A recent study by law firm Slater & Gordon showed that 15 percent of 2,000 new mothers surveyed said they were overlooked for promotional/career progression opportunities after returning to work. In addition, of the 40 percent of women who said they returned to a changed position, almost half (45.53 percent) felt that the job they returned to was somehow worse than the job they departed from.
Liz Field, CEO of Financial & Legal Skills Partnership, says that the study underlines the challenges that firms still face in terms of their internal processes for recruitment and retention.
She says, “It is critical that companies create a culture with opportunities and initiatives that enable women to excel at executive and boardroom level. By doing so, companies can ensure a future leadership pipeline to drive economic growth in the UK.” Speaking about the Leadership 21C new initiatives from Financial and Legal Skills Partnership, which are designed to encourage participation across the sectors, Liz Field adds, “There is a considerable body of evidence that links increased diversity and good practice at executive and boardroom levels with long-term business growth and success. Firms within the industry are actively looking at the pipeline too.”
The Industry-driven Leadership 21C programme was showcased at the House of Commons in July. Initiatives include Changing The Landscape At Board Level and Through The Glass Ceiling programmes. The former is a unique development programme for women whose next step is to board level, or who are already there, while the latter is designed specifically as training for senior women managers looking to develop their personal leadership capabilities to ‘move up the ladder’. Liz Field says, “By participating in such initiatives, companies can retain valuable skill sets in their corporate memory, which will ultimately add value at all levels, including the boardroom. In particular, the five one-day workshops in Through The Glass Ceiling use cutting-edge methodologies and ideas to develop women leaders. These new strategies are based on core values such as transparency, accountability, responsibility and ethics, and are starting to create solid pathways to stability for the companies that have implemented them.”
Leadership 21C programmes’ three key elements also include statements of board leadership and behaviour, a Board Effectiveness toolkit, and a sector-focused Good Practice Guide to improve Board Diversity. The last element has some focus on gender diversity, and specific solutions to help women overcome barriers to progress and appointment to the board. Liz Field concludes, “Research cites companies that are more gender balanced see not only the benefits for the business, but also for society. They can draw talent from the widest possible talent pool, and have fewer blind spots when making important decisions. Companies must also realise the knock-on effect of such initiatives in attracting new talent and next-generation women into the business, and in engendering greater loyalty through offering encouragement and clear career paths.” The Financial & Legal Skills Partnership is an industry partnership and also a UK Government-licensed skills organisation that works across the UK’s financial and legal services, finance and accountancy sectors.
