NORTHBROOK, Ill., March 2, 2016 /PRNewswire/ -- Allstate Insurance Company has been named one of the 2016 "NAFE Top Companies for Executive Women" by the National Association for Female Executives (NAFE). The award recognizes American corporations that have moved women into top executive positions and created a culture that fosters the careers of talented women.
"We take pride in the diversity of our workforce here at Allstate," said Mike Escobar, Allstate vice president, diversity and organizational effectiveness. "Women were 42 percent of our officers and managers, 56 percent of our employees, and 25 percent of our Allstate agency owners at year-end 2014. When you bring together people with different backgrounds and experiences, you generate more creativity and better business results."
"I am happy to report that female representation in senior management positions continues to inch up at the NAFE Top Companies," said Dr. Betty Spence, NAFE president. "Though progress of women into senior positions has slowed nationally, the 2016 NAFE Top Companies are leading the way in moving women in power positions where they have the influence to innovate and boost profits."
- More than half (52%) of the companies on the 2016 NAFE Top 60 have at least four women on their boards of directors. An average of 28% of board of director members are women, compared with 19% at S & P Companies.
- The number of NAFE Top 60 Companies led by women CEOs has dropped two percentage points since last year to 8%, but still outpaces Fortune 500 companies with 5%.
- Every NAFE Top Company CEO requires a women's advancement executive to report to him/her on women's advancement metrics, and 92% of them review senior-level succession plans for gender equity.
- Women at the NAFE Top Companies last year received 44% of promotions to the manager level and above. The largest proportion of promotions going to women is at the manager level; however, men still receive the majority of promotions at all levels.
"The NAFE Top Companies are where women are increasingly making the decisions that affect their company's future and its bottom line," said Subha V. Barry, vice president and general manager, Working Mother Media. "They are setting standards for advancing women into positions to lead businesses, set policy and take profit-and-loss responsibility."
About the Methodology
The 2016 NAFE Top Companies application includes some 200 questions on female representation at all levels, especially the corporate officer and profit-and-loss ranks. The vetting process includes tracking access and usage of programs and policies that promote the advancement of women as well as the training and accountability of managers in relation to the number of women who advance. In order to be eligible for the NAFE Top Companies survey, entrants must have a minimum of 1,000 employees, two women on the Board of Directors and be a public or private company. NAFE also separately names the Top 10 companies in the nonprofit sector.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, protecting approximately 16 million households from life's uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Allstate is widely known through the slogan "You're In Good Hands With Allstate®." The Allstate brand's network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In 2015, The Allstate Foundation, Allstate, its employees and agency owners gave $36 million to support local communities. Allstate employees and agency owners donated 250,000 hours of service across the country.
About NAFE The National Association for Female Executives (NAFE), founded in 1972, serves 20,000 members nationwide with networking, tools and solutions to strengthen and grow their careers and businesses. Working Mother magazine publishes the annual NAFE Top Companies list. NAFE.com provides up-to-date information, community for women in business and access to member benefits. NAFE is a division of Working Mother Media, owned by the Bonnier Corporation.
SOURCE Allstate Insurance Company