Why it’s VITAL to create Belonging for Women in your Team
Are you valuing your under-represented talent BECAUSE of their uniqueness, not DESPITE it?
Belonging is at its highest when people are comfortable, connected and contributing BECAUSE or their unique perspectives and contributions, not DESPITE them.
In any analysis of team engagement I’ve completed, it’s under-represented talent or those least like leadership and the dominant workforce which suffer the lowest engagement, inclusion, wellbeing and belonging.
The Cause?
Their needs, values and priorities are different, and there’s a disconnect between what employers believe people want and what they actually want. (McKinsey)
The Risk?
Not surprisingly, it’s those same groups who are at greatest risk of under-performing relative to their potential and opting out of your team or organisation altogether.
For the majority of organisations in Australia, Women and the “Younger Gens” are at greatest risk.
There’s a variety of reasons for this, however, a team or company’s competitive advantage will be significantly impacted if they choose to “quit ‘n stay” or just quit altogether.
The Impact?
The impact covers 4 main areas of corporate life:
Business Results;
Leadership Effectiveness
Team Performance
Talent Availability
The Solution?
If your team members were customers, marketing would conduct a market analysis and devise a market segmentation strategy to determine how to close the gap, increase loyalty and stickiness.
It’s good advice for leaders and teams as well.
Flexibility is the pressing priority for today’s under-represented workforce.
What does the Data Tell Us?
By analysing your engagement, inclusion, wellbeing and belonging data, you’ll be in a position to identify who is at greatest risk and explore both root causes and optimal responses.
In the absence of specific data for your team or organisation, there is value in understanding what the research tells us these under-represented groups commonly crave.
What does Today’s Workforce want?
Flexibility and Opportunity;
To be Valued by their Organisation and Manager;
Connection and Belonging. (McKinsey)
Whilst the graph above identifies women are craving remote work, not surprisingly, it’s also women who commonly experience lower engagement, inclusion and belonging.
Why?
BECAUSE the environment doesn’t cater to their needs to be valued and belong.
It’s ALSO the same group experiencing chronic burnout, stress and exhaustion
Women are the Biggest Risk
Because their needs for Flexibility & Opportunity, being Valued & to Belong are not being met.
The Loss of Women comes at a Heavy Price
There’s a heavy price to pay in the form of business metrics and mechanics.
1. Business Performance increases with increased Women in Leadership* (WGEA 2020)
There are significant positive impacts on top and bottom line business results:
10% increase in the share of female ‘top-tier’ managers led to a 6.6% increase in the market value of Australian ASX-listed companies, worth the equivalent of AUD$104.7 million;
A female CEO creates a 5% increase in market value, worth the equivalent of AUD$79.6 million on average
and the company is 12.9% more likely to outperform in their industry on three or more performance and profitability metrics;
10%+ increase in the share of female key management personnel made an organisation 5.8% more likely to outperform in their industry on three or more metrics.
2. Leadership Mechanics during a Pandemic calls for higher EQ
Let’s explore the mechanics of how the above metrics eventuate.
Whilst it’s widely acknowledged leaders with both IQ and EQ are more effective at any time, (Goleman) it’s particularly critical during a pandemic when we’re navigating a maze of complex human factors.
The graph below shows Women are rated higher on leadership effectiveness (by both male and female raters).
Covering a range of “hard and soft” capabilities, women outperformed men on 13 of 19 competencies.
It’s by no means the 1st time the data has shown this trend, however, it’s particularly significant given it has been obtained DURING the current pandemic.
The WGEA Report similarly attributes the positive impact of women on business results to the way women lead and operate.
Women employ different management strategies and techniques, which lead to companies functioning more efficiently.
Women generally work more collaboratively and run businesses more democratically, which promotes information sharing. This in turn leads to enhanced decision making and better business operations.
The “Lehman Sisters Research” found banks with more gender diversity during the global financial crisis, generally performed better because of stronger stakeholder-orientation and commitment to corporate social responsibility.
“Female leadership will help business thrive in a post-COVID world”(WGEA)
The way women lead give us concrete clues to what they want in the workplace.
Leaders must focus on the deeper and relational elements of work, while treating structural elements such as pay and work arrangements as table stakes. (McKinsey)
In Preparation for 2022, Conduct a Team Audit
In preparation for your return to work in 2022, you may find value in doing a person by person audit of your team.
Stack Rank each person from highest to lowest on each of the 4 questions below:
How Comfortable is each member of my team with each other?
How Connected to me is each member of my team?
How Connected to each other is each member of my team?
Who is valued highest by the team BECAUSE of their “you-unique” strengths, not DESPITE them?
Take a step back and look for the patterns!
Environments high in Belonging enable Women to be Comfortable, Connected and Contributing - BECAUSE of their “you-unique” strengths, not DESPITE them.
How will you increase the comfort, connection and contribution of every individual equally in your team?