How employers can support work-life balance

Companies must be innovative and willing to create flexible work environments. —McKinsey & Company

Areport from McKinsey states that, in order to increase the proportion of female leaders, “we need to change the modern model of leadership which, by requiring unfailing availability and total geographical mobility, is now male-oriented.” It states that companies “must be innovative and willing to create flexible work environments.”

The majority of the women we spoke to had benefited from either formal or informal flexitime. One of the women, for example, works a nine-day fortnight with every other Friday off. The women also felt that “virtual offices”—the ability to work from any location—were important in allowing them to manage their work-life balance.

Devika Mohotti believes companies can go even further to harness the talents of senior women for the benefit of the whole organization. “The corporate world needs to look at employing part-time directors who have a super speciality in a certain area,” she explains. “So you might have an individual who specializes in ethics, or risk management or management conflicts.”

Employers can provide the following work-life balance support:

·         Offer flexible hours/working patterns.

·         Provide some part-time opportunities, including senior-level appointments.

·         Be flexible about location, e.g., allowing employees to work from home.

·         Use videoconferencing instead of face-to-face meetings.

·         Offer long career breaks and provide support during breaks and on return to work.

·         Provide access to emergency childcare.

·         Give employees the option not to travel.

·         Enable employees to tailor their rewards package to include things such as childcare or extra holidays.

·         Provide facilities for new mo-thers to breast-feed or express milk.

 

Rethinking employers’ roles

The PricewaterhouseCoopers (PwC) study into female progression recommends the following actions for business leaders and HR departments:

·         Set performance targets for female retention and promotion.

·         Reconsider the composition of selection teams for leadership roles.

·         Encourage females to apply for leadership positions.

·         Make selection criteria and processes transparent.

·         Identify and communicate relevant career paths and stepping stones for leadership roles.

·         Complete career potential analysis for all female leaders.

·         Recognize the existence of bias in recruitment, and consider bias-awareness training.

·         Invest in leadership development and training opportunities, particularly for high potential females.

 

Recruitment and preparation for leadership

According to a study by PwC, the shortage of women in senior roles suggests, “a lack of proactive consideration of females for major assignments and a lack of gender consideration in succession planning.” Although most employers plan to treat their staff equally, it’s all too easy for hidden biases to creep in. Often employers need to challenge to the status quo and actively plan to develop female staff—for example, by providing training and moving women into high-visibility roles.

A McKinsey report on female leaders in Europe advises companies to set recruitment targets that reflect the number of women available in that field—trying to match the proportion of female accountancy graduates, for example, when recruiting new accountants. It also recommends reporting the number and distribution of women in the company, and setting targets for senior female representation.

 

Your action-plan for success

The following checklist is designed to help you evaluate and plan your career advancement. It brings together the advice from the senior Cima members we interviewed.

 

Plan your career

1. Determine what success means for you and where you would like to be in 10 years time.

2. Set long-term and short-term career goals and position yourself for the next step on the ladder.

3. Seek career advice from people you admire in your own organization or externally.

4. If your long-term goal can’t be achieved within your organization, don’t be afraid to move companies.

5. Apply for interesting new opportunities, including overseas assignments, to expand your knowledge and skills.

6. Choose an organization with a good record for personal development and a good representation of women at board level.

7. Look for a job that fills you with passion.

 

Find support

1. Identify influential people and those who can help support your career.

2. Set up a formal mentoring relationship, or set aside time to talk to supportive senior staff and role models.

3. Investigate internal and external network groups for women.

4. Find out about coaching opportunities.

 

Work smart

1. Develop your organizational and planning skills.

2. Play on your strengths and find a leadership style you’re comfortable with.

3. Ask for advice when you need it, and share your own advice and knowledge with others.

4. Never stop learning—learn from your mistakes and from everybody you meet.

5. Keep your knowledge up to date by reading professional journals, studying for qualifications or attending training courses—for both the job you have and the one you want.

 

This regular weekly column from the UK-based, 90-year-old Chartered Institute of Management Accountants, or Cima, is meant to expand and enhance the diversity of views on current issues in the financial world, which has been facing some of its toughest challenges the past few years. Cima officers and members will take turns writing the Monday column. Cima is the organization behind the Global Business Challenge, meant to test the strategic business skills of students globally, part of Cima’s vision to develop future talent, and targeting university undergraduates.