The executive leadership imperative: A new perspective on how companies and executives can accelerate the development of women leaders

Abstract

In light of today's leadership shortage, companies face challenges in trying to identify and develop new leaders to fill the key roles left vacant by baby-boomer retirements. This feat can only be accomplished by tapping all sources of future leadership talent—especially women, who are currently underrepresented at the executive level. The development of future leaders in most companies is handicapped by the fact that promotional decisions to the C-Suite level are based on a set of unstated criteria for advancement. The lack of clarity regarding the factors used to determine who does and who doesn’t progress to the executive level presents special challenges for aspiring women executives. Effectively addressing these obstacles requires a new mindset toward talent development within organizations. We recommend actions on two fronts: (1) specific practices that companies can make part of their succession planning and career development processes in the interest of creating a level playing field for executive advancement, and (2) actions that women can proactively employ to take the initiative in their own development as leaders.