Candid interviews coupled with psychometric assessment of women
CEOs reveal they are not motivated by power or status and are often
appointed to the role when the risk of failure is highest
A study released today by Korn Ferry (NYSE:KFY) and the
Australian Institute of Company Directors (AICD) entitled
Australian Women CEOs Speak examines the careers of current and
recent women CEOs in Australia and highlights common success
factors on the road to becoming CEO.
“With just 14 women in CEO roles in the ASX 200, and a weak
pipeline of women in C-suite roles, we sought to better understand
why more women aren’t in key leadership positions and the
roadblocks to women’s advancement to reaching the position of CEO.
We spoke to those who have confronted a similar rocky pathway as
other women, yet managed their way to the top,” said Katie Lahey,
Korn Ferry’s Executive Chairman, Australasia.
“It was interesting to learn that close to half (43%) of the
women were handed a ‘hospital pass’ for their first CEO role. When
organisations are in dire straits they turn to women with a
reputation for hard work and problem solving to take over,” Ms.
Lahey added.
The study also revealed the importance of board experience for
women in the pipeline to the top job. Experience on boards, both
corporate and non-profit, and a relationship with their own board,
contributed to the women’s breadth of experience and confidence
before becoming CEO.
“Exposure to boards is key to the development of future CEOs. It
is pleasing to learn that most women described their relationship
with their own company’s board as positive and supportive,” said
Elizabeth Proust AO FAICD, Chairman of AICD.
“A strong pipeline of female leaders for executive roles leads
to a strong pipeline of future female non-executive directors. I
would encourage women who aspire to the CEO role to gain exposure
to boards during their career and encourage directors to get
actively involved in mentoring and sponsoring the next generation
of female leaders,” Ms. Proust added.
Australian Women CEOs Speak will inform future development
programs for women by structuring them to include factors that
particularly make women successful. It will also help CEOs and
boards understand the motivations and drivers of women leaders and
how to better attract women in the pipeline to the role.
“Women aren’t motivated by power or status; they are mainly
motivated by making a difference. Understanding just this one
factor will change how women are mentored and developed,” said Ms.
Lahey.
The study also revealed that most of the women had reached the
top without any formal coaching, mentoring or sponsorship.
“Women may be ambitious but not self-promoting. Mentors and
sponsors need to be aware of this when looking at future leaders in
their organisations,” said Ms. Proust.
Ten insights into the leadership drivers of Australian women
CEOs
1. Nimble and collaborative leadership
Australia’s CEO women show particular strength in how they
relate to people, and their effectiveness appears to extend from
their candid and trusting work with teams. They are also
exceptionally at ease with unsettled situations. They are highly
agile, ready and able to adapt, and will try new approaches as
needed.
2. Motivation
They are decidedly not drawn to power or status, and many didn’t
really want to be CEO. But they were attracted by a sense of
purpose—often related to improving the organisation for the sake of
the people in it.
3. Confidence and self-doubt
Despite track records of success, one-third of the women said
they’d experienced periods of serious self-doubt. On a psychometric
assessment, the female CEOs also scored themselves below-benchmark
levels on Confidence and Assertiveness.
4. Career goals
Of 16 interviewees, 43% said that they never wanted to be CEO at
all. About the same number set their sights specifically on
becoming a CEO, some as early as their 20s. The rest fell somewhere
in between.
5. Professional path
Although about half of the CEOs were operating with clear career
goals by mid-career, 75% said their professional life had periods
of "improvisation." Some had almost entirely unplanned careers and
moved into new positions driven by a desire to learn.
6. Little mentoring
Eleven of the 21 interviewees spoke of mentoring relationships,
though some of those were informal interactions that might include
a single piece of memorable advice. Only two women mentioned having
consistent mentoring throughout their careers.
7. Appointment during a crisis
Nine of the 21 women we interviewed were given a "hospital
pass"—handed power when the risk of injury to their personal career
was high. For women, this phenomenon is a corollary to the glass
ceiling called the "glass cliff."
8. Going global
Experience in international markets is a key feature of CEO
women’s careers in Australia. 70% of those interviewed described
significant global and multicultural experience.
9. Work and family
Half the women CEOs with children had partners who were the
primary family caregiver for some or all of the time the women were
building their career.
10. Higher education
Most of the CEO women held either honours or postgraduate
qualifications. Almost half had postgraduate qualifications in a
business-related field.
Note to editors: The research, undertaken by Korn Ferry,
in collaboration with Australian Institute of Company Directors,
included interviews with 21 women who were currently serving or had
previously served as CEO or equivalent roles and psychometric
assessment of 16 of the female CEOs. The interviews and assessment
were conducted between May and July 2018.
For the complete study, Australian Women CEOs Speak,
visit: Australian Women CEOs Speak.
About Korn Ferry
Korn Ferry is a global organisational consulting firm. We help
clients synchronise strategy and talent to drive superior
performance. We work with organisations to design their structures,
roles, and responsibilities. We help them hire the right people to
bring their strategy to life. And we advise them on how to reward,
develop, and motivate their people.
About AICD
The Australian Institute of Company Directors is committed to
excellence in governance. We make a positive impact on society and
the economy through governance education, director development and
advocacy. Our membership of over 43,000 includes directors and
senior leaders from business, government and the not-for-profit
sector.
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version on businesswire.com: https://www.businesswire.com/news/home/20180917005045/en/
Korn FerryKerry Little, Director Strategic Communications0402
013 224kerry.little@kornferry.comorCarissa Simons GAICD, Media
Manager, Advocacy, AICD0417 348 659csimons@aicd.com.au
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