Panel, Conference Presentation
Leaning In or Pushed Out: Where Are the Senior Women in Business?
Milken InstituteRichard Ditizio, Margery Kraus, Sallie Krawcheck, Lauren Leichtman, Liz Claman, Marjorie Kraus, Michelle Kidley, Jeff, Manjuka Nariwala
- The 16th Annual Milken Conference is projected to deliver high impact, with audience interaction scheduled near the event's conclusion.
- Women-owned businesses are forecast to expand approximately 57% faster than male-led ventures over the next decade.
- Board diversity is anticipated to shift from "fairness" motivations to "helpful pressure" for results, potentially moving away from "like me" hiring toward style and skill diversity, though 15-16% increases may only yield single-digit gains rather than 50%.
- Board representation is expected to rise from the current 16% by only 1% over the past three years without regulatory intervention, prompting projections for a "hybrid" voluntary approach in the U.S. over legislative quotas like Norway's.
- Financial institutions risk moving backward on diversity metrics regarding volatility and client focus if current trends persist, while the NYC Comptroller's Office expects increased transparency in senior management figures to drive improvement.
- Regulators may utilize CAMEL ratings to assess management diversity for lower risk, and proactive CEOs are expected to form a "bully pulpit" to advocate for women on boards.
- Search firms are projected to face pressure to ensure at least half of senior role candidate pools consist of women, while companies failing to capitalize on "diversity arbitrage" are predicted to become suboptimal.
- Corporate flexibility is expected to yield retention of 60% of an engaged person's time versus losing 100% of a harried employee, responding to data that 60% of working women with minor children desire more arrangement flexibility.
- West Coast companies are predicted to lead East Coast firms in adopting flexible work arrangements, with a cultural shift expected to eventually universalize parenting as a workplace issue rather than gender-specific.
- Women are advised to avoid intellectual honesty regarding lack of experience, assertively demand roles where they exceed 50% of top producers, and leverage underestimation as a strategic advantage.
- Career trajectories in finance are described as a fertile period from ages 25 to 50 that conflicts with child-bearing years, requiring supportive partners and a mindset to show a "brave face" internally during uncertainty.
- Specific behavioral adaptations include stopping "grateful" attitudes, refusing to "sound like a bitch," saying "sure I can" to new tasks, and potentially concealing pregnancy to avoid negative perceptions while "kicking ass."
- Shareholders are expected to use their "dollar vote" to force management action, while a group of 15 or 16 percent increases in leadership roles is predicted to fall short of the 50 percent necessity without further pressure.