The Risk
It is finally clear that equity is not purely a matter of fairness. Action to achieve diversity is not a case of bowing to feminism or an aspiration championed by a minority. It is a business imperative to ensure a better balance of women and men at senior executive and board level. The simple fact is, successive reports, based on substantial data collecting and analysis over the last decade, by respected global specialists, reveals that organisations with more senior women outperform others by a staggering 30 to 40%!
What CEO or board can afford to ignore that, especially in the current economic climate?
The Response
What CEO or board can afford to ignore that, especially in the current economic climate?
The Response
So vital is the impact of women on company performance, that this year, for the first time, the Australian Securities Exchange (ASX) will force companies include the numbers of women staff, senior management and on their boards in annual reports.
In addition, businesses won’t just be required to report to the federal government on equity plans. From this year, they’ll have to specify results. The Hon. Kate Ellis, Minister for Status of Women says: “No more good intentions – we want good outcomes”.
The federal government has mandated that to achieve better balance, all its boards will have at least 40% of women and 40% men by 2015. A number of our biggest companies have promised to do so too. Currently, around 10% of board members are women.
The Pipeline for Women Leaders
In addition, businesses won’t just be required to report to the federal government on equity plans. From this year, they’ll have to specify results. The Hon. Kate Ellis, Minister for Status of Women says: “No more good intentions – we want good outcomes”.
The federal government has mandated that to achieve better balance, all its boards will have at least 40% of women and 40% men by 2015. A number of our biggest companies have promised to do so too. Currently, around 10% of board members are women.
The Pipeline for Women Leaders
Having women join men at the top is suddenly critical, but where will they come from? John Colvin, CEO of the Institute of Company Directors says the pipeline of senior women executives is only 8%.
We need to do something and do it fast. My recommendation, (no surprise here) is mentoring for high potential women. Identifying, encouraging and skilling capable and experienced women is critical to quickly address the shortfall of women ready to step up.
However, a stand-alone, quick fix approach is shortsighted. Mentoring needs to be an integral part of a long term, overall strategy that builds equity for all women and men into the culture and addresses future needs.
The pipeline to leadership is a long one and women traverse their life stages and careers in a different pattern to men. Their untapped and undervalued talent is often overlooked and sometimes lost altogether.
Preparing For Prosperity
We need to do something and do it fast. My recommendation, (no surprise here) is mentoring for high potential women. Identifying, encouraging and skilling capable and experienced women is critical to quickly address the shortfall of women ready to step up.
However, a stand-alone, quick fix approach is shortsighted. Mentoring needs to be an integral part of a long term, overall strategy that builds equity for all women and men into the culture and addresses future needs.
The pipeline to leadership is a long one and women traverse their life stages and careers in a different pattern to men. Their untapped and undervalued talent is often overlooked and sometimes lost altogether.
Preparing For Prosperity
Women’s participation in the Australian labour-force is extremely low by international standards - 44th in the world. Our country needs more skilled workers to take advantage of the minerals boom and manage the challenges of an aging population. Women are vital to our nation’s economic success. Kate Ellis says: “In context, the booming mining sector currently contributes around 8% to our GDP. Improving women’s workforce participation could boost our GDP by 11%. That’s an entire mining sector and then some.”
Mentoring can make a difference at all stages of workforce participation. Imagine lifting the trajectory of entry-level employees, enabling workers to get traction early in their careers and increasing engagement through the personal attention of a mentor. Envisage the value of transition to management programs that combine formal education, career development opportunities and the guidance of a mentor. Think about the productivity implications of an effective return to work after a parental career break, supported through mentoring. Consider reducing the vital knowledge and experience, usually lost to organisations as older workers leave, through mentoring. These are just a few examples.
Organisations preparing for a prosperous future capitalise on the strategic leverage mentoring offers. Long-term and short-term, it’s an investment that delivers a good return. That’s why mentoring works.
If you would like my assistance to plan and implement mentoring for equity outcomes call me now 02 4342 2610 or email ann@mentoring-works.com
Mentoring can make a difference at all stages of workforce participation. Imagine lifting the trajectory of entry-level employees, enabling workers to get traction early in their careers and increasing engagement through the personal attention of a mentor. Envisage the value of transition to management programs that combine formal education, career development opportunities and the guidance of a mentor. Think about the productivity implications of an effective return to work after a parental career break, supported through mentoring. Consider reducing the vital knowledge and experience, usually lost to organisations as older workers leave, through mentoring. These are just a few examples.
Organisations preparing for a prosperous future capitalise on the strategic leverage mentoring offers. Long-term and short-term, it’s an investment that delivers a good return. That’s why mentoring works.
If you would like my assistance to plan and implement mentoring for equity outcomes call me now 02 4342 2610 or email ann@mentoring-works.com
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