{"id":4346,"date":"2022-03-17T14:02:23","date_gmt":"2022-03-17T14:02:23","guid":{"rendered":"https:\/\/www.iese.edu\/standout\/?p=4346"},"modified":"2024-03-04T09:32:21","modified_gmt":"2024-03-04T09:32:21","slug":"women-power-business-how-to-cultivate","status":"publish","type":"post","link":"https:\/\/www.iese.edu\/standout\/women-power-business-how-to-cultivate\/","title":{"rendered":"Women in leadership: How to cultivate women&#8217;s power in business"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text css_animation=&#8221;bottom-to-top&#8221;]Today, just 8% of Fortune 500 companies have a female CEO. Nurturing women\u2019s careers is not only the fair and moral thing to do, argues\u00a0<strong>IESE professor<\/strong>\u00a0<a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/nuria-chinchilla\/\"><strong>Nuria Chinchilla<\/strong><\/a>, it is vital for businesses looking to survive in the global, female-led marketplace.<\/p>\n<h2><strong>Cultivate the empowerment of women&#8217;s leadership<\/strong><\/h2>\n<p>Decades of analysis reveal that certain steps can be taken to bring more women in, harness potential more effectively, and empower women to achieve their full leadership potential.<\/p>\n<p>Here are Chinchilla\u2019s research-based\u00a0<strong>suggestions for developing women in your company:<\/strong>[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-6a0735aae96c8 {margin-top: 35px !important;}<\/style><div id=\"thegem-divider-6a0735aae96c8\" class=\"gem-divider  \" style=\"\" ><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h3><strong><span class=\"subrat\">1.<\/span> Acknowledge bias and stereotypes<\/strong><\/h3>\n<p>You might think you treat men and women the same, but chances are you\u2019re not fully aware of your own biases.<\/p>\n<p>Senior executives and managers in particular should examine their own inherent prejudices \u2013 we all have them \u2013 and identify strategies to combat them.<\/p>\n<p>A key part of this is performance evaluation.<\/p>\n<p>Chinchilla\u2019s research shows that men\u2019s reviews are four times more likely to involve discussion around leadership attributes than women\u2019s.\u00a0<strong>Men also receive four times as much developmental feedback and twice as much positive feedback as women do.<\/strong><\/p>\n<p>Chinchilla also points to the so-called\u00a0<strong>\u201cstereo threat:\u201d<\/strong>\u00a0a behavior that sees people underperform through fear of being stereotyped. Being mindful of these and other threats, says Chinchilla, can help drive empathy and inclusion in organizations.<\/p>\n<p>She urges leaders to build a culture of openness in which female employees feel empowered to talk about sources of anxiety.<\/p>\n<h3><strong><span class=\"subrat\">2.<\/span> Overcome structural hurdles: tips for success<\/strong><\/h3>\n<ul>\n<li>Quantify how much female talent is moving up the ladder. Many women, Chinchilla says, are trapped in \u201cthe frozen middle,\u201d where their leadership potential is not released.<\/li>\n<\/ul>\n<ul>\n<li><strong>Guarantee gender balance in the hiring process<\/strong>\u00a0with clearly defined targets based on your company\u2019s current needs.<\/li>\n<\/ul>\n<ul>\n<li>Make sure performance standards and evaluation criteria are clear and consistent for everyone.<\/li>\n<\/ul>\n<ul>\n<li>Conduct\u00a0<strong>regular payroll audits<\/strong>\u00a0to detect any gender-based salary imbalances.<\/li>\n<\/ul>\n<ul>\n<li>And get more women on your board.\u00a0<strong>Boards of directors remain massively skewed towards men, with only 33.9 percent female representation<\/strong>. Research shows that the more women there are on the board of a corporation, the smaller its pay gap.<\/li>\n<\/ul>\n<h3><strong><span class=\"subrat\">3.<\/span> Being proactive<\/strong><\/h3>\n<ul>\n<li>Create programs to identify, develop, and promote high-potential female employees.<\/li>\n<\/ul>\n<ul>\n<li>Get rid of the rigid \u201ccorporate ladder\u201d in favor of a more flexible \u201ccorporate lattice,\u201d which allows for multiple paths that adapt to individuals and the changing needs of your firm.<\/li>\n<\/ul>\n<ul>\n<li>Facilitate\u00a0<strong>work-life balance<\/strong>, not only by offering flextime, telecommuting, and the option of a part-time schedule, but also by making sure employees feel safe to take advantage of these policies.<\/li>\n<\/ul>\n<ul>\n<li>Confirm that women are being mentored in a targeted way, according to their skills.<\/li>\n<\/ul>\n<ul>\n<li>Openly encourage women to\u00a0<strong>break through the \u201cglass ceiling\u201d<\/strong>\u00a0(put in place by male-dominated structures that stem from the \u201cold boy network\u201d), and also\u00a0<strong>the \u201ccement ceiling\u201d<\/strong>\u00a0that women impose on themselves. This happens when women downplay their achievements and don\u2019t go after opportunities until they feel 100 percent qualified to do so. Personal coaching sessions are one way to help women out of this \u201chumility trap.\u201d<\/li>\n<\/ul>\n<ul>\n<li>Let everyone know how serious you are about elevating women. Changes should be spearheaded by the C-suite and framed as a strategic opportunity rather than an ad hoc HR initiative.<\/li>\n<\/ul>\n<h3><strong><span class=\"subrat\">4.<\/span> <\/strong><strong>Get informed and reap the benefits<\/strong><\/h3>\n<p>When companies empower women, they are simultaneously promoting values such as\u00a0<strong>empathy, flexibility and team unity<\/strong>.<\/p>\n<p>And in so doing, they help drive their bottom line:\u00a0<strong>\u201cA diverse culture that mirrors its markets tends to do better than homogenous competitors,\u201d<\/strong>\u00a0says Chinchilla.<\/p>\n<p>Discover the <strong><a href=\"https:\/\/www.iese.edu\/standout\/leading-success-leadership\/\">13 questions to find out if you are a good leader<\/a><\/strong><strong>.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Chinchilla and other\u00a0IESE professors\u00a0are highly committed to studying and promoting diversity, and teaching leaders how to achieve it via\u00a0<a href=\"http:\/\/www.iese.edu\/en\/executive-education\/home\/\"><strong>IESE\u2019s suite of executive education programs<\/strong><\/a>\u00a0around the world.<\/p>\n<p>One of the initiatives to spread this idea and promote training is the focused program on &#8220;Women on Boards of Directors&#8221; or the &#8220;Women and Leadership&#8221; program. Here you have all the information about training programs, initiatives and conferences for <a href=\"https:\/\/www.iese.edu\/women-in-leadership\/\">women in leadership<\/a>.<\/p>\n<div class=\"elementToProof\"><span class=\"ContentPasted1\">IESE<\/span><span class=\"ContentPasted1\">\u00a0has developed a wide range of courses and activities through the\u00a0<\/span><a class=\"ContentPasted1\" href=\"https:\/\/www.iese.edu\/women-win\/\" data-loopstyle=\"link\"><strong>Women Win<\/strong><\/a><span class=\"ContentPasted1\">\u00a0platform to support women in their personal and professional development and aspirations to lead.<\/span><\/div>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text css_animation=&#8221;bottom-to-top&#8221;]Today, just 8% of Fortune 500 companies have a female CEO. Nurturing women\u2019s careers is not only the fair&#8230;<\/p>\n","protected":false},"author":4,"featured_media":4358,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,107,114],"tags":[57,84],"class_list":{"0":"post-4346","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-functional-directors","8":"category-general","9":"category-general-es-3","10":"tag-skills","11":"tag-women-in-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Women in leadership: how to cultivate women&#039;s power in business<\/title>\n<meta name=\"description\" content=\"Here&#039;s how to support female leadership and why your organization&#039;s success depends on it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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