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Business By Nathan Hurst, Globe Correspondent, 12/25/05 Women-led businesses in the Commonwealth are growing fast and making gains in a number of industries, according to research from the Center for Women's Leadership at Babson College and the Commonwealth Institute, a women's business organization. And in many cases, they are doing better than their male counterparts. Fifty-four percent of businesses owned by women in Massachusetts have achieved annual growth rates that exceed national averages, currently 5 percent, according to the study "The Top Woman-Led Businesses in Massachusetts: Lessons from 2000 to 2004." Another 18 percent grew between 1 and 5 percent from 2003 to 2004, the main two years studied.
Forty-three companies that have participated in the research since it began in 2000 reported average productivity gains of 15.9 percent over that five-year period. A total of 215 businesses throughout the state were involved in the study, which found that firms owned and operated by women generated $7.8 billion worth of commerce and employed 24,510. Nan Langowitz, a professor at Babson College and one of the leaders of the research, said that while the gains showed by women businesses are strong, more can be done to bring women on par with men in the world of commerce. "There are more women in the demographic pool to attend colleges than ever before, and more women are turning to professional schools than before," she said. "But there aren't a lot of examples of women who have done well in the business world." Langowitz said she would like to see better visibility of woman-led firms, in part to break the myth that women only do well leading small businesses in certain sectors such as services, food, and the arts. "What's really fascinating about this data is that women are running businesses across the board, including the leading industries we've seen in Massachusetts over the last five years," she said. "Professional services, high-tech, healthcare, and construction are all places we're seeing women leading the way." Aileen Gorman, executive director of the Commonwealth Institute, also said women are increasingly leading larger businesses. "When you look at companies at the sizes in our top 100, you can see these are significant companies," she said. Of the top 100 businesses ranked by the study's analysts, the top five were Cumberland Farms, electric utility National Grid New England Distribution, semiconductor processing equipment manufacturer Axcelis Technologies, food service distributor Agar Supply Co., and Garber Travel. And while women are running businesses alongside men in almost every category, they are going about their leadership roles in different ways. "These women really seemed to be focused not just on the bottom line, but also the culture within a company," Gorman said. The survey results prove it, as 97 percent of respondents said customer satisfaction was a leading factor when doing business, and another 92 percent cited employee satisfaction as a primary concern. Promoting a positive corporate culture was ranked as important by 81 percent of the leaders surveyed, and 67 percent said maintaining a healthy balance between work and home life for employees was important. Gorman said that while the study shows that women have made an impact on the state's business climate, more should still be done to create as many opportunities as possible. "What we need to do is make people aware of all the opportunities that exist and how women can have better access to corporations and their products," she said.
Employment The Department of Labor said last week it was publishing clarifying interpretations of the Uniformed Service Employment and Reemployment Act for the first time since the law's passage in 1994. The move includes last week's distribution of posters to private and state employers intended to inform workers of their rights. The poster campaign was accompanied by a public service announcement featuring former senator and presidential candidate Bob Dole encouraging employers to "hire veterans first." Specific provisions of the enhanced regulations guarantee reemployment for returning soldiers - provided employers are notified in advance of military service and deployment and the veteran's application for reemployment is completed swiftly after returning home. Workers who were on active military duty and away from their place of employment longer than five years and those discharged dishonorably are exempt from the protections. Returning soldiers are also protected by a whistle-blowing clause, shielding them from retaliation by employers who try to circumvent the regulations. They are also provided with extended health benefits at the employer's expense. "Our citizen soldiers put themselves in harm's way to defend our freedoms, and now it's our turn to be there for them," said Secretary of Labor Elaine L. Chao in a statement last week. Workers looking for more information about the regulations should visit www.dol.gov/vets.
Workplace As businesses across the nation begin to close the books on 2005, more will do so under new corporate leadership than ever before. Challenger, Gray & Christmas, the New York outplacement and corporate workplace research firm, released its monthly chief executive turnover report this month. The results: 2005 is set to be one of the most tumultuous years on record for corporate leadership turnover, with the number of CEOs leaving or being forced to leave their posts at least double last year. A total of 118 top executives left US-based companies last month, representing an increase of 23 percent over October, when 96 changed spots. That brings the total CEO departures in 2005 so far to 1,228, compared to 663 in 2004. Of those who left, 36 retired, two died, one was fired, and another was listed as "ousted." Another 26 resigned. Nathan Hurst can be reached at nhurst@globe.com
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