Workplace support networks that include mentors and sponsors are a must to help women navigate and advance in their careers, particularly in the current stressful climate, confirmed a new study.
Around two-thirds of executive women reported that their management responsibilities unexpectedly increased or changed during the Covid-19 pandemic, while they took on more responsibilities at home; from caring for children/ageing parents to maintaining community responsibilities, according to KPMG’s latest report. It also revealed that 84% of women executives felt that mentors played a vital role in developing their resilience; and 64% reported that professional support networks were critical to their wellness and growth over the last year.
“Our latest study features remarkable stories of resilience and demonstrates the strength and fortitude of working women as they dealt with immense challenges over the past year and a half,” stated Laura Newinski, Deputy Chair and COO at KPMG US. “Organisations that cultivate inclusive environments and offer strong support networks that include mentors and sponsors can help women navigate the challenges of today and tomorrow; and help them advance and grow in their careers.”
RESILIENT LEADERSHIP
The Advancing the Future of Women in Business report revealed that 96% of women executives had to adjust the way they lead or motivate their teams in response to the myriad of issues that arose over the past 16 months. As a result, new priorities have emerged; including an increased emphasis on open lines of communication, intentional listening and fostering more inclusive communities.
Additionally, 95% of female executives said that being resilient was important as they advanced in their careers; and company culture plays the biggest role in helping women remain resilient. When asked to define resilience, they used the words ‘optimism’, ‘adaptability’ and ‘agility’; however, when asked about showing resilience during the pandemic they used ‘empathy’, ‘compassion’ and ‘grace’.
Over half (53%) women said their company’s culture changed during the pandemic by placing a renewed focus on flexibility, individual wellness and team inclusivity. As a result, 76% adopted new activities and routines to foster wellness as a result of the pandemic. Additionally, 60% women executives confirmed that they can effectively network and develop new relationships in a virtual environment.
SUPPORTING WOMEN AT WORK
“During these challenging times, it’s more critical than ever for companies to find innovative ways to support women in the workplace and their families and foster cultures that support new ways of working; prioritising mental health and wellness so they can thrive at both work and home,” stated KPMG US Chair and CEO Paul Knopp. “At KPMG, we remain committed to the important work of helping more women advance to the C-suite.”
KPMG’s report surveyed 900 high-performing executive women who are one or two career steps away from the C-suite across more than 150 of the world’s leading organisations. The report offers key insights into how female executives lead their companies through periods of uncertainty and disruption, while managing change in their own careers and personal lives; and solutions for how companies can better support women in the workplace. Click here to download the full report.
Which organisations are supporting women in the workplace? Check out the top 34 companies for women to advance in, by clicking here.
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