Even with the worst of the pandemic largely behind us, the challenges of attracting and retaining female talent continue to weigh heavy on organizations.
A 2022 study by Deloitte of 5,000 women across 10 countries pinpoints the depth and breadth of the problem. Sixty-four percent of surveyed female middle managers said they plan to move on from their companies within two years. Only 10 percent of the women surveyed said they were planning to remain with their current employer for more than five years. This comes on top of the recent finding that over one million women have left the workforce.
Turning the tide with 3 crucial strategies
I am a diehard realist who doesn’t buy into “gloom and doom.” I see definite opportunities to grow the pipeline of female talent in the months and years ahead. With chief learning officers playing a major role in attracting and retaining female talent, the “Great Resignation” can be turned around to the benefit of both women and organizations.
Three strategic approaches are likely to be at the heart of the turnaround. Our experience at WOMEN Unlimited, Inc. working with thousands of leading corporations for over 28 years, shows these strategies work especially well in challenging times, and when spearheaded by committed CLOs.
Invest in female talent in a variety of ways. A few examples:
- Invest in learning and development, and work hard to understand the needs, wants and requirements of women at all organizational levels especially at the mid-career level — a major source of the talent drain.
- Invest in external L&D programs that can provide opportunities for female talent not available internally.
- Invest in increasing companywide understanding of, and commitment to, diversity, equity and inclusion. Look for ways, obvious and subtle, to make needed changes to corporate culture. Emphasize the proven benefits of DEI to individuals, teams and overall organizational growth and profitability.
Make sure women understand their value to the organization. Women need to know they are valued by their organizations. That importance is highlighted in a recent McKinsey study where 51 percent of responders indicated they left their jobs because they didn’t feel a sense of belonging. Retaining female talent by reinforcing women’s belief in their organizational value has two components. Women need to have on-going affirmation that they are valued for themselves, and they must also believe that the work they do is appreciated and see their work rewarded.
Development strategies play a major role in affirming to women that they, and their work, are valued. Being chosen for ongoing development is an important start, signaling that the organization holds the woman in high esteem. And, during the development process itself, through program content, interaction with peers, program leaders and mentors, women see that their skills and competencies are appreciated and that they are being groomed for growth and advancement.
Involve and motivate managers. Managers are the first line of defense in attracting and retaining female talent. CLOs can be the catalyst in getting managers at all levels committed to this vital work. CLOs can provide facts, figures and findings on the benefits of a diverse team. They can assist in the search for female talent at all levels. They can point managers to potential mentors and sponsors for the talented women on their teams.
Additionally, CLOs can help managers make their female talent more visible to senior leaders. CLOs can share with managers proven approaches for increasing visibility, including offering women stretch assignments and involving them in discussions and presentations with key organizational players.
For these initiatives to attract and retain female talent, they must be strategic, and not transactional. A “one and done” approach inevitably undermines longterm success, even if it seems to work in the moment. Each strategy must be an on-going, organizationwide initiative, with the active involvement and endorsement of C-suite leaders. Additionally, tracking and accountability need to be part of the equation.
Experience shows that when CLOs become champions of these three initiatives for building a sustainable pipeline of female talent, they also become significant contributors to longterm organizational success.
