Feminomics - A New Perspective on Leadership
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Feminomics provides a new perspective on leadership challenges and opportunities for both men and women. It looks at the unbalanced leadership behind the economic crisis and how we need to re-balance our leadership at every level for future prosperity and well-being. The presentation forms a powerful centrepiece for leadership events, stimulating high levels of engagement and discussion.
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Feminomics - A New Perspective on Leadership
- 1. Feminomics A new perspective on leadership The unbalanced leadership behind the economic crisis – and how we need to re-balance www.greenwellfuture.com
- 2. “We can’t solve problems by using the same kind of thinking that created them.” www.greenwellfuture.com
- 3. Some people say the economic crisis was man-made www.greenwellfuture.com
- 4. Or a product of… rather than feminine? masculine values • Money/ things • People/relationships • Work • Life • Economic growth • Sustainability • Big and fast • Small and slow • Single-minded • Reflective • Decisive • Consensual www.greenwellfuture.com
- 5. Feeling Comfortable? Taboo? Gender is a taboo topic in some countries… But if we ignore gender as an issue we miss it as an opportunity www.greenwellfuture.com
- 6. How do our institutions look? www.greenwellfuture.com
- 7. Banks • Sexist? • Reckless? • Influential? www.greenwellfuture.com
- 8. Influential? • UK financial services sector 2007 – 1.3million jobs – 4% of the workforce. – Over a quarter of UK Corporation Tax • Held up as an ‘exemplar’ industry by government – Bankers appointed to advisory and ministerial posts – Wealth didn’t trickle down but attitudes and aspiration did www.greenwellfuture.com
- 9. Sexist? Women earn 55% less than male counterparts – the largest pay gap of any UK industry. Pay gap is just as wide for new recruits Female bonuses just 1/5 of male counterparts Stereotypical roles. Sexism is rife – overt and insidious. www.greenwellfuture.com
- 10. Reckless? Group Think The Winner Effect www.greenwellfuture.com
- 11. Still Influential… www.greenwellfuture.com
- 12. ECONOMISTS “Why did no-one see the recession coming?” Erm… 1.Silo thinking 2.Focus on wealth and financial innovation at the expense of other human concerns 3.Reduced the world to mathematical formulae 4.Lacked imagination! www.greenwellfuture.com
- 13. GOVERNMENT Spot the woman… ! www.greenwellfuture.com
- 14. Business • One eighth – the proportion of women in top company boards • It’s also a WEDGE…in almost every industry the number of women drops as salaries and seniority rise. • Women who make it to the top are less likely to have children and often have to absorb male culture to make it • More women who want to succeed in business on their own terms are starting businesses www.greenwellfuture.com
- 15. Women entrepreneurs changing the rules • More innovative and ambitious • Strong ethical values • Risk aware with long-term vision But •Don’t fit models of business support and finance •Win less than 5% of contracts •Less senior experience and contacts Those who get past those road blocks are now the UK’s fastest growing group of millionaires www.greenwellfuture.com
- 16. Imagine… If we had institutions and policies which worked with women rather than shoe-horning them into a male model? www.greenwellfuture.com
- 17. ALTERNATIVES… www.greenwellfuture.com
- 18. Values “Over 2/3 of people around the world think the global economic crisis is a crisis of ethical values” DAVOS 2010 So far that’s led to… www.greenwellfuture.com
- 19. Real change • Iceland –most equal country in the world and the worst hit by the crisis • Gender is a key part of their response – Rebalancing - Government & banks are now headed by women – The new constitution was crowd-sourced. Audur Capital flourished during the crisis Based on feminine values: • Long term • Values driven • Empowering customers Like German Landesbank (70% of market) and community banking everywhere… Sound principles for banking and for business? www.greenwellfuture.com
- 20. Economics What’s measured matters… GDP is our top strategic driver It ignores quality of life - health, education, care, environmental sustainability and unpaid work. It positively values air pollution, accidents, war, consumerism… In 2011 the EU passed a resolution supporting the implementation of alternatives to GDP www.greenwellfuture.com
- 21. Growth and wellbeing www.greenwellfuture.com
- 22. Leadership • From World leaders down… the pattern of top leadership: Spot the woman Spot the gender wedge • Numbers matter – we need a critical mass of at least 30% women to change culture www.greenwellfuture.com
- 23. The business case for balance • Mitigation of group think and excessive risk taking • Gender balanced teams perform better • Companies with more gender balanced Boards perform better on every measure, including financial • “Forget China, India and the internet: economic growth is driven by women” www.greenwellfuture.com
- 24. What’s stopping us? • The myth that there are not enough qualified women? • Fixing the woman not the system • Unconscious bias. They couldn’t find enough ‘good women’ for orchestras until auditions were held behind screens! • Stereotyping – outside and internal… www.greenwellfuture.com
- 25. Feminomics 1. Balanced leadership 2. Smart growth 3. Sustainable finance and business 4. Beyond stereotypes Balance is Best – for People, Planet and Profit www.greenwellfuture.com
- 26. This presentation forms part of a great leadership event for women and men. Get in touch for more details Erika Watson erika@greenwellfuture.com Photo credits Stock Xchng Mike Legend and www.greenwellfuture.com Gene Hunt cc via Flickr
Notes de l'éditeur
- In evidence to the Treasury Select Committee on women in the city convened in October 2009, Professor Charles Goodhart of the London School of Economics said: “Men tend to be much more aggressive and are prepared to take larger risks. There would have been less likelihood of the kind of financial crisis that we have just had, had there been a very much larger number of women CEOs”. While Pensions expert and former Bank of England adviser, Ros Altman declared “"I am very much persuaded by the argument that if you had had more women at the top of the investment banking industry we would not have reached the excesses that we reached. There would have been more of a moderating influence, there wouldn't have been this overriding, testosterone-fuelled, macho 'my risk is bigger than your risk' type thing." Even leading right-wing economist Ruth Lea, usually known as an equalities refusnik has said "Some of the men working in the city are not bankers they are gamblers. It may be that we need a more female style to banking if you want to call it that. We need to look at a more nurturing careful approach to finance, that doesn't take such risks as in the past." Lea also decries the macho buccaneering spirit which she claims has migrated from investment banking into general banking and the whole financial system. It is a culture and spirit which has also had an extraordinary influence on broader political and consumer culture.
- Those gender stereotypes and values are robust and timeless. On the whole men stress ego more, women social ties. In business men reports and women rapport! On an individual level m/f differences are not massively meaningful and feel insulting. But they cumulate and are significant with larger numbers. National cultures have been defined as M or F in many robust studies by Hofstede and others. Anglo saxons – M , scandanavians – F. Gender gaps wider in M cultures. In F cultures the gap is narrower – women are more competitive, men more caring. Neither as tightly bound by those stereotypes. “ the values and beliefs of the men and women in leadership roles parallel those who find themselves at societally or organisationally lower levels of responsibility… ie. ‘a country’s leaders and followers sing from the same hymn book of societal norms. In the process they reinforce each other’s expectations and behaviours and create the organisations and institutions that help perpetuate these very norms. Thus given their locations on M/F dimensions, countries such as denmark, Norway, and the Netherlands, as compared to switz. Italy or US, will cont to develop different responses to the issues of organisational life, career or international relations – in spite of the inc impact of tech and globalisation. “ the values and beliefs of the men and women in leadership roles parallel those who find themselves at societally or organisationally lower levels of responsibility… ie. ‘a country’s leaders and followers sing from the same hymn book of societal norms. In the process they reinforce each other’s expectations and behaviours and create the organisations and institutions that help perpetuate these very norms. Thus given their locations on M/F dimensions, countries such as denmark, Norway, and the Netherlands, as compared to switz. Italy or US, will cont to develop different responses to the issues of organisational life, career or international relations – in spite of the inc impact of tech and globalisation. M/F dimension. M stands for a society in which men are supposed to be assertive, tough, and focused on material success; women are supposed to be more modest, tender and concerned with the quality of life. The opposite pole, F, stands for a society in which both men and women are supposed to be modest, tender and concerned with the quality of life” (Hofstede 1991, p261-262. “ Study of work goals by gender have shown again and again that other things being equal, men tend to stress ego goals more and women tend to stress social goals more. The balance between ego goals and social goals in an individual is influences by that individual’s gender. Gender differences in values have been popularised by Deborah Tannen (1990) who showed the difference in f and m discourse in the US: more ‘rapport talk’ for women versus more ‘report talk’ for men. … the M/F dimension is the only one of the 5 that produces consistently different scores for female and male respondents (more ego in the males), except in very feminine countries; it is the only dimension associated with the values that play a role in the differentiation of gender cultures” < socially constructed./ m/f not primarily concerned re visible roles in society, such as men going out to work and women saying at home to care. These roles are to a large extent determined by economic factors. M/F concerns first of all the emotional roles in the home. In some societies men specialise in ego-boosting and women in ego effacing, roles. In others the emotional roles are more equally divided, with men also being orientated toward ego-effacing goals.
- Hofestede M/F axis is called Quantity/Quality in Anglo Saxon countries! Why are we uncomfortable? "There is never a problem with me being a woman, whereas in the UK there is always an undercurrent. Most Icelandic men genuinely view women as equal"
- Tax figs are from PWC 2007
- Group-think – group with similar values and experience reinforce a dominant view – identified as a key factor in what went wrong at RBS, HBOS and Northern Rock. Testosterone – Dr John Coates found that traders on a winning streak can have dangerously high levels of testosterone leading to irrational risks. Gender balance mitigates risk. Female fund managers perform better / trading floors benefit from diversity.
- Trickle down - influence, aspiration but not wealth… Massive salaries in banking led to a culture of entitlement at the top levels of the public services And still influential! More than half of Conservative party donations came from the financial services sector in 2010 http://www.bbc.co.uk/news/uk-politics-12401049 - up from 25% before the crash
- All those points are connected… But investment in the businesses women start is v low… Recent govt investment in SET industries, while cutting initiatives to help women progress in SET Only significant investment in WE = VC fund..!
- In terms of institutional change…
- Landesbank, peer to peer lending…
- And that is GDP, which includes the value of air pollution, accidents, war and defence, consumer sales… But not quality of health and education, care, environmental sustainability, unpaid work – mostly done by women and accounting for 1/3- ½ the value of GDP. It’s also short term and doesn’t include innovation or assets. We need an economics which values life, not just cash, but community, care and the environment.
- Higher GDP doesn’t increase life satisfaction one bit, beyond a threshhold. But it does damage the environment significantly.
- Spot the woman Spot the gender wedge There are more MPs named Nick and Dave than women in parliament This is the pattern of top leadership everywhere
- Fixing the woman – not the system Smashing stereotypes - Making it easier for men to care and women to compete Unconscious bias for years, symphony orchestras struggled to hire a critical mass of women. Women auditioned, but -- the hiring committees said -- their music just wasn't as good as was their male counterparts'. When hiring committees put up screens during auditions, so that a musician's gender couldn't be known, the likelihood of a woman's selection increased seven fold.
- Balanced leadership in companies and government Smart growth – incentives linked to social and economic value Sustainable finance Freedom from stereotypes : allowing men to care and women to compete. Economics which reflects real life , not just cash, but also care, community and the environment.
- Photo credits Stock Xchng Mike Legend cc via Flickr Gene Hunt cc via Flickr Images of money cc via Flickr Lego.com