When it comes to female CEOs, there is progress to be celebrated. Women now steer the ships of more than 10% of Fortune 500 companies – a first for 2023 – with one of those companies being in the top 10. And whilst a third of those appointments happened in the last year alone (signaling real momentum in the push for parity) we need to acknowledge the hurdles these leaders still face – namely, that they’re still more likely to be ‘pushed out’ of the role than men.
We know this thanks to Exechange’s trademarked Push-out Scoring System, which stems from academic research on executive turnover. This is a metric, ranging from 0 to 10, that serves as a gauge to determine the likelihood of a chief executive leaving voluntarily (0) or being forcibly removed (10), with anything above 5 indicating potential external pressures. Most of the time when a C-Suite executive leaves a role, we’re fed the line that they ‘stepped down,’ but this doesn’t explain the full story. The amount of choice in the matter is up for debate, as they usually choose to jump before being pushed and are rarely openly fired.
This pattern is consistent with the recent findings for women. Notably, over the last year, outgoing female CEOs received an average score of 6.5, surpassing the 6.1 average for their male counterparts and meaning they were more likely to be pushed out. Female CEOs also tend to have a notably shorter tenure—4.7 years on average—compared to the 8.1 years of male CEOs. A 2018 study published in the Journal of Management corroborated these findings, stating that female CEOs were 45% more likely to be fired than their male counterparts.
But why is this?
There’s no ‘one size fits all’ answer, but the research suggests that stereotypes and unconscious biases play a part in shaping the perception of women’s leadership capabilities and that women are far more likely to face higher levels of scrutiny and pressure from shareholders. What this means is that female CEOs can find themselves navigating a narrower margin for error.
“Whilst [I believe] we need more discussion about the joys of women in leadership, not least because research is starting to show that the focus on the negative is discouraging younger women from aspiring to [these roles], for the women I work with, the biggest issue is exhaustion,” says Libby Vincent, a ‘Chief Special Adviser’ as her clients call her, for new female CEOs. “I think of Indra Nooyi, the former CEO of Pepsi Co, who said, ‘if I had not gotten tired after about 10–11 years, I would have done it for 25’.”
Vincent believes this is often due to the double-edged sword of their “professional persona”.
“On the one hand, it’s an armor necessary for resilience. On the other, the constant vigilance it takes to uphold this persona can be incredibly taxing. There is also the frustration of matters irrelevant to their core mission consuming their time and energy and the pressures they pile on themselves to defy stereotypes.”
Having spent 15 years in organizational change and leadership development in FTSE 50 companies such as Barclays and Just Eat, Vincent has garnered a unique perspective on what it takes to survive and thrive during times of change, which is what led her in 2021 to found Hodology – a collective of specialists on a mission to extend the tenure of C-Suite women. They put the focus on women in particular because of the very inequality this article has already described. And although she doesn’t believe female leaders need more support than men or can only benefit from being advised by other women, she does believe that receiving advice from people who understand the “behavioral science and gender politics” elements that affect C-Suite women in particular will serve them well. “Otherwise, it’s like watching a football match without understanding the rules. Generally speaking, you can follow what’s happening, but figuring out why they were sent off will be difficult.”
The first priority for Vincent and her team is to help them make good decisions and impressions, particularly within the first 100 days. This is because, much like a new movie’s success is usually decided based on how well it does in its opening weekend, a woman’s success as a CEO is often ‘decided’ within the first three months.
“This time can be challenging for women since we are navigating biases that most of our male counterparts don’t face,” explains Vincent, who typically sees these biases surfacing in three ways – confirmation bias (“we all hold prescriptive beliefs about how women behave”), in-group bias (“people are more likely to support or believe someone within their social group than outsiders, hence, the credibility curve of the first 100 days is steeper as a woman joining a majority male team”) and stereotype threat (“the fear that others judge us through the lens of preconception”).
“Reputations are quick to form and hard to change and the credibility curve is steeper as a woman joining a majority male team. [That’s why] in the first 100 days, the goal is to build a reputation and establish relevance – making well-informed strategic decisions with people who can implement them.”
This is Vincent’s advice on what to prioritize in those first crucial months.
Get creative with your personal brand
It might be tempting to share everything about your career, passions, values and personality straight away, but Vincent recommends opting for the ‘less is more’ route.
“To accelerate trust, don’t tell people everything; tell them the same thing consistently and repeatedly. Over time you can add complexity. In the first 100 days, use multiple channels to reinforce three things you want them to say about you.”
These might include rehearsing your anecdotes and icebreakers, thinking about whether to use professional or candid photos as your profile images, ensuring you stage the backdrop of your video calls to include curated messages through books, certificates, art and photos (“Jacinda Ardhern did this beautifully,”) and getting creative with your personal styling, whether that be an eye-catching manicure or a particular color palette for your wardrobe
Have a networking strategy
With so much to do in that initial period, delegating is important but Vincent says you should avoid doing this with your schedule: “The order in which you meet people says something about the relative importance of each person, which says something about you. In your first 100 days, don’t let others speak for you by taking control of your calendar.”
She recommends carefully considering whether to give priority to engaging with horizontal or vertical reporting lines and to decide whether to engage with internal and external stakeholders. You’ll also need to decide whether to conduct meetings in groups or one-on-one settings, as well as what an invitation to a formal or casual environment says about the type of leader you are.
Establish a feedback channel
“Over the mid to long term, you will create the psychological safety that allows your people to bring problems to you, especially when you are the problem,” says Vincent, “but in your first 100 days, you need specific, constructive guidance.”
A good place to start, she says, is by accelerating one relationship. “Find someone you respect in your organization and be as vulnerable as you dare in asking for feedback. It’s a risk but a game-changer when it pays off.”
If this seems too daunting, you can ask someone else to gather the feedback on your behalf – you just need to make sure they’re an objective third party who has the skill set and respect to elicit and amalgamate what they receive and challenge those who share incomplete feedback.
Vincent also suggests journaling “like a pro – and when I say pro, I mean a listening professional who has building and maintaining self-awareness baked into their code of conduct.”
Establish flexible boundaries
While the notion of flexible boundaries might seem contradictory, the initial 100 days entail balancing ambition with practices that can be upheld over the long term. “You need boundaries that bend rather than break.”
The way to do this, Vicent advises, is with “RAG boundaries”:
- Red: unacceptable behaviors. Name them and plan a go-to response when the shock might otherwise leave you tongue-tied, i.e. “That comment was inappropriate.” or “Let’s keep our discussions respectful.”
- Amber: threshold boundaries. Name them and quantify them. For example, “I will work past 7pm twice in one week.”
- Green: flexible boundaries. These might be someone else’s red or amber. For example, “I don’t mind an early start, but that’s because I don’t have a school run to do.”
Identify the drains and radiators for time and energy
Understanding the distinction between what invigorates us and what depletes our energy is key, Vincent says. “Radiators boost our mood and creativity. Drains sap energy and leave us struggling for motivation. Take stock of your commitments to maximize the radiators and minimize the drains, even if only over the next 100 days.”
The first way to do this is to pause anything that is non-essential. “Let those important to you know you need to pause some responsibilities. I can’t count the number of reasons it is better to set expectations than to break them.” The second way is to be honest about the things that give you energy and those you just do out of habit – “starting a new role is a great way to start a conversation about letting something go for good,” – and the last is to pay someone to take something off your list. “Not only do you create space for you to do your best work, but you are also economically empowering a small business and its owner.”
Understanding the game’s rules empowers women to shift from frustration to fulfillment, Vincent believes.
“Thriving women leaders become enduring beacons of inspiration, reshaping narratives in corporate and political leadership. As women view leadership as an exciting path, representation grows and we move closer to a world where leadership is defined not by identity but by capability, innovation, and impact.”
If you think you might benefit from Libby Vincent’s services, you can book a free, NDA protected 30 minute call with her here.
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