KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL

FANews
FANews
RELATED CATEGORIES
SUB CATEGORIES All | 

What’s keeping women out of leadership in professional services?

05 August 2022 Mazars

Co-CEO of Mazars in South Africa on why more female professional services employees aren’t making it into leadership roles – and how to change this

The audit, tax and advisory industry has transformed significantly over the years and gradually the skills pool in this industry has become more diverse. Yet, despite developing the same skills and receiving the same qualifications as their male counterparts, there is still a trend among female professionals in this industry to fill traditionally female-orientated roles in commerce. This is arguably one of the reasons why traditionally male-dominated industries (such as the audit industry) are still slow to transform at a leadership level.

Michelle Olckers, Co-CEO of Mazars in South Africa, says that it is indeed vital for an industry like this to include a much larger female component in its leadership structures. “To its credit, the audit industry has made good strides recently in increasing the number of female leaders on their executives in the sector, with Mazars being one of the leaders in this area”.

The latest numbers from the South African Institute of Chartered Accountants show that around 40% of the CAs currently active in this industry are female. However, we don’t see those numbers coming through at the top levels of audit firms. “Women add a huge amount of value to leadership and we are increasingly viewed as critical to driving the future success of the industry. We need to start looking at the reasons why there is so little flow-through of female leaders and put more plans in place to address that,” says Olckers.

Speaking from her own experience even with corporate clients, she points out that while many companies are putting initiatives in place to increase the number of women who make it to top positions, many of the most promising candidates are still being overlooked. “I believe that more focus should be put on developing and then supporting women in leadership roles in South Africa. These appointments often just exist to satisfy external perception and Board composition requirements. As a result, not enough time is spent on developing the best candidates for these roles, and companies often only include the minimum number of women in their leadership structures to fill a quota.”

Olckers adds that not only does this lead to promising candidates being overlooked, but it also limits the useful contribution that women can indeed make in leadership roles. “If you fundamentally shift the focus to growing and supporting skilled female leaders within these organisations and showing women that it isn’t necessary to take a back seat or choose between a family and a successful career, for instance, I believe that there will be a much more natural flow-through of strong female leaders who can do more than just fill a mandated spot on the Board.”

Secondly, Olckers says that the highly regulated, strongly process-driven profession needs the unique skills that women have to offer to be successful. Mentorship programs are one of the most important tools to help companies build a leadership structure with a bigger female component. “Looking at my own background, taking on leadership roles and eventually rising to the Co-CEO level has been a journey that included many obstacles and sometimes pushed me far out of my comfort zone, in an effort to be understood for my different perspective and style. I was fortunate to work with men who believed in my abilities, were prepared to accept these differences as an advantage and who were willing to mentor me. “We only truly grow further by learning from the experiences of those who came before us,” says Olckers.

She continues by adding that the ability to network is also a critical skill required to be noticed and to make your mark in a male dominated profession, taking into consideration that women tend to network differently from men.

“With this in mind, I would say that leaders should make it a priority to identify and mentor strong candidates. At the same time, I would encourage young women in this industry to develop their networking skills, find strong mentors on their career path, and define their own purpose and uniqueness. As more women become leaders in this industry, I think it will also become easier for young women to find and connect with females in senior positions who understand them and with whom they can relate,” says Olckers.

Mazars also prides itself in taking an informed approach to growing female leadership talent among its ranks. “We believe in the power of networking, which is why we spend time and effort to build communities of women internally. Mazars also has a coaching programme that helps to guide women, upskill them and support them through the business as they grow. We also place significant importance on developing people strategically, which is why analysing the pipeline of professionals that we have internally, is a constant focus.”

Olckers is encouraged that the list of female leaders in business is growing across the board. “Research shows that around 39% of senior management positions in Africa are now being filled by women. It is up to the audit industry to not only keep pace with these numbers but to lead the way as we want to continue to service and advise companies from a diversified vantage point that fits the leadership of the future,” she concludes.

Quick Polls

QUESTION

A recent discussion on the ‘successful intermediary of tomorrow’ offered some tips to help financial and risk advice practices to thrive through 2022 and beyond. Which of the following do you think will give your practice an edge over the competition?

ANSWER

Achieving cost and scale through digitalisation
Offering customisable product solutions to meet customers’ unique needs
Specialising in one advice discipline only
All of the above
fanews magazine
FAnews June 2022 Get the latest issue of FAnews

This month's headlines

A free smoothie does not make a loyal customer
Consequential loss policy court cases
Everything you need to know about death, disability and severe illness cover post-emigration
Are advisers doing all they can for clients’ portfolios?
Financial advisers need help - navigating the complex ESG fund environment
Subscribe now