Confidence Catalyst and ‘Words, Women and Wisdom’ host Yvonne Silver on how women are leading the way in leadership.
Men and women leaders often bring a different approach to leadership. If your organization is progressive and proactive, understanding how to leverage the power of women leaders can support long-term success.
Leadership competencies can impact employee efficiency, engagement, turnover and whether or not innovation power is leveraged.
Global management consulting firm Accenture estimates that not leveraging or developing an innovation mindset will show lost GDP of US$8 trillion (the potential gain by 2028 if an innovation mindset is raised in all countries by10%).
While your firm may not be global, that is a significant number!
Women leaders naturally create nurturing cultures, which foster innovation power, with their particular style of communications. Women more readily focus on inviting input and caring about the longer-term impact of business decisions – as mothers this is built into our DNA.
To quote from my 2018 bestselling book, Words, Women & Wisdom: The Modern Art of Confident Conversations:
“Women are raising their visibility and authority in the world, especially in business. By using powerful language, demonstrating confidence, and leveraging the natural collaborative competencies of women, inclusive work environments can be built for the long term. Women are generally natural nurturers and collaborators, caring that everyone has a say, and enjoying using win-win approaches to involve and engage staff and to build authentic and long-term relationships with customers and vendors. BOLD authentic feminine leadership starts with self-awareness of one's own abilities and understanding how to achieve outcomes through working together with others and leveraging the power of “we”. It is followed by using language more effectively to ask collaborative and inclusive questions, showing respect to others, earning their respect by being observed treating others fairly. Leadership is a mindset not a title.”
The Peterson Institute for International Economics conducted a survey of nearly twenty-two thousand firms globally in 2014. The profitable firms in the study sample (average net margin of 6.4 percent) showed that moving from having no women in corporate leadership (the CEO, the board, and other C-suite positions) to having a thirty percent female share is associated with a one percentage point increase in net margin—which translates to a fifteen percent increase in profitability for a typical firm.
McKinsey & Company’s global study of more than 1,000 companies in twelve countries found that organizations in the top quartile of gender diversity among executive leadership teams were more likely to outperform on profitability (21%) and value creation (27%). Organizations in the top quartile for ethnic/cultural diversity were more likely to achieve above-average profitability—33% more likely for diverse executive teams and 43% more likely for diverse boards. Diversity in leadership matters.
In Canada, the economy in the province of Alberta has suffered over the past few years, and it is time for change.
Women leaders play a key role in this, when fully supported. If you are curious to understand if your organization currently has a culture which supports building BOLD women leaders, I am happy to share more insights developed through building my Female Workplace Culture Assessment.
Yvonne Silver is a Confidence Catalyst, the Founder of Flourish and Women & Wisdom Media, author of the bestselling ‘Words, Women & Wisdom: The Modern Art of Confident Conversations’, and the host of ‘Words, Women and Wisdom’ on Podopolo.