Dear Sir and the Occasional Madam CEO:
A year ago the waters of the great economic oceans receded. In fear of what might come next, people have responded in a variety of ways. Some are frozen in place awestruck (perhaps dumbstruck) by this phenomena. Others are waiting things out in the hills. Some are hiding in caves. But those who will ride the crests of incoming waves when the tides turn are looking to the future. They are scouting for the patterns that are forming now. If you are in this last group, continue reading as this post reveals an emerging wave.
Addressing the interests of women is no longer the politically correct thing to do. It is a clear competitive advantage. Women consumers represent a market opportunity more than two times the size of China and India combined. Companies should heed the mistake Dell Computers made in attempting to capture this market with stereotypes that insulted current and potential female customers. A big apology ensued. Women are more complex than Dell assumed. The best way to understand this market now and in the future is to listen to the women in your company. If you don’t have any – get some. If they are currently at lower levels in your company create a speed track to the top. Make sure they are in influential roles where they can direct critical decisions that will bring this market opportunity to your door. Invite women to join your board.
Savvy leaders are also preparing to attract and engage their future workforce. Women are an enormous part of this talent pool. They earn over 50% of undergraduate and graduate degrees. In science, engineering and technology companies, women account for over 40% of lower and mid-level managers and as a group they outperform their male peers. Yet they, the future leaders, leave en mass in their mid to late thirties to find greater engagement and satisfaction in other careers and companies. This is a huge problem and companies that will succeed in the future are addressing it now.
What follows is evidence of this sea change from my own view of the ocean.
1. Sylvia Ann Hewlett, Ph.D. from the Center for Work Life Policy got a standing ovation from a professional group of senior leaders in the Boston area. I’ve been attending these meetings for several years and have never seen the group stand to applaud a presenter. Dr. Hewlett spoke about her research and work with top tier companies like G.E., Pfizer, Cisco and Genzyme who are committing substantive resources and promising year over year progress in attracting, advancing and retaining women. She revealed the factors, above and beyond the usual money and power, that attract and retain women.
- Flexibility in determining when, where and how work gets done
- Having great colleagues and friends at work
- Doing meaningful work
- Giving back to the community
- Being challenged – to this I would add having the opportunity to contribute to substantive company issues and being valued for doing so.
When companies build work, structures, processes and roles around these needs, both women and men are more engaged. Hewlett also provided examples of what top tier companies are doing to attract, advance retain – and I would add maximize the contribution of talented women as well. Here is one example.
General Electric launched RESTART to lure women technologists and scientists back to work by offering flexible work schedules and other incentives. In Bangalore thousands showed up for this two day program. Thirteen were hired, and in a region where the average turnover rate is 40% annually, 12 out of 13 of these women have remained with the company for over a year.
2. I’ve had more requests in the past month than in the previous year for a white paper entitled “Women Leaders: From Politically Correct to Competitive Advantage” and an increasing number of requests to speak to public and private audiences on this topic.
3. An article entitled “How to Attract and Retain Talented Women” in PINK Magazine’s on line community has been viewed over 500 times in just a few days and is one of the most widely read posts on the site.
What is the call to action?
The end goal is attracting and retaining women customers, employees and leaders. Aim for a benchmark of 3 women on top leadership teams and on the board. If you are just getting started read HOW TO ATTRACT AND RETAIN TALENTED WOMEN,
AND
- Understand and communicate a clear concise business case for this endeavor.
- Work with the women in your company to assess the current conditions.
- Ask what helps and what gets in the way of maximizing their contribution and advancing their careers
- Designate a key executive as leader of a task force to recommend changes to address these factors
- Most importantly focus on structural and cultural changes in addition to providing development opportunities for women
- Select your most talented women and put them on a fast track to success by offering them-
- Sponsors who are held accountable for the success of these women
- Stretch assignments
- Opportunities to work with senior executives on key business imperatives
- Coaching and mentoring to develop their talents
Do you have an ocean view? Please take a moment to comment on the emerging waves that you see.
How is your company preparing for the importance of women customers, leaders and employees?