U.S. labor force5 • 52% of all professional-level jobs6 • 59% of the college-educated entry-level workforce5 • 60% of undergraduate and master’s degrees7 4 Census Bureau, “Quick Facts: United States” 5 Bureau of Labor Statistics, “Employment status of civilian non-institutional population by age, sex, and race” Current Population Survey (2017) 6 Bureau of Labor Statistics, “Employed person by detailed occupation, sex, race, and Hispanic or Latino ethnicity,” Current Population Survey (2017) 7 National Center for Education Statistics, “Table 318.30”

3. Talent Pool • Since 2015, two-thirds of undergrads are women • More women than men are getting graduate degrees • Of the 15 fastest growing jobs in the U.S. 13 are already female dominated • Non-white women owned businesses in the U.S. are the fastest growing groups of entrepreneurs.

4. Women lag behind men in leadership roles Although holding 52% of professional-level occupations,8 women are only: • 21% of S&P 500 board seats • 5.2% of S&P 500 CEOs • 26.5% of executive/senior leadership roles • 36.9% of first/mid-level management roles • In recent years, the percentage of women represented in top management positions slowly advances. 8Catalyst, 2016 Catalyst Census: Women and Men Board Directors (2017) 9Catalyst, “Statistical Overview of Women in the Workplace” (March 28, 2018)

5. Female managers are better at engaging their employees than male managers • Employees who work for a female manager are more engaged, on average, than those who work for a male manager, according to a Gallup study of U.S. employees. Women who report to female managers have the highest engagement, while men who report to make managers have the lowest engagement. Percentage of employees engaged 35% 31% 29% 25% Male Manager Male Employee Female Manager Male Employee Male Manager Female Employee Female Manager Female Employee

6. A study in leadership- women do it better than men Zenger and Folkman- Harvard Business Review • Research study of 7,280 leaders in 2011. • “… at every level, more women were rated by their peers, their bosses, their direct reports, and their other associates as better overall leaders than their male counterparts – and the higher the level, the wider that gap grows.” • On 12 of 16 competencies, Females were rated more positively by the total of all respondents – managers, peers, direct reports and others.

7. Why focus on Women? They are better managers Tom Peters June 15, 2015 BIO Philadelphia “Women are better managers than men” “The data are there” Mark Crowley, “Female managers are much more effective at driving engagement”

8. Is gender diversity profitable? Evidence from a global survey • Survey of 21,980 firms from 91 countries. • Women in corporate leadership positions may improve firm performance. • Correlation could reflect either the payoff to nondiscrimination or the fact that women increase a firm’s skill diversity. • Women’s presence in corporate leadership is positively correlated with firm characteristics such as size as well as national characteristics such as girls’ math scores, the absence of discriminatory attitudes toward female executives, and the availability of paternal leave. • No impact of board gender quotas on firm performance but payoffs of policies that facilitate women rising through the corporate ranks more broadly could be significant. Peterson Institute for International Economics (February 2016) Marcus Noland, Tyler Moran, and Barbara Kotschwar

9. Why focus on Women? It’s good for businessUnlocking the full potential of women at workJoanna Barsh and Lareina Yee; McKinsey&Company Women Top Companies Outperform Average Ones Throughout the Pipeline Share of women in leadership pipeline, % Men Entry level Manager Director Vice president Senior vice president C-suite Top companies1 56 46 39 31 26 30 Average pipeline1 53 40 35 27 24 19 1 Does not include companies that are private partnerships and have fundamentally different business models.

10. Diversity & inclusive leaders impact performance and drive business outcomes Companies that have NOT leveraged Inclusion and Diversity for business impact. Companies that have leveraged Inclusion and Diversity for business impact. vs 1.1x 1.2x 1.3x 1.5x 1.8x 2.0x Sources: Executive Board/CLC Human Resources, Deloitte, McKinsey Quarterly, Towers Watson

11. McKinsey findings on Diversity Delivering* • Researched over 1,000 companies in 12 countries • Measured profitability, using EBIT margin, and longer-term value creation, using economic profit margin. • Companies in the top-quartile for gender diversity on executive teams were • 21% more likely to outperform on profitability • 27% more likely to have superior value creation. • The highest performing companies on both profitability and diversity had more women in line (i.e., typically revenue-generating) roles than in staff roles on their executive teams. • Companies in the top-quartile for ethnic/cultural diversity on executive teams were 33% more likely to have industry-leading profitability • Companies in the fourth quartile on both gender and ethnic diversity are more likely to underperform their industry peers financially (29% more likely than the other three quartiles to underperform on profitability) * Delivering through Diversity. McKinsey&Co. January 2018. Vivian Hunt, Sara Prince Sundiatu Dixon-Fyle, Lareina Yee

12. How and Where Diversity Drives Financial Performance • Survey of over 1,700 companies over 8 countries (US, France, Germany, China, Brazil, India, Switzerland, and Austria) • Examined diversity in management positions with respect to gender, age, national origin, career path, industry background, and education • Companies with above average total diversity had 19% points higher innovation revenue and 9% points higher EBIT margins • All six diversity dimensions had statistically significant correlations with innovation; industry, nation of origin and gender had slightly larger effects • Enabling conditions for diversity included: fair employment/equal pay practices, participative leadership, top management support, and open communication practices (January 30, 2018 Harvard Business Review) Rocio Lorenzo and Martin Reeves. Boston Consulting Group

13. Business Impact of Women • Catalyst • A 26% difference in return on invested capital (ROIC) between the top-quartile companies (with 19-44% women board representation) and bottom quartile companies (with Zero women directors). • McKinsey Organizational Health Index (OHI) • Companies with three or more women in top positions (executive committee and higher) scored higher than their peers. • Companies that score highly on all nine metrics of organizational health have also shown superior financial performance. • McKinsey • 89 European-listed companies with the highest proportions of women in senior leadership positions and at least two women on their boards outperformed industry averages for the Stoxx Europe 600, with 10% higher return on equity, 48% higher EBIT (operating result), and 1.7 times the stock price growth.

14. Women are the family healthcare decision makers and a large segment of healthcare providers • Patients • Women make approximately 80% of healthcare decisions in families* and are most likely to be the caregiver when a family member is ill (“Chief Health Officer”) • Providers • Since 1996, more than 40% of medical school graduates are women • Majority of new Family Practice, GP, and pediatricians are women • 62% of graduating pharmacists are women • More than 90% of nurses are women. * US Department of Labor

15. What can both men and women do to support women in the workplace? • Coaching – direct reports need support, promotion, applying for higher level positions (they tend to think they are not ready) and challenging projects. • Mentoring – advice, support and feedback outside your line management • Sponsoring – use your influence and power to advocate; push to get a stretch assignment or a promotion

16. Sponsor versus Mentor Mentor Experienced person willing to help and support you Builds your confidence and provides a sounding board Offers empathy and a shoulder to cry on Expects very little in return Sponsor • Senior person who believes in your potential and is willing to take a bet on you • Advocates for your next promotion • Encourages you to take risks and has your back • Expects a great deal from you (stellar performance and loyalty) Sponsor/ Mentor • Advice • Guidance • Makes introductions • Gives feedback Sylvia Ann Hewlett – Forget a Mentor, Find a Sponsor: The New Way to Fast-track Your Career

17. What can men do? • Make unconscious biases “conscious” • “Everyone has implicit or unintentional filters and these are natural and normal in human beings. The goal is not to ask people to not have filters but to make them aware of them.” • Julian Bond, “To be blind to gender is to be blind to the consequences of gender.” • Plan an active role • Support women in the workplace • Actively seek qualified candidates to hire and promote • Serve and socialize; don’t worry about failing or making mistakes.

18. What can women do to support other women? • Celebrate each other – give compliments • Don’t let generations divide you • Create and/or be a part of a network of women • Stick up for other women; don’t put each other down • Be a role model – tell your story • Avoid “Queen Bee” or “Icy Middle”

19. References for women are better managers • https://www.inc.com/michael-schneider/40-years-of-research-proves-women-are-better-managers-than-men-because-they-tend.html • https://news.gallup.com/businessjournal/178541/why-women-better-managers-men.aspx

20. References for business performance • https://www.forbes.com/sites/janetwburns/2017/09/22/2016-proved-women-are-great-for-business-yet-still-being-pushed-out/#6661d406188b • https://www.cnbc.com/2018/03/02/why-companies-with-female-managers-make-more-money.html • https://www.inc.com/melanie-curtin/science-companies-with-women-in-top-management-are-significantly-more-profitable.html • https://www.businessinsider.com/companies-with-women-in-leadership-roles-perform-better-2016-6 • https://www.statnews.com/2018/05/23/diversity-biopharma-industry-women/