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SUSTAINABILITY & IMPACT IN A CHANGING INDUSTRYDecember 13, 2018
LD Bennett | Principal, Maximize Consulting LLC; Senior Faculty, Center for Creative Leadership
Sara King | Principal, Optimum Insights, LLC; Senior Faculty, Center for Creative Leadership
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LD Bennett
Principal, Maximize Consulting, LLC
Senior Faculty, Center forCreative Leadership
Sara N. King
Principal, Optimum Insights, LLC
Senior Faculty, Center forCreative Leadership
Retention of Women
v Status of Women in Leadershipv Retention Factors and Challengesv Retention Challenges for Women
Women of Colorv Individual Actionsv Organizational Actions
Today’s Outcomes
Identify 1 Thing
• For Yourself
• For Someone Else
• For Your Organization This Photo by Unknown Author is licensed under CC BY-SA-NC
This Photo by Unknown Author is licensed under CC BY-NC-ND
Poll: Why You Left a Job?
Check all that apply
q Lack of Promotion Opportunitiesq Not Having an Impactq Inflexible Work Hoursq Feeling Isolatedq Lack of Support from Othersq Better Opportunity and Salaryq Bored/Lack of Challenge
q Presence of Bias/Discriminationq Toxic Culture q Too Much Travelq Bad Bossq Lack of Recognitionq Didn’t like the Role Offeredq Other
Status of Women in Leadership
Progress is Being Made
These Photos by Unknown Authors are licensed under CC BY-SA & CC-BY-NC-ND
But Not Fast Enough or Substantive
Signs of Progress
“Now, more than ever women are leaders, decision-makers, game-changers, drivers of growth, development, and making progress in our economy and our society at large. Women are literally the backbone of the economy as wage earners, spenders and wealth creators. Women are moving up in business, government, education, and organizations both in the United States and globally.”
Women’s Quick Facts, Compelling Data on Why Women Matter, 2017
Signs of Progress
Signs of Progress
ü Female CFO’s salaries are growing at a faster rate ü Women in CTO and CIO roles at 24% in top 100 companiesü Women CHRO’s at 48% in Fortune 250 ü Women as General Counsels at 21% in Fortune 500 ü Women as CMO’s at 32% globally
Women’s Quick Facts, 2017
Numbers/Not Positions of Influence
“Women make up about 51% of the US population, earn 60% of all master’s degrees, and control or influence more than 70% of consumer spending. Yet only about 5% of CEOs are women, 26.5% of executives and only about 21% of board seats are held by women in the S&P 500. ”
Catalyst, CEO Champions for Change, 2018
Same Story
The share of jobs held by women shrinks with every step up the management ladderWomen in the Workplace, 2018
48.1%
38.4%
34.1%
29.4%
22.7%
22.4%
Poll: For each question, select yes or no based on your experience.
1
I have equal opportunity for growth as my peers
2
Promotions at this company are based on fair and objective criteria
3
The best opportunities go to the most deserving employees
4
My gender has played a role in missing out on a raise, promotion or chance to get ahead
5
My race/ethnicity has played a role in missing out on a raise, promotion or chance to get ahead
McKinsey, 2017
Progress: PAR Study (2015/2017)
Findings:
1. Executives and senior-level women has increased 5.5% to 38%2. Women as full-time employees has remained steady
3. Hire rates for women exceed the rate for men by 8%4. Promotion rate is fairly equitable
PAR Study Finding and Recommendation
Turnover Rate for Women is 6.5% higher If the turnover rate continues, Mercer projects the level of
representation of women to remain flat over the next five years, and increase by 1% in the next 10 years.
Retention is key to change these odds.
Poll: Retention
What is the number one reason you stay in a job? (pick one)
Ø Meaningful Work
Ø Promotion Opportunities
Ø Supportive Boss(es)
Ø My Team
Ø Great Peers
Ø Salary Ø Major Breadwinner
Ø Company Brand
Ø Flexible Work Policies
Ø Other
Gender Difference
“High levels of transformational leadership and work engagement have a bigger impact on women’s career satisfaction than on men’s career satisfaction”.
Anne BraffordPositive Professionals, 2012
Women of Color
• The pipeline gap is even greater for women of color. They are less likely to get promotions and more likely to never interact with senior leaders, AND
• Black, Hispanic and Asian women are 43% more interested in becoming a top executive than white women and 16% more interested than white men
Women in the WorkplaceLeanIN.Org and McKinsey and Co. 2018
Video?
How Differently are Women of Color Impacted by Changes in the Industry?
Chat…Share Your Perspective
How can women help one another?
What else can we do for ourselves and for other women?
Best Practices: Individuals
Choose Choose development assignments that advance your skills & brand
Make Make right choices for you
Create Create the right networks
Seek Seek sponsorship
Challenge Challenge systems and assumptions
Seek Seek meaningful work
What can organizations do for retention and advancement of women?
BestPractices: Organizations
71-63% Telecommuting on a part-time/full-time is offered
75% Elder care referral service is offered
79& Child care referral service is offered
68% Leadership dev. opportunities specifically tailored for women & people of color
71% Policy/Practice to close gender & race/equity gaps in promotion rates
73% Gender pay equity policy/practice
*PAR – Pay Equity/Advancement Opportunities/Resources for Work/Life Integration
BestPractices: Organizations
Tackle Tackle policies/practices of bias
Rethink Rethink promotion practices
Diverse Diverse Hiring and Selection Teams
Advocates Sponsorship in addition to Mentorship
Measure Accountability and Metrics
Active Senior Level Commitment
*PAR – Pay Equity/Advancement Opportunities/Resources for Work/Life Integration
ACTION STEPS… NOW WHAT?
1 Thing YOU WILL do for YOURSELF
1 Thing YOU WILL do for ANOTHER
WOMAN
1 Thing YOU WILL do to INFLUENCE
YOUR ORGANIZATION
Questions and Answers
Contact Information
Sara N. King
www.optimuminsights.com
P.O. Box 638
Oak Ridge, NC 27310-0638
(336) 558-4351
L. D. Bennettwww.maximizeconsu
ltingllc.com
15101-D John J. Delaney Dr. - Ste 191
Charlotte, NC. 28277-2048
(704) 779-9275
