Closing the Gender Pay Gap | C-Suite Insights for What's Ahead 5.1.24
US Consumer Confidence Retreats in April
The Conference Board Consumer Confidence Index? deteriorated for the third consecutive month in April, retreating to 97.0 (1985=100) from a downwardly revised 103.1 in March.
A new trend forming? While the Present Situation Index ticked down 3.9 points to a still strong 142.9 in April, the Expectations Index fell to 66.4 (1985=100) from 74.0 last month. That’s noteworthy, because an Expectations Index reading below 80 can signal a forthcoming recession.
A cloudy outlook: Overall, confidence fell to its lowest level since July 2022, as consumers became less positive about the current labor market situation and more concerned about future business conditions, job availability, and income.
Elevated price levels, especially for food and gas, were major concerns in April,?although 12-month inflation expectations remained stable.
The TCB take: Despite three straight months of weakness, over the longer term, consumer confidence continues to move sideways within a relatively narrow range that’s held steady for more than two years.
Employee Well-Being Stagnates…But Companies Aren’t Giving Up
May marks Mental Health Awareness Month. And while the pandemic prompted an unprecedented focus on employee well-being, four years after the onset of the global health crisis, employee well-being is not improving—but rather, stagnating.
A recent survey by The Conference Board reveals that 62% of US workers say their well-being is the same or worse than six months ago.
But HR leaders aren’t giving up: 95% of Chief Human Resource Officers (CHROs) intend to maintain or increase their spending on well-being in 2024. CHROs are committed to making such investments, recognizing their linkage to retention in a tight labor market.
The TCB take: Amid limited resources and competing company priorities, the onus will be on CHROs to demonstrate to their C-Suite colleagues how investments made in employee well-being are not just good for employees, but good for business.
By working together, CHROs and the C-Suite can embed it into the culture and strategy, intertwining well-being with the brand and identity of the company.
Number of the Week: 84￠
Women who work full time, year-round earn 84 cents for every dollar men make.
While the gender pay gap is the narrowest it has ever been (according to the most recent Census data available), progress in further closing this gap has been slow, stagnating in the past decade.
The TCB take: Significant obstacles remain for working women, who are underrepresented in the highest-paying occupations. To address this, business leaders can promote and highlight female representation in leadership roles.
Participation in high-demand STEM fields can also be improved through intervention during K-12 education, driving interest, combating gender stereotypes, and providing young women with much-needed role models.
Women Lead Festival: Women Shaping the Future
Don't miss the 2024 Women Lead Festival in Brooklyn on June 13-14—an empowering event tailored for you!
As an attendee of this inspiring and enriching event, you’ll network with influential women leaders across industries, learn how some of the most consequential women in the business world advanced to the C-Suite, and gain insights into what's ahead in the business landscape.
Five reasons to be there:
ERG members receive a significantly reduced entry rate of $500. Please fill out the form here ?
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Join Us at the ESG Leadership Awards Dinner
The Conference Board is proud to announce the three companies that will be receiving the inaugural ESG Leadership Awards and the leaders who will be accepting the awards on behalf of their firms:
The cause for celebration: These awards honor companies that have seized the opportunity to integrate sustainability into their businesses. Their success will be celebrated at a dinner in NYC on May 16, which will take place during our two-day summit on Building a Sustainable Future.
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Chief Marketers Have New Skill Sets, and CCOs Have Expanded Their Swim Lane
Today’s chief marketers—who go by many different titles (chief growth officer, chief digital officer, etc.)—have turned into analysts, technologists, and strategists.
A new job profile for marketing leaders: CEOs want them to identify market opportunities and generate revenue, driven both by short-term performance marketing and long-term brand building—all while creating a holistic customer experience and measuring performance.
Communicators’ 360° view: Meanwhile, chief communicators now find themselves managing multiple stakeholder groups to create a singular voice and vision for their companies.
More proactive and strategic than ever, today’s communications leader has become a trusted advisor of CEOs and business units, responsible for navigating key issues facing the business, getting ahead of future challenges, and providing data and insights on various stakeholders.
The TCB take: We will be researching the CEO’s evolving expectations of these roles and exploring how both the CMO and CCO jobs are changing. We invite CEOs, CMOs, and CCOs to give input to this project by contacting Denise Dahlhoff.
QUOTABLE: The Case for Operating in China
"Being in China isn't just important because of the Chinese market. Global growth in the next three to four decades will come from other emerging markets—where Chinese companies will be very competitive. So American and European multinationals need to be in China to learn how to compete against their Chinese rivals."
— Alfredo Montufar-Helu , Center Leader, China Center for Economics and Business, The Conference Board . He joined the Let's Talk Global Business podcast to discuss the geopolitical risks of China's new era.
How Companies Can Address the Societal Risks—and Rewards—of the Renewable Energy Transition
Embracing renewable energy sources—solar, wind, hydroelectric, and geothermal—offers businesses a chance to support sustainability while fostering economic growth.
The pros and cons: Projections suggest the transition to renewables will yield net employment gains, ushering in a new era of "green" jobs. But this shift also poses challenges, particularly for fossil fuel-reliant industries and their communities.
Why companies should care: With the energy transition gaining momentum, they face heightened stakeholder expectations to manage social and economic disruptions. Evolving sustainability reporting standards, especially in Europe, underscore the importance of addressing workforce and social dimensions.
The TCB take: As stewards of this transition, companies should ensure inclusivity and meaningful job opportunities. To navigate the social aspects of this shift, firms can take concrete steps including:
Register for our May 16-17 event:?Building a Sustainable Future: The Global Energy Transition
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