Women in the Workplace: Where They Shine, Where They Struggle
Many women say there needs to be more female executives in the workplace.
June 21, 2009— -- As the economic debacle of the last year is reviewed and dissected, there are more than a few who note that if women had been in charge on Wall Street, some of the financial risks would not have been taken and we'd be in much better shape right now.
"Women don't tend to bet the farm because their children live there," says Betty Spence, president of the National Association for Female Executives. "People used to say it was a drawback that women were risk averse, but I don't think they're saying that anymore."
That doesn't mean women don't have a thing or two to learn. While women make up nearly half the American work force, and the number of women who are breadwinners has grown with the shake-up in the economy, some women business leaders admit that women still need to improve some of their business savvy.
For example, Spence notes that more women need to "understand the power of the profit and loss positions and what it means to be in charge of the money that's coming in and out."
"They need to start positioning themselves very early in their careers to be on that track," she says.
A recent Development Dimensions International study of global leadership found that not nearly as many women are in accelerated-development programs as early in their careers as men, which means their chances for executive promotion diminish. Specifically, there were 28% more men in first-level leadership programs, while at the executive level, there were 50% more men than women in the high-potential programs.
Still, the case is being strongly made that women are good for business, and companies that want to survive — and thrive — in a global economy need to understand that. Studies have shown women to be more collaborative, more inclusive, more flexible and more empathetic, which President Obama said was important when making his final determinations for a Supreme Court nominee.
Catherine Kaputa recently interviewed more than 150 women for her new book, "The Female Brand: Using the Female Mindset to Succeed in Business," and she says it's clear that women take a more "holistic" approach to doing business.
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