Much has been said and written about women’s advancement in leadership positions, but the truth of the matter is, progress has been slow. There is still significant work that needs to be done to move toward gender parity, according to a new report by Korn Ferry and The Conference Board.
The study, which was released two days before International Women’s Day (March 8), found although 62 percent of respondents believe representation of women in leadership positions has improved during the last five years, 66 percent believe that there still is an inadequate representation of women in leadership roles in their organization. More than 300 human resource executives were polled for the study.
The study, "Effective Leadership Development Strategies at Pivotal Points for Women: Chief Human Resources Officers and Senior HR Leaders Speak," found a high level of dissatisfaction among respondents with female representation in leadership roles, with 66 percent saying the number of women at the vice president level at their own organization was inadequate. Sixty-five percent agree that there was not enough female representation in the C-suite or top senior executive roles.
Gender inequality at the top is a familiar topic in the financial services profession. Most of the leadership positions in the industry are held predominantly by men, according to a 2014 report by the Center for American Progress. The report said women make up 54 percent of the financial-services labor force but only 12 percent of its executive officers and 18 percent of its directors.
Attracting and retaining women advisors will be a topic at the 2019 Invest in Women conference in Atlanta on April 29 through May 1.
One of the conference participants, Lynn Ballou, a regional director with EP Wealth Advisors in Lafayette, Calif., and a co-founder of its women’s initiative, said: “I really feel like we are pretty much at a historic crossroad.” Women have done a pretty good job bringing forth the issue that the industry needs more women advisors. However, “we can’t just keep talking to each other about something we already know is true or nothing is going to change,” she says. “It’s time “to reach across the aisle [to men] and have this be a human conversation, not a gender conversation.”
“The obstacles a woman faces exist across the entire lifecycle -- from hiring to promotion and throughout development,” said Beatrice Grech-Cumbo, Korn Ferry leader of Advancing Women Worldwide and senior client partner. “In the study, we identified two pivotal points where women’s representation drops significantly: first-line leaders and senior leaders. While organizations are focusing on increasing the representation of women in senior leadership, it is equally important to work to place women in first-line manager roles. This point in the pipeline significantly impacts the promotion pool of female talent.”
Respondents voiced concern about the lack of focus on preparing for more women at the top. Half of those polled believe there are not enough women in the pipeline to fill open leadership positions, and 40 percent do not believe women are gaining the experiences necessary to help them advance.
The authors of the study believe incremental actions will not be enough to close the gap, and that leaders must disrupt the status quo, take a strong position, and focus on programs that drive greater outcomes, the report noted.
The report also identifies key steps that are necessary to help women advance at all levels of the organization. Recommendations include:
• Challenging women early in their careers.
• Redesigning talent management systems to mitigate bias and disrupt historical practices.
• Creating an intentionally inclusive climate.
• Providing differentiated development opportunities and experiences.
• Developing a sponsorship program aimed at advancement opportunities for women.
• Offering stretch assignments and personalized leadership experiences.