Food Forum: Time to act on women’s leadership

Progress for women in executive positions has stalled, and that may be costing retailers money. By Joan Toth Not long ago, someone questioned me about the need for “women in leadership” awards. They seemed “very 1970s,” he said. Women are on an even playing field these days, so why single them out for special recognition? My answer is this: Women are not on an even playing field in the grocery industry—or any industry. While women have made modest inroads into senior leadership, the corporate culture of most workplaces still presents major barriers to women who want to advance their careers. Look at the numbers. While women make up half the retail industry’s workforce, they still account for less than one in five corporate officers and one in 20 CEOs. Some women, like those receiving the well-deserved leadership awards, are moving up—but they are exceptions, not the rule. The scarcity of women leaders put women, their male peers and the companies in which they work at a competitive disadvantage. Consider this: Women in the U.S. are more likely than men to possess college degrees, including post-graduate degrees. According to Pew Research, Americans believe women are more likely to exhibit key leadership traits like intelligence, compassion and creativity. A 2011 Catalyst study reported that companies with three or more female board members outperformed those with no women directors. The companies saw an 84% higher return on sales; a 60% higher return on investment capital and a 46% higher return on equity in at least four of the five years analyzed. Then there is the strong industry-specific business case for more women leaders. Women control 70% of household spending. They make or influence 93% of all food purchases and take 63% of all trips to the grocery store. Yet 59% of women say food marketers do not understand them. Still, the number of women in leadership has barely budged in the past decade. Why? Conscious and unconscious bias—together with institutional bias in hiring, training, promotion and talent management—still tilt the playing field in favor or men. Working mothers are penalized for reasons that have nothing to do with job commitment or hours worked. And multicultural women face two strikes as women and minorities. Time for change Since its founding 14 years ago, the Network of Executive Women has been developing women leaders—just to send them back to organizations that have not changed. This year we are launching an “It’s Time” women’s leadership movement to change the workplace. Our goal: To advance women, build business and create a better workplace for all. For too long, women who want to advance in the industry have focused on conforming to a male leadership style. As they did, we lost the benefits of women’s leadership and we lost female talent. Dissatisfied and unable to make a difference, high-potential women have gone elsewhere, often starting their own businesses. The answer is not switching from a male leadership culture to a female one. Men are not the problem. Men want what is the best for their organizations, themselves and for their women leaders. Companies benefit from an inclusive work culture that values the unique strengths of everyone. We can create that new leadership culture by focusing on these five priorities: 1. Change workplace culture. The way we look at leadership and the way we look at women. 2. Change the organization. Rethink the company’s hiring, talent development and careerpath, work/life and compensation strategies and policies. 3. Engage men. Senior leaders should act as mentors and sponsors and support high-potential women for leadership roles. 4. Engage leadership. Companies making progress in women’s leadership have one thing in common: Committed executives driving change. 5. Achieving critical mass. Too many organizations advance a few high-profile women and rest on their laurels. To achieve the benefits of women’s leadership—and make these gains sustainable—organizations must have targets in place that advance women. This is a tall order. But it is time. Visit newonline.org/itstime to support our “It’s Time” Movement and leverage women leaders in your company. Help us—and yourselves—achieve our vision: A workplace with no limits. Joan Toth is president and CEO of the Network of Executive Women. She can be reached at [email protected].