How to Attract and Retain Talented Women

Attracting and retaining talented women is no longer a question of political correctness but a competitive advantage that often requires changing outdated cultures that worked when the professional domain was “a man’s world.” Creating an inviting and inclusive environment for women and other non-dominant groups means demonstrating the company values that they bring to the table. In addition, policies and practices must enable women as well as men to have rich and meaningful personal lives, contribute to their fullest potential at work, and be recognized for their achievements. The desired environment, policies, practices and needed changes can be identified by consulting with women who already work for the company. This is followed by the development of goals and action plans to achieve them.

Deloitte’s Women’s Initiative for the Retention and Advancement of Women (WIN) is one such leading edge program that started 16 years ago. Many companies now turn to Deloitte for advice.

I spoke recently with Barbara Adachi the National Managing Principal for WIN. She advises companies to:

• Begin with commitment by senior leaders.
• Tie initiatives to business imperatives Involve senior women and men as sponsors.
• Identify and measure desired results. • Deliver benefits to men and women

To this list I would add:
• Aim for the rule of 3.
• If you lack support from the top, start small

Begin with Commitment by Senior Leaders

Barry Salzberg, Deloitte’s U.S. CEO, is passionate about diversity and drives WIN as a business imperative. He recognizes that, in order to be competitive, the company needs to look like their client organizations and “our clients expect it,” says Adachi. Salzberg sees WIN as a driving force for accumulating the intellectual capital and diverse perspectives Deloitte needs to remain competitive in the marketplace. “We are committed to Deloitte being a diverse and inclusive workplace, to value our people for who they are as much as what they contribute. We strive to promote an environment where all our talent can have rich and rewarding careers and where our clients can expect stronger teams and more innovative services.” According to Barbara, without this type of commitment from the highest level of leadership, you won’t get the mindshare required to make a difference. WIN publishes an annual report similar in quality and style to Deloitte’s corporate annual report. The WIN report begins with a statement by CEO of Deloitte LLP is available online.

Tie Initiatives to Business Imperatives

Understand the company’s strategy, goals, challenges, and opportunities. Then identify and articulate clear links between the women’s initiative and important business issues. Make sure it is clear to all how the women’s initiative addresses these concerns. Deloitte initiated WIN to address the retention and advancement of women 16 years ago, when company leaders recognized the changing role of women in business and determined the need to have more women leaders. According to Barbara, “We had a 7% gender turnover gap and a small representation of women at the partner, principal and director levels.” At the same time, women represent more than 50% of the managerial professions and those receiving college degrees. Today at Deloitte, the gender gap is less than 1% and approximately 22% of the partner, principals and directors (PPDs) are women. In fact, they just reached a notable milestone of surpassing 1,000 women PPDs in the U.S. firm. Best Buy began with regional WOLF packs (Women’s Leadership Forums) chartered to recommend changes that would attract more women customers. They’ve produced big results by doing things like carrying designer cases for PDAs and changing signs about washing machine capacity from cubic feet to number of loads. Best Buy now has a more robust women’s leadership initiative headed by Liz Haesler and Mary Stoddart. Both women also run significant businesses at the company.

Involve Senior Women and Men

Barbara leads Deloitte Consulting LLP’s Human Capital Practice for U.S. Western Region in addition to her role as leader of WIN for which she reports directly to the U.S. CEO as did each of her predecessors. Deloitte has also established an external advisory council chaired by former U.S. astronaut Dr. Sally Ride. Companies like Best Buy, General Electric and American Express also ensure that senior women are involved and have formal roles as sponsors of the company’s women’s initiatives. Best Buy’s Haesler is responsible for the Home Life business and Stoddart runs operations across the southeastern U.S. with over 15,000 employees. At American Express, Susan Sobott heads the fastest growing business unit aimed at the small business owner – comprised mostly of women. Sponsors typically report to or are members of the executive committee. This ensures the initiative and its results are at the top of the company’s agenda.

Identify and Measure Desired Results

Deloitte, what gets measured gets done. Their program goals are clear and measurable beginning with the original objective of closing the gender based turnover gap. Deloitte has implemented a number of additional key metrics over the past 16 years. (See the section entitled The Rule of 3 for Anne Perschel’s comments on establishing clear metrics.)

Deliver Benefits to Men and Women

Programs that benefit only a portion of the population tend to be marginalized, so from the outset, initiatives should focus on delivering positive change for women and men. At Deloitte, the benefits of WIN have accrued to the entire organization, impacting both women and men. The recent implementation of Mass Career Customization, which was initiated in WIN, applies to all professionals at Deloitte. The “Women as Buyers” program is one of WIN’s recent innovations. It was created because 91% of Deloitte’s partners and senior managers are pitching to women clients and need to understand how women think and make decisions about financial matters. One male attendee remarked, “Women as Buyers is a great program. It provides insights into the things you wanted to know but were afraid to ask.”

Start Small

What if you are working for a company where top leaders do not see the relationship between business success and involving women in important roles and decisions? Anne Perschel advises that you start small and involve senior women. Jack Welch’s GE lent his support to a women’s leadership initiative after 3 senior women initiated a meeting with him on this issue. Several years later, GE’s women’s leadership conference is attended by top leaders across many industries who are customers and vendors of GE. It is seen as a coveted event where women can network with and learn from each other. It provides a competitive advantage for the company. In addition, read and use important research from organizations like Catalyst, who provide solid evidence that more women in top leadership roles results in better financial performance.

Aim for the Rule of 3

This rule is adapted from social science research and the experience of experts in the field of diversity indicating that when three members of a minority group are present, there is a greater tendency for them to express their views and to be heard when they do so. Most women nod their heads in agreement and recognition when they hear the oft repeated story of a lone woman who says something in a group meeting and is ignored or shot down. Several minutes later, a male colleague offers the same suggestion and receives both praise and acknowledgment for his idea. This phenomenon typically ceases when three or more women are present. If companies are going to attract and retain women employees and customers, women’s views must become part of the ongoing conversation and decisions. The rule of three goes a long way toward achieving this outcome.

* Barbara Adachi serves on the National Board of the Girl Scouts of America and has been repeatedly named one of the “100 Most influential Women in Business” by San Francisco Business Times (2003 – 2009).

By Anne Perschel