Submitted by: Fannie Mae
Categories: Human Resources & Diversity
Posted: May 20, 2004 – 12:00 AM EST
May 20 /CSRwire/ -
The magazine's second annual ranking of leading companies for women of color identified companies with a majority of women executives, professionals, and managers reporting overall satisfaction with their advancement opportunities, compensation, and their companies' commitment to diversity. The magazine lauded six companies -- Allstate, American Express, Fannie Mae, General Mills, IBM, and JPMorgan Chase -- for their exemplary work at advancing women of color. Franklin Raines, Chairman and CEO of Fannie Mae, is one of two African Americans to lead the winning companies.
Fannie Mae was recognized by Working Mother Magazine for its compensation policies that reward managers for meeting corporate diversity objectives and adopting strategies to recruit, develop, mentor, and encourage networking for women and women of color. Women of color represent 41 percent of participants in Fannie Mae's mentor program; 44 percent of the Assistance for Collegiate Education participants earning higher degrees; and 43 percent of job-rotation participants.
"Fannie Mae is in the American Dream Business and our mission is to help people become homeowners. We need to harness the insights and talents of a diverse work force in order to meet the nation's growing desire for homeownership, particularly among minorities, women and other underserved communities," said Franklin Raines, Fannie Mae's Chairman and Chief Executive Officer. "By providing the necessary career tools for all of our employees, including women and minorities, to contribute, Fannie Mae ensures that we have the broadest array of talent available to help us meet our mission to provide affordable housing opportunities for all Americans."
Fannie Mae provides an array of family-friendly benefits that help women maintain a healthy work-life balance. Those benefits include an on-site elder care consultant who can provide employees with individualized plans and step-by-step assistance to help them meet the needs of aging parents or relatives. The company offers paid maternity leave up to eight weeks, paternity leave, adoption assistance, an on-site emergency child-care center and dependent care assistance. Fannie Mae also offers flexible work options such as job sharing and telecommuting; employer-assisted housing; a tuition reimbursement plan; employee support groups; and on-site exercise programs.
Working Mother Magazine selected 2004's 100 Best Companies for Women of Color based on the offering of some of the following: formal compensation policies that reward managers for helping women of color advance; inclusion of women of color in succession plans; employee surveys on diversity issues; conferences, seminars, and symposia for women of color; supplier diversity initiatives and other efforts that focus on women of color. Programs for women's advancement also assumed great importance in the ranking.
Working Mother Media will host the second annual Best Companies for Women of Color conference in New York City July 21-22, 2004. A complete report of Working Mother's 2004 "Best Companies for Women of Color" can be found in the June/July issue of Working Mother and on its Web site www.workingmother.com.
Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae has pledged through its "American Dream Commitment" to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to at least 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most. Since 1968, Fannie Mae has provided $6 trillion of mortgage financing for more than 60 million families.
Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "FNM." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."
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