Why Aren't There More Women at the Top?

Let’s start with some statistics. Some might question the advisability of this, but these statistics are interesting, because they do not, on their face, seem to make sense.

• Women make 85% of purchase decisions, and influence another 10%

• Women owned businesses account for 41% of privately held firms, and spend $1.5 trillion on business related products and services

• In 2010, women are expected to own 60% of the country’s financial wealth

• Women are the most highly educated segment of current and future talent base – they hold 58% of bachelor degrees, and 65% of graduate degrees. Further, there has been a 54% increase in the number of doctoral degrees earned by women over the past decade, and a 57% increase in master’s degrees.

And yet,

• “[M]ore than 70% of the top 1,500 US firms have no women on the senior leadership team,” (Holding Women Back, Troubling Discoveries – And Best Practices for Helping Female Leaders Succeed, citing Dezso & Ross, 2008). This despite the fact that “Fortune 500 companies with the most women on top leadership teams have a 35% better return on equity. . . than those with the fewest women on their leadership teams.” (Women in Leadership Roles: From Politically Correct to Competitive Advantage, citing The Bottom Line, 2004)

• “Men make up progressively larger proportions of high-potentials within each management level; among executives, 50% more men than women are [considered to be] high-potentials.” (Holding Women Back, Troubling Discoveries – And Best Practices for Helping Female Leaders Succeed)

• “The career drop-out rate for women (in the areas of science, engineering and technology) is 52% while these industries face critical talent shortages that will impede growth rates that are expected to be five times the rate of other sectors.” (Women in Leadership Roles: From Politically Correct to Competitive Advantage, citing United States Department of Labor and Statistics, 2005)

So what’s going on?

There are, of course, many theories, most of which talk about what women need to do to succeed in the workplace. However, one of the most compelling theories focuses more on what businesses need to do to utilize this vastly talented yet under-utilized pool of candidates. Sylvia Hewlitt, author of Off Ramps and On Ramps, looks at a number of things, but four of the most interesting are the following:

• Traditional (read “male”) work models tend to be fairly linear, which tracks well with men’s lives. However, women tend to have non-linear paths, making it difficult for them to “fit into” traditional workplaces.

• Once women “off-ramp,” even for as short a time as 24 months, it becomes very difficult to “on-ramp.” Even if women are able to on-ramp, they often do so at a significantly reduced salary or with significantly reduced responsibilities.

• “Opportunities” for flexibility often turn into a euphemism for “not serious about her work.”

• The reasons women work are, in some very important ways, quite different from the reasons men work.

Although women do, of course, want to be paid well, their priorities tend to be more focused on connection, flexibility and recognition. For men, it’s typically about power and money. Hewlett notes, “Women’s priorities thus constitute a sharp departure from the conventional white male model and become yet another powerful reason why success within this model is so elusive for women.” Off Ramps and On Ramps.

How can this information can help your business grow? Stay tuned!

Friends Connect! Summit - Wow!!

Last Thursday evening and all day Friday, I had the pleasure of attending the Friends Connect! inaugural summit. The Friends of the Iowa Commission on the Status of Women supports the Iowa Commission on the Status of Women in its mission to serve women and girls, primarily in an advocacy/lobbying role.

What a great experience the Summit was! There was a wonderful collection of speakers, including Talia Leman (15-year-old CEO of RandomKid), Marie Wilson (founder and president of The White House Project) and Mary Stier, (founder and CEO of The Brilliance Group). Michelle Durand-Adams and her phenomenal Friends’ board did a tremendous job in creating this successful event (although I’m on the Friends’ board, I just joined in April, so really can’t take any credit in the success of the event!).

Maggie Tinsman and Jean Lloyd-Jones were in attendance. It was wonderful to hear these two veteran women politicians talk about the future of women in politics. In particular, they discussed the 50/50 in 2020 project, which is focused on equal representation (gender) in government. Lloyd-Jones also noted that despite the fact that she and former Senator Tinsman were in different political parties, they still managed to work together and get things done, a skill badly needed in today’s political climate.

When I left on Friday, I felt exhilarated. I had heard fabulous, strong women speak and share their experiences. I had received support and positive comments about my own strengths from other women who knew me. I connected to other strong women. And it reinforced my belief that, as Marie Wilson said repeatedly, now is our time as women. The “stars” (politics, economics, business, integrity, etc.) are aligning to make this a time unlike any other in history; a time extraordinarily favorable for women. Ms. Wilson warned us not to waste the opportunity, and I agree.

I am thrilled that this summit occurred at a time in my life when I am truly ready for it and the messages delivered, whether from a focused 15-year-old or strong women at the other end of the spectrum. I was inspired and motivated to move forward with my own work.

To that end, be looking for a unique opportunity Terri Deems (of WorkLife Design) and I will be offering in the near future to help move women forward, whether in their personal or professional lives. I’m very excited about this project, and hope you will be too!