| CASE STUDIES: WHAT HAVE WE DONE FOR YOUR COMPETITORS?

Financial Services- Fast tracking women for top 120 key roles

Problem:

One global financial services firm with over 50,000 employees was struggling to move adequate numbers of women into positions of leadership. There had been multiple leadership changes in the last 5 years. The organisation had made positive progress around racial diversity, mainly driven through government legislation, but they did not have sufficient numbers of women to feed their pipeline of female talent at Executive level.

Goal:

Increase the number of women in their 120 key roles, by concentrating on the ‘successor’ roles for those roles. When we began work, 15% of their 120 key roles were women, and just 23% of the successors to those roles were women. They wanted to aim for 30% female representation in key roles by 2018.

InclusIQ Support:

InclusIQ facilitated a mentoring programme pairing female mentees with the 11 Executive Committee (ExCo) members, 10 of whom were male. Mentees chosen were high potential women in the running for a promotion or job stretch, in the next 12 months, which could take them into one of those 120 positions. InclusIQ helped in every aspect:

  • selection of pairings
  • training of mentors and mentees
  • running both individual and group check-ins to ensure both partners were on track for their agreed goals and having their thinking stretched

InclusIQ’s underlying remit throughout was to encourage the mentors to take on sponsorship behaviours, a missing form of support for many professional women.

Result:

In the analysis of ROI, nearly half of the mentees were promoted during the programme, with the others on track for stretch roles. During mentee final check-ins:  

60% felt more committed to staying with the organisation than had previously

90% felt more successful in their current roles because of their mentor’s guidance

90% felt their mentor would now advocate for them behind closed doors

As for mentors, discussions suggest they now view female career progression from a new perspective. Within the same year, two of the participating ExCo members started separate mentoring programmes in their own business units on the same model because of their positive experience. The mentoring programme was so successful, they asked InclusIQ to run it again the following year with plans to widen the programme in year 3.

Schedule your free consultation:

Legal Sector- Culture Change within a global, but UK-centric law firm

Problem:

One London-based law firm with over 2500 employees globally recognised they were losing mid-career women, with a particularly dramatic drop off at Partner level. This was frustrating as 60% of all trainee hires for over a decade had been young women. Like many modern law firms, the firm had grown through 15 years of mergers and acquisitions, which at each stage had left the new firm with fewer senior women than before each merger. Women made up just 21% of Partners. Additionally, as the firm was now growing into Middle Eastern and Asian markets, they also realised change from a white male and UK-centric leadership model would be the only way to survive.

Goal:

Increase the number of women at Partnership level and create a more inclusive culture for people of a range of backgrounds and from offices outside of the London hub.

InclusIQ Support:

InclusIQ worked with the firm for 6 months. We led the Board as well as the Senior and Managing Partners in discussions on these issues, aligning wider business goals to their new focus on diversity. InclusIQ undertook interviews with 70 staff, ranging from focus groups to individual meetings with sector and service heads. This enabled us to make tailored recommendations, incorporating the long term effects of each merger, to create culture change. Recommendations focused on solutions for leadership, senior committee membership, family-friendly practices, use of technology and the ‘always-on’ culture.

Result:

As InclusIQ’s work was high profile, women at the firm were pleased to see gender balance being addressed, giving them optimism in their own futures. Externally, the firm went from one that had significant gender balance problems to one that was seen as leading and even winning awards on these issues, in the legal sector. Most significantly, 3 years on from InclusIQ’s work, female representation increased to:  

Remuneration committee: 50%

Board level: 38%

Partnership nominations committee: 50%

Service Heads: 33%

In their most recent round of promotions, women made up 38% of all new Partners, nearly double the number of promotions (21%) prior to engaging InclusIQ. By improving the overall Partnership pool by 1% each year, they are now on track for meeting their goal of 25% female partnership by 2018 with a more ambitious wider public subsequent target of 30%. The firm understood there were no silver bullets on this issues and they would have to remain focused just to keep pace with their competitors, let alone better their own efforts.

Schedule your free consultation: