inclusion in the boardroom...geraldine calpin hilton hotels and resorts chief marketing officer...

Inclusion in the Boardroom:

The challenges C-Suite women face and overcome to operate at Board level

June 2018

Inclusion in the Boardroom

1 Copyright © 2018 Zircon Management Consulting Limited. All rights reserved.

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Contents

INTRODUCTION BY THE AUTHOR 2

THE CONTRIBUTORS 3

INTRODUCTION 4

THE AIM 6

QUESTIONS, CONTRIBUTORS AND METHOD 6

OUR FINDINGS 7

1. SIGNIFICANT TRIGGER POINTS DIRECT FEMALES TO SENIOR ROLES 7

2. PIVOTAL PEOPLE SUPPORT WOMEN IN REACHING THE BOARDROOM 9

3. WOMEN OVERCOME SIGNIFICANT PERSONAL AND PROFESSIONAL CHALLENGES WHEN REACHING THE TOP

11

4. ALL BOARD MEMBERS HAVE UNIQUE STRENGTHS, NO MATTER THEIR GENDER OR ETHNIC ORIGIN

14

5. DIVERSITY IN PROBLEM SOLVING AND DECISION-MAKING IS CRITICAL FOR BOARD SUCCESS

16

6.SELF-BELIEF IS CORE TO SUCCESS 20

CONCLUSION 23

IMPLICATIONS 25

ABOUT THE AUTHORS 27

REFERENCES 28

APPENDIX ONE 30

APPENDIX TWO 34



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Introduction by the Author

The idea for the latest research began by looking at the boardroom and came from an inspiration

from a Gender Pay and Reward event facilitated by Deborah Rees at Innecto Consulting. The equal

pay agenda and the pressure to create greater gender equality at senior levels encouraged us to

look at the benefits of women at Board level and the strengths and differences they bring.

The results surprised me. I expected these amazing women to have faced, surpassed and won

against extreme challenges and difficulty but I also expected them to have real diversity of

thought, agenda and passion when compared to their male counterparts. The results however

have shown that the characteristics of successful leaders in both men and women are very similar

and therefore the real uniqueness happens at an individual level. It is how an individual’s

strengths, emotional intelligence, aspirations, motivations, values and problem-solving skills

combine that creates their personal blueprint for success.

The results show diversity is key but real diversity is about how we think and not our gender, age

or ethnic origin. Diversity is about individual uniqueness; we are all individual, unique and bring

something slightly different to the company. It is how we decide to include, involve and listen to

our colleagues that makes all the difference.

“Diversity is what you are, inclusion is how you feel. Change the way people feel

about inclusion and diversity will follow”

Dr Amanda Potter

BSc (Hons) MSc AfBPSs HMABP CPsychol CSci

June 2018



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The Contributors

Thank you to the following women who were involved in the research…

NAME ORGANISATION POSITION BRIONY MCKINN Aimia Vice President of Talent & Culture VANESSA FLYNN Air-Tec Global Support Services Director SARAH BARRON Arla Foods Plc Global Talent & Leadership Director AMANDA BLANC AXA UK Group Chief Executive Officer PENNY MALIK Beazley Head of Talent Management HELEN TROTT Belmont Green Finance Ltd Director of Legal KAREN HARDY British Medical Association Human Resources Director LYNNE FARRAGE Browne Jacobson LLP Human Resources Director CAROLINE MELLOR Dentsu Aegis Network Global Human Resources Director NANETTE FAIRLEY Emirates Vice President CAMILLA FAITH Grosvenor Estates Human Resources Director JANINE MANTLE High Speed 2 Corporate Affairs Director LINDA LITHERLAND High Speed 2 Head of Learning and Development ALEXANDRA MURRAY Hilton Hotels and Resorts Vice President GERALDINE CALPIN Hilton Hotels and Resorts Chief Marketing Officer

PATRICIA PAGE-CHAMPION Hilton Hotels and Resorts Senior Vice President and Commercial Director, EMEA

PAULA LEITCH Home Office Chief People Officer

JANE LONGWORTH Hopkins Longworth Director SARAH HOPKINS Hopkins Longworth Director SARAH DUNMORE JLT Group Plc Global Talent and Development Director JULIA TYSON LV= Group HR Director MOLLY ALDRIDGE M&C Saatchi PR Global Chief Executive Officer LESLEY ABERY Mercuri Urval Vice President PAULINE PROW Monarch Airlines Chief People Officer JAYNE STYLES MS Amlin Chief Investment Officer DIANE WOOD Old Mill Group Human Resources Director

ALISON CAMPS Quadrangle / Pride Chief Executive Officer, Deputy Chairman / Director

JACQUELINE STARR Rail Delivery Group Managing Director of Customer Experience

LIZ REILLY SEGRO plc Group Human Resources Director CAROL MULDOON Starbucks Coffee Company Vice President of Partner Resources, EMEA NICOLA SMITH The Children’s Trust Director of Strategy and IT CIARA MCGRATH The Instant Group Global Human Resources Lead REBECCA REEVES The Rank Group Human Resources Operations Director SUE WALDOCK The Rank Group Group Human Resources Director NICOLA MURPHY The River Group Chief Executive Officer

SARA JANE STANES OBE The Royal Academy of Culinary Arts

Chief Executive Officer

HELEN GORDON The Royal Society of Medicine Chief Executive JULIE STAYTE VW Financial Services UK Limited Chief Human Resources Officer JULIA ROSAMOND Wagamama People Director

EMMA WOODS Wagamama / The Gym Group Customer Director / Non-Executive Director

ANNEMARIE DURBIN WH Smiths PLC/ Santander UK PLC/ Ladbrokes Coral Group Plc

Non-Executive Director

TARA KNEAFSEY Wonga Loans Group Chief Executive HEATHER MURDOCK XP Power Vice President of Global Human Resources LINDA OWEN ZebraHR Founder Director



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Introduction

Gender diversity at Board level is when an

organised yet diverse group of people have

the collective authority to control and foster

an institution, organisation or business. In

recent years, the lack of diversity at Board level

has become a hotly contended subject.

Stakeholders from all areas, including

researchers, occupational psychology

practitioners and organisations, are

contributing to the debate regarding the

benefits of gender diversity in the boardroom

and how to implement the necessary changes

to achieve these. Societal pressure due to the

gender pay-gap is being thrown into the

spotlight by both the press (e.g. Bloomberg,

The Guardian, The Independent, The Financial

Times) and public-sector Reports (e.g. DfT’s

gender pay gap report, 2017, HM Treasury

gender pay gap report 2016 to 2017), has also

encouraged a number of governments to get

involved. Many governments are now forcing

the hands of the organisations who are often

not fairly representing women at the highest

managerial roles to demonstrate diversity and

inclusion.

Historically, there has been a slow increase in

female representation on Boards; beginning at

9.4% of corporate Board members of FTSE 100

companies being female in 2004 to 12.5% in

2010 (Davies, 2011), 15% globally in 2015 (Lee, L.,

Marshall, R., Rallis, D., & Moscardi, M., 2015)

and 29% in 2018 (Griffiths, 2018).

Today 27.7% of FTSE 100 and a quarter of FTSE

250 corporate Board members are women

(Griffiths, 2018), which is a positive signal that

females are beginning to be provided with

more opportunities at senior levels. Across

Europe however, the gender diversity at this

level is inconsistent, with the United Kingdom

specifically trailing behind Norway (40.1%),

Sweden (33.7%) and France (33.5%) who each

have the highest percentage of Board seats

filled by women in the region.

Davies (2011) has recommended a target for all

FTSE organisations to reach 33% female

presence on Boards by the end of 2020 and in

order for this to happen, businesses need to

achieve the same rate of progress over the

next three years as they have in the previous

three years.

Whilst over a third of FTSE 250 organisations

already have 33% diversity or are on track to

reach this by 2020, in order to achieve this,

almost 40% of all appointments need to go to

women in the next three years; a challenging

target when over half of FTSE 250 companies

currently report having no women on the

Executive Committee (Davies, 2011). Due to

this, it is estimated that this target will not be

globally met until 2027 (Lee et al., 2015).

There is a vast body of research to

demonstrate and persuade organisations of

the benefits of gender representation on

Boards; particularly around financial

implications. For example, the 2015 McKinsey

report ‘Diversity Matters’, found that

companies in the top quartile for gender

diversity were 15% more likely to have financial

returns above their respective national

industry median. According to a report



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released by Credit Suisse Research Institute in

2012, the share price performance of

organisations with at least one woman on the

Board was better than those with no women

on the Board. The report suggests that

following the 2008 financial crisis, the stocks of

companies which had women on the Board

strongly outperformed those without any

women on the Board (Suisse, 2012). In fact,

over the six years prior to the report, large-cap

stocks (market capital greater than USD 10

Billion) without female Board members were

outperformed by those with women Board

members by 26%. Furthermore, over the same

period, small to medium cap stocks (market

capital less than USD 10 billion) with women

Board members outperformed those without

by 17%. These organisations also saw higher

returns on equity, lower leverage and higher

valuations.

To support these findings, research by Carter,

Simkins and Simpson (2003) indicated that,

after controlling for extraneous variables such

as organisational size, there is a significant and

positive relationship between the percentage

of women on the Board and company value.

This finding was also supported by a later study

by Carter, D’Souza, Simkins and Simpson

(2008), in which the data from their sample

indicated that there is a cause and effect

relationship, in which Board gender diversity

directly leads to improved financial

performance.

In response to these organisational benefits, in

recent years, a number of governments have

passed laws which force organisations to more

fairly represent women at Board level. For

example, Norway requires 40% of Company

Directors to be women (Rose, 2007), while

Spain also recently passed legislation requiring

a quota of 40% for the number of female

directors on an organisation’s Board (Adams &

Ferreira, 2009). Furthermore, in 2003 the

British government commissioned the

Department of Trade and Industry to conduct

the Higgs Review, which reviewed the role and

effectiveness of non-executive directors. The

report suggested that demographic diversity

increases Board effectiveness and

recommended that more women be included

on Boards as a result (Adams & Ferreira, 2009).

The growing body of evidence which shows

that gender diversification at Board level can

result in organisational financial benefits,

combined with growing societal,

governmental and legislative pressures,

suggests that we should be seeing a change in

the gender balance of Boards within

organisations, as it is in their own interests to

do so. However, the research suggests that

this is not the case and there is a lack of

motivation to change views towards women in

senior roles internally for organisations and

provide gender diversity at the highest levels.

Despite these widespread benefits, the drive

for gender equality appears to be led by the

organisational culture. For example, those

organisations who do not embrace flexible

work arrangements, which are restricting the

opportunity for women to continue working

with children are often lacking the internal

sponsorship necessary to climb the

organisational ladder.

The key driver for the Zircon 2018 White Paper

therefore was to understand if the offerings of

women at board level are significantly

different than male counterparts, if gender

plays a significant role in individual working

styles and to consider the journey females take

in organisations to reach Board level. To this

end, we interviewed 44 highly successful

women who operate, or have operated, at

boardroom level, ranging from CEOs to

Directors and Presidents, representing a

variety of businesses and non-profit



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organisations, both domestically and globally.

We sought to identify trigger points and

influences in the careers of the interviewed

women to understand what is holding females

back in business and to consider what can be

done to remove barriers to success.

The Aim

The Questions

The aim of the research was to define the

challenges that women typically face in

reaching senior levels in businesses, how they

overcame these challenges, the pivotal

people and events through their careers. We

purport that the

success of individuals

is due to many

factors, however

those at the top may

have certain

attitudes, strengths

and decision-making

styles which propels

them to the top. This

research sought to

consider if these

styles were

significantly different

for women than men.

The Contributors

We interviewed 44 high-achieving and high

performing executive or Board level women

who have held previously or are currently in

the position of Chief Executive Officer (CEO),

CEO-1 or CEO-2 roles.

The Method

Each contributor was invited to participate in

an in-depth interview with our Psychologists

which lasted between 60 to 90 minutes.

The interviewees were also invited to

complete the BeTalent Strengths Insight and

Decision Styles tools. These tools were utilised

in order to identify any potential differences

between high performing women and men in

terms of their strength preferences and

decision-making approaches.

Strengths Insight explores an individual’s

motives, preferences and energisers by

presenting an individual with a series of 133

statements (E.g. “I enjoy solving challenging

problems”) and asking them to indicate the

frequency and extent to which they feel the

statements best describe them.

Decision Styles measures the risk taking,

decision and judgement behaviours of an

individual against 10 factors of decision

making. Respondents are given a series of 110

statements (E.g. “Good decisions require a

number of perspectives”) and are asked to

indicate their level of agreement on a seven-

point scale.

The interviewees who completed the online

Strengths Insight and Decision Styles

questionnaires were given feedback and

coaching to validate their top 7 Strengths and

Decision-Making preferences.



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Our Findings

Analysis of the interviews with the high performing women, alongside the reports produced from

the Strengths Insight and Decision Styles tools, uncovered five general areas of findings. These

related to the triggers and people which enabled these women to reach the top, the challenges

they faced on their journeys and what these women bring to the Board room once they make it

there. These five areas of findings are discussed in detail in the following section.

1. Significant Trigger Points Direct Females to Senior Roles

In Zircon’s 2016 research with 42 Olympians,

Paralympians and global Entrepreneurs,

which aimed to uncover the Winning

Attitudes of the top performers in a number

of professional arenas, we identified and

attributed the trigger point(s) that helped

each Winner, including Mark Foster (Olympic

swimmer), Goldie Sayers (Olympic Javelin

Thrower), and Mike Clare (Founder of

Dreams), to identify their hunger for success

and focus on a particular vision, purpose or

goal. By contrast, in the 2018 research most

of the high achieving female business leaders

could not attribute their success to one

particular event in time; rather they each

recalled a number of critical periods in their

lives which collectively contributed to their

determination and journey. These events

ranged from being told they have CEO

potential, moving to a global role, realising a

passion, receiving positive feedback or the

path to CEO being illuminated by a sponsor

or mentor.

The reason for this disparity between the

two populations of high performing

individuals could be because they faced very

different challenges on their progression. As

such, a number of trigger points may be

necessary in order to overcome the specific

challenges being faced by each woman at

any particular time and in accordance to the

culture of the organisation which they are

operating in.

“For me it’s about relationships, opportunities and people who give you the chance

and recognise the contribution you make”



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Trigger 1: Understanding Energisers

Understanding their strengths and finding something for which they had a passion for, was a

repeatedly noted turning point in a number of the interviewees’ careers. Consequently, walking

away from a role or organisation or terminating an employment contract when there was a lack

of interest in the job or the industry was also critical for success. A willingness to move away from

roles that “felt wrong” was raised as vital to finding roles and organisations whose purpose truly

energised the contributors. These moments of clarity and understanding regarding what they

were and were not energised by, was key in helping the women to identify their goals and pursue

them with vigour.

Trigger 2: Personal Life Changes

Noteworthy events in the personal lives of the successful women also had significant impacts on

their career progression, as uncovered in the interviews. Firstly, life events such as getting married

or becoming a mother increased their ambition and drive to succeed, often in order to gain

financial stability and security. Conversely, personal adversity and loss, such as the passing of

parents, were also triggers for future success. The impact of these life events on self-belief

however, and the impact on career focus, determination and drive, is much more complex; the

interviewed women used negative situations, failure and loss to strengthen their resolve to

succeed. They needed to survive and be strong at all costs. This concurs with the 2016 Winning

Attitude research, in which we found “failure is critical for real success” (Goldie Sayers, 3x Olympic

Athlete).

Trigger 3: Self-fulfilling Prophecy

Recognition and understanding that we have the potential to be great is the first step to success.

The women interviewed were told at some point in their career they had the potential to be

CEO/Board level, thus turning it into a self-fulfilling prophecy; the prediction causes itself to

become true, due to the positive feedback between belief and behaviour.

Trigger 4: Globalisation

In Zircon’s 2013 research (HR and Talent in the 21st Century), one of the largest challenges facing

organisations is increased globalisation and the need to grow and develop “global talent” who

can engage and deliver successfully in multiple markets. The launch pad for many of the women

we interviewed was the opportunity to move into a global role; to be faced with new challenges

of operating across cultural and geographical regions.

Trigger 5: Mentorship

Unsurprisingly, belief, support, coaching and encouragement are core triggers to success. Many

of the women interviewed focused on their mentors as being core to their personal belief and

clarity about their goals and aspirations. Interestingly most of the women interviewed had male

mentors who demonstrated clear and unbiased belief in their ability to grow and succeed to a C-

suite level.



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Our Findings

2. Pivotal People Support Women in Reaching the Boardroom

As well as aforementioned events in time

which had a significant impact on their

success, the interviewed women also noted

pivotal individuals who enabled and

supported their career progression. Many

could name one specific role model and the

positive effects of their mentors, coaches,

managers, family and friends, both in their

personal and professional lives, was

associated with their success. The women

gravitated towards successful and powerful

people, who were able to guide, support and

encourage them in their career.

“I looked for people with a different style,

personality and skill set to identify what I

could learn”

The female leaders interviewed described

being both encouraged and discouraged by

their peers in their professional lives; it was

the reaction of their colleagues, family and

friends that often drove them to push

themselves and succeed. In support of this,

as far back as 1902, Cooley stated with his

“Looking Glass” theory of Psychology that

“we see ourselves in the reflection of others”

and consequently build our self-perception

and belief in response to these reactions.

Many of the women recalled times when

they were motivated by feedback, a

comment about their potential, or a

promotion, as it helped them to realise that

they had a significant role to play in their

organisation and had the potential to make a

significant impact. It is therefore likely that

the gender diversity of a Board will be a

reflection of the culture and interactions in

the business.

Interestingly, the few women in the research

who were told that they were not capable of

achieving their goals by influential and

prominent people in their lives were driven

to prove others wrong; it gave them the drive

and vehemence to succeed and show their

colleagues how successful they could be.

This demonstrates that whilst an

organisational culture may not encourage

women to take senior leadership positions,

females can still achieve success. The route

to seniority however will need to be made

more accessible to the ‘masses’.

“Being told that I cannot do something, or

that there is an obstacle, creates real

determination; it just gets to me. I find

another way around it, get on with it and find

another solution”

Most commonly, individuals identified as

playing a pivotal role in the interviewees’

career journeys were managers who instilled

confidence and belief in the women by

identifying their talents and potential and

making it their personal responsibility to

ensure that they were successful. This was

achieved by encouraging them to put

themselves forward for promotions which

they would not otherwise have felt



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themselves capable of achieving, and by

providing opportunities to gain experience

and develop. This relates to recent research

cited in the Harvard Business Review (Orr &

Stevenson, 2017), in which 57 female CEOs

were interviewed, which found two thirds

did not realise they could be a CEO until

someone else told them. In the current

research in particular, it was usually the case

that a male manager was the person

supporting the interviewee through their

career progression. This could be a reflection

of there being more males in senior level

roles who are able to provide support, while

it could also be indicative of changing

organisational cultures towards

understanding the values of sponsorship and

support in aiding women in achieving their

career goals.

“He really believed in me and pushed me to

do more than I initially considered myself

capable of”

Typically, women are more likely to shy away

from competition (Niederle & Vesterlund,

2007), and are less likely to put themselves

forward for a role when they believe they do

not meet all their requirements of a job. Thus,

although support from individuals helped in

progression, it was not sufficient to

guarantee success for the women. Instead,

it was essential that they were able to

identify and utilise the opportunities for

support that presented themselves,

otherwise these prospects would have been

lost. Therefore, a combination of available

opportunities, and a drive to utilise the

prospects, is necessary in order to achieve

success and sponsorship from senior

management can offset this tendency by

instilling confidence and belief in their ability

to succeed.



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Our Findings

3. Women Overcome Significant Personal and Professional Challenges when Reaching the Top

It has been said that when we strive to overcome significant challenges and adversity, the

achievement of the goal is significantly sweeter in its success. This has been the case for over 70%

of the women interviewed for this research, who described having to overcome challenges

associated with being a female in their organisation in order to reach senior levels. Despite our

interviewees overcoming these challenges, this still suggests that there are significant barriers

facing women in reaching senior level roles.

Challenge 1: The Old Boys Club

The challenge most commonly raised was the

issue of ‘The Old Boys Club’ or the ‘Old Boys

Network’. The interviewees referred to the

importance of the social and business

connections among groups of men in

pushing forward careers built during sport, in

the bar or at male dominated events, such as

at rugby matches or playing golf. It was

found that in a number of the organisations

of our interviewees, male colleagues on a

Board or in a team have known each other

for a long time, often attending school or

university together. This created a bond,

language and understanding of each other

that is viewed as impenetrable to women.

Many of the contributors also discussed the

need to learn about football and rugby in

order to speak the same ‘language’ and to

have something to offer in the Boardroom.

“There is no doubt that [as a female] you are

not part of the club”

This connection and understanding built out

of the office creates a separation between

the male and female Board members, which

has resulted in business decisions, including

promotional and hiring decisions, being

made on the basis of subjective evidence

rather than performance, particularly at the

highest level. This can often put women’s

career progression at a severe disadvantage

or exclude women from the decision-making

processes.

“There was a bit of a boy’s club – all the boys

would go golfing but wouldn’t ever consider

it suitable to invite you”

One previously suggested reason for the

struggle of women to climb to the top of an

organisation is the idea of Social Capital

(Abajian, 2016). Social Capital is theorised to

consist of three aspects; visibility, the

number and density of one’s social

connections; trust, the quality of one’s

relationships; and acceptance, perceptions

of ‘fit’ with an organisation. The HR

Magazine study (2016) found that Social

Capital is critical for reaching senior

leadership roles and that women do not

benefit from the same ability to develop and



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utilise social capital as men do from the ‘Old

Boys Club’, in for example assessment

situations. Without objective selection and

assessment procedures being employed at

the highest level, just as they are throughout

the rest of the majority of organisations, this

discrepancy and disadvantage cannot

therefore be effectively combatted.

Challenge 2: Societal Perceptions

It was found that although women may be

invited to networking events outside of

work, it may not always be possible for them

to attend, due to family commitments. It is

the view of a number of the contributors that

there is organisational acceptance for fathers

to spend time away from home for work

however the same is not socially acceptable

for mothers. As such, this can mean that

women miss out on opportunities that could

positively influence their career progression,

as they are expected to prioritise their home

life.

In addition, differences in perceptions of the

behaviours of men and women within

organisations have been a challenge for a

number of the interviewees to overcome.

The most commonly occurring perceptual

difference is that women are “too emotional

and allow this to cloud their judgement”,

which is an accusation rarely imposed on a

man in the experiences of our interviewees.

There is also a perception that men are

assertive, while women are bossy; or men are

organised and women are controlling. These

differences in perceptions can have

profound impacts on the ways in which

colleagues respond to female leaders and in

the cases of a number of our contributors

resulted in men refusing to work for their

female manager, or colleagues going out of

their way to undermine them and make it

more challenging to perform their role.

“I have a choice every day; I have to decide whether to take offence or not”

Challenge 3: Credibility

An additional challenge regularly facing

women as they climb the ladder towards the

boardroom is the constant battle to gain

credibility. This is an uphill struggle that men

often do not face at the highest level,

whereas women can feel a need to

constantly prove their worth as the

‘underdog’. Furthermore, a number of the

contributors stated that there were times

when others were surprised with their ability

to understand the business and even cases

when people were shocked that they were a

“female CEO” of an organisation.

“When applying for senior roles, I was told twice I wasn’t successful because I wasn’t a man”



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This concept could potentially explain the

‘Glass Ceiling’ metaphor which is often used

to explain the lack of women at the very top

of organisations. If women have a struggle to

prove their credibility, then they are

significantly less likely to be considered for

the top roles compared to a man of a similar

level. This could hold women below the top

levels of organisational hierarchies.

However, this metaphor is floored from the

outset, as it suggests that this problem exists

only at the very highest levels of

organisations; the challenges which our

contributors faced by contrast occurred

throughout their careers, not only when they

reached the top, and as such we can assume

that this challenge is also prominent and

suffered by women throughout

organisations.

In order to gain credibility, the contributors

presented themselves as operating with

integrity, following through on promises and

acting consistently, they were reliable and

knowledgeable in their field and were

regarded as either deep rooted experts or

broad strategists.

“There is a battle to prove yourself, gain

acceptance and to have credibility”

Challenge 4: Work-Life Balance

Many of the contributors raised the negative

impact that their career progression had on

their personal lives and in attempting to gain

a desirable and stable work-life balance.

Some explicit examples raised by

interviewees related to marriage and

parenthood. A number of contributors

accounted never getting married or having

children to being able to focus on their

career, while others blamed their career

concentration for the breakdown of

marriages. Additionally, several contributors

stated that they have concerns over how

‘successful’ they were as parents or wives, as

their careers kept them away from their

families and made it so challenging to

manage motherhood and work.

“Working mums are always balancing guilt

and work pressures; I found I was taking on

so much with my children and also trying to

deliver a demanding job”



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Our Findings

4. All Board Members have Unique Strengths, no matter their Gender

or Ethnic Origin

Strengths, also known as energisers, are the

things that we do well and find motivating

and energising. We use our strengths to

achieve our objectives, sometimes without

even realising that we are using them. People

with strengths (also known as positive

spikes) in their profile are often given more

leniency and tolerance of their allowable

weaknesses than those without positive

spikes.

Through the use of our Strengths Insight questionnaire and validating the findings during the interview process, we aimed to identify the unique strengths which have enabled the women to reach the very top of the organisational hierarchy by comparing these to a population of men of the same size and at similar levels.

The following table displays the top seven identified strengths for women and men:

It can be seen that the women are generally results and future focused. They are energising and composed and collaborate in a fair and honest way. The men were similarly future and results focused as they were positive, responsible and articulate when interacting with others.

One key theme found was that the strength of Modest was the only strength out of 30 not identified within our C-suite male and female contributors (See Appendix 1 for full range of Strengths). This is not surprising, as our research identified that this population of C-Suite women constantly felt that they needed to compete against a group of men who are often considered to be higher performing or higher potential often without cause and therefore need to be comfortable highlighting their own strengths and successes.

Women Men

FUTURE FOCUSED

FLEXIBLE

ENERGISING

RESPONSIBLE

COMPOSED

FUTURE FOCUSED

FAIR

METHODICAL

NETWORKER

ARTICULATE

GENUINE

FAIR

METHODICAL

POSITIVE



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Overall the research found the C-Suite women demonstrated a full and diverse range of strengths,

in the same way that a population of C-Suite men did. By including women in the boardroom, it

may positively influence decision making and collaboration by bringing diversity of perspective.

Overall, the research shows that diversity is not a result of the gender specifically, but rather a

result of the mindset and strengths of each person. The gender of the individual is therefore not

a determining factor to predict their strengths in the boardroom.

Despite this, Rees (2017) found in the Innecto Equal Pay research, men who score lower on

performance management ratings are often still paid bigger bonuses than women with higher

overall performance ratings. The existing pay discrepancies may be in part be because men make

significantly larger salary requests than women (Barron, 2003).

The results from the Strengths Insights comparison implies that women offer the same benefits

to a business as men do. Therefore, discrepancies in pay and opportunities between men and

women at the top of organisations are unjustified and must be corrected.



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Our Findings

5. Diversity in Problem Solving and Decision Making is Critical for

Board Success

Diversity in decision styles and the impact on

the success of decision making is well

documented. We know that diversity in

decision making between colleagues has a

positive impact on the quality of decisions

made, due to the increased debate and

conflict that occurs during decision making

and problem-solving conversations (Pelled,

Eisenhardt & Xin, 1999). Also, the level of

diversity in an organisation or team are both

positively correlated with organisational

performance (Mutuku, Obonyo & Awino,

2013).

Individual styles of decision making are

integral to and influence the evaluation of

both problems and potential solutions

(Martinsons, 2001). However naturally

formed groups tend to lack diversity of

thought, which undermines the team’s

potential for learning, insight, and problem-

solving effectiveness (Jackson, 1992) and,

whilst diverse teams can have greater

conflict and misunderstanding, they are also

more likely to make better decisions as a

result of the conversation and debate.

The contributor’s decision-making processes

were assessed through the Decision Styles

tool, which assesses each individual against

10 scales of decision making. Of the total 44

contributors, 40 completed the Decision

Styles questionnaire. These 40 contributors

were then compared to 40 equally high

performing males on each of the scales.



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The following Decision Styles Profile Chart displays the full decision style profiles of the

interviewed women and men respectively. The frequency data shown below for male and female

C-suite leaders demonstrates the clear variety in decision style of both men and women, no

matter the gender.

Please see Appendix Two for the full range of Decision Styles definitions.

Female and Male Decision Styles Preferences

Open

Minded

Single

Minded

12 5 6 7 3 7

APPROACH

17 9 1 3 7 3

Self-Assured Hesitant

19 8 3 7 3

BELIEF

11 10 1 6 2 6 1 3

Inclusive Independent

13 5 1 1 1 1 11 2 5

CONSULT

10 8 2 11 3 6

Internal External

19 2 3 1 1 10 4

CONTROL

19 4 3 1 1 8 4

Spontaneous Planned

6 3 1 1 1 18 3 7

DELIBERATION

9 6 3 1 1 9 2 9



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Key

First Row: Female; Second Row: Male

The range of scores for each decision style is shown in light green.

The mode for each decision style is shown in dark green.

The number of individuals with the rating preference are shown with the number

1

Objective Intuitive

3 3 2 4 6 7 8 7

FACTS

7 2 3 1 12 5 10

Rapid Measured

12 11 1 5 9 2

PACE

7 9 3 11 1 9

Bold Cautious

15 9 4 1 7 4

RESPONSIBLE

16 7 1 2 1 7 4 2

Risk

Seeking

Risk

Averse

9 8 7 1 8 3 4

RISK

10 10 5 4 8 2 1

Considered Apparent

9 8 7 1 8 3 4

THOUGHT

5 6 2 1 18 1 7



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Our research found that there were very few significant differences in decision styles between

the men and women; the differences occur at the individual rather than the gender level. The only

three differences found according to gender were focused on the speed of decision making and

the type of evidence that was used to make a decision.

Facts

The results indicate that the

women rely significantly

more on intuition rather

than on objective

approaches, compared to

the group of men,

suggesting they trust their

instinct and gut more than

their male counterparts,

who rely more on objective

evidence and data.

Pace

The women were

significantly more rapid in

their decision-making

processes, compared to

the men who were more

measured in approach,

taking more time to reach a

decision. This suggests the

females on average were

able to reach a conclusion

quicker.

Thought

The Decision Styles

questionnaire indicated

that the women take a

more apparent approach to

making decisions which

means they are more likely

to take the obvious and

apparent information first.

By contrast, the male C-

Suite colleagues were

prepared to take a more

considered approach, in

line with the fact they are

prepared to take longer to

make decisions.



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Our Findings

6. Self-Belief is Core to Success

A person who has high self-belief has the

confidence that they will learn things quickly

and trusts that they can complete tasks to a

good standard. The concept of self-belief is

commonly defined as assurance in one's

personal judgment, the ability to master

activities or the level of personal power.

Research suggests that self-belief develops

with age, with the lowest seen among young

adults which increases throughout

adulthood, until the age of 60 before it

begins to decline (Orthm, Trzesniewski &

Robins, 2010). On average, the older we get,

the more self-belief we hold as we gain

experience. However, self-belief does then

decline, possibly due to changes in income

and employment status, which impacts one’s

purpose and focus in life (Kling, Hyde,

Showers & Buswell, 1999; Robins et al.,

2002).

During our research, we sought to identify the level of self-belief our contributors identified

during each decade of their career in order to validate the previous findings at Board level. Two

key self-belief trends were identified from 92% of the interviewees. This was measured by the

participant assigning a quantitative percentage score to their self-belief during each decade of

their career.

Theme 1

Over half of the contributors reported a consistent increase in self-belief throughout their career.

Only 42% reported having self-confidence during their twenties and 85% reported having self-

confidence by the time they reached their 50’s. Increases in self-belief were commonly attributed

to promotions, positive external feedback and particularly to growing confidence in role. Also,

many participants credited an increased awareness of their own strengths and weaknesses and

an acceptance that it is not necessary to be the best at everything, for their increased self-belief.



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Theme 2

On the other hand, 41% of the contributors stated that they began their career with very high self-

confidence which was followed by a sharp decrease during their thirties which then increased

again during their forties and fifties, often to a higher level than during their twenties. High

confidence during their twenties was cited to be due to feelings of invincibility and being ready to

take on the world, often due to doing well at university and being aspirational.

“I thought in my 20’s and 30’s I was invincible – but the job taught me that I wasn’t”

Confidence for many fell during their thirties as they struggled to juggle their personal and

professional lives and took career breaks to have children. During their forties and fifties, most

saw large increases in self-belief, attributed to many of the same reasons as those previously

discussed, such as receiving promotions and positive feedback, and growing experience.

“Once you have the experience, people look at you in a different way”

Almost half of the women interviewed stated that they relied on their self-belief throughout their

careers, especially during times of difficulty or uncertainty. Without self-belief, an individual is

unlikely to actively develop themselves, put themselves forward for promotions or push

themselves outside of their comfort zone, thus making career progression near impossible.

However, self-belief does not exclusively relate to personal development and progression but

also to the impact that one can have on an organisation and their surrounding environment.

Without belief in oneself, and their own ideas, it is impossible to get people on-board with

strategies and projects, and therefore individuals will struggle to create impact. In order to

encourage this to happen in women climbing organisational hierarchies, systems must be put in

place in order to support women to enable them to have belief and build their confidence.

“If you don’t believe in yourself then why would anyone else believe in you”

Using Self-Belief to Overcome Challenges

Despite the enormous challenges our

contributors faced throughout their careers,

both in the workplace and personal lives,

they were successful in overcoming these

difficulties by their self-belief to maintain

their career progression and determination.

“I became a Board member at the age of 30 –

I worked my arse off”

The most commonly cited mindset that

facilitated overcoming challenges was the

contributors’ determination, confidence in

their own abilities and drive. This relates

specifically to a determination to succeed

and often to prove others wrong who

explicitly told them that they could not

achieve something and to their desire to

prove themselves as women, as often

necessary.

“If I get knocked down I may go away for a

bit but then I bounce back; and I will bounce

back!”

The interviewees’ tenacity and resilience also

allowed these women to constantly bounce

back when the challenges may have seemed

overwhelming and to never become

disheartened with what they know they can

achieve.



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“If someone says that I can’t do something,

then that is the one thing I want to achieve”

Furthermore, a number of the contributors

attributed their success to their ability to

build strong professional and personal

relationships through their ability to openly

communicate and build rapport with those

around them. This ability to build

relationships is important as it relates

specifically to the challenge of ‘The Old Boys

Club’ and how important business decisions

are made. It may be that females need to

work harder to build a successful brand and

network, however their self-belief will help

support this.

In particular, a number of the interviewed

women were able to utilise their emotional

and social intelligence to create networks

which aided their career progression. One

technique of achieving this was through

developing trust with individuals in their

organisations, in order to foster open and

honest relationships based on integrity.

“Very rarely do people let you down if you

trust them”

In order to combat the challenges which women are facing at work, the biases and structures

which currently exist towards females need to be re-considered or removed. Firstly, the processes

whereby the candidates for top jobs within organisations are being selected outside of the

workplace, and via completely subjective mediums, must be removed. This method of selection

is making it near impossible to improve the diversity of Board rooms as existing social circles are

continuing to inform decisions which must be informed through rigorous and objective processes.

Furthermore, the biases which exist in the minds of many must be seriously considered, especially

those concerning the credibility of women, and societal expectations of men and women. It is

impossible to make progress in gender inclusivity until these perceptions are removed in order to

create a level playing field.



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Conclusion

This research found a number of key themes relating to women holding board-level positions:

The characteristics of highly successful women were around being energising and focused

on positive results. They are resilient and composed during difficult times, they are genuine

and authentic and they are effective at networking and building strong interpersonal

relationships.

Like the male CEO comparison group, the C-Suite females were low on modesty which

means they are able to talk openly about successes. This willingness to talk about oneself

in a positive light can have a positive impact when building credibility and delivering with

impact.

Belief is core to success; we need our leaders to believe that they can succeed and make a

difference in business. Our female leaders typically had a dip in belief in their late 20s and

30s which resulted from focusing on both family and work simultaneously, often to the

detriment of themselves and their personal wellbeing.

Having a sponsor is a critical element of success. Many successful women have a mentor,

sponsor or coach to guide and advise them.

Over 80% of the C-Suite women did not start work wanting to be the next CEO. They

worked hard, they were determined and they wanted to do a great job. They did not realise

they had the potential to stretch to C-Suite level until someone recognised their potential.

It became a self-fulfilling prophecy.

Despite their self-belief and willpower, the interviewed women were not without

challenges during their careers which could easily have prevented their success. These

challenges ranged from the ‘Old Boys Club’, to the constant battle to gain credibility in the

eyes of the people in the organisation. However, these women had a positive attitude,

mindset and an unwavering desire to succeed in the face of these enormous challenges.



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This research has highlighted that women who reach senior leadership positions tend to share

similar traits to that of men in similar positions. With both men and women at senior levels are

results and future focused, fair, responsible and accountable; they also demonstrate low

modesty, are articulate and prepared to talk about their success.

Recent research from Wille, Wiernik, Vergauwe, Vrijclags and Trbovic (2018) suggested successful

women in leadership positions do not differ from men in that they also demonstrate “male”

personality characteristics. After decades of increasing the female presence and senior levels, it

is apparent that it still remains the case that male traits predict the attainment of senior roles for

men and women. There can however be a backlash of women demonstrating stereotypically

male characteristics, with women being labelled as bossy, controlling or dogmatic, whereas men

are confident and in control. Despite similar approaches between males and females, the journey

however is different. Very often women appear to have more challenges, biases and issues to

manage and deal with than other male counterparts.

Diversity or Inclusion?

Putting the processes and strategies in place

to combat the challenges which women face

throughout their career is only the first step

towards truly benefitting from bringing more

women into the boardroom and into all levels

of management. Diversity is the first step;

inclusion is the end goal.

Diversity and inclusion are by many

considered to be the same thing however

there are some very important distinctions

between the two. As Verna Myers so

perfectly stated “diversity is being invited to

the party; inclusion is being asked to dance”.

One problem with making this distinction is

that diversity is easy to quantify and measure

however the same is not true of inclusion.

Inclusion means considering the opinions

and perspectives of everyone in a group of

people, rather than simply having them

there.

While gender diversity is encouraged, it is

also essential to simultaneously inspire

inclusion. This can be achieved by ensuring

that team members are comfortable to

speak up, knowing that they will actually be

heard. By creating an environment in which

this is allowed to occur, organisations will

benefit from a wider range of perspectives

and ideas, and women will not feel like they

are having to fight a constant battle to gain

credibility, as they understand their opinions

are actively sought.

No amount of government legislation can

encourage inclusion, only diversity however,

it truly is in the interest of organisations to

encourage ideas and conversations to thrive

through the inclusion of everyone during

decision making processes. The bottom line

benefits for the organisations are

unquestionable and having interviewed

these 44 extraordinarily successful women,

their determination to succeed and their

strategies for overcoming challenges when

utilised in the boardroom, will pull

organisations through tough times and help

them to excel during the good times.



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Implications

We know that a lack of gender diversity in the Board room results in lower financial returns than

industry competitors (Hunt, Layton & Prince, 2015) and lower company value (Carter, Simkins &

Simpson, 2003). These negative effects are potentially due to a lack of diversity of perspectives in

the room where decisions are being made and therefore, the lack of opportunities for women to

climb the organisational hierarchy is having a profound impact at all levels of organisations.

The problems facing women as they climb the organisational hierarchy need to be combatted in

order to ensure that women are represented fairly at all levels of organisations, but they must be

combatted at a much faster pace than is currently being undertaken. In order therefore to create

an organisation which is rich in diversity and avoids positive discrimination, there are a number of

practical solutions to put in place to develop a strong pipeline of female leaders for the future:

1. Look at the culture of the organisation

How inclusive is the organisation? To what extent does the business invite,

listen to and engage with people with different personality and strength

profiles and with different traits? Without looking at the culture of the

organisation, you cannot achieve any of the remaining six

recommendations.

2. Identify what Talent looks like

Often there is a disconnect between the perception and reality for people

who are ambitious and want to succeed but do not know the future

requirements of talent at these more senior c-suite levels. They have the

aspirations, courage and resilience to grow but they do not have a

development plan or strategy to connect the dots between what they want

for themselves and their career, their self-drive and self-responsibility for

development, with the ability to get to the more senior roles. Creating a

clear talent model and strategy that is communicated to employees will

allow individuals to be coherent in their plan and vision for the future.

3. Utilise Objective Executive Assessment Process

There is a need for objective and transparent promotional processes to be

employed, particularly at senior leadership positions, in order to ensure that

the best candidates are selected for career progression, rather than

individuals with the best networks and connections.



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4. Develop a Talent Programme

As previously discussed, research indicates that women may be less likely to

put themselves forward and therefore automatic consideration must be

utilised using fair and objective ways of assessing and identifying talent and

potential. Following this, develop and implement a talent programme,

providing a clear line of sight to the development pathways available.

5. Offer Mentorships

Internal and External mentorships must be offered, particularly when

confidence and self-belief is low, such as during the first two decades of

individual’s careers, to ensure that they are on the right track in order to

reach their full potential. This also helps to bridge the gap between personal

aspirations and what the business can offer.

6. Develop Advocacy and Sponsorships Internally

Women may lack the confidence to take opportunities for development, so

having others identify areas of opportunity and offer support will be

invaluable.

7. Implement a Strengths Model

As our research has found that women are able to offer the same

capabilities and diversity of thought as their male counterparts, the key

barrier to success at the senior levels appears to be the organisational

culture and mindset. Creating a culture where everyone is encouraged to

work within their strengths and understand their allowable weaknesses will

allow for more positive organisational results, whereby everyone can utilise

their strengths to drive progression.



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About the Authors

Dr Amanda Potter BSc (Hons) MSc (Dist.) HMABP CSci CPsychol Amanda is an award winning Chartered Occupational Psychologist who

founded Zircon in 2000 and BeTalent Ltd in 2016. Amanda has worked in the

Psychology and talent arena since 1995 and has significant talent strategy,

design and coaching experience. She has an Undergraduate and

Postgraduate Degree in Psychology and a PhD in Occupational Psychology.

Amanda’s interests are talent management, high performing teams, inspiring

leaders and resilience. Amanda has led the research and published multiple

white papers looking at talent and potential.

Rhys Connolly BSc (Hons) Rhys is a Business Psychologist who joined Zircon in 2016 with experience in

talent management; psychometric design and validation, product

development, assessment for development and selection. Rhys also has

research experience within Occupational Psychology in the fields of

leadership and leadership transgressions within Universities and

organisations and is currently researching leadership dimensions which

increase gender inclusivity within organisations as part of his MSc course at

Goldsmiths College, University of London.

Lauren Albrecht, BSc (Hons) MSc (Dist.) MBPsS Lauren is a Senior Business Psychologist with extensive experience in

Occupational Psychology who is passionate about high potential

identification, talent management, selection and assessment and executive

recruitment. Lauren specialises in the design, development and

implementation of a range of assessment and development processes and

she also focuses on leadership development and coaching at senior levels to

create a culture of engagement and performance. Lauren achieved a First-

Class Degree with Honours in BSc Psychology and a Masters in Occupational

Psychology with Distinction.

Sarah Linton BA (Hons) Sarah has been a Director of Zircon since 2006 and co-founded BeTalent Ltd

in 2016. Sarah has worked in the talent arena since 2002 and has significant

experience in the areas of leadership assessment, development, executive

coaching, change management, high performing teams, organisational

culture, strengths and learning. Sarah has supported Amanda and the team

to research and deliver four white papers looking at talent and potential.

Thank you also to Helen Bradbury, Andrea Conti, Sarah Green and Syrie Bibby without whom all

of this would not have been possible.



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Appendix One

The 30 Strengths

Achiever

People who are achievers are energised by having a record of success and enjoy

accomplishing tasks. They are future focused and are driven towards

excellence.

Articulate

People who are articulate are energised by explaining things to others. They

are confident communicators with a fluent and coherent style of

communication.

Attentive

People who are attentive are energised by being open and aware, promoting

individuality in others. They listen attentively and seek to understand the

distinctive qualities of each character.

Compassionate

People who are compassionate are energised by being empathetic, caring and

concerned with the well-being of others. They gain satisfaction from helping

others and actively support those around them.

Competitive

People who are competitive are energised by their desire to be successful and

achieve more than others. They are determined, focused and seek to pitch

themselves against others.

Composed

People who are composed are energised by being able to withstand and

recover quickly from difficult conditions. They are determined to achieve and

are accepting of challenges with a view to creating an opportunity.

Courageous

People who are courageous are energised by demonstrating bravery and

determination when faced with risk and uncertainty. They overcome barriers,

apprehension and fear in order to do what needs to be done.

Decisive

People who are decisive are energised by being confident when making

decisions and are prepared to make reasoned decisions without all of the facts.

As a result they are quick thinkers, resolute and self-assured.



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Enabling

People who are enabling are energised by identifying and developing the

potential in others. They willingly share their knowledge and experience,

supporting the development of skills in others.

Energising

People who are energising are vitalised by being proactive and passionate

about everything they do. They are enthusiastic, driven and motivated and

energise and inspire others to act.

Evaluative

People who are evaluative are energised by taking a rigorous and objective

approach towards tasks and thinking. As a result they are robust, systematic

and fair in their evaluations.

Fair

People who are fair are energised by striving to treat everyone the same and

ensuring equal opportunities. They have a personal sense of justice and belief

in maintaining consistent standards.

Flexible

People who are flexible are energised by taking a flexible and open approach

to new ways of working. They are driven, action-orientated and adaptable and

operate positively when faced with change.

Future Focused

People who are future focused are energised by being strategic thinkers who

incorporate the bigger picture into their plans. They are goal orientated and

visionary and can articulate a clear direction for the future.

Genuine

People who are genuine are energised by maintaining their own values and

beliefs at work. They are consistent in their interactions and maintain high

standards of conduct when interacting with others.

Harmoniser

People who are a harmoniser are energised by bringing people to work

together in a collaborative and inclusive way. They are loyal, seek to maintain

harmony and gain satisfaction from collective achievements.

Influential

People who are influential are energised by being inquisitive and taking the

time to create connections with others. They value personal relationships and

seek to generate confidence in their abilities and judgements.



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Initiator

People who are initiators are energised by investigating action and thrive in a

fast-paced working environment. They use their initiative in order to make

decisions and seek to convert theory into practice

Innovative

People who are innovative are energised by scanning their environment for

new ways of working and generate improvements to enhance working

practices.

Inspiring

People who are inspiring are energised by being influential and captivating.

They connect with an audience, adapting their approach and style in order to

inspire and engage with others.

Methodical

People who are methodical are energised by taking a systematic and deliberate

approach to tasks. They enjoy planning, preparing and thinking ahead and are

well organised and logical.

Meticulous

People who are meticulous are energised by ensuring high standards of work

and maintaining accuracy. They take time to ensure the detail is correct and

take pride in producing work without mistakes.

Modest

People who are modest are energised by being unassuming and moderate in

their estimations of their own abilities and achievements. They seek out the

views of others and openly express their limitations.

Networker

People who network are energised by building relationships and extending

their professional network. They gain energy from meeting new people and act

as a channel for new relationships to develop.

Positive

People who are positive are energised by being upbeat in the face of adversity,

always remaining optimistic even in difficult circumstances. They operate

positively when faced with change and maintain momentum in ambiguity.

Responsible

People who are responsible are energised by being held accountable for their

actions and the actions of the teams that they work within. They are reliable

and amenable, accepting responsibility for their work.



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Risk Taker

People who are risk takers are energised by being in an environment of risk and

uncertainty. They actively seek out challenges; pushing the boundaries in order

to test the limitations.

Self-Aware

People who are self-aware are energised by being in touch with their inner-self,

actions and thoughts. They are reflective and understand their responses to

different situations.

Self-Confident

People who are self-confident are energised by making assured judgements.

They trust in their own self-worth and are positive in their abilities, believing in

their capability to achieve.

Striving

People who are striving are energised by seeking opportunities to develop

themselves. They are determined, focused and seek to pitch themselves

against others whilst also remaining open to ideas and feedback from others.



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Appendix Two

The Decision Styles

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