The Davies Review, a UK government investigation into the lack of Women on UK Boards is stirring British and international media. Lord Davies, who is leading the review, has insinuated that quotas are not likely to be introduced.
I second Lord Davies’ views. I believe that quotas alone are not the solution – tokenism will not overcome the systemic and cultural bias that stand in the way of women’s professional progress. Business cultures need to change, gender stereotyping stifled. In my research on why women left their corporate careers, the large majority stated it was because they were unsatisfied with their roles and their progression.
It is reality that today’s talent is managed with yesterday’s ethos. Women and Generation Y are facing cultural hurdles through hierarchical, impersonal, stifling and highly-political corporate attitudes. These attitudes are costing companies dearly. We calculated that a 20,000 strong company can lose up to £200 million over 15 years as a result of women leaving corporates at the pinnacle of their careers.
And there are large numbers of women that qualify for board positions. The women who are leaving corporates are increasingly turning to entrepreneurship. They are the CEOs of their own businesses, and generating success in their own terms. However, the talent pipeline for boards is skewed to a particular typology, and blocking this creative, powerful talent-base from forging its way into UK boards. This is why corporate cultures have to change. For a blueprint to make change happen, read Your Loss.
