Advancing female leadership: 6 proven guidelines

“Hire more women.”

That was the advice of a male CEO we spoke to about what male leaders can do to advance female leadership at their companies. At global luxury retailer NSTO where Chris Bossola is CEO, more than 50% of the leadership team is composed of women.

Simply put — the way Bossola did — more women in the pipeline means more women in leadership.

For many companies, however, the challenge lies in proactively ensuring gender balance in the leadership pipeline. It has to begin with an awareness of the inequity. Consider the data. In our analysis of female leadership in the apparel industry, we found that women constitute:

·      78% of students at leading fashion schools

·      73% of employees at apparel stores

Yet, at apparel companies, they constitute only: 

·      26% of board members

·      12.5% of CEOs

This despite the fact that among apparel companies in the Fortune 1000 (including apparel retailers), female-led companies are almost twice as profitable as companies with male CEOs, according to our analysis.

While correlation is not causation, the evidence for female inclusion in the C-suite is overwhelming: Female leadership has been proven to be profitable, innovative and socially responsible.

And yet, a variety of factors impede progress. While our analysis is specific to apparel, what we uncovered applies more widely across the board: 

·      Inadequate corporate commitment

·      Unconscious bias

·      Institutional blind spots

·      Succession issues

·      Lack of structural support

At companies making strides in advancing female leadership, here’s what we found:

1.    An active CEO champion

With a management team composed of almost 50% women, Macy’s CEO Jeff Gennette puts it best, “With a customer base that is largely female, it is imperative to our business that our executive ranks reflect the communities we serve.”

2.    No more status quo

Recruitment, hiring and training reflect a commitment to gender diversity in hiring, succession planning and promotions, with specific goals and diversity targets at every level.

3.    An inclusive culture

Technology can be the great democratizer. However, as Lizanne Kindler, CEO of Talbots, points out, “Technology enables, but it’s really about leadership and culture.” At PwC, diversity and inclusion are embedded in our culture via integration into daily operations.

4.    If it smells bad . . .

If women leave the company at a higher rate than men, an effort to root out the cause includes employee surveys, confidential meetings, focus groups and exit interviews.

5.    Flexible options

Nontraditional career paths without repercussions or stigma — including adjusting workloads, paring down travel and scaling back responsibilities — address attrition as women juggle career and family.

6.    Male advocacy

Male allies listen to female colleagues, commit to mentoring women and ensure equality of opportunity. The female CEOs we spoke with told us that male sponsors were invaluable in their career progression.

As one industry expert told us, “If you don’t have gender balance on your leadership team and on your board, that’s a risk—to your bottom line, to your ability to grow, to maintain and attract talent.”

In my role as a leader at PwC, I want to advance the conversation about the evolving role of women in corporate leadership. We may not have all the answers but we do want to ask the questions that get us on the right path. Let’s talk. And then take action.