Career Capital – those differentiated skills that define and advance careers – can often be the key to success in the workplace. Reviewing the results of a recent survey conducted by Accenture (www.accenture.com/iwd2014) illustrates the point. The survey, which was conducted in 32 countries, including the UAE, was released on International Women’s Day in March 2014.
- 89% of female professionals around the globe believe building their “career capital” is key to success in the work place
- 91% agree that the most successful employees will be those who can adapt to change in the work place
- 71% think the number of women on boards will increase by 2020
- 70% think the number of women CEOs will increase by 2020
- 44% say their companies are preparing more women for senior management roles
At recent events in the UAE and the US, the role of women on corporate and non-profit boards has been a hot topic. In Abu Dhabi, UAE last month AmCham Abu Dhabi’s Women in Business Committee and CBD NOW hosted an interactive seminar “Women on Board: How to Attract, Retain and Promote Women on Boards.” Two successful Emirati business women: Shaika Al Maskari and Fatima Al Jaber, who both run large corporations and sit on many boards, provided insights into their journies, noting that you have to be a pioneer. Fatima Al Jaber noted that there are only 15 female board members in companies listed on the Abu Dhabi Exchange and Dubai Financial Market, representing only 1.86% of board seats. Apart from being appointed to boards you can also run for election. Fatima is a pioneer in Abu Dhabi, as she became the first Emirati woman to be elected to the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry in 2010.
In Austin, Texas, USA last month at South by Southwest (SXSW) conference a panel of female entrepreneurs from Silicon Valley also held a panel discussion about how to become board members of public companies. Silicon Valley is located in northern California and is home to many of the world’s largest technology companies and thousands of start-ups. According to a Gender Diversity Study nearly 50% of Silicon Valley’s top 150 companies have no female executives at all, while 84% of the S&P 500 manage to have at least one.
When asked how women can get involved in a board, some of the panelists said one way is to start investing. Becoming an investor is a way to obtain a board seat of a company – if you write a check, ask for a board seat. If you are on the board of a start up, it will be more work initially as you will be asked to use your connections to get more investors. Once things are settled, you will be needed for strategic thinking.
Regarding compensation, board members in early stage start-ups don’t get monetary compensation, but usually get an equity stake so you don’t receive a check. Typically public and major private companies give board members an equity stake equal to a Vice President with a shorter vesting period.
Women often assume they are too busy with work, life and kids to join a board, so it is important to raise your hand and ask for board seat opportunities. While the number of seats on corporate boards is limited, there is ample opportunity to sit on boards of other companies, organizations and non-profit organizations. Getting on a non-profit board is a great way to gain experience and connections. Finding a cause you are passionate about and using the skill set you have to further the mission of the organization helps you to establish a track record of being a leader.
I have served on school boards, non-profit boards, and company boards and always found it a learning experience. You have to keep your eye on the prize and do what is best for the organization and not for any particular constituency. And you should try to keep your emotions in check, especially when serving on a school board as parents’ passions can run high. My suggestion when trying to get the best people on a board is the three Wrule: look for people to serve who bring Wealth, Wisdom or Work. And in the Middle East, it does not hurt to add a fourth: Wasta.
By Theresa F Weber
