Diversity Woman Magazine

FAL 2018

Leadership and Executive Development for women of all races, cultures and backgrounds

Issue link: https://diversitywoman.epubxp.com/i/1037525

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Page 45 of 63

44 D I V E R S I T Y W O M A N Fa l l 2 0 1 8 d i v e r s i t y w o m a n . c o m one year in, more than 50 Fortune 1000 CEOs are active members of the initia- tive and have pledged to advance more women into leadership ranks within their companies. Cathy Engelbert, CEO of Deloitte, a founding member of Champions For Change, who is also the board chair of Catalyst, says real change is not possible without full buy-in from CEOs. "If the leaders in an organization set the right tone, others will follow," she says. "e key is that the tone needs to be clear, action oriented, and authentic. It's not about 'saying the right thing,' but by talking about what matters most to your company and your people, and backing that up by following through and creating change. CEO Champions For Change gives CEOs the platform and support they need to do that. "People within the organization want to feel like they're aligned with what leadership is saying in terms of val- ues, principles, and objectives. It mat- ters that that tone is coming from the top and backed up by teeth, and people know that senior leadership is tracking behaviors and actions—and if we don't get the diversity we are seeking, there will be real consequences." Arnold Donald is the President and CEO of Carnival Corporation and is also a founding member of CEO Champions For Change. He says he joined because he knows from personal experience in his company that adding women's voices in leadership is necessary. "I enrolled in Champions For Change because I believe in diversity of think- ing as a key imperative for business, and diversity of thinking is required for innovation," he says. "Businesses have to innovate or they don't sustain them- selves over time. Diversity itself doesn't guarantee diversity of thinking, but it certainly increases the probability." Each CEO has the latitude to imple- ment change in the manner that works best for the company's business model and culture. e initiative is already working. More than 50 companies have joined the initiative, and those compa- nies are already outperforming their peers in the S&P 500 in all areas of wom- en's representation. e obstacles for women to advance into leadership positions are myriad, and they begin early. According to the Global Partnership for Education, an estimated 130 million girls worldwide remain out of school and face multiple barriers to education. at's why Engelbert is a frm believer that part of the solution lies in public–private partnerships that work with families and schools. Companies also need to initiate family- friendly policies that give women the flexibility to focus on both their jobs and their families. "Working families need more expan- sive leave programs than the govern- ment provides," she says. "Deloitte, for example, has a family leave program that gives up to 16 weeks of paid leave for any family health matter—not just the birth of a child." Within companies, women face a whole new set of barriers to advance- ment. According to a 2014 Pew Research Center study, about 40 percent of the public believe that higher standards are set for women than for men, and that companies show a lack of readiness to hire women for top positions. e same study found that 53 percent surveyed did not think women will achieve parity with men in top executive business posi- tions in the foreseeable future. "at's why CEOs need to engineer the change," says Donald. "You've frst got to align your leaders around a com- mon objective, and if they are diverse and talented, they will out-solution the homogenous group every time. I've been a part of transforming three industries, not just three companies, but three in- dustries. And in each one of them, I've personally engineered diverse teams in my company that then were a catalytic CatalyticConvertor

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