We asked two of our female Partners, both very successful management consultants...
Susanne’s answer
I have two pieces of advice for the young women starting their careers.
Firstly, make a career plan. Having been a headhunter and mentor for over 20 years, my experience has showed that having written down your expectations and dreams for your work life is of great benefit. A study from Harvard University also confirms this observation. The study was conducted in their MBA class where 3% had a written career plan, 13% had a mental career plan and 84% had no career plan. 10 years after finishing their MBA the 13% had performed twice as well as the 84% and the 3% were making 10 times as much the remaining 97% annually.
Secondly, ensure that you have a good balance between work, studies and your private life. I see many young women who have focused solely on their studies for many years, and then find it very hard to find a job afterwards. Having solely focused on their studies and good grades for so long has unfortunately made them narrowminded, and workplaces today are looking more and more for educated and interesting people with a certain degree of charisma. If you have spent all your time behind your desk, it does not give you that charisma. Prioritizing your hobbies, drinking wine with your friends and travelling, while also studying, makes you a more interesting person for your future workplace – and it also gives you a great start to creating your own network.
Lorri’s answer
Being a woman today means there is a much wider range of career options. We have young women fighting in our army, in construction - we are politicians and CEOs of global companies – there is no limit. Yet many women are still reluctant to use their voice. Remember: you are hired for a job because of your skills and talents so don’t let these get minimized by not speaking up. Your ideas, contributions and achievements are yours to realize AND to highlight, no matter how uncomfortable it may be. Don’t force conversations or to become arrogant, but take those natural opportunities to talk about the work you’re doing and what you’ve achieved.
I think one of the best pieces of career advice for women is to develop a strong personal brand which together with a strong reputation can put you on the radar for exciting career opportunities.
Finally, if you're asked to do something that excites you, but that you aren't sure you're completely ready for, always say yes – you'll figure out the "how" later. The more confident and competent you appear, the more you'll be able to build confidence in your abilities in others.
Always have the confidence to try new things, or even take a lateral move to get a new perspective. Believe in yourself.
Norway currently tops the European statistics for gender-balanced corporate governance, with France and the UK in second and third places. (Source: Gender Diversity Index, europeanwomenonboards.eu).
Many factors explain why Norway has made great strides with equal opportunities, and gender quotas for company boards is one. Despite the progress, however, the Norwegian labour market remains very divided along gender lines. Four out of every five CEOs is a man – and nine out of 10 nurses are women.
Gender quotas on public-sector boards were introduced to Norway in 2004, and extended to private companies planning for a stock market listing (public limited companies) two years later. The requirement was that women should hold a minimum of 40 per cent of board seats, with companies which failed to meet this proportion threatened with being wound up.
Owner perspective
Norway has many small family-owned businesses. A majority of these belong to men. As a major owner, the Norwegian state also makes a clear mark on the domestic scene. Directors are almost always non-executive and largely independent of the company’s management.
Trust between owners and directors is important. Historically, owners have chosen directors from within their own network, since it is easier to trust people you already know. These networks are homogenous. Boards drawn from them generally work effectively, but risk missing out on important perspectives.
The 40% women requirement has increased the awareness of the expertise desired and the contributions directors make. This is considered a very positive consequence of the quota regulations.
Megatrends
The need for renewable energy, for example, has shifted huge investments from coal and oil to solar and wind power. Digitalisation has created radical changes in companies' development and the competitive position and will continue to affect all sectors.
Major changes call for non-traditional thinking, and curiosity about how other sectors overcome their challenges is particularly important along with a sense of urgency and solid understanding of financial risk. Having directors of both genders as well as different ages and backgrounds – nationally and internationally and from various sectors – will be necessary in order to widen perspectives and make the right strategic choices.
Female boardroom candidates
Holding a directorship is not a right, but an opportunity to contribute required expertise. During the first few years with gender quotas, we saw some poor solutions – female directors with a combination of high self-confidence and low relevant expertise, and enterprises which invited women on in order to fill their “quota” without wanting them to make an active contribution. Such things are rarely seen today.
Generally speaking, bottom-line responsibility and thereby executive experience are necessary to contribute effectively on a board. Norway has far more men than women in leadership roles, which means that the pool of female candidates with relevant experience remains smaller than for men.
But big variations exist between sectors. So, when putting together capable boards which also meet the need for gender balance, an overall view must be taken of expertise and efforts are needed to identify where scope exists for a good selection base.
“Younger” sectors, such as technology, media and telecom, have a more balanced gender distribution and thereby more women with solid management experience who amply provide the expertise required of a director. This contrasts with traditional industry, for example, where the pool of women with similar management expertise remains smaller.
Win-Win
Good boardroom contributions emerge from relevant expertise, strategic insight, understanding of roles, commitment and a personality able to exert influence and collaborate.
Some people argue that being “quota'd in” is unequivocally negative, and that quotas weaken the authority of women on the boards. We believe gender quotas ensure that highly competent women are invited to serve and give able females opportunities to contribute. If the starting point has been that male owners chose directors from networks of friends and acquaintances, the quota system has been both a necessary and an effective tool for ensuring diversity. We argue that it also ensures the best possible value creation.
In our experience, the quota rules have contributed to owners adopting a more analytic approach in assessing the board’s overall expertise and contribution. The requirement for 40 per cent women has thereby definitively made owners aware of able female directors. Our hypothesis is that the boards also end up with more capable male members.
Hild Kinder
Benedikte Stiff
Partners, Norway
The Italian Experience...
Digital transformation is now a strategic priority for companies in all sectors and the past year, due to the pandemic, has highlighted even more gaps in larger companies.
Digital technologies are present in our daily lives and are also forcing companies to change - it is no longer possible to procrastinate.
The increasingly widespread adoption of the Cloud, the introduction of the IoT (Internet of Thing), the need to give value to the enormous amount of data, are causing to all industries to undergo a radical change in processes, in their ways of working and in the corporate culture itself.
Research conducted by Accenture The European Double Up: A twin Strategy that will Strengthen Competitiveness of 4,051 executives of European companies was presented at the annual meeting of the World Economic Forum last January. It underlined that for European companies to return to levels of profitability before the pandemic would take 18 months and only 32% of companies expect to realize an increase in profits in the next 12 months. These latter realities, defined as "the leading companies of tomorrow", will focus on the adoption of digital, together with the implementation of sustainability actions. The study shows that around half (45%) of European companies are prioritizing investments in both digital transformation and sustainability, with 40% of companies planning to make large investments in the field of artificial intelligence, 37 % in the cloud and 31% in sustainability.
In Italy, a survey made by the European Investment Bank, still highlights a low focus of Italian companies on innovation with just 17% having concentrated investments in innovation relating to the introduction of software and digital technologies. Proof of the benefits of digitization is the analysis of the productivity level which shows that digitized companies perform better and are more dynamic than non-digitized ones. The EIBIS survey shows the average productivity of digital companies in Italy is 12.3 %, more than 11.7% of non-digitized companies. Furthermore, in the last three years, companies that have undertaken innovations in the digital field have had a growth trend of the workforce higher than that of companies that have not implemented digital technologies. There is no doubt, in fact, that digital transformation requires a profound cultural change and the acquisition of new skills and profiles, which often come from the digital world.
The technologies that drive this transformation are many, such as:
Production and logistics managers as well as network managers will need to acquire more and more new skills in this area to be able to lead the change.
Guglielmo Sallustio
Partner, Italy
An interview with Antti Kleemola, CDO at the Finnish Rail Company, VR Group.
Digitalization has transformed the business world, depending on your point of view, for at least the last couple of decades. The change has been immense, not only in terms of processes and systems, but also in terms of the need for new competencies and working cultures.
Major changes require skilful management and many companies have reacted to digitalization by hiring a CDO to manage this change.
Is there still something left to be done in this digital transformation and is an appointed Digital Director required to successfully manage it?
We interviewed Antti Kleemola, CDO at VR Group, a government-owned railway company in Finland, operating in public transport services in both long-distance and commuter traffic, as well as in logistics and maintenance, about this topic.
From measuring kilometres to assessing customer satisfaction: digitalization means to VR above all a change in their thinking culture
VR is a textbook example of a giant organization where the need for a CDO was determined through experience. The changing business environment and with it the new measures of success drove the traditional logistics group, which has long had a monopoly over rail transport, to reflect on its capability in change management. Kleemola explained:
“Strangely enough, the focus of VR earlier was on the train instead of on the customer. For example, not that long ago our performance indicators focused mainly on kilometres driven.
“Due to both digitalization and the fact that competition for passenger rail transport will increase in the coming decade, our focus has shifted more than before from our fleet towards our passengers. Nowadays we focus on both the number of customers and customer satisfaction when measuring our success.
“Changes are happening on many fronts, which is why we need the entire organization to coordinate as to how to prioritize accordingly”.
The CDO is always busy – the need for change management due to digitalization shows no signs of slowing down
Kleemola's journey zigzagged, with the help of headhunters, through various leadership positions in the information administration to the digital executive of VR. Originally, he joined the organization to set the passenger transport sector in order, from the perspective of digitalizing the customer value chain. One of his first tasks was to make purchasing tickets easier, with the help of information technology.
“Quite soon it was noticed that it would make sense for the whole organization to think about how our business can better benefit from technology. It was desired that insights gained from the digitalization of passenger transport be applied to the entire organization. In this light, the need for a CDO was also identified,” Kleemola says.
“In a big organization like VR, reacting to changes isn’t always that simple. When both technology-driven reforms and demands for change from the authorities have an ongoing impact, it takes a strong digital leader to successfully hold everything together”..
The responsibility for digital change doesn’t lie solely on the CDO’s shoulders.
Whose responsibility it is to implement change in organizations, especially at giants like VR? Should it be only among CDOs, or possibly include someone else?
“To allow true change to happen, someone proactive and able to invest enough time and effort is needed. I doubt that a CDO alone has the power to do this. People in the organization are the key, and both employees and executives have a lot to take on when it comes to digitalization.
A viable partnership with business leaders is also of the utmost importance for a digital leader. This means digitalization throughout the entire organization’s agenda, not just in that of the CDO and his inner circle.
"The partnership and networking with both internal and external stakeholders need to be in good shape to succeed in times of digital transformation. Not even we at VR have all the answers; we need partners across industries,” Kleemola explains.
If the organization were an electric locomotive, information technology would be its fuel.
A successful digital leader turns his attention not only to making business more efficient through technology, but also to how such changes affect the overall customer experience.
“The goal of all our activities is ultimately to ensure that our customers are satisfied and have access to our services as easily as possible, be they train passengers or industrial customers who need an unbroken flow of goods. Therefore, we actively collect our customers’ insights and experiences and use them to draw useful conclusions about any developmental needs.
I believe that excellent customer experience still requires, in terms of digitalization, making organizations more collaborative and sharing common service platforms for the benefit of the consumer. There is still plenty of work to do in building these ecosystems for us digital leaders”, Kleemola states.
From IT's perspective, one of the biggest transformations has undoubtedly occurred in the area of cloud transformation. As data has moved from organizations' own servers to the cloud, its overall meaning has also fundamentally changed.
“With cloud transformation, information technology, as I see it, is becoming more of a “basic electricity”, so to say, that sustains operations. This “electricity” can then be recharged from the charging station if necessary, to allow the journey to continue.
As it stands, technology itself no longer requires that much management; the perspective has changed even more to people and change management. I believe that this will become even more pronounced in the job description of the CDO in the future,” Kleemola concluded.
Who knows, maybe the digital director of the future will be the title of CTO — Chief Transformation Officer.
Mika Rossi
Partner, Finland
The efforts made by the management companies and by the Buy Side to adapt will not revert to the way things were.
We recognise that we must add more value, both for efficiency and quality of life, which will involve developing and adapting to this model through skills training (e.g. remote communication).
The “imposition” of teleworking during the lockdown period has caused the way of relating between the buy side and the sell side to change. This period has been a brake on the acquisition of new clients since they have preferred to trust existing relationships, and they have been more reluctant to learn about new alternatives, therefore, professionals able to develop close and trustworthy relationships take on special value.
Secondly, within the commercial activity itself, we have also observed that the technical component of the sale (product) and the general technical knowledge (market) on behalf of the sales professional is something that will be decisive in the post-Covid period - even more so than it already is.
Future commercial activity will be a mix between remote and face-to-face working. Likewise, and as a critical point, it will be necessary to have professionals who are capable of developing a relationship of trust and closeness remotely, and those who can reinvent their relationship with clients to be able to achieve more impact and higher quality in other ways.
You can't flood customers with webinars!
Emiliano Sacristán
Partner, Spain
First published in the Spanish edition of Funds Society Magazine, December 2020.
Today, the fifth and final report from the Hampton-Alexander Review was published.
The Hampton-Alexander Review was an independent, voluntary and business-led initiative supported by UK Government to increase the representation of women in senior leadership positions and on boards of FTSE 350 Companies, from 2016-2020.
The scope of the Review covered over 23,000 leadership roles in Britain’s largest listed companies, covering the board and two leadership layers below the board, making the UK’s voluntary approach to improving women’s representation at the top table, arguably the biggest and most ambitious of any country.
FTSE 100, 250 and 350 all reached target of women making up 33% of boards by the end of 2020. Culture change at the top is paving the way for greater gender parity across business with women’s representation in wider senior leadership also rising. Hampton-Alexander Review CEO, Denise Wilson said:
“The lack of women in the boardroom is where it all started a decade ago, and it’s the area where we have seen the greatest progress. But now, we need to achieve the same - if not more - gains for women in leadership.”
The final report states that there is no doubt that the executive search community has a critical part to play in the selection process and working together with clients, has been a major driver of progress.
Friisberg has a long established success in helping appoint women candidates to a wide range of business and public boards. This is important given the significant reach of many of these boards generates a critical ripple effect across boards in a wide range of sectors and positions of influence.
We work with our clients to ensure talent is evaluated on a level playing field.
We ensure that briefs are drawn as widely as possible, which prevents candidates with the appropriate skills and attributes being unintentionally ‘written out’ at an early stage.
We offer support and guidance to staff, and clients alike, on how to evaluate different work and life experiences with the more traditional career paths, and on the power of bias in the process, and final appointment stage.
As we look to build back better from the pandemic, it’s important businesses keep challenging themselves to use all the talents of our workforce and open up the top ranks for more, highly-accomplished women.
As diversity gradually increases in many boardrooms (still too slowly, in my opinion) we are seeing more women take on the role of:
Now, I know some would argue that Chairman is not necessarily a masculine term in much the same way as we use hu(man), wo(man) or fe(male).
I disagree.
If it doesn’t matter, then why don’t more men call themselves Chairwoman?
Well, I asked a couple of Chairmen and they felt to call themselves a Chairwoman would just be daft. Yes, perhaps, but no more daft than the other way around – surely?
We still live and work in what is irrefutably a man’s world, and historical semantics dictates Chairman literally means a Chair who is also a MAN.
However, I know plenty of women who refer to themselves as Chairman.
Why?
In the UK, the Companies Act 2006 actually specifies the term 'Chairman' - which is as astonishing as it is unnecessary - and may be the reason.
But, do women really aspire to holding a masculine title? Are they content that it’s the way it has to be? Do they care nothing for its sexist overtones? Perhaps they are actually afraid to rock the boat in what might be a predominantly male boardroom?
But argue I must and argue I will.
I care deeply about the message it sends. If men want to call themselves Chairman, fine. It’s accurate. If women want to call themselves Chairwoman, well, that’s fine too. However, if women use Chairman, aren’t they saying, “I identify as a woman, but this is a man’s world, and I need to conform to get on."?
It sends the wrong message to women, and it also sends the wrong message to men too, especially younger men who shouldn’t be growing up with the potential for a sense of entitlement - that the seat at the head of the table is reserved for ‘men’ only.
Why not use the simple, non-gender specific term Chair?
It’s short, to the point, offends no one, creates no sense of entitlement, and does not attribute gender to something that is absolutely nothing to do with gender…
If you are reading this article and huffing and puffing or muttering about ‘political correctness gone mad’ – there is no need to ask ‘What’s the problem?’...
Lorri Lowe
Partner, UK
Many résumés for women in top positions read like a handbook to business success. They didn't need a quota, the career steps followed one another seemingly logically, opportunities always presented themselves and women took advantage of them. But there are few - at least in Germany.
The legislature now wants to change that.
The plans for a binding quota of women on executive boards affect almost a third of the 100 largest listed companies in Germany because 29 of them have more than three board members, but no position for a woman, according to an analysis by the Boston Consulting Group.
As a diversity officer, I speak to highly qualified women in management positions every week. Many of them have come along a rocky road, yet not all are in favour of a quota; and have differing opinions on the advancement of women.
But when it comes to the question of what women need above all to make it to the top, they all agree:
Courage to seize opportunities and also to fill uncomfortable roles - even if you do not yet have all the skills.
What do you think?
Do women lack courage?
I look forward to a lively exchange with you!
Meltem Ay
Principal, Germany
The world needs more women leaders – whether that is leading companies or running countries. Why? Because gender equal leadership results in a more inclusive and effective society.
Global talent shortages are at a record high (almost double that of a decade ago) so surely it is critical to harness all potential talent. Did you know that although women enter the workforce in relatively equal numbers as men, but the rise to the top can be slower and more challenging for them?
At Friisberg we constantly challenge the status quo and actively seek to create truly inclusive and supportive environments where women can excel and constantly achieve their full potential.
There are many ways companies themselves can aim to attract and retain more women leaders:
Break the male line of succession
A lack of women leaders at the top cannot always be attributed to a lack of female talent. Many women feel blocked from senior ranks due to all-male lines of succession. Breaking this line of succession requires reversing stereotypes. Companies must clearly articulate and make transparent the specific skills and experiences needed for movement into leadership levels and should identify suitable mechanisms for helping women build exposure to the scenarios they need in order to progress.
Offer workplace benefits beyond pay
For companies to attract women into leadership roles, they need to offer more than just good pay, such as employee training and development opportunities, good work/life balance, and flexibility. Many women still remain the primary caregivers outside of working hours, so it is important that companies understand and respect the wide demands often placed on working women.
Look for employees who are willing to adapt
The world of work is changing thanks to the increasing influence of digital technology and this can mean breadth of skills and not always depth. Yet, many companies still require candidates to have many solid years of experience behind them, something that greatly favours men who have not had career breaks. Some of the biggest barrier to women's progress is an entrenched male culture that is based on merits created by men, shaped by presenteeism and defined largely by male standards.
At Friisberg, we always remove bias and barriers from interviews and ensure our assessment criteria are designed with all candidates in mind.
Encourage leaders to take responsibility for their actions
All leaders have the influence to instigate change, so it is important that the words, actions and decisions of leaders are fair and inclusive in promoting and encouraging women.
Leaders should ensure there are adequate policies and strategies in place to create inclusive workplace cultures where people's differences are valued. Such workplaces ensure everyone - regardless of background or identity - is respected, their voices heard and their actions valued.
Lorri Lowe
Partner UK
2020: A Year of Contrasts
The French job market was heavily impacted by Covid-19 in 2020.
The country had a first lock down from mid-March to mid-May and a second lighter one in November.
Key figures show a dip in Q2 and rebound in Q3. Compared to 2019, jobs openings were at -40% (Q2) against +55% (Q3). This shows that the market massively compensated the losses on Q2.
This phenomenon repeats itself across almost every major specialism and sector, from middle to top management positions. The same figures appear for permanent and temporary contracts.
However, for 2020 as a whole, the total figure of newly created jobs is -18% compared to 2019.
Job Openings & Candidate Shortages
The massive difference between Q2 and Q3 created a very unpredictable market on different aspects: jobs and candidates’ availability.
After the world stopped for a few weeks in Spring 2020, we had a paucity of new assignments one month, and then of candidates the next. Clients put on hold every project, before opening positions little by little.
Every non urgent matter was postponed, and we waited patiently until further notice.
Then, in September/October, recruitment started again. Suddenly, we were retained on assignments left and right, but still we struggled with just a few candidates.
Were candidates unavailable? No, on the contrary. They were very open to discuss job opportunities. They were curious and eager to know about the market. First contact was easier than ever, but no one wanted to take the risk to go forward. A probation period was simply deemed too risky.
How to react?
As a ship on a stormy sea, we vowed to stay on course. When nothing is predictable, you can only rely on what you know. More than ever was the time to be a consultant: provide good counsel, keep our clients close, engage with them, communicate and give trusted insights.
Actively managing candidates and clients was crucial. As the recruitment processes became shorter, candidates became more unpredictable so we needed to make the process as smooth as possible.
What Next?
2021 started fast.
We must act proactively. We need to see what's coming: clients are already adapting, and this ever changing situation is our new reality.
As the situation is unusual and unpredictable, we tend more than ever to think for our clients. We must be there for them and keep on delivering the best service possible. We are all making this reality our new reality.
Julien Wilhelm
Partner France
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