Kristi Faulkner* says a new study has uncovered the common personal attributes and workplace experiences that propelled women CEOs to the pinnacle of career success.
Photo: guvendemir
Statistically speaking, the odds of becoming a CEO of a Fortune 500 company are a little better than lightning striking you dead.
If you’re a woman, you may be more likely to be attacked by a shark.
But there’s hope.
In fact, there’s a plan of action you can begin now.
The number of female Fortune 500 CEOs is doubling every five years, and two insightful women and their team at organisational consulting firm Korn Ferry have designed a program to accelerate that trend and increase your odds.
Jane Stevenson and Evelyn Orr studied 57 female CEOs to uncover the common personal attributes and workplace experiences that prepared — and propelled — them to the pinnacle of career success.
“We were tired of talking about the problem,” Stevenson said, “we wanted to find out what happens when women are successful and why.”
“And we wanted to replicate it.”
The study, created in partnership with the Rockefeller Foundation, has many powerful revelations for every ambitious woman, even those who don’t harbour corner-office aspirations.
Here are some highlights we all can act on immediately.
- Accomplishment is driven by purpose. Know yours.
Some 68 per cent of CEO women shared that they were motivated by a sense of purpose, with a quarter sharing that creating a positive culture was among their greatest accomplishment.
“While ambition is about self, purpose is about altruism,” says Orr, “something outside of ourselves that has impact and changes the game.”
- If someone says you have real potential, believe them.
A whopping two-thirds of women CEOs say they only realised they could become CEO once someone else told them so.
Only 12 per cent said they had held CEO aspirations for a long time.
- Run, don’t walk toward P&L experience.
The research found there are two career stages that prepare women to be a CEO.
The first is about building a foundation of expertise and credibility.
The second is about broadening your experience, particularly in a profit and loss (P&L) role.
Recognise the pivot point and take the lead.
- Understand your preferred career approach and optimise it.
Korn Ferry identified four unique career approaches that propelled women into leadership — and they are not necessarily vertical:
- Lifelong Learners are focused on finding the next challenge.
- Bird’s Eye types focus on getting enterprise perspective.
- Innovation/Growth is a path fuelled by building new businesses.
- Career Builders are laser-focused on a path and avoid distractions.
- Recognise that how you demonstrate confidence is unique from your male colleagues.
The research shows that women CEOs share 17 of 20 traits with best-in-class CEO benchmarks.
Confidence, credibility and openness were the three traits the data says challenge women most, but the reality is these traits can’t be measured the same way in men and women.
“Confidence shows up differently in women,” says Stevenson, “women don’t assume that they alone have what it takes to go the distance.”
“They take a collective view and attribute credit to others who help them.”
As for credibility, Stevenson explains that it’s often interpreted as trust that is past based, when it is really about confidence for the future.
“Women tend to assume their past results speak for themselves, but that is not the case unless they gain the organisation’s confidence that future outcomes will likely be successful.”
Orr described how women leaders have a strong independent streak, breaking from expectations and chartering their own course.
“Women are self-reliant,” she says, “and yet, extremely collaborative.”
- Get access to the critical experiences that prepare you for leadership — if you can.
Women CEOs sited four key experiences necessary for success — in operations, finance, governance, and external relations — but found them hard to get.
Women with operational experience said it was pivotal in their preparation, but those who didn’t wish they had.
- Know the difference between mentors and sponsors, and get both on your team.
“Mentors are important but that’s not who gets women to where they want to go,” says Stevenson.
“Mentoring is a supportive arm of care.”
“Sponsors are in seats of influence.”
“They are powerful, demanding people who can be much tougher cookies, but provide a spotlight.”
- It’s about who you know, what you know, and who knows what you know.
Results don’t always equal promotions.
“The important thing,” says Orr, quoting lyrics from Hamilton, “is being in the room where it happens.”
And when you get there, she adds, “Create an ecosystem of mutual success.”
- Cultivate the skills that will differentiate you.
Female CEOs were more than twice as likely to have higher scores on these six competencies than middle managers:
- Engages and inspires.
- Develops talent.
- Builds effective teams.
- Directs work.
- Courage.
- Manages ambiguity.
Korn Ferry has developed a program called “AWE — Advancing Women Exponentially” to help organisations who are sincere about creating a gender diverse pipeline.
“We’re now able to assess and understand which women have CEO potential,” said Orr, “and identify them early enough to get them into the roles that will ensure they’re in the consideration set for the c-suite when the time comes.”
There is no single path or type of person who becomes CEO.
But Stevenson and Orr are committed to helping organisations recognise the special talent of women, nurture them, remove barriers, and help fill the pipeline by preparing women for the biggest roles.
After all, as Stevenson makes clear, “We have a real shortage of great leadership, but 50 per cent of the workforce is women, so organisations are full of as yet untapped resources.”
* Kristi Faulkner is a creative director, strategist, and co-founder of Gender Fair and Womenkind.
This article first appeared at www.forbes.com.
