When it comes to women at senior levels in business, one thing is clear: there aren’t enough of them.
That’s a problem for a number of reasons, not least because it results in a dearth of role models for younger women coming through.
Low numbers of women already in key positions doesn’t help with another identifiable barrier to female advancement further down the ladder either – lack of confidence.
A simple, and often enjoyable, activity can address both of these issues – networking. Joining a professional women’s network provides not just access to role models but provides career-boosting contacts and confidence-boosting support too.
The importance of role models cannot be overstated. According to the Global Entrepreneurship Monitor’s most recent Irish report, men outnumber women in entrepreneurship by two to one.
The report further found that a key factor determining a person’s likelihood to become an entrepreneur is already knowing one. Put simply, the fact that men are more likely to know an entrepreneur in turn ensures men are more likely to become entrepreneurs.
It’s not too much of a stretch to believe the same applies at executive levels in business. As the saying has it, ‘you can’t be what you can’t see’ and what you can’t see, in many sectors, is a fair representation of women in the c-suites.
This is despite the fact that gender diversity is good for business. A report from international services company Sodexo found that in companies where women make up one-third of board members, shareholder returns are 53 per cent higher and profits 42 per cent greater.
Yet research from Grant Thornton suggests only 24 per cent of business leadership roles in Ireland are held by women. Far fewer make it to the board. A previous study by the same company found just 8 per cent of board positions in companies listed on the main market of the Irish Stock Exchange were held by women, and 43 per cent of boards had no female representation at all.
That any self-respecting board would accept an all-male management line-up today defies not just credulity but logic. The Harvard Business Review described women as representing a growth market more than twice as big as China and India combined. Women, it said, control in excess of $20 trillion in global consumer spending and earn an estimated $13 trillion. How can so many businesses afford such a 'disconnect' from their market?
And it isn’t just business. In Europe’s much-vaunted smart economy it’s sobering to see just how dumb things can be in academia, a natural seedbed of innovation.
Data collected as part of an ongoing study of gender imbalances among EU scientists found just 11 per cent of ‘A’ or highest level scientists are women. Given the higher performance levels of women at second and often third level, it’s a leaky pipeline that needs to be fixed.
It’s another reason why, in the face of perhaps a person’s natural aversion to gender-segregated gatherings, women can benefit from joining a professional women’s network.
There are a number to choose from. The biggest and best known is Network Ireland (www.networkireland.ie and www.networkcork.com) which provides networking and referral opportunities for women in business, as well as training and development seminars. There are currently eight Network Ireland branches around the country.
The Women’s Executive Network WXN (wxnetwork.com) provides networking opportunities as well as mentoring and professional development. Founded in 1997 in Canada, it has 22,000 members including, since its launch here in 2008, a number in Ireland.
PWN (pwndublin.com) the Professional Women’s Network is a career development network where members (both women and men) engage in peer-to-peer learning and seminars. Headquartered in Paris, PWN Dublin offers access to a global network open to all ages and professions, plus a platform for mentoring and support.
WITS (witsireland.com) or Women in Technology and Science, is a networking group for those in IT, engineering and science. As well as providing networking opportunities, its Talent Bank provides businesses with a directory of female non-executive director candidates.
A number local enterprise offices (localenterprise.ie), located in local authorities around the country, have dedicated networking groups for women as well as women-only start your own business programmes.
Female entrepreneurs can tap into Going for Growth (goingforgrowth.com), a peer-to-peer development network. To date, more than 400 women have participated.
Last year saw the launch of its little sister, ACORNS (acorns.ie) “accelerating the creation of rural nascent start-ups”, which focuses on rurally based, early stage, female-led businesses. And of course, technology makes it easier than ever for women to beef up their networks. LinkedIn has a number of online groups at www.linkedin.com/topic/company/networks-for-women.
If we’re going to take the liberty of achieving equality, we’re going to need sorority.
