Diverse talent pipelines needed to drive sustained competitive advantage for business
Australia has made significant progress towards gender equity in the last decade, particularly in the professional field. The majority of accountants and solicitors in Australia today are women, as are approximately half of all Bachelor of Business graduates.
Given the gender splits in these fields are now more or less equal, you might expect the C-suites of our largest companies to follow in lockstep. However, there are signs progress is flatlining.
Take finance — despite a concerted push for change at most large Australian corporates, Deloitte research shows that towards the end of last year, only 23 of the Chief Financial Officers (CFOs) at ASX100 companies were female, a figure mostly unchanged on the prior year, and the year before that.
The simple truth is that despite how far we've come, the female talent pipeline for executive roles still isn't long enough. What can be done to change that?
In a recent Deloitte report that we co-authored on this topic — Empowering future generations of finance: Stories and strategies from leading female CFOs — we spoke to 15 high-profile female CFOs to hear about their successes and the challenges they have faced throughout their careers, to see what we can learn from their lived experiences.
Through these conversations we found five key themes kept emerging, providing insight into the successes and the setbacks commonly faced by professional women. The first, unsurprisingly, was choosing the company you keep.
In the corporate world, this means choosing an employer with an inclusive organisational culture orientated towards encouraging greater diversity in leadership, which can significantly impact career progression and personal fulfilment.
Several CFOs told us that the pivotal moments in their careers came when their employers provided them with meaningful opportunities that allowed them to expand and refine their skillsets, ultimately helping them demonstrate their aptitude as a future leader.
But equally important was the willingness of the employer to support female talent through events that shape many people's lives. Joy Linton, CFO of biotech company CSL, said that it was 'super, super important' to support employees returning from parental leave with 'meaningful work' that was 'right sized' for whatever that returning employee's work arrangement looks like.
The second common theme, similar to the first, was the importance of building a robust support network for all parts of your life. For the aspirant female leader, this means making sure the people in your personal life — your partner, your family — are willing to help you align it with your professional life.
As Endeavor Group CFO Kate Beattie told us: 'It's not about obtaining a work life balance; it's about integrating work and life into a cohesive whole.' Practically, many CFOs advised taking the plunge and investing in childcare and other services and viewing the cost as an investment in career development. Many acknowledged, however, that such support — be it of a personal or professional nature — was a privilege and may not always be within one's control or means.
The third theme was all about professional mentorship or finding your tribe. Building a strong support network is essential for career growth: mentors offer personalised guidance and advice, while sponsors help create opportunities, advocate on your behalf, or as one CFO told us, 'drag' you through particularly difficult stages of your career.
Whether a sponsor or mentor was arranged through a formal program or came across organically, they all provided great value to the CFOs we interviewed. Interestingly, many CFOs saw value in having male mentors and allies who could broaden their perspective and advocate on their behalf to other male leaders.
At the same time, many female CFOs warned against 'hitching your wagon' to particular individuals, as it risks you being stranded if they leave the organisation. They also emphasised taking responsibility over your own career.
That advice dovetails nicely into the fourth theme — expand your swim lanes — or make sure you embrace lateral moves and opportunities as part of a broader commitment to continual professional development.
All the CFOs we interviewed emphasised the importance of exposing yourself to different approaches, organisations, cultures and leadership styles. They also believe sideways moves are sometimes just as important as forward advancement, warning female finance professionals from staying too siloed within the technical finance field.
Alison Harrop, CFO of Stockland said she continuously advised people to add a new skill every year and 'always put your hand up for something you haven't done before', with the role of finance officers becoming broader than they have been in the past.
The fifth and final theme contains a piece of advice that many female professionals need to hear — back yourself and stretch yourself — be confident, express your ambitions, and be your own champion. While plenty of women have no problem doing this, numerous studies suggest that women are typically less assertive and confident than men in a workplace environment — and that can impact advancement.
REA Group CFO Janelle Hopkins said: 'Take control of your career. Don't wait for people to come to you saying you're the right person for the role', and that sums it up in a nutshell — so many CFOs told me that learning to self-advocate was a pivotal development in their career. However, confidence is different to arrogance — potential female leaders should always declare ambitions in an appropriate and authentic way.
These five themes represent the collective wisdom of female CFOs who have seen successes and setbacks over their remarkable careers. They contain lessons for both professionals and for organisations who are hoping to break stagnant progress on lengthening the female talent pipeline in the finance profession. Change is under way — but it will take visible leadership, sustained commitment, and courage for Australian businesses to get their unfair share of diverse talent into the future.
Tharani Jegatheeswaran is Deloitte Australia's Client Relationships Leader.
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Disclaimer
This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.
Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ('DTTL'), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as 'Deloitte Global') does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the 'Deloitte' name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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