Survey: Woman-Owned Businesses Retaining and Hiring Employees in Tough Economy
Results from the surveyed membership of the Women President's Organization (WPO) indicate 82% of multi-million dollar business owners have positive outlooks and experienced company growth in 2011, according to the WPO's annual economic survey. Despite the economic downturn, 42% of these CEOs and presidents were able to give their employees raises while, 49% maintained current employee salaries.
Women Presidents have shown they can adjust to the changing economic climate. Results from the surveyed membership indicate 82% of multi-million dollar business owners have positive outlooks and experienced company growth in 2011, according to the annual economic survey by the Women Presidents' Organization (WPO), the premier peer advisory organization for women entrepreneurs. Despite the economic downturn, 42% of these CEOs and presidents were able to give their employees raises while, 49% maintained current employee salaries.
"These statistics are evidence of the versatility and strength of companies owned by women entrepreneurs even in the face of adversity," said Marsha Firestone, Ph.D., president and founder of the WPO. "Our survey indicates that WPO members have found ways to retain their employees in a changing economy, and to hire, provide benefits and competitive compensation. I sincerely believe that the members of the WPO represent models of perseverance for small businesses globally."
The WPO currently has 1,500 members from four continents (North America, South America, Africa, Europe) and the survey confirmed that the WPO has helped 80% of these women presidents manage their business.
Other Key Findings: Health Care
84% provide health insurance to their employees
27% cover 81%-100% of health insurance for employees
Optimism in Small Business
51% of members have experienced positive growth
51% are optimistic about their financial performance in 2011 relative to 2010
40% indicated the greatest threat to their bottom line are the current economic conditions
71% of WPO members have six figure salaries
58% of member businesses have grown since joining; 75% of these believe WPO has helped them grow
80% Believe the WPO helps manage business concerns in the current economic climate
72% Believe their WPO Chapter is the most valuable resource that WPO provides.
This survey was sponsored by Wells Fargo and had a sample size of 275 WPO members.
Additional survey data and interviews are available upon request.
Methodology WPO members were surveyed for their responses in July/August 2011. Members responded in an anonymous electronic format.
About the WPO: The WPO is the premier peer advisory organization connecting women who own multi-million dollar companies. In monthly meetings across four continents (US, Canada, Peru, South Africa and the UK) chapters of 20 women presidents – from diverse industries– invest time and energy in themselves and their businesses to drive their corporations to the next level. Local WPO chapters are coordinated by a professional facilitator and meet monthly to share business expertise and experience in a confidential setting. For more information, call 212-688-4114 or visit www.womenpresidentsorg.com.