Why focus on Women? Where is the talent? Who are
Description: Why focus on Women? Where is the talent? Who are the best managers? What is the business Impact? Who are the healthcare providers and decision makers? What can women and men do? Women are the current workforce and the future pool of leaders
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slide1. Why focus on Women? Where is the talent?
Who are the best managers?
What is the business Impact?
Who are the healthcare providers and decision makers?
What can women and men do?<br>
slide2. Women are the current workforce and the future pool of leaders According to The Center for American Progress report The Women’s Leadership Gap (May 2017), women make up:
50.8% of the U.S. population4
57% of the U.S. labor force5
52% of all professional-level jobs6
59% of the college-educated entry-level workforce5
60% of undergraduate and master’s degrees7 4 Census Bureau, “Quick Facts: United States”
5 Bureau of Labor Statistics, “Employment status of civilian non-institutional population by age, sex, and race” Current Population Survey (2017)
6 Bureau of Labor Statistics, “Employed person by detailed occupation, sex, race, and Hispanic or Latino ethnicity,” Current Population Survey (2017)
7 National Center for Education Statistics, “Table 318.30”<br>
slide3. Talent Pool Since 2015, two-thirds of undergrads are women
More women than men are getting graduate degrees
Of the 15 fastest growing jobs in the U.S. 13 are already female dominated
Non-white women owned businesses in the U.S. are the fastest growing groups of entrepreneurs.<br>
slide4. Women lag behind men in leadership roles Although holding 52% of professional-level occupations,8 women are only:
21% of S&P 500 board seats
5.2% of S&P 500 CEOs
26.5% of executive/senior leadership roles
36.9% of first/mid-level management roles
In recent years, the percentage of women represented in top management positions slowly advances. 8Catalyst, 2016 Catalyst Census: Women and Men Board Directors (2017)
9Catalyst, “Statistical Overview of Women in the Workplace” (March 28, 2018)<br>
slide5. Female managers are better at engaging their employees than male managers Employees who work for a female manager are more engaged, on average, than those who work for a male manager, according to a Gallup study of U.S. employees. Women who report to female managers have the highest engagement, while men who report to make managers have the lowest engagement.
Percentage of employees engaged Male Manager
Male Employee Female Manager
Male Employee Male Manager
Female Employee Female Manager
Female Employee 25% 29% 31% 35%<br>
slide6. A study in leadership- women do it better than men Zenger and Folkman- Harvard Business Review Research study of 7,280 leaders in 2011.
“… at every level, more women were rated by their peers, their bosses, their direct reports, and their other associates as better overall leaders than their male counterparts – and the higher the level, the wider that gap grows.”
On 12 of 16 competencies, Females were rated more positively by the total of all respondents – managers, peers, direct reports and others.<br>
slide7. Why focus on Women? They are better managers Tom Peters June 15, 2015 BIO Philadelphia “Women are better managers than men”
“The data are there” Mark Crowley, “Female managers are much more effective at driving engagement”<br>
slide8. Is gender diversity profitable? Evidence from a global survey Survey of 21,980 firms from 91 countries.
Women in corporate leadership positions may improve firm performance.
Correlation could reflect either the payoff to nondiscrimination or the fact that women increase a firm’s skill diversity.
Women’s presence in corporate leadership is positively correlated with firm characteristics such as size as well as national characteristics such as girls’ math scores, the absence of discriminatory attitudes toward female executives, and the availability of paternal leave.
No impact of board gender quotas on firm performance but payoffs of policies that facilitate women rising through the corporate ranks more broadly could be significant.
Peterson Institute for International Economics
(February 2016) Marcus Noland, Tyler Moran, and Barbara Kotschwar<br>
slide9. Why focus on Women? It’s good for business Unlocking the full potential of women at work Joanna Barsh and Lareina Yee; McKinsey&Company Top Companies Outperform Average Ones Throughout the Pipeline
Share of women in leadership pipeline, % Women Men Entry level Manager Director Vice president Senior vice president C-suite 56 46 39 31 26 30 53 40 35 27 24 19 Top companies1 Average pipeline1 1 Does not include companies that are private partnerships and have fundamentally different business models.<br>
slide10. Diversity & inclusive leaders impact performance and drive business outcomes Companies that have leveraged Inclusion and Diversity for business impact. Companies that have NOT leveraged Inclusion and Diversity for business impact. vs 1.1x 1.2x 1.3x 1.5x 1.8x 2.0x Sources: Executive Board/CLC Human Resources, Deloitte, McKinsey Quarterly, Towers Watson<br>
slide11. McKinsey findings on Diversity Delivering* Researched over 1,000 companies in 12 countries
Measured profitability, using EBIT margin, and longer-term value creation, using economic profit margin.
Companies in the top-quartile for gender diversity on executive teams were
21% more likely to outperform on profitability
27% more likely to have superior value creation.
The highest performing companies on both profitability and diversity had more women in line (i.e., typically revenue-generating) roles than in staff roles on their executive teams.
Companies in the top-quartile for ethnic/cultural diversity on executive teams were 33% more likely to have industry-leading profitability
Companies in the fourth quartile on both gender and ethnic diversity are more likely to underperform their industry peers financially (29% more likely than the other three quartiles to underperform on profitability)
* Delivering through Diversity. McKinsey&Co. January 2018. Vivian Hunt, Sara Prince Sundiatu Dixon-Fyle, Lareina Yee<br>
slide12. How and Where Diversity Drives Financial Performance Survey of over 1,700 companies over 8 countries (US, France, Germany, China, Brazil, India, Switzerland, and Austria)
Examined diversity in management positions with respect to gender, age, national origin, career path, industry background, and education
Companies with above average total diversity had 19% points higher innovation revenue and 9% points higher EBIT margins
All six diversity dimensions had statistically significant correlations with innovation; industry, nation of origin and gender had slightly larger effects
Enabling conditions for diversity included: fair employment/equal pay practices, participative leadership, top management support, and open communication practices
(January 30, 2018 Harvard Business Review) Rocio Lorenzo and Martin Reeves. Boston Consulting Group<br>
slide13. Business Impact of Women Catalyst
A 26% difference in return on invested capital (ROIC) between the top-quartile companies (with 19-44% women board representation) and bottom quartile companies (with Zero women directors).
McKinsey Organizational Health Index (OHI)
Companies with three or more women in top positions (executive committee and higher) scored higher than their peers.
Companies that score highly on all nine metrics of organizational health have also shown superior financial performance.
McKinsey
89 European-listed companies with the highest proportions of women in senior leadership positions and at least two women on their boards outperformed industry averages for the Stoxx Europe 600, with 10% higher return on equity, 48% higher EBIT (operating result), and 1.7 times the stock price growth.<br>
slide14. Women are the family healthcare decision makers and a large segment of healthcare providers Patients
Women make approximately 80% of healthcare decisions in families* and are most likely to be the caregiver when a family member is ill (“Chief Health Officer”)
Providers
Since 1996, more than 40% of medical school graduates are women
Majority of new Family Practice, GP, and pediatricians are women
62% of graduating pharmacists are women
More than 90% of nurses are women. * US Department of Labor<br>
slide15. What can both men and women do to support women in the workplace? Coaching – direct reports need support, promotion, applying for higher level positions (they tend to think they are not ready) and challenging projects.
Mentoring – advice, support and feedback outside your line management
Sponsoring – use your influence and power to advocate; push to get a stretch assignment or a promotion<br>
slide16. Sponsor versus Mentor Senior person who believes in your potential and is willing to take a bet on you
Advocates for your next promotion
Encourages you to take risks and has your back
Expects a great deal from you (stellar performance and loyalty) Sylvia Ann Hewlett – Forget a Mentor, Find a Sponsor: The New Way to Fast-track Your Career Sponsor Experienced person willing to help and support you
Builds your confidence and provides a sounding board
Offers empathy and a shoulder to cry on
Expects very little in return Sponsor/ Mentor
Advice
Guidance
Makes introductions
Gives feedback Mentor<br>
slide17. What can men do? Make unconscious biases “conscious”
“Everyone has implicit or unintentional filters and these are natural and normal in human beings. The goal is not to ask people to not have filters but to make them aware of them.”
Julian Bond, “To be blind to gender is to be blind to the consequences of gender.”
Plan an active role
Support women in the workplace
Actively seek qualified candidates to hire and promote
Serve and socialize; don’t worry about failing or making mistakes.<br>
slide18. What can women do to support other women? Celebrate each other – give compliments
Don’t let generations divide you
Create and/or be a part of a network of women
Stick up for other women; don’t put each other down
Be a role model – tell your story
Avoid “Queen Bee” or “Icy Middle”<br>
slide19. References for women are better managers https://www.inc.com/michael-schneider/40-years-of-research-proves-women-are-better-managers-than-men-because-they-tend.html
https://news.gallup.com/businessjournal/178541/why-women-better-managers-men.aspx<br>
slide20. References for business performance https://www.forbes.com/sites/janetwburns/2017/09/22/2016-proved-women-are-great-for-business-yet-still-being-pushed-out/#6661d406188b
https://www.cnbc.com/2018/03/02/why-companies-with-female-managers-make-more-money.html
https://www.inc.com/melanie-curtin/science-companies-with-women-in-top-management-are-significantly-more-profitable.html
https://www.businessinsider.com/companies-with-women-in-leadership-roles-perform-better-2016-6
https://www.statnews.com/2018/05/23/diversity-biopharma-industry-women/<br>
Who are the best managers?
What is the business Impact?
Who are the healthcare providers and decision makers?
What can women and men do?<br>
slide2. Women are the current workforce and the future pool of leaders According to The Center for American Progress report The Women’s Leadership Gap (May 2017), women make up:
50.8% of the U.S. population4
57% of the U.S. labor force5
52% of all professional-level jobs6
59% of the college-educated entry-level workforce5
60% of undergraduate and master’s degrees7 4 Census Bureau, “Quick Facts: United States”
5 Bureau of Labor Statistics, “Employment status of civilian non-institutional population by age, sex, and race” Current Population Survey (2017)
6 Bureau of Labor Statistics, “Employed person by detailed occupation, sex, race, and Hispanic or Latino ethnicity,” Current Population Survey (2017)
7 National Center for Education Statistics, “Table 318.30”<br>
slide3. Talent Pool Since 2015, two-thirds of undergrads are women
More women than men are getting graduate degrees
Of the 15 fastest growing jobs in the U.S. 13 are already female dominated
Non-white women owned businesses in the U.S. are the fastest growing groups of entrepreneurs.<br>
slide4. Women lag behind men in leadership roles Although holding 52% of professional-level occupations,8 women are only:
21% of S&P 500 board seats
5.2% of S&P 500 CEOs
26.5% of executive/senior leadership roles
36.9% of first/mid-level management roles
In recent years, the percentage of women represented in top management positions slowly advances. 8Catalyst, 2016 Catalyst Census: Women and Men Board Directors (2017)
9Catalyst, “Statistical Overview of Women in the Workplace” (March 28, 2018)<br>
slide5. Female managers are better at engaging their employees than male managers Employees who work for a female manager are more engaged, on average, than those who work for a male manager, according to a Gallup study of U.S. employees. Women who report to female managers have the highest engagement, while men who report to make managers have the lowest engagement.
Percentage of employees engaged Male Manager
Male Employee Female Manager
Male Employee Male Manager
Female Employee Female Manager
Female Employee 25% 29% 31% 35%<br>
slide6. A study in leadership- women do it better than men Zenger and Folkman- Harvard Business Review Research study of 7,280 leaders in 2011.
“… at every level, more women were rated by their peers, their bosses, their direct reports, and their other associates as better overall leaders than their male counterparts – and the higher the level, the wider that gap grows.”
On 12 of 16 competencies, Females were rated more positively by the total of all respondents – managers, peers, direct reports and others.<br>
slide7. Why focus on Women? They are better managers Tom Peters June 15, 2015 BIO Philadelphia “Women are better managers than men”
“The data are there” Mark Crowley, “Female managers are much more effective at driving engagement”<br>
slide8. Is gender diversity profitable? Evidence from a global survey Survey of 21,980 firms from 91 countries.
Women in corporate leadership positions may improve firm performance.
Correlation could reflect either the payoff to nondiscrimination or the fact that women increase a firm’s skill diversity.
Women’s presence in corporate leadership is positively correlated with firm characteristics such as size as well as national characteristics such as girls’ math scores, the absence of discriminatory attitudes toward female executives, and the availability of paternal leave.
No impact of board gender quotas on firm performance but payoffs of policies that facilitate women rising through the corporate ranks more broadly could be significant.
Peterson Institute for International Economics
(February 2016) Marcus Noland, Tyler Moran, and Barbara Kotschwar<br>
slide9. Why focus on Women? It’s good for business Unlocking the full potential of women at work Joanna Barsh and Lareina Yee; McKinsey&Company Top Companies Outperform Average Ones Throughout the Pipeline
Share of women in leadership pipeline, % Women Men Entry level Manager Director Vice president Senior vice president C-suite 56 46 39 31 26 30 53 40 35 27 24 19 Top companies1 Average pipeline1 1 Does not include companies that are private partnerships and have fundamentally different business models.<br>
slide10. Diversity & inclusive leaders impact performance and drive business outcomes Companies that have leveraged Inclusion and Diversity for business impact. Companies that have NOT leveraged Inclusion and Diversity for business impact. vs 1.1x 1.2x 1.3x 1.5x 1.8x 2.0x Sources: Executive Board/CLC Human Resources, Deloitte, McKinsey Quarterly, Towers Watson<br>
slide11. McKinsey findings on Diversity Delivering* Researched over 1,000 companies in 12 countries
Measured profitability, using EBIT margin, and longer-term value creation, using economic profit margin.
Companies in the top-quartile for gender diversity on executive teams were
21% more likely to outperform on profitability
27% more likely to have superior value creation.
The highest performing companies on both profitability and diversity had more women in line (i.e., typically revenue-generating) roles than in staff roles on their executive teams.
Companies in the top-quartile for ethnic/cultural diversity on executive teams were 33% more likely to have industry-leading profitability
Companies in the fourth quartile on both gender and ethnic diversity are more likely to underperform their industry peers financially (29% more likely than the other three quartiles to underperform on profitability)
* Delivering through Diversity. McKinsey&Co. January 2018. Vivian Hunt, Sara Prince Sundiatu Dixon-Fyle, Lareina Yee<br>
slide12. How and Where Diversity Drives Financial Performance Survey of over 1,700 companies over 8 countries (US, France, Germany, China, Brazil, India, Switzerland, and Austria)
Examined diversity in management positions with respect to gender, age, national origin, career path, industry background, and education
Companies with above average total diversity had 19% points higher innovation revenue and 9% points higher EBIT margins
All six diversity dimensions had statistically significant correlations with innovation; industry, nation of origin and gender had slightly larger effects
Enabling conditions for diversity included: fair employment/equal pay practices, participative leadership, top management support, and open communication practices
(January 30, 2018 Harvard Business Review) Rocio Lorenzo and Martin Reeves. Boston Consulting Group<br>
slide13. Business Impact of Women Catalyst
A 26% difference in return on invested capital (ROIC) between the top-quartile companies (with 19-44% women board representation) and bottom quartile companies (with Zero women directors).
McKinsey Organizational Health Index (OHI)
Companies with three or more women in top positions (executive committee and higher) scored higher than their peers.
Companies that score highly on all nine metrics of organizational health have also shown superior financial performance.
McKinsey
89 European-listed companies with the highest proportions of women in senior leadership positions and at least two women on their boards outperformed industry averages for the Stoxx Europe 600, with 10% higher return on equity, 48% higher EBIT (operating result), and 1.7 times the stock price growth.<br>
slide14. Women are the family healthcare decision makers and a large segment of healthcare providers Patients
Women make approximately 80% of healthcare decisions in families* and are most likely to be the caregiver when a family member is ill (“Chief Health Officer”)
Providers
Since 1996, more than 40% of medical school graduates are women
Majority of new Family Practice, GP, and pediatricians are women
62% of graduating pharmacists are women
More than 90% of nurses are women. * US Department of Labor<br>
slide15. What can both men and women do to support women in the workplace? Coaching – direct reports need support, promotion, applying for higher level positions (they tend to think they are not ready) and challenging projects.
Mentoring – advice, support and feedback outside your line management
Sponsoring – use your influence and power to advocate; push to get a stretch assignment or a promotion<br>
slide16. Sponsor versus Mentor Senior person who believes in your potential and is willing to take a bet on you
Advocates for your next promotion
Encourages you to take risks and has your back
Expects a great deal from you (stellar performance and loyalty) Sylvia Ann Hewlett – Forget a Mentor, Find a Sponsor: The New Way to Fast-track Your Career Sponsor Experienced person willing to help and support you
Builds your confidence and provides a sounding board
Offers empathy and a shoulder to cry on
Expects very little in return Sponsor/ Mentor
Advice
Guidance
Makes introductions
Gives feedback Mentor<br>
slide17. What can men do? Make unconscious biases “conscious”
“Everyone has implicit or unintentional filters and these are natural and normal in human beings. The goal is not to ask people to not have filters but to make them aware of them.”
Julian Bond, “To be blind to gender is to be blind to the consequences of gender.”
Plan an active role
Support women in the workplace
Actively seek qualified candidates to hire and promote
Serve and socialize; don’t worry about failing or making mistakes.<br>
slide18. What can women do to support other women? Celebrate each other – give compliments
Don’t let generations divide you
Create and/or be a part of a network of women
Stick up for other women; don’t put each other down
Be a role model – tell your story
Avoid “Queen Bee” or “Icy Middle”<br>
slide19. References for women are better managers https://www.inc.com/michael-schneider/40-years-of-research-proves-women-are-better-managers-than-men-because-they-tend.html
https://news.gallup.com/businessjournal/178541/why-women-better-managers-men.aspx<br>
slide20. References for business performance https://www.forbes.com/sites/janetwburns/2017/09/22/2016-proved-women-are-great-for-business-yet-still-being-pushed-out/#6661d406188b
https://www.cnbc.com/2018/03/02/why-companies-with-female-managers-make-more-money.html
https://www.inc.com/melanie-curtin/science-companies-with-women-in-top-management-are-significantly-more-profitable.html
https://www.businessinsider.com/companies-with-women-in-leadership-roles-perform-better-2016-6
https://www.statnews.com/2018/05/23/diversity-biopharma-industry-women/<br>