Growth Faculty announces MCs for ‘In Conversation with Michelle Obama' 

Driven to Change: Lessons from Susie Wolff

How Disney taught Marcus a lesson in love

Research consistently shows that diversity in leadership leads to better business outcomes. A study by McKinsey & Company found that companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability than companies in the fourth quartile (1).

McKinsey’s study also found that numbers matter.

_“Companies with more than 30% women on their executive teams are significantly more likely to outperform those with between 10% and 30% women, and these companies in turn are more likely to outperform those with fewer or no women executives.”_

It found that there was a performance differential of 48% between the most and least gender-diverse companies.

So, this isn't just about fairness; it's about leveraging diverse perspectives to impact workplace culture and drive innovation and performance.

Here we look the importance of women in leadership, its effects on workplace dynamics, and the challenges that still need to be addressed.

The Case for Diversity

The term "glass ceiling" refers to the invisible barriers that prevent women and minorities from rising to the highest ranks in a business or organisation. While progress has been made, women still face significant obstacles in reaching top leadership positions.

The "glass cliff" phenomenon describes the tendency for women to be appointed to leadership roles during times of crisis or downturn, when the risk of failure is highest. This puts additional pressure on women leaders and can reinforce negative stereotypes if the company's performance doesn't improve quickly.

Breaking the Glass Ceiling and Avoiding the Glass Cliff

_The way power plays out for women in the workforce, how they are not accommodated with flexible working, the persistence of often-male dominated cultures, and how women sometimes feel the need to out-perform their male colleagues to succeed. These are all issues that women currently face – even after decades of progress._

These are the observations of Anne Cooper, the founder of New Zealand leadership development programme Minerva, published in a 2024 Ethical Healthcare article. (2)

[Research](https://onlinelibrary.wiley.com/doi/full/10.1111/gwao.13019) in 2023 showed women in male-dominated sectors still "face significant challenges to progress their leadership aspirations." 

It’s a Catch-22 that the culture at many organisations is discouraging women in leadership; yet more women leaders will provide the gender balance and diversity of ideas that is needed to transform today’s workplace culture.

There’s a Catch - Male-Dominated Cultures

There are so many examples of strong and pioneering women leaders who are paving the way for others to follow. Like all leaders before them, not all succeed all the time. However, more female leaders are rising to the top, making their mark, and changing cultures from within.  

**Australia**

*   Shemara Wikramanayake, CEO of Macquarie Group, is the first woman to lead the company and has been instrumental in driving its sustainability initiatives. On Macquarie’s website she says. “The diversity of our people is, and always has been, one of our greatest strengths."
*   Vicki Brady, CEO of Telstra Group Limited, is its first female chief executive, worked her way up to lead the company. On LinkedIn she says “a strong culture and shared sense of purpose is very powerful.”

**United States**

*   Kamala Harris made history as the first black and South Asian woman to become vice-president, and the first to be named the presidential nominee of a major party.
*   In business, Mary Barra, CEO of General Motors, has held that position for 10 years and continues to lead the company as it transitions towards electric vehicles and autonomous driving technology.

**United Kingdom**

*   Dame Sharon White, Chairman of John Lewis Partnership, is the first woman to hold this position but has faced many challenges of heading up a retail business during the pandemic and adapting to changed consumer behaviour. She will step down after her first term ends in February 2025.
*   Among the women named in _Management Today Power List 2024 Winners_, Keri Gilder, CEO of digital infrastructure business Colt, is just one who has spearheaded strategies and policies to make the company more inclusive, such as a Gender Action Plan, an Allyship in Action programme, and a menopause awareness campaign.

**Singapore**

*   Chanel Go and Germaine Lye are co-founders (with Mitchell Zachariah Hong) of social enterprise and international collaborative platform Our Barehands. The lifestyle brand aims to support artisans across a number of communities.
*   According to Employment Hero (Singapore), women hold 21% of senior management roles in Singapore’s corporations (this is below the global average of 32.2%), and only 3 in 10 Singaporeans are very comfortable with women in leadership.  

**New Zealand**

*   Maretha Smit is CEO of Diversity Works, the national body for workplace diversity, equity and inclusion. Maretha is passionate about her life purpose to create a more sustainable and equitable society through national conversations and creative initiatives.
*   Of course, Jacinda Ardern, former Prime Minister, is a woman leader held largely in great regard globally. She demonstrated empathetic leadership during crises and promoted progressive policies.

Leaders Making a Difference

Encouraging high-potential women to embrace [leadership progression](https://thegrowthfaculty.com/articles/understanding-leadership-progression) and take on leadership roles, sometimes before they feel fully ready, is crucial for developing a robust pipeline of future leaders. A study by KPMG found that 67% of women said they needed more support building confidence to feel like they can be leaders. The study also saw 34% of women saying they were encouraged to take more risks when “a leader encouraged me to go for it.” (3).

This approach requires:

·        Targeted mentorship programs

·        [Leadership development](https://thegrowthfaculty.com/articles/developleadershipskills) opportunities

·        Creating a culture that supports risk-taking and [learning from failure](https://thegrowthfaculty.com/articles/typesoffailure)

Emerging Leaders: The Importance of Early Opportunities

Leaders at all levels must actively work to create an environment where women can thrive.

As McKinsey says “Even where companies are more diverse, many appear as yet unable to cultivate work environments which effectively promote [inclusive leadership](https://thegrowthfaculty.com/articles/HowtobeinclusiveleaderIWD) and accountability among managers, equality and fairness of opportunity, and openness and freedom from bias and discrimination.”

A fair environment where women can thrive includes:

·        Sponsorship programs where senior leaders advocate for talented women

·        [Flexible work](https://thegrowthfaculty.com/articles/workflexibility) arrangements that support work-life balance

·        Unconscious bias training for all employees

·        Equal pay initiatives

A study by Development Dimensions International found that organisations with successful women's leadership programs saw a 27% increase in revenue per employee (4).

Advocacy, Support, and Professional Development

To improve and smooth the path for women leaders, current leaders should ask themselves:

·        How am I actively sponsoring and mentoring women in my organisation?

·        What biases might be influencing my decision-making in promotions and assignments?

·        How can I create more inclusive team environments?

·        Am I providing equal visibility and stretch opportunities to women on my team?

Questions for Current Leaders

For women looking to advance their careers, consider:

·        What specific leadership skills do I need to develop, and how can I acquire them?

·        Who are the potential mentors or sponsors in my network, and how can I cultivate these relationships?

·        How can I make my achievements and aspirations more visible within my organisation?

·        What strategies can I employ to overcome self-doubt and imposter syndrome?

Questions for High-Potential Women

It’s becoming something of a stuck record stating that advancing women in leadership is not just a matter of equality but a **strategic imperative** for organisations to thrive. 

Nevertheless, the continual reinforcement of these messages will chip away at the problem and help more women step into leadership roles. When that happens we will create more fair, dynamic, innovative, and successful workplaces for everyone.

[Growth Faculty members](https://thegrowthfaculty.com/memberships/?campaign_id=701RG000006BNNhYAO&promo=BlogGF) benefit from a world-class [immersive live virtual learning program of events](https://thegrowthfaculty.ac-page.com/GF-Program-Download) - all included in their annual subscription. It’s an engaging and entertaining way to develop leaders.

Growth Faculty recently launched a good value [Enterprise plan](https://join.thegrowthfaculty.com/enterprise/) for **larger companies** to develop leadership skills across their whole organisation.

New events are being added regularly to this highly curated program. Keep an eye on the website Growthfaculty.com for fresh additions to the line-up.

There are separate multi-week live virtual programs for [emerging leaders](https://thegrowthfaculty.com/events/a02RG000006jKwnYAE/overview?sid=a0KRG000008sQyb2AE) and for [senior leaders](https://thegrowthfaculty.com/events/a02RG00000606y1YAA/overview?sid=a0KRG0000092LET2A2); offering a condensed leadership course in a time-effective way. 

For **higher level leaders,** including CEOs, there is an in-person [Good to Great® Immersion Workshop with Jim Collins](https://thegrowthfaculty.com/events/a02RG000002EGYsYAO/overview/?campaign_id=701RG00000ALpCMYA1&promo=Blog&type=Affiliate) in Chicago, U.S., in October 2024. This is exclusively for executive teams and numbers are limited.

References:

·        “Diversity Wins: How Inclusion Matters”, 2020, McKinsey & Company

·        Anne Cooper, June 2024, “Minerva welcomes more women to leadership development programme,” Ethical Healthcare website, UK

·        KPMG 2019 Women's Leadership Study

·        Development Dimensions International, 2018, Global Leadership Forecast

Photo by [Artem Beliaikin](https://unsplash.com/@belart84?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash) on [Unsplash](https://unsplash.com/photos/woman-in-floral-themed-cardigan-leaning-on-fence-in-bokeh-photography-j5almO1E8rU?utm_content=creditCopyText&utm_medium=referral&utm_source=unsplash)

Women in Leadership: Transforming Workplace Culture

Statistics and examples of the impact of women leadership on culture

Keep informed
Stay Inspired

Women in Leadership: Transforming Workplace Culture

Statistics and examples of the impact of women leadership on culture

Keep informedStay Inspired

Keep informed
Stay Inspired