When it comes to women in leadership, data from Deloitte in November 2024 shows there are just 23 female Chief Financial Officers in the ASX100. That’s a massive problem if we ever hope to see more women as CFOs, reports the Women’s Agenda.
I suppose many would say that close to a quarter is an awesome result, but that’s still a 1:4 gender ratio and doesn’t give much hope to women looking to dream big in their financial careers.
And these numbers are even more damning when you take into account that Australian business bachelor degree graduates are almost 50/50 split between men and women.
The Deloitte report indicated that five key themes emerged from the research, providing advice to organisations and the women leaders in finance of the future.
- Choose the company you keep: Many women interviewed by Deloitte said women should do their “due diligence” and find out the organisation’s view and policies on diversity in leadership. Is it progressive? Room for growth? Room for a woman to rise through the ranks?
- Navigate life, not just work: 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. “They’re intertwined, and it’s up to you to find a way to navigate both successfully,” she adds. What stood out for Andrea Abusah, lead author in Deloitte’s report, was how the interviewees stressed the value of having support mechanisms in place to be successful in their role. Nice.
- Find your tribe: Clare Lezaja, Deakin University CFO on being mentored: “Many of my mentors and sponsors were the ones who helped me build my self-confidence,” she says. But much of Deloitte’s research warned future leaders against “hitching your wagon” to particular individuals, stressing the importance of taking responsibility for your career.
- Expand your swimlanes: Women CFOs also advised future leaders in finance to take “any and all” opportunities presented to them. Alison Harrop, the CFO of Stockland, suggested upskilling: “The advice I give all the time is to expand your skill set and add a new skill every year – always put your hand up for something you haven’t done before.”
- Back yourself. Stretch yourself: 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!
And we’ve left the best advice for future financiers for the final bit here!
Janelle Hopkins, CFO of REA Group, advises 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,” she states.
Godspeed, team!
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