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First-Ever Study Finds Women's Internal Networks (WINs) Impact Corporate Bottom-lines & Careers

Financial Women's Association finds 76% of women at firms without a WIN would join; 39% say networks impact job satisfaction

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Financial Women’s Association

Mar 31, 2015, 10:29 ET

NEW YORK, March 31, 2015 /PRNewswire-USNewswire/ -- A report issued today by the Financial Women's Association (FWA) finds that although women's networks within companies might initially be launched to provide networking or meet corporate social responsibility (CSR) goals, female employees and diversity leaders are finding another surprising result: impact to the bottom-line.

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That's because WINs increase interaction among female employees, creating synergies that can play an instrumental role in advancing business objectives, say top diversity and HR leaders. These networks also increase employee engagement and reduce attrition: In fact, 39% of employees surveyed believe their firm's WIN might be a factor in staying with the firm.

Other key findings include the role of men in partnering with WINs and a desire for social media as a means of communication.

The report, based on surveys of leaders and, separately, female employees (583), was designed to offer companies best practices for women's internal networks (WINs). The report is believed to be the first of its kind focused on women's networks in financial services companies.

"The surprising finding is that WINs can have a positive impact on the bottom-line," said FWA executive director Jennifer Openshaw. "Businesses may view them initially as a socially responsible initiative when, in fact, successful ones are idea-generators and can be profit-producing for business areas."

Key Findings – Key findings include the following:

77% of respondents at firms without a WIN would join if their organizations had one.
39% believe these groups could contribute to their reasons for staying with their current firm.
WINs fall short with connections to compensation, new business, and external networking
Regarding content, women want career education over personal topics, placing emphasis on new work and career skills (e.g., new software, social media) and trending technology.
40% agree that men should join a WIN. The key reason cited was to increase men's understanding of women's needs for advancement
Nearly 10% of WIN members prefer to receive info about their WIN from social media (Facebook/LinkedIn groups), yet none of the corporate leaders surveyed use it.

The FWA advances the success of leadership in the financial community.

SOURCE Financial Women’s Association