CICA Women s Leadership Council Status of Women in the Profession Mary L. Bennett MLBennett Consulting

CICA Women s Leadership Council Status of Women in the Profession Mary L. Bennett MLBennett Consulting

Current State of Affairs - 2011 Status of Women Percentage of Female FP500 Leaders? 4.2% Percentage of Female FP500 Corporate Officers? 16.9% Percentage of Female Partners in CA Firms? less than 20%

Estimated Percentage of Women by Level in Firms 90 80 70 60 50 40 30 20 10 0 Staff Sr Mgrs Partners Men Women

Barriers to the Progression of Women in the Profession

Barriers to Retention and Development Lack of Access to Career Advocacy & Navigation Lack of Access to Female Role Models Career/Life Integration Challenges

Career Advocacy & Navigation Access to career development and advocacy experiences Uneven access to networking opportunities Uneven access to influential leaders of the firm or organization Lack of natural mentoring and developmental relationships Stereotyping, unconscious bias Bias due to assumptions about career, family, choices, roles, career paths, aspirations Assumptions about stereotypical roles for females Lack of understanding of the societal change from single to dual income families

Career Advocacy & Navigation Traveling without a road map Lack of access to information about the organization and industry to build business acumen Lack of knowledge of criteria for advancement Lack of knowledge about increasing one s value proposition Self Selection Women are encouraged to take themselves off of the partner and strategic leadership track Women are encouraged to take director, principal, lesser leadership or non equity roles and remove themselves from higher level executive career options assuming these paths are closed to them

Limited Access to Female Role Models Stunts the growth of aspirations Individuals are impacted by role models they identify with Lack of female role models as partners, board members, business and market development leaders impact the roles women aspire to Maintains stereotyping Cultures continue to reinforce the stereotypes of male and female roles Women continue to select themselves out of strategic paths Male leaders continue to make unconscious stereotypical assumptions about the potential of women leaders which impacts promotions, elections, assignments, mentoring & development

Limited Access to Female Role Models Lack of diversity in role models Not all women make the same life choices and career decisions, multiple role models to choose from and emulate are necessary Role models in the past may have been very traditional with very little diversity in path, approach or style and are seen traditional or masculine Women see other women leaving the profession which creates a ripple effect of negative belief resulting in further support of the status quo

Work/Life Integration Rigid career models Career models in accounting firms contain bias that assumes a non working spouse or no family responsibility to allow for 24/7 availability Career paths assume unbroken years of service. This is a model which does not allow for off ramping to have children or care for elder parents Career paths are often rigid in years of service required for promotion to each level which creates unfavorable bias towards those who have not moved thru the ranks at an identical pace Lack of customization Career paths do not allow for customization of location, role, timing, acceleration to account for a diversity of life cycles and choices without penalty and negative assumptions about potential

Work/Life Integration Demands of the profession External clients, busy season schedules, and culture of Firms appear to dictate 24/7 availability; corporate cultures may also support only face time Industry norms are sometimes historically based and often contain elements that s do not coincide with true job requirements Cultural norms about working heroic levels of hours create an undesirable model of partnership or executive leadership for women and younger generations which threatens organizational sustainability because exit strategies are reduced Societal norms Bias related to stereotypical male and female roles impacts decisions made regarding promotion, election and assignmentsoften unconsciously hidden in discussions about organizational or cultural fit or we will know it when we see it

Business Case

Indications of Potential Business Issue Turnover among experienced female talent Stagnation indicated by lack of female talent moving into the highest levels of the organization Strongest campus and experienced hires are increasingly female Baby boomer retirements looming Changes also reflected in the marketplace Competition for top talent is increasing Leadership succession planning is a top concern

Business Case Summary Sustainable growth models Sustainable succession planning models Viable exit strategies Bottom line impact of talent shortages Increased need for diverse talent that: Mirrors the marketplace Broadens organizational perspective Preparing for continued complexity of business models

Customize the Business Case Your Firm Strategy Structure Diagnostics Culture

Business Case Elements 1. Link to Firm Strategy and Sustainability 2. Industry and Firm Statistics 3. Turnover Costs 4. Barriers 5. Initiative Structure 6. Initiative Strategies and Action Plans

BEST PRACTICES-Initiatives Clear leadership involvement Accountability Governance is necessary Execution ownership by client service leaders Communication function-active and consistent Metrics

Solutions? So do you change the women or do you change the organization? Both There are two types of strategies: Organizational & Individual

Strategies Targeted for Organizations Business Case & Governance Structure Communication Plan Firm Leadership Commitment Career Advocacy Programs Assess Career Path Rigidity & Determine Opportunities for Career Customization Programs Networks and Skill Building for Women Leaders

Strategies Targeted for Individuals Targeted Coaching One-on-One Developmental Relationships Leadership Training Increased Networking Opportunities Increased Awareness and Education

Additional Resources http://www.cica.ca/women mlbennettconsulting.com LinkedIn Groups: Women in Leadership-Public Accounting Women in Accounting, Finance, Risk Management Twitter: mbennettwil