Annual global consumer spending now exceeds USD20 trillion. It has long been known that women make 80% of the major spending decisions (vehicles, vacations, homes, financial planning).
However, there is a disconnect in the corporate world when acceding that same sort of “spend power” of women to drive and lead organizations.
51% of women globally work outside the home. Moving up the ladder, their influence hovers at around 15% at the Executive level, 3% at the CEO level. Why hasn’t that “glass ceiling” been shattered by now, or at least visibly cracked?
According to research by Hewlett and Luce, women are the first ones forced out during a downsizing or M&A (diversity sensitivity takes a nosedive during a re-org) or they start looking elsewhere when faced with limited growth potential. Those who remain do so out of necessity but feel “stuck” at lower levels, since doing more than what is required to do earns no greater benefit or prestige.
Since women are considered to be a family’s primary caregiver, the burden of caring for elderly parents and/or children falls to them. Given a choice—abandon the workplace or invest time with a loved one—women will generally lead with their integrity and let their pocketbook take a hit.
But there’s more—far more—than these issues: women between ages 30 and 55 re-evaluate life, gaze inward, and re-define their purpose.
A man’s “midlife crisis” is often narcissistic, (sports cars, love affairs, new-found sports) pushing away thoughts of any decline, whereas a maturing woman’s thoughts focus on critical self-awareness, accumulating wisdom and usefulness. This re-awakening often occurs for women during a critical career junction. A career progression from management to leadership seems not only possible, but entirely logical.
Organizations must stop focusing on policy and diversity spreadsheets, and better address individual and employee segments, acknowledging that the dearth of executive-level women significantly impacts the bottom line. To solve this dilemma, companies need to ask: ‘What does the talent we seek (and currently employ) want and need? How do their wants and needs drive their level of engagement and the organization’s bottom line?
7 Steps Program:
Link the three “A’s” of role and engagement:
-Autonomy (“let me do my job”);
-Authenticity (“let me be who I am”);
-Acknowledgement (“tell me when I’m doing well and when I’m off-track”).
Give credit for ideas: Don’t steal my ideas and claim them as yours.
Provide a mentor or advocate to help increase visibility and credibility. Not everyone is comfortable with self promotion; many people (men and women) need help in this crucial area.
Incorporate organizational components that support workplace diversity: Flexible schedules; moving up the ranks even when telecommuting from home or not physically in the office; family benefits; sabbaticals; and that each option is viewed positively by management and leadership. Hiring managers must be enthusiastic and supportive, or workers will not feel it worthwhile to make use of their options.
Use a marketing approach for benefits: One size doesn’t fit all. Recognize varying needs of employees and offer benefits that drive engagement. (A happy side effect: the bottom line should increase.) True commitment comes as a result of the organizational support employees receive. When organizations commit wholeheartedly, they get higher performance; employees identify with the goals and values and feel like part of a true and valued process. Result: turnover becomes much less of a problem or concern.
Define membership, build an inclusive community. Perception management is crucial. Transparency is key. If women think they must adapt their behaviour to fit in, their authenticity takes a beating. If an organization is perceived to have an óld boy’ network, and women see only men at the top, the hurdles appear bigger, and their reasons to leave or expend minimal energy grow stronger.
Don’t take shortcuts or offer one-off solutions: The real solution is not as simple as starting a mentoring program or offering flexible benefits. Examine your workforce as you would your marketing plan. Target benefits to meet employees’ legitimate needs. Constantly manage perceptions.
Remember that employees make a decision to leave 6 to 9 months before they actually announce their plans – and they’ll jump ship unexpectedly when they find a work environment that helps them thrive.
