The
following article was published in the July/August
2006 issue of CEO IQ.
High-Achievers What every CEO should know about retaining high performance women by Dr. Joelle Jay
Leaders take notice: a crisis is brewing.
Today, U.S. businesses are losing some of their very best
talent – educated,
experienced women – in what may be the largest talent drain ever.
Why? Because the balance of work and family, for
many, is exacting too high a price.
Census Bureau data shows nearly a quarter of women with
professional degrees absent from the workforce at the height of the recent
labor crunch. Other
surveys of Ivy League graduates reveal that:
57% of women graduates leave the work force
38% of women graduates end up in full-time careers
One in three white women holding an MBA is not working full-time (Harvard
Business Review, March 2005).
Time magazine (March, 2004) recently reported “the first-ever
drop-off in workplace participation by married mothers with a child less than
one year old…mostly among women who were white, over 30, and well-educated.”
Regardless of their race or ethnicity these statistics indicate a disturbing
trend that those abandoning their careers are largely high-achieving women
whose jobs tend to demand longer hours, who carry more responsibility, and
whose absence arguably makes a greatest impact on business.
Among the women leaving are the best of the best. Examples include former
Bush advisor, Karen Hughes; former CEO of PepsiCo, Brenda Barnes; and former
ambassador to Pakistan, Wendy Chamberlain – all of whom at one point
or another have left high-profile careers to spend time with their families. Time,
Newsweek, 60 Minutes, the New York Times, and other media have recently
profiled numerous other less prominent accomplished women representing the
thousands who face the issue every day.
Why are so many capable women turning away from their work?
Sylvia Ann Hewlett, writing for the Harvard Business Review (April,
2002), reports that they are “forced out of their jobs by family demands,
punishing hours in the office, and unrewarding work.” Some are
compelled to become full-time mothers, to care for elderly parents, or to accommodate
personal health issues.
One thing is clear: for high-achieving women, life balance is becoming an
increasing impossibility.
Business women play a special role in addressing this issue. We
can consciously make an effort to pave the way for a healthier approach to
success that honors career and quality of life.
Why does it matter?
Women-owned firms (50% or greater ownership share) are
growing at twice the rate of all privately-held firms. Women-owned family businesses average
$26.9 million a year in revenues, while their male-owned counterparts average
$30.4 million – but the women-owned businesses are 1.7 times more productive,
having more revenues per employee.
What can be done to retain talented women? Many
prominent solutions include company wide policy changes like paid parenting
leave, flexible workdays, job sharing, and telecommuting. But as Hewlett argues, many
of these policies “seem to be of limited use to time-pressed, high-achieving
women” – particularly given the tendency for such choices to be
stigmatized.
Here is what every CEO should know:
Establish mentors. The tensions
of work/life balance tend to be felt most intensely by women in their 30s,
when marriage, career, and motherhood converge. These women can benefit
from seasoned business women who have successfully navigated this particularly
challenging time of life.
Hire a coach. Because this issue
is so personal, one-on-one coaching with a professional can help promising
women make choices that truly honor all of who they are without necessarily
giving up their career.
Use creativity. Find new ways
to meet the needs of women leaders – which in many cases may simply
mean asking them what they want.
Beware the punishing workload. Many
professions value long hours over quality work. Bring in an efficiency expert to
help your team work smarter (shorter hours) versus harder, longer hours. (Call
us if you need a referral.)
Work against the stigma. Combat stereotyping against
people who choose flex time or job sharing by making opportunities available
to them and be fair with recognition.
As this issue becomes more widespread, many are calling
for the increased participation on the part of companies to address the problem. Women leaders can help
make that happen. In the meantime, businesswomen and men can work together
to make change possible – if not for the entire population of women in
business, at least for one at a time.
Dr. Joelle Jay is
a leadership coach, consultant, speaker and author who works with executives
and business leaders to improve their effectiveness. Jay specializes in helping
successful businesswomen attain accomplished careers while enhancing quality
of life. She can be reached at Joelle@pillar-consulting.com
Reprinted with
permission from July/August
2006 issue of CEO IQ.
