Valerie Bolden-Barrett* says a new study of women’s leadership shows that risk-taking can help women succeed, but many fear they’re not being taken seriously.
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KPMG’s latest Women’s Leadership Study found that 69 per cent of women are willing to take small risks to advance their career, but only 43 per cent are willing to take the bigger risks that typically bolster careers.
The report also found that the more experienced and self-confident women are, the less willing they are to take risks; 45 per cent of those with less than five years’ experience were more open to taking big risks for career advancement, compared to 37 per cent of women with more than 15 years’ experience.
However, only 8 per cent of respondents said being a risk-taker contributed to their professional success.
Also, women of colour (57 per cent) were more open to taking big risks than white women (38 per cent).
In other key findings, 73 per cent of respondents said hard work was the reason for their success; low confidence is the main reason for not assuming bigger risk, driven by a concern for looking like they don’t know enough or won’t be taken seriously; nearly half of respondents said risk-taking gave them more confidence in their abilities, while only 28 per cent said it allowed them to progress faster; and besides hard work, being detail-oriented, organised and strong-willed were cited as contributing to respondents’ success.
When respondents were asked what encouraged them to take risks, they cited making more money (40 per cent), past success (35 per cent), encouragement from a leader (34 per cent), chance for a promotion (24 per cent) and greater visibility (18 per cent).
In addressing how women advance their careers and what personal skills and perspectives they need to make that happen, employers also must focus on any barriers or restrictions that might be hindering their progress.
For example, women in financial services, where confidence and risk-taking are desirable traits, experience harsher barriers than in all other industries, according to a PwC report released in August.
A 2017 Harris poll found that more than a third of women in tech jobs leave the industry because of mistreatment, such as being denied assignments and promotions, bullying, sexual harassment and stereotyping.
Another study showed that women are less likely than men to ask for a raise, and when they do, they’re less likely to receive one.
These studies suggest that even when women show confidence and take risks, the payoff for them isn’t always as great as for men.
Employers must look at their cultures to make sure their work environment doesn’t prevent women from fully leveraging their talents, and that includes taking risks.
Much of this responsibility hangs on the direct leaders of working women, Michele Meyer-Shipp, KPMG’s Chief Diversity Officer, told HR Dive.
“It’s not good enough for a senior person to say it, but a woman’s leader on the ground also has to speak and live and role model it,” she said of inclusion.
That means openly encouraging women to speak up at meetings or otherwise championing their thoughts and ideas.
KPMG suggests that helping women build self-confidence might help reverse the study’s less positive findings.
Programs for training, mentoring or sponsoring women also might foster confidence among women and help them overcome any resistance to risk-taking.
* Valerie Bolden-Barrett is a business writer and content specialist and Contributing Editor to HR Dive.
This article first appeared at www.hrdive.com.
