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Final presentation
1) Women in Australia face significant financial disadvantages compared to men due to the gender pay gap and lack of representation in leadership roles. On average, women will have $1 million less in retirement savings than men. 2) Despite being highly educated, women are underrepresented in corporate leadership positions and face biases that negatively impact their career progression. Only 9% of corporate board positions in Australia are held by women. 3) Systemic changes are needed to level the playing field for women, including setting targets and quotas, auditing hiring and pay practices, mandating flexibility, and engaging both women and men in leadership roles to advance gender equality. Leaders play a key role in creating an inclusive culture.
Final presentation
- 1. Levelling the playingfield Our Leadership inheritance on equal participation and pay: pays to be bold! 1 Presentation to Women in Sales, Marketing and Account Management Leadership Summit March 2015
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- 3. 3 Because we wereborn female, and because we live in Australia We will be AUD$1 million poorer at retirement than our brothers, partners and male colleagues we will get 18.2% less for doing the same job as our colleagues, we will have a 9% chance of getting a Board, CEO or Exec job in corporate Australia we will likely take 50% longer than our male colleagues to become a CEO. Matilda & Phoebe, Josh’s daughters Maddie, Rob’s daughter Ruby & Bella, Darren’s daughters Emily & Georgia, Mike’s daughters Lauren, Chris’ daughter Caitlin, Temogen’s daughter Milla & Lilly, Anthony’s daughters Source: Untapped opportunity: the role of women in unlocking Australia’s productivity potential July 2014 EY and HBR, 7 Nov 2014. All photographs shown with the consent of the girl and their parent.
- 4. 4 The disconnects for women Australia: #1world ranking for educational attainment, # 13 world ranking for economic participation and opportunity Source: World Economic Forum, Global Gender Gap Report, 2013 Company performance with diversity on boards: 42% - higher return on sales 66% - higher return on invested capital 53% higher return on equity Source: Why Diversity Matters Links between productivity and flexibility: 3.4% less time wasted by women in flexible roles 1 extra FTE gained for every 71 women in flexible roles Source: Untapped opportunity: the role of women in unlocking Australia’s productivity potential July 2014 EY
- 5. The pay issue• 18.2%: Pay equity gap A 30 year high Source: Untapped opportunity: the role of women in unlocking Australia’s productivity potential July 2014 EY • 40% of Australian households have women breadwinners Source: Roy Morgan and NAB • 1975: first equal pay case. 2014: women earn 0.82c Source: Lisa Annese, Diversity council, ABS Statistics 5
- 6. • 3 moreyears accrues $237k of additional income • Penalty for interrupted work patterns 32 year-old, out for 2 yrs, retiring at 65yrs: – $65k salary = $28k super reduction – $115k salary = $50k super debt • Reducing reliance on the age pension by 10% saves $2b p.a. today and $8b p.a. in 2050 • $8b wasted of Australian investment in female workers Source: Untapped opportunity: the role of women in unlocking Australia’s productivity potential July 2014 EY 6 Legacy at retirement and the drain due to lack of affordable, quality child care
- 7. 7 Why having babies isa good career move for men – and a bad career move for women • Men earn $2000-$5000 each year for each child; women lose $2000-$7000 each year for each child Source: Macquarie University study • ‘Mother bias’ – 79% less likely to be hired, – 50% less likely to be promoted, – US$11,000 less in salary – held to higher standards of performance & accountability – If ‘competent and committed’, they were seen as bad people and bad mothers Source: HBR, Oct 2014
- 8. 8 Emma Watson atUN launch of ‘He for She’ gender equality campaign, 2014 “If not me, who? If not now, when?”
- 9. “A modern Goddess isa woman whole in all her female power, comfortable and unafraid of who she is on any level.” 9
- 10. "This is notgoing away. They need to face the music. I'm sure that's going to be uncomfortable for them, but it's going to be for the better …” Dr Caroline Tan, surgeon 10 Speaking Out
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- 13. Feminine analytical wisdom cleverly refinedand unified aspects of their masculine (mental) and feminine (feeling) qualities into their brand of business acumen 13
- 14. Five Pillars for Female Leadership •Meaning • Managing energy • Positive framing • Connecting • Engaging Head and Heart come together to be authentic and bold 14
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- 16. Bias Interrupters 16 Intentional interrupters. Forexample, an organization’s belief that it’s a meritocracy works against root cause change. What will change that belief? Source: Castilla and Benard. HBR Oct 2014
- 17. 17 Quotas: once dismissed, now embraced. ChristineLagarde, Managing Director of the International Monetary Fund Bias Interrupters “the controversial quota … "unfortunate but necessary"
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- 19. 19 What the mensay “Yes, without it, white men will keep hiring white men and the cycle continues” – male respondent
- 20. 20 Yet more …• “Companies should not baulk at setting the trend – in fact, they should be proud of it” – female respondent • “The thought of mandates scares me but I’m unsure how else we can achieve gender balance in leadership positions” – female respondent • “Unequivocally yes. To not do so leaves the result exposed to forces of bias (unconscious or not)” – male respondent • “When men have the flexibility to care for kids, then we have succeeded” – male respondent “When we have mediocre women CEO’s then we know full gender equality has been achieved” – male respondent
- 21. 21 More thoughts …• right person needs to be in the right job – regardless of gender • quotas need to be strategically linked to root causes and the whole system of issues in order to be effective • Those against quotas preferred KPI’s with public accountabilities or targets with transparency • Diversity of thinking as crucial to innovation No one said that this is a non-issue and nothing needs to be done
- 22. 22 Bias Interrupters The Impact: Cabinetof Norway Cabinet of Greece
- 23. 23 Systemic, cultural measures will embed changes: place, pay andposition women for success. Leader mandate On placing, paying & positioning women Diagnostic: Audit current organisational practices and climate and rem pay grades Use communication channels to set and celebrate Identify key points in employee life cycle for targeted change Eg recruitment and talent management Mandate flexibility for all roles as default position Set policy of core meeting hours Create symbols and artefacts to demonstrate change & make bold moves Set expectations of leaders, suppliers and vendors Key Principle: Leaders create culture (E Schien)
- 24. 24 Leader mandates onplacing, paying and positioning women into sales leadership roles Demand succession, pipelines and presence of women in sales and marketing roles Audit current organisational practices and climate Ask to see what your organizations data is today Use Communication channels to set and celebrate Profile success and chase down stories where women demonstrate effective leadership Identify points in employee life cycle for targetted change Ask HR to ensure all leadership roles have women in shortlist Ask HR to conduct a pay equity analysis of all comparable sales and marketing roles Mandate flexibility for all roles as default position eg Telstra Work with HR to role model flexible working hours Set Policy of core meeting hours Challenge boys club behaviour where business decisions are made outside the room, at drinks, in men only places and ensure business decisions are made in the room when women leaders are present Create Symbols & artefacts to demonstrate change Challenge ‘lookism’ and disrespectful comments; Celebrate case studies where innovation and increased idea generation and performance occurred due to diverse thinking and perspectives Set expectations of leaders, suppliers and vendors Ask that all parts of the organization be accountable to high standards of gender equity in sales and marketing functions eg agency, distributors, vendors
- 25. …being labeled as “bitchy”or “bossy” is still better than being “fake. ” Kelly Azevedo, founder She’s Got Systems 25
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- 28. • Serve asa platform for candid conversations about collaboration between women and men in all spheres of leadership • Engage men as crucial and equal partners in advancing women’s leadership at the highest level of influence • Emphasize the importance of a women's network that is inclusive of men in leadership roles • Create opportunities with men in leadership roles for an accelerated place of equal representation of women in our society 28
- 29. What you cando • Be bold and join us for the conversation • Ask “your” men to join in • Pledge your support & sponsor us! - Exclusive rights available! 29
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- 31. • LIA –PLEASE ADD MY DETAILS – LIKE WE DID FOR GE • THANKS 31
Editor's Notes
- #2 We have had many conversations recently: with Temogen about how to build innovation and creativity into the DNA of a company, with Louise about how to radically break the lack of child care conundrum facing women, with Jacqui and Fiona on quotas as a smash through option, with others about diversity of thinking and business performance. With all of you. The purpose for the next 10 minutes or so is to 1) to reflect the conversation through snapshots of research and 3) give us a jumping off point on what circuit breakers or blunt instruments we can put into action from 5pm today to solve issues we see –please be thinking what you’d like to action out of this. I have been given a mountain of research. My thanks to everyone and apologies I could present a few soundbites on the basis that the evidence speaks for itself. Yes?
- #4 This is the issue
- #5 Organizations with gender diversity on boards report these stats Too much diversity in countries eg congo wealth is dispersed. Too much coherence eg Poland and wealth isnt built. Sweet spot over 80-40,000 years Rome, US, Israel, China
- #6 Equal pay case from an Australian tribunal
- #7 If a woman works another 3 years instead of being interrupted for mat leave, she accrues $237 at today’s average wages in australia Poverty of women over 65 yrs is the hidden epidemic in Australia Even though we know more women than men graduate from Universities in Australia
- #8 Assumption. Men support families – the load they carry is to show leadership, drive and ambition. The price they pay is not being able to show vulnerability, nurturing, emotion Assumption: Mothers don’t want stretch assignments – the load we carry is housework, childcare and emotional and sexual labour. ‘wifework’ – Syfers in 1971 and Crabb in the Wife drought. Yet there is further research that Women’s brain functioning (eg memory retention) improves on becoming a mother and organisational skills significantly improve
- #9 Now we start to look at what actions – the first being ME saying IT STOPS WITH ME – I will not allow our sons will perpetuate gender inequities against our daughters. So but what will I DO NEXT?
- #19 Quotas being the biggest and most blunt bias interruper. Eg Panchayats – locally elected bodies Quotas removed 20 years later in denmark as gender equity was achieved The world economic forum put in place a Specifically, a company could have 5 places if 1 was reserved for a woman. If it could not bring a woman leader, it would have 4 places Norway is leading the world in gender equity. UK and US have 16% for the first time in history
- #23 Quotas being the biggest and most blunt bias interruper. Eg Panchayats – locally elected bodies Quotas removed 20 years later in denmark as gender equity was achieved The world economic forum put in place a Specifically, a company could have 5 places if 1 was reserved for a woman. If it could not bring a woman leader, it would have 4 places Norway is leading the world in gender equity. UK and US have 16% for the first time in history