Black MBA - Fall 2008 - (Page 22)

UP FRONT STUDY DETAILS WHY WOMEN ARE LESS READY TO RETIRE A new study by consulting firm Hewitt Associates of almost 2 million companies at 72 U.S. companies finds that women are less financially prepared for retirement than men. On average, both men and women are preparing to replace 85 percent of their pay at retirement, the study showed, but this is not enough for women – they need to replace 130 percent. Though men should prepare to replace almost as much – 123 percent – women will have a much harder time accomplishing this goal than men, Hewitt reported, due to longer life spans, lower salaries and poor saving habits. To shrink the gap between the money women need to save and the money they are actually saving – women need to save 2 percent more than men over 30 years to reach full replacement – Hewitt recommends that they invest much more aggressively and earlier in their careers, and that they put 2 to 4 percent more money into their 401(k) plans each year. Women should also consider postponing retirement for a few years, being more open to financial advice and not cashing out their 401(k) plans each time they switch jobs. –www.hewitt.com AFRICAN-AMERICAN MEDIA GIANTS COMBINE ADVERTISING POWER Interactive One, the online sector of the radio broadcasting giant Radio One, has signed a five-year, multimillion-dollar deal to partner with AllHipHop. com, a Web site devoted to hip hop-related news and viewed by a primarily African-American audience. The landmark partnership means Interactive One, an African American-focused media organization responsible for Web sites such as Blackplanet.com, Giantmag.com, MiGente.com and Newsone.com, will give AllHipHop.com access to all of its advertisers, resulting in the biggest online advertising network targeted exclusively at African-American consumers in history. Thanks to the partnership, advertisers who do business with Interactive One and AllHipHop.com are now guaranteed to reach 4 million monthly visitors and more than 500 million page views. Both organizations are lately experiencing growth; Interactive One recently bought Community Connect Inc. (CCI), which claims more than 23 million members, and AllHipHop. com will soon celebrate its 10-year anniversary. –www.radio-one.com AFRICAN AMERICAN-OWNED MARRIOTT HOTEL OPENS IN D.C. As part of its goal begun in 2005 to open 500 diverse-owned hotels by 2010, Marriott International announced in late July the Aug. 18 opening of the African-American-owned, 162-suite Residence Inn National Harbor, located in Prince George’s County, Md., near Washington, D.C. The hotel became the sixth diverse-owned Marriott hotel in the area, which was lately described by Ebony magazine as “America’s Wealthiest Black County.” It will be managed by 12-year Marriott veteran Kori Johnson. The hotel is one of more than 400 Marriott hotels owned or operated by minorities and women that make up the company’s Diversity Ownership Initiative. –www.marriott.com GLASS CEILING STILL INTACT IN INTERNATIONAL BUSINESS WORLD In general, businesses worldwide are less-than-welcoming of female and minority CEOs, shows a study by IMD International Search and Consulting. In a report titled “The Changing Face at the Top” that comprised more than 400 senior human resources executives from 24 countries, only half of all businesses had at least one female among their executive committee members, with women making up only 20 percent of executive committee members overall. Though 78 percent surveyed believe diversity should be a priority, less than 7 percent of C-suite executives (CEOs, CFOs and COOs) are women and less than 10 percent are minorities. Sadly, most business professionals are pessimistic about change – only 13 percent believe that more minorities will land top company positions in the next three years. Some of the problem can be blamed on irresponsible hiring practices – as little as 30 percent of businesses have successors identified ahead of time for C-suite positions – and poor priorities, as only two-thirds of those surveyed said talent acquisition should be a top concern when making a new hire. Two-thirds of respondents are worried about the not-too-distant departure of baby boomers, the study found, and its impact on the availability of executive talent. –www.imd-search.com 22 BlackMBA • Fall 2008 • www.nbmbaa.org http://Blackplanet.com http://Giantmag.com http://MiGente.com http://Newsone.com http://AllHipHop.com http://AllHipHop.com http://www.radio-one.com http://www.hewitt.com http://www.imd-search.com http://www.marriott.com http://www.nbmbaa.org

Table of Contents Feed for the Digital Edition of Black MBA - Fall 2008

Black MBA - Fall 2008 Contents Online From the Chairman From the President & CEO Up Front Who is Middle Class? Life and Times of the Middle Class Modern Times CEO to CEO: Why Didn’t I Think of That? Pass it Forward 30 Years of Conference NBMBAA Board of Directors Honorary Co-Chairs Conference History Speaker Showcase Industry Theatre NBMBAA Case Competition® Scholarship Winners NBMBAA Chapter Presidents Conference 2009: New Orleans The New Face of Recruitment Part-Time is the Right Time Across the Pond On Campus Board Bound MBAs for the USA Market Reality: Good Tapping Company Resources On the Move Employer Profiles Leading Bias-Free Mentoring Matters Faith in Corporate Circles Mideast Region Steps Up its Game Collegiate Chapters All in the Family How to… International Markets Are You Happy? Survive and Thrive Striking a Balance Advertiser Index In Focus

Black MBA - Fall 2008

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