Merck’s brand-new volunteerism policy grants workers 20 paid hours off each year to spend on community service.

Flexible schedules were first introduced by this Whitehouse, NJ–based pharmaceutical giant more than a decade ago—but by 2008, they were due for a checkup. In a global survey of 12,000 employees, management discovered that alternative arrangements (including telecommuting, job-sharing and compressed workweeks) had become so integral to workers’ sense of well-being that 49% of them said it affected their decision to remain with the firm. Employees with flex schedules reported greater job satisfaction and engagement, while those without them were more than twice as likely to quit. Motivated by the findings, Merck introduced the Global Flexible Work Arrangement program, which encourages workers to apply for such options and emphasizes that all requests are considered equitably. It then launched a website featuring request forms and training.

Chairman, President & CEO: Richard T. Clark

VP, Diversity, Work Environment & Employee Relations: Deborah Dagit

Women managers/execs: 42%

Women among top earners: 33%

Women on board of directors: 21%

Women corporate executive hires in 2008: 0

Women participating in management or leadership training in the past year: 22%

Women participating in formalized executive succession planning last year: 26%

Women promoted last year who utilized a formal flexible work arrangement: n/a

Formal compensation policies reward managers who help women advance: Yes