While women continue to make strides in gaining senior leadership and board roles, the numbers continue to be surprisingly low. McKinsey’s 2015 Women in the Workplace study showed the talent pipeline to the C-suite narrows significantly at each step, with women making up 45% of professional entry-level positions and only 17% of C-suite positions. In 2016, only 4.2% of CEOs in the Fortune 500 are women. And according to 2020 Women on Boards Gender Diversity Index of Fortune 1000 companies, women hold 19.7% of board seats, an increase from 14.6% in 2011, when the data was first tracked.
On November 17, the Center for Women in Business at Bentley University and 2020 Women on Boards hosted a panel of senior executives to discuss the progression of women as corporate leaders. In 2010, 2020 Women on Boards created a national campaign aiming to increase the percentage of women on U.S. company boards to 20% or greater by the year 2020. Founded in Boston, the grassroots campaign is redefining good corporate governance and gender diversity standards while creating a cultural imperative for corporate action.
Bentley University President Gloria Larson led the panel, which included Boston Private Financial Holdings President and CEO Clay Deutsch, Grace Fey Advisors President and John Hancock Trustee Grace Fey, Global Corporate Practice Chairwoman and Weber Shandwick New England President Micho Spring, and Xerox CTO and Innovation Group President Sophie Vanderbroek.
The discussion focused on how women and their employers need to be intentional in their efforts to overcome unconscious bias and gain the experience and visibility that will propel them as board candidates.
Networking, networking, networking
Throughout the discussion, the panelists reiterated that persistent networking is the most important factor to advancement. Fey cited several personal networking examples that led to her board appointments. The panel encouraged women to leverage all opportunities to connect with colleagues, team leaders, and managers and ask for feedback and advice, since such relationships often evolve into mentorships or sponsorships.
Mentors are vital
Vanderbroek suggested young women should start their career working for a company where they “don’t have to be a trailblazer.” She says it can be beneficial to work where women are already leaders in the company and are available for mentorship. The panelists agreed that mentorship and sponsorship are vital to any individual’s career advancement, yet men typically have more informal opportunities to find a mentor within a firm. Larson observed that the lack of women mentors and sponsors may be responsible for making some women lose motivation, even though they have potential.
Sponsor talented women
Corporate character and culture directly impacts advancement of female employees and women are equally qualified to influence that culture, said Spring. She believes that the support and encouragement of women has to be intentional within the company. Companies should identify talented women and actively help them succeed. Deutsch noted that for a company to really make a difference they must “think in a matter of gender readiness,” suggesting that corporations must be willing to accelerate the advancement of women as quickly as they do for men.
Deutsch also suggested that increasing women on boards requires multiple approaches to build women’s professional self-confidence. Vandebroek identified three key qualities that can help women attain their first board position: “bring expertise, have a strong champion and demonstrate excellence.” Women should want to be noticed, she says, and not overlooked.
Commitment to diversity
The panel encouraged aspiring and current corporate leaders to “keep an eye on diversity.” More women sit on corporate boards than ever before, but there is still plenty of room for improvement. Commitment to diversity needs to come from the top and be translated into real programs and training that impact unconscious bias. Unconscious bias is real and affects opportunities for women at all levels.
ABOUT THE CWB
The Center for Women and Business is dedicated to advancing women in business, from the classroom to the boardroom. The CWB identifies and leverages best-in-class policies and practices and provide tools and training to apply in the workplace. Through targeted programs and thought leadership on critical issues, the CWB informs and supports students and professionals. Learn more at www.bentley.edu/cwb.