A number of academic studies show that it’s good business to promote women into leadership positions. Businesses with a critical mass of women in senior management perform better in almost every measure of business performance than those that don’t.
That is certainly the case with Zions Bank. I attribute much of the bank’s success to the excellent female leaders throughout our organization.
Utah has a history and tradition of strong and visionary leadership by extraordinary women in business, government, churches and nonprofit organizations.
However, while we have many excellent examples of female leaders, they still tend to be the exception rather than the norm. Thousands more Utah women are fully capable of working in senior executive positions in government and business. But they need support, mentoring and training to reach those levels.
Providing that support is the mission and vision of a new organization, the Women’s Leadership Institute (WLI), affiliated with the Salt Lake Chamber. Check out the website at www.wliut.com. Organizational activities for WLI have been ongoing since January, and the new institute will be formally launched next week. WLI's CEO is Patricia Jones, a successful business co-owner and longtime state senator. Trish Hatch is WLI's director.
WLI has two major missions. The first is to develop female leadership to participate in corporate boards and senior executive positions. Only 5 percent of Fortune 500 CEOs are women, and women make up less than 17 percent of corporate board membership.
The second mission is to encourage and help prepare women to run for public office. According to Jones, WLI will partner with other groups, such as Real Women Run, to encourage participation in politics and provide training and mentoring.
At the kick-off events next week, corporations and other organizations will be encouraged to take the “ElevateHer Challenge.” Organizations will be shown how they can take concrete steps to place more women on corporate boards, promote women to senior executive positions, provide mentoring and retention programs, reduce wage and salary gaps and encourage women to run for political office.
Jones notes that in addition to helping women on an individual level, this program is also about achieving business success and keeping Utah’s economy strong. Numerous credible studies show that female leaders, when present in sufficient numbers, really do make significant contributions in business and politics. Organizations with a critical mass of female leaders enjoy higher profits, reduced operating costs, better reputations and overall superior management.
After all, 85 percent of consumer purchasing decisions are made by women. It makes sense that a business with good female leadership will align better with consumer trends, desires and needs. Businesses without female voices in key decision-making processes are missing out on crucial opportunities. Utah will fall behind economically without leveraging the values and talents of capable women.
The current lack of women in leadership positions is not evidence of overt discrimination in most cases. More women than men, obviously, are undertaking the noble and critical role of raising children and being homemakers. Nothing is more important than providing children a secure home with loving parents. Women who make the choice to be full-time homemakers and mothers are the backbone of society.
But the reality is that a large majority of adult women work today, and almost all women will work during some phase of their lives. Therefore, it is important that women realize their full potential and deliver the full contributions they are capable of making in government and in business.
The Women’s Leadership Institute will provide mentoring, networking, encouragement, training and confidence to help women reach their full leadership potential. I’m pleased that Zions Bank is a founding sponsor of this new organization.
A. Scott Anderson is CEO and president of Zions Bank.