Women CEOs hold just 53 places in the Fortune 500. At barely over 10 percent, the number is higher ... [+]
Women CEOs hold just 53 places in the Fortune 500. At barely over 10 percent, the number is higher than it’s ever been. It sparks mixed feelings: pride in the progress that has been achieved, and acquiescence that there is still far to climb. Both are familiar to the talented women who work in the field of business education.
Donna Swinford is Associate Dean for Student Recruitment and Admissions for MBA Programs at The University of Chicago Booth School of Business. She calls attention to both a milestone, and the work still to be done. “While it’s important to celebrate small victories, we have a long way to go,” she says.
Her attitude is optimistic, yet realistic. She sees women’s increasing participation in business and finance not just in reports and newspapers, but first-hand in the applicants and graduates of Chicago Booth’s MBA programs.
“In 1993, here at Booth, 119 women comprised 21 percent of the class. In 2023, more women will graduate with a Booth MBA than any other year in the school’s history. With more women in the classroom and part of the conversation, and more men growing up in an increasingly equitable environment, we’ll surely continue to see progress.”
But Donna Swinford urges caution. “New data from Pew Research Center shows the gender wage gap made little to no progress over the past 20 years. As we see more women pursuing careers in STEM- and business-related fields, the hope is that the gap will continue to narrow,” she explains.
You can read the full interview with Chicago Booth’s Donna Swinford here.
In October 1903, Emmeline Pankhurst formed the British Women’s Social and Political Union (WSPU), dubbed “suffragettes” by one disparaging Daily Mail reporter. Every March 8 stands in the context of a history, the start of which arguably goes back millennia – fans of classical theatre might think of “Lysistrata”.
“It evokes the emotion of casting a vote to exercise a right denied to my great-grandmother throughout her life. It elicits indignation, disbelief, and solidarity for girls and women precluded from receiving an education, a fundamental human right,” says Gabriella Cagliesi, Professor of Economics and Associate Dean for Education and Students at University of Sussex Business School.
She captures the continuing significance of International Women’s Day in three arguments, the first of which is a tribute to the giants on whose shoulders we stand.
“It is a memorial of the past, an alert, and a way to remember so as never to go back. Secondly, it is a celebration of the present, of what has been achieved through the courage, sacrifice, bravery, and determination of many remarkable women and the support of intelligent fathers, brothers, friends, and partners who have been ready and are ready to pay a high personal cost for their solidarity. Thirdly, it is a warning not to stop, a commitment not to adapt, and not to accept until the task is completed – and we are still far from completing the task,” she adds.
Of course, the age of heroines is far from over. Politics is present history, after all. There are many inspiring women whose careers offer a guiding light and a beacon of hope for young girls’ aspirations.
“Is Michelle Obama a role model when she uses her popularity to change things for the better?” asks Barbara Stöttinger, Dean of the WU Executive Academy. “Sure! But I see so many more role models who do not have the visibility like Michelle Obama and they are still so impressive in what they do.”
“Those at the top have the power to send the elevator down to bring high potentials up into top ... [+]
Stöttinger gives an example from the beginning of the war in the Ukraine last year. “One of our Ukrainian MBA students wrote to me that she didn’t know whether she and her family would still be alive a week later. Under adventurous circumstances, she managed to escape with her daughter. Since then, she has been living near Paris, has managed to find a new job, and has built up a new life. She certainly is a role model for what she had to go through, but also the way how she managed her situation,”
Barbara Stöttinger strongly believes in the ‘sending the elevator down’ principle. “Those at the top have the power to send the elevator down to bring high potentials up into top management. The more women there are in the executive ranks, the higher the likelihood that there will also be a woman in the elevator going to the top.”
For Kristen Mercuri, Director of Admissions at the Yale School of Management, we hear a lot about ratios and percentages during Women’s History Month. “What’s important to me is the on-going evolution of the perceptions and beliefs we hold about ourselves and others. Changing the demographics of who is in the room is one thing, representation is important, but the next step is even harder – ensuring that everyone in the room values different voices, perspectives, and talents.
To explore this idea, Mercuri recommends Laura Liswood’s book, The Loudest Duck: Moving Beyond Diversity while Embracing Differences to Achieve Success at Work. Liswood writes about the Noah’s Ark approach to diversity falling short.
“Having “two of everything” doesn’t mean your organization has achieved diversity,” explains Kristen Mercuri. When members of the organization develop the ability to see beyond their own worldview, then you will reap the rewards of diversity. Yes, there are rewards. Diversity is not only a worthy and just pursuit; it leads to better outcomes. For everyone.”
You can read the full interview with Yale SOM’s Kristen Mercuri here.
In the view of Malin Arve, Vice Rector for Research at NHH Norwegian School of Economics, role models can be found in everyday life, not just in celebrities and other famous people, who many will only ever interact with through a page or television screen.
"Explore what business education has to offer and not to be afraid of making choices based on your ... [+]
“I used to think that I had no role models because I did not have this one loud authority figure that I looked up to and admired. But then I realised that the best role models are the ones you take for granted and I do have some of those. Both of my grandmothers have higher education. Growing up, I had no idea that there was a gender bias, or that I could not become or study whatever I wanted,” she says.
She advises young women who are looking to pursue their education through a Master’s or PhD programme in business to keep their options open. It is an opportunity to forge your own path, she believes.
“My advice is to explore what business education has to offer and not to be afraid of making choices based on your own interests and curiosity. Following others might have seemed like a good idea in high school; in business education and all other types of higher education, following your own interests is what allows you to become the best version of yourself. Don’t let anyone tell you otherwise.”
The international business and education landscapes both suffered a tremendous upset following the emergence of Covid-19. At the end of the pandemic, “The Great Resignation” made headlines, followed by the recent attention given to “quiet quitting”. The pressure on workers has been mounting for some time, and the effects are especially visible among women in male-dominated industries.
Rebecca Anne Cook, Executive Director of Careers at Indiana University’s Kelley School of Business points to recent research by McKinsey in their ‘Women in the Workplace’ report. “Women leaders are feeling burned out at a much higher rate than male leaders and then leaving their organizations, which is decreasing diversity and impacting younger women who are striving to move up the ladder. “
According to the research, for every two women stepping into a director-level leadership role, two are choosing to leave,” Cook explains.
She advises young women to ‘keep at it!’ and focus on developing their professional networks. “Don’t be afraid to apply for roles that you may not be 100 percent, or even 50 percent, ready for. You may not get the role, but it signals to those higher up that you are looking for new challenges and opportunities.”
You can read the full interview with Indiana Kelley’s Rebecca Anne Cook here.
Finland became the first European country to give women the right to vote in 1906, a fact pointed out by Riitta Lumme-Tuomala, Head of Communications at Aalto University Executive Education. Today, Finnish politics is home to capable, inspiring young women like Prime Minister Sanna Marin.
“Women can be sometimes too modest in terms of what they feel they can or cannot do. We should look ... [+]
“In corporate boards, however, women are not represented in high enough numbers and we still must pay a lot of attention to that fact. Cultures change slowly, and there are still old fashioned, rigid attitudes towards women, especially in male-dominated industries and positions.”
Lumme-Tuomala argues that female employees must work a little bit harder to achieve something that men sometimes take for granted. “Women can be sometimes too modest in terms of what they feel they can or cannot do. We should look at our male peers and apply their ‘I can’ attitude!”
France is another country whose identity and modern history has been shaped by the drive for equality. In a country that prides itself on introducing the declaration of human rights of 1789 it wasn’t until 1965 that French law authorizing married women to open a bank account in their own name and to work without their husband's consent.
For Viviane de Beaufort, Full Professor of European Law at ESSEC Business School, Elisabeth Borne’s recent appointment as Prime Minister is a powerful symbol of how times are changing, as are recent pieces of legislation such as the Rixain Law.
"Women are looking for organizations that will support them during their career, that will offer ... [+]
“The pandemic had a massive impact on people’s ambitions. It made us realize how many sacrifices we need to make to climb the career ladder. Women have often been more accepting, but now, like the younger generation, they’re looking for organizations that will support them during their career, that will offer equal pay for equal work and that will respect their work-life balance. They’re looking for companies that practice what they preach, have a more horizontal hierarchy, are trustworthy, and work toward the common good,” she says.
If there were a single theme that permeated the fabric of International Women’s Day, if ever it were that simple, momentum is what springs to mind. The ball has been rolling for some time, but it is an uphill task. New hands must constantly set to the job, or else there is a danger that circumstances will begin to slide backwards.
“Do not wait, set your goals today,” urges Elizabeth Arkhangelsky, Vice-Dean for Academic Affairs at Nazarbayev University. “You may discuss your future plans with your family, friends, and others, but form your own opinion. Move to your goals through hard work, dedication and passion. Your today’s life is a result of your past dreams, plans, and actions. Believe in yourself, be positive, learn every days and your dreams will come true,”
March 8 is a call to action, a time for celebration and reflection. Most of all, it is a chance to listen to women’s voices, and to grow a little wiser in doing so.
