The power that is unleashed when women help other women is becoming abundantly clear to everyone through the initiatives like #MeToo and #TimesUp. Women, speaking out in unison, are amplifying the voices of victims, who were once blamed for the crimes against them. Nearly every day, we witness the power shift as the once-powerful perpetrators are being removed from their places of authority. However, in other settings, women continue to remain distant and unsupportive of other women, maintaining the limitations of the glass ceiling for possibly brilliant women leaders, who struggle to get to the first rung of the ladder and advance their careers.
Ann Welsh McNulty, co-founder and managing partner of JBK Partners, recently wrote in Harvard Business Review that some senior-level women distance themselves from junior women in the workplace in response to inequality at the top, and cited a study published in The Leadership Quarterly that found that the inclination to, “Separate oneself from a marginalized group is, sadly, a strategy that’s frequently employed. It’s easy to believe that there’s limited space for people who look like you at the top when you can see it with your own eyes.” She also reports that whereas many women are navigating alone, men are 46% more likely to have a higher-ranking advocate in the office.
McNulty writes that the antidote to being penalized for sponsoring women may just be to do it more — and to do it vocally, loudly, and proudly — until we’re able to change perceptions. That is a perfect approach. Times have changed and today there is room on top to make space for all of us. With that in mind, our upcoming book, In This Together, looks at the phrase “Not enough pie” which was used in the past to define women’s lack of support for other women. However, today Gloria Feldt sees women’s leadership not as a competitive win-lose situation, but instead as an infinite pie, and says, “The more there is the more there is. The pie just keeps getting bigger.”
Advancing women into leadership positions is not only the right thing to do, for a number of reasons, it is important to a company’s bottom line. For example:
- A recent Catalyst report found Fortune 500 companies with the highest representation of women board directors attained significantly higher financial performance in three important measures:
- Return on Equity: 53 percent higher.
- Return on Sales: 42 percent higher.
- Return on Invested Capital: 66 percent higher.
- A recently published study from the Peterson Institute reports that companies with at least 30% female leaders—specifically in senior management—had net profit margins up to 6 points higher than companies with no women in senior management. That is a 15% increase in profitability.
- In 2015, McKinsey & Co found that companies in the top quartile of gender diversity are 15% more likely to financially outperform their counterparts in the lower quartile.
- McKinsey also found that companies with more balanced leadership do a better job recruiting and retaining talented workers, leading to cost reductions associated with replacing top executives.
Women have a lot of momentum right now, and we can use that to work towards equality and advancement at all levels. There is more than enough room at the top, and as we climb the ladder we need to reach out to other women, and help them along. Just as #MeToo and #TimesUp are proving, when women connect and collaborate we can do anything. We prove it every day and we need to take note in these times, that the more we focus our efforts and support one another, the more of everything we can create, especially “pie.” Let’s focus on creating opportunities for all women. If we work together, we can change the workplace, and in turn, change the world.