YCLOAK

Swiss firms from food and beverage giant Nestle to banking groups UBS and Credit Suisse pledged new goals on Tuesday for supporting and promoting women.

While Switzerland has Europe’s second-highest proportion of women in the workforce, it trails global standards on gender diversity in boardrooms and in management positions.

Consultancies EY, Deloitte and PwC and staffing agency Adecco all committed to increase female leadership in their Swiss businesses to between 20 and 35 percent by 2020.

This follows a recent survey by EY that found Swiss firms with at least 20 percent women in top management rated their financial situation as better, while studies by UBS have found companies with greater gender diversity consistently outperform.

Women represent just 6.7 percent of Swiss executives, according to Credit Suisse, compared with a global average of 13.8 percent and European average of 12.6 percent. They occupy one out of eight board seats, half the European average.

Hiring plans

Swiss women-in-business initiative Advance has spearheaded the move, with Credit Suisse’s domestic business saying it would strive for equal hiring in campus recruitment, while Nestle committed to grow the proportion of women in management positions worldwide every year.

Siemens Switzerland pledged to reach equal pay in the next three years, while IKEA Switzerland improved its paid paternity leave to two months.

Switzerland was the second-to-last European country to embrace women’s suffrage in 1971, more than half a century after Norway, Germany, Canada and the United States. And it took two decades more for the Swiss supreme court to force one canton to let women take part in local votes in 1990.

IKEA Switzerland head Simona Scarpaleggia, one of just four female CEOs out of 78 in Credit Suisse’s study, helped found Advance in 2013 and says the Swiss system needs to change to make things more straightforward for working mothers.

“Either you give up your time, which happens most often, or you get private support, which is very expensive. It wouldn’t be so complicated to change this system, as many other countries are doing,” said Scarpaleggia, who also co-chairs the U.N. High-Level Panel on Women’s Economic Empowerment, said.

Policy positions

The Swiss government hopes women will help fill a growing shortfall of skilled labor, but it eschews many policies, such as quotas and more parental leave, that promote women elsewhere.

It is among the handful of developed countries that give new fathers no time off, meaning infant care falls largely on women.

High child care costs mean many new mothers opt out of their professions or return part time, generally not returning to full time until children reach age 9, statistics show.

Many women step off the ladder later in their careers, tired of being pigeonholed and passed over for promotions.

“Companies are surprised that, if they look at the statistics, it’s often women between 45 and 50 who are leaving,” said Nia Joynson-Romanzina, who left UBS in 2015 to found consultancy iCubed.

The Advance initiative is seeking to “change Switzerland one company at a time,” Citi Country Officer Kristine Braden said.

“I’m quite optimistic because, despite the conservative approach, Swiss people are very pragmatic,” Scarpaleggia said.
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The U.S. trade deficit in January hit the highest level in nearly five years.

Tuesday’s report from the Commerce Department says the gap between what Americans sell to foreigners and what U.S. customers buy from overseas grew by 9.6 percent for the month to $48.5 billion.

U.S. exports rose six-tenths of a percent, as American companies sold more cars overseas, but U.S. commercial aircraft sales faltered. Export gains were overwhelmed by a surge in imported cell phones and autos, along with rising costs for oil imports.

The head of the White House National Trade Council, Peter Navarro wrote in the Wall Street Journal recently that the trade deficit hurts economic growth and could be a threat to national security.

In a note to journalists, analysts at Wells Fargo Securities say growing exports and imports are also a sign of improving economies in the United States and key trading partners. They blame some of the trade gap on the strength of the U.S. dollar, which means American-made products are more expensive, and harder to sell on global markets.

Other concerns came to light in a survey of hundreds of economists across the nation by the National Association for Business Economics. Many of these experts said expected increases in government spending could increase the deficit.

In a VOA interview, survey committee chair Richard DeKaser said members have concerns about efforts to limit immigration to the United States, and would support allowing more arrivals for highly-skilled migrants.

Housing market

A separate report from a private company says U.S. home prices jumped a strong 6.9 percent during the past year. Tuesday’s report from CoreLogic also forecasts a 4.8 percent price gain over the next year, which is well above the expected rate of inflation. The authors say prices are rising because of economic recovery, limited supply of homes for sale, and continued low mortgage interest rates.

Economists have been watching the housing market with particular care since severe problems in this sector contributed to the Great Recession.
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The secret to better job satisfaction may be as easy as having a healthy sex life, a new study suggests.

According to researchers at Oregon State University, married employees who “prioritized sex at home” were better workers and enjoyed work more.

On the other hand, the research showed that people who bring work-related stress home “impinges on employees’ sex lives,” leading researchers to recommend leaving work at the office.

The reason sex helps workers enjoy work more is that it releases dopamine and oxytocin, both of which are mood enhancers the effects of which can last into the next day. They added that the effects can last for at least 24 hours and worked equally among men and women.

“We make jokes about people having a ‘spring in their step,’ but it turns out this is actually a real thing and we should pay attention to it,” said Keith Leavitt, an associate professor in OSU’s College of Business and an expert in organizational behavior and management. “Maintaining a healthy relationship that includes a healthy sex life will help employees stay happy and engaged in their work, which benefits the employees and the organizations they work for.”

“This is a reminder that sex has social, emotional and physiological benefits, and it is important to make it a priority,” Leavitt said. “Just make time for it.”

For their study, researchers followed 159 married employees for two weeks and had them fill out two brief questionnaires each day. Those who had sex reported better moods the next day, particularly in the morning, which allowed them to be more engaged.

“Making a more intentional effort to maintain a healthy sex life should be considered an issue of human sustainability, and as a result, a potential career advantage,” Leavitt said. “Employers [in the U.S.] can steer their employee engagement efforts more broadly toward work-life balance policies that encourage workers to disconnect from the office,” he said.

The French recently enacted a law that bars after-hours email and gives employees a ‘right to disconnect.’

“Technology offers a temptation to stay plugged in, but it’s probably better to unplug if you can,” he said. “And employers should encourage their employees to completely disengage from work after hours.”

The study was published this month in the Journal of Management.
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