{"id":6994,"date":"2023-07-28T05:05:55","date_gmt":"2023-07-28T05:05:55","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/how-mobility-for-women-creates-better-business-outcomes\/"},"modified":"2023-07-28T05:05:56","modified_gmt":"2023-07-28T05:05:56","slug":"how-mobility-for-women-creates-better-business-outcomes","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=6994","title":{"rendered":"How Mobility For Women Creates Better Business Outcomes"},"content":{"rendered":"
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Lauren Herring is the CEO of IMPACT Group, one of the largest career and leadership development companies globally. She has been a C200 member since 2009<\/em>.<\/p>\n

Many corporations aspire to increase diversity across their executive ranks. In 2023, women represent only about 10% of Fortune 500 organizations and just 23% of equity partners in U.S. law firms. An often-overlooked area to improve inclusion is your corporate relocation practice.<\/p>\n

Even among organizations that recognize global business experience as a requirement for promotion \u2014 few organizations proactively seek diverse representation when recruiting for global assignments. In fact, today 60% of organizations don\u2019t report the gender of internationally mobile employees to the business, according to a 2023 AIRINC study.<\/p>\n

Experience gained through global or other relocation assignments can fast track a career. When business executives work with mobility teams, they can be more intentional about interviewing a wider pool of candidates for corporate-sponsored relocation. These organizations are more likely to succeed \u2013 in hitting business objectives as well as achieving more diverse executive teams. That\u2019s because the business will be tapping into a qualified, yet often overlooked talent pool. Here\u2019s how to put this strategy to work.<\/p>\n

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What\u2019s Holding Jessica, Amrita, and Heather Back?<\/strong><\/h2>\n

Let\u2019s imagine that three women are top performers in their respective fields of IT, marketing and finance, and they desire larger challenges. However, they need P&L experience to qualify for higher levels of leadership. Roles that would allow them to gain such experience would require relocation. In many organizations, the business side\u2019s hiring managers might overlook these candidates, simply assuming they have no interest in moving or would find a move too difficult.<\/p>\n

Sadly, unless the women have keenly observed how emerging leaders succeed in their organization, they might not be aware that their careers are likely to stagnate. An appropriate leadership role in their own city might not surface for years. And ironically, by that time, they may have chosen to leave and work for a competitor in another city.<\/p>\n

Is it Likely Jessica, Amrita and Heather Will Ascend Beyond Middle Management?<\/strong><\/h2>\n

Today nearly 50% of those enrolled in top (\u201cM7\u201d) business schools are female, yet women\u2019s careers continue to stall. The McKinsey Leanin.org study describes the \u201cBroken Rung\u201d that explains why. For every 100 men promoted to manager, only 86 women are promoted. This disparity in first-level promotions lays a foundation for continued imbalance. That\u2019s because the pipeline \u2014 or pool of candidates for the next promotion \u2014 is weighted toward men.<\/p>\n

This first promotion was dubbed, \u201cthe broken rung\u201d in the corporate ladder. As women look to move up, 14% find the next rung of the ladder unattainable. And at every subsequent level, the pool of female talent shrinks, which perpetuates low representation of women at senior levels.<\/p>\n

Reocation \u2013 The Often-Overlooked Advancement Track for Women<\/strong><\/h2>\n

Back in 2016 PwC published a landmark study on mobility and diversity involving 134 global mobility executives and nearly 4,000 employees (58% women; 42% men) across 40 countries. About 70% of the employee group had mobility experience. They found that:<\/p>\n