Getting women on board

Following publication of Lord Davies’ report earlier this year, there's been a lot in the press about women on boards. Davies recommended a minimum of 25% of women Executive Directors, arguing that a higher number of female directors would strengthen organizations, improve results and enhance corporate governance.

He called on Chairmen of the FTSE 350 companies to publish their aspirational targets within six months. Whilst two thirds of Chairmen have still not done so, recent press shows that since the report the number of female directors has jumped. 

The Davies’ proposals generate significant strength of feeling and emotion, both positive and negative. The report recommended targets, widely interpreted as female quotas. For them and you're accused of backing "tokenism" and demeaning women; against them, you're berated for burying your head in the sand and not recognising that it remains a male dominated world.

The truth is for many women this is a sterile debate, wanting only to be able to accomplish their goals and fulfil their potential. However as an observation, I have to say that the senior equality balance hasn't shown much sign of changing of its own volition over the recent years and since the report 27% of Board appointments across the ftse 250 have been female, taking the overall percentage of women directors to 15%.

So is it a question of demand or supply? I'm always told there are not enough senior women out there and that they drop out due to the "work life balance". Well we all, men and women, want one of those. Personally I think we are not creative enough about where we look for talent. Yes, of course more women than men drop out from the workplace, but we're not yet looking for a 50:50 balance on Boards, just achieving 25% of women would be good!

And do women disappear just because of work life balance? Frequently women are motivated by different things, and in order to advance through the ranks in some organisations, can often mean working with a particular culture or style that doesn’t suit everybody.

In my experience the business world is more risk adverse when employing a woman from say a different background or another industry, whilst they may be more prepared to take a chance with a male. That's not a criticism - merely an observation as there will always be a tendency for like to hire like, that's life. Head-hunters have a role to play too. I believe some of the language they use sets the tone for an entirely unconscious gender bias.

For example, job descriptions often require a Director to have "gravitas" - a roman virtue defined as "weight or seriousness." Not necessarily a quality associated with women, perhaps the word "impact" is more apt. Then there's the age old "grey hair," not many women's colour of choice.

Well let’s be honest - a balanced Board can be a great thing for a business. Diversity takes many forms of which gender is just one. It doesn't mean one type of person is better than another, but different is good, it avoids groupthink and can better represent your customer base. Both difference and independence of thought are critical to effective board performance and governance.

Is it a flexible working, childcare issue, the work life balance? Actually I think in Insurance we're on a par with most other sectors. But like any industry, to get to a senior position (and it might not be fashionable to say this), you've got to be able to be around and available when issues arise - and that's exactly the same for all of us, male or female. Talent is a pre requisite, but being there counts too. We can make it easier in the workplace but to make it to a senior level requires compromise. On both sides.

I passionately believe to be truly effective at a senior level you have to be true to who you are, and so the worst thing you can do in these situations is to conform or play a role and try and mirror the personalities around you. So we need more women.
So what should we do in our Market? To be completely honest I think women have to take a lead and be more assertive (in their own way). Sitting back and waiting for something to happen isn’t going to change things.

Women need to go for the jobs they want and to have the belief that they can do it. Start by finding a mentor, any mentor, male or female - the market is a networking business. If the Davies report makes Nominations committees more receptive to women candidates than they were, then that's a good thing. It might get you into the interview - but it’s up to you to get the job.

Comments

No comments