Five diversity insights for women in business
Earlier this year I went to a Diversity Works NZ Aspiring Female Leaders Workshop and loved it. The workshop is useful for all women in business. Especially women who want to lead in their careers, communities or their own business.
It opened my eyes to what diversity means and how hard we all need to work to achieve diversity in the workplace.
“Leadership is using the greatness in you to achieve and sustain extraordinary outcomes by engaging the greatness of others”
Diversity insights for women in business
During the workshop, we watched an excellent TED Talk by Susan Colantuono, CEO of Leading Women, called ‘The career advice you probably didn’t get’.
The points she makes about why women aren’t getting leadership positions are simple and powerful. I could relate to her talk from my own career experience. Most of all I found her talk empowering. Business leaders have a responsibility to provide the right culture for diversity to flourish. However, there are things women can do every day to help achieve our leadership goals.
One: Diversity is good for business
McKinsey and Company research shows diversity is good for business. They found that companies with a more diverse workforce perform better financially. Find out more in the Mckinsey article Why Diversity Matters.
Diversity Works NZ suggests diversity can provide these business benefits:
Gain a competitive edge
Attract better talent
Enhanced decision making
Tap into new opportunities
Improved image
Increased productivity and engagement
Two: Women are stuck in middle management
The gender leadership gap hasn't closed much in 40 years. Around fifty percent of middle managers are female. Yet, the same proportions aren't making it into leadership roles.
In Susan Colantuono's TED Talk she told the story of a talented female manager. She kept missing out promotions despite appearing to meet the requirements for leadership. She couldn't figure out why she stayed stuck in middle management. A familiar story among female managers.
To figure out why this is happening Susan suggests we need to look at things a different way. Instead of focusing on why women aren't in leadership roles. We need to examine are why they're getting stuck in middle management.
Three: Two critical skills are needed for leadership
To become leaders we must develop leadership skills in two main areas:
Inspire the greatness in others
Use our talents and abilities to help businesses achieve financial strategic goals.
While leaders need both skill sets, Susan Colantuono suggests they're not equally valuable. Being able to achieve strategic financial goals is more important.
Business leaders must have strategic, financial, and business know how. They need to understand the strategic and financial goals of the business. And how their skills and abilities will help achieve these goals.
Inspiring the greatness in others is essential. But Business, strategic and financial know how are the keys to the leadership door.
Four: Women aren’t developing one of the critical leadership skills
Often female managers are excellent at inspiring greatness in others. Yet, many don't have the skills needed to help businesses achieve their financial strategic goals. Women aren't gaining enough business strategic and financial know how during their careers.
Susan highlights a couple of possible causes for this:
Leaders think business strategic and financial know-how is ‘a given’ for leadership. So they don't mentor this critical skill
Women don't know all the skills needed for leadership so don't ask for development in the right areas
And unconscious bias
Susan described a business mentor who had two prodigies for 12 months. One female and one male. She asked him how he'd groomed them for leadership. He said he'd helped the woman build confidence and taught the man about the business. He hadn’t realised he’d mentored them differently until Susan asked the question.
Five: We can start developing the critical skills we need for leadership today
Business leaders must help women gain the critical skills necessary for leadership. But, we don't have to wait for leadership support. We can start developing business, strategic and financial know how today.
Find good sources of business information and read them regularly:
The McKinsey Insights (website or app)
Join a business network and attend their events:
Educate ourselves on diversity:
Support female leaders and diversity champions:
Find out how much diversity is there on your Board or Senior Leadership Team
Seek out the diversity champions in your organisation, industry or community
Know the female leaders in your organisation, industry or community. And advocate for them.
Understand your CEO’s position on diversity and what he or she said in the press on the topic
Practice professional skills at work and in your personal life:
Ask your manager or mentor how you can develop business and financial know-how.
Find a definition of leadership that resonates with you and adopt it.
Find leadership opportunities outside of work.
Invest in a great jacket or an item of clothing that helps you feel confident and powerful.
Memorise a few great quotes, insights or statistics. Use them in conversation or interviews.
Always be able to communicate the contribution you make and the value you add.
Smile more in meetings.
Learn how to introduce yourself and others at networking events.
Start your own business and learn by doing it all yourself.
“No country can truly develop if half its population is left behind.”
What I’ve learned
Leadership skills are not enough to become a business leader
Leaders must have solid business knowledge. And be able to make sound strategic and financial decisions based on that knowledge.
Business know how is more important than leadership skills to become a leader
Business know how is considered ‘a given’ for an aspiring business leader. So training isn’t always provided.
Your can learn business know how can. It's useful for career development whether you want to be a leader or not.
