Just 23 companies listed on the ASX100 have female Chief Financial Officers (CFOs), as new research highlights the need for a larger pipeline for women in the executive position.
A new report from Deloitte, Empowering future generations of finance: Stories and strategies from leading female CFOs, uncovers the barriers women face in their career trajectory, resulting in significant underrepresentation of women CFOs in Australia, as well as an incredible lack of diversity within that cohort.
Although Australian business bachelor degree graduates are almost 50/50 split between men and women, Deloitte found less than one in four CFOs representing companies from the ASX100 list are women.
In developing the report, Andrea Abusah, the lead report author, and her team at Deloitte interviewed 15 women CFOs to learn more on their experiences throughout their career, to understand what must be done to improve the pipeline of female CFOs for future female leaders in finance.
“The publication is a celebration of their stories, but also some of the learnings from the success and their challenges, so we can play a small part in potential improving the female pipeline in finance, or at least prompt the conversation,” Abusah told Women’s Agenda.
There were five key themes that emerged from the research, providing advice both to organisations and to the women leaders in finance of the future.
Choose the company you keep
The key to a strong career trajectory is choosing an organisation that will support that journey. Many women interviewed by Deloitte said women should do their “due diligence” and find out the organisation’s view and its policies on diversity in leadership.
Courtenay Smith, the CFO of Mirvac Group, said her career began in a “progressive, people oriented organisation”, and it made all the difference.
“There’s a grounding in that to believe you can be whatever you want to be because people are focused on talent… the world was your oyster,” Smith said.
Ultimately, however, the onus is on the organisation itself to have those policies in place to create a stronger pipeline for diverse leaders.
The CFO of CSL Joy Linton used the example of parents, especially mothers, returning to their career after taking parental leave. It’s not just about having flexible options, but to also give them “intellectually challenging” and “meaningful” work that will support their growth and rise to leadership.
“When people return from maternity leave… it’s super, super important… you must give them intellectually challenging work that is meaningful… and then right-size the role for whatever the work arrangement is,” Linton said.
Navigate life, not just work
Work-life balance for leaders can be a challenge, especially for women, who tend to take on greater caring or domestic roles and responsibilities.
Women CFOs who took part in Deloitte’s research said building robust support networks, both within work and outside of work, is important. Many of the interviewees said they rely on their partners significantly to provide that support outside of their work life.
Kate Beattie, the CFO of Endeavor Group, said navigating work and life isn’t just about “obtaining a work-life balance”.
“It’s about integrating work and life into a cohesive whole,” she said.
“They’re intertwined and it’s up to you to find a way to navigate both successfully.”
What stood out for Andrea Abusah, lead author in Deloitte’s report, was how the interviewees stressed the value in having support mechanisms in place to be successful in their role.
“That takes many different forms,” Abusah said. “Some were investing in professional support around them, some in childcare or help at home.
“A number of the CFOs also talked about how their partner had a flexible role and were able to lean in more to support that home life, and in fact a number of them attributed their career success and career achievements to that unwavering support of their partners.”
Find your tribe
There is a huge gap in the lack of mentorship opportunities for women. In a recent survey conducted by Women’s Agenda, while 62 per cent of survey respondents have never been sponsored before, many agree this would be the key to unlocking women’s potential. In fact, 63 per cent of survey respondents said they would sponsor someone if given the opportunity.
In Deloitte’s research, women CFOs said mentors can be a source of confidence, like Clare Lezaja, Deakin University CFO.
“Many of my mentors and sponsors were actually the ones who helped me build my own self confidence,” Lezaja said.
Mentorship doesn’t have to be sourced from a formal program within the organisations – although many of the research participants encouraged organisations to have a program available – as mentorship can occur through the course of natural working relationships.
Interestingly, many of the women CFOs in Deloitte’s research highlighted the benefits of having a male mentor or sponsor: not only did it broaden their perspective on their career advancement, but the value of having a man advocate for them to other male leaders enhanced their personal brand, and created opportunities that may not have been afforded otherwise.
Andrea Abusah found the value women found in male mentorship was around the diversity of though that male mentors provided them: “a different way of thinking to a traditional female perspective,” Abusah explained.
At the same time, the women CFOs who took part in Deloitte’s research warned future leaders against “hitching your wagon” to particular individuals, stressing the importance of taking responsibility for your own career.
Expand your swimlanes
Women CFOs also advised future leaders in finance to take any and all opportunities presented to you. Whilst it takes courage to do, it is always worth it.
Alison Harrop, the CFO of Stockland, even suggested upskilling, when necessary.
“The advice I give all the time is to expand your skill set and add a new skill every year,” Harrop said. “Always put your hand up for something you haven’t done before.”
Back yourself. Stretch yourself.
Some women aren’t willing to express their career ambitions: Women’s Agenda’s recent survey found most women tell their friends outside of work (64 per cent) or their immediate family (57 per cent) about how they want their career to progress. Meanwhile, only 31 per cent tell their managers/leaders in the workplace, and 28 per cent tell leaders in the industry about their career ambitions.
The advice from women CFOs in Deloitte’s research is to be confident. Many of the research participants raised the issue of confidence and self-belief, in that many women feel they must be 100 per cent qualified for a role before pursuing it, something men don’t often feel, according to them.
Abusah said confidence consistently came up throughout the research process.
“Lack of confidence is obviously not just a female thing – it’s across the board,” Abusah said.
“Not all females feel like they’re not confident, but it certainly came through in the research.
“There was an interesting observation around the ability to express ambition, and that females often felt hesitant to express their ambition, so that they’re not perceived to be kind of pushy, and that they’re likely to stay silent on those genuine aspirations.
“That was one of their key learnings – around self-advocating on their journey.”
Janelle Hopkins, CFO of REA Group, advised future leaders in finance to “take control of your career” and go for everything.
“Don’t wait for people to come to you saying you’re the right person for the role,” Hopkins said.
Samantha Douglas, Coles EGM Finance, stressed the importance of advocating for yourself and for any leadership opportunities.
“One of the most important relationships I’ve had throughout my career is the one with myself… having the ability to back myself and to know I could get to where I wanted to,” Douglas said.