A Harvard Business Review study has reflected a tendency for co-workers and managers to identify women as effective office leaders. Randy Siller, a financial planning professional, addresses the fiscal concerns held by both male and female business leaders.
The Review research involved 360 evaluations of 7,280 male and female leaders. Subjects were taken from businesses both in the US and internationally that the report described as “successful and progressive organizations.”
The study aimed to determine how business workers rated the skill and efficacy of female leaders. The study incorporated judgments on 16 dimensions of effectiveness as well as a measure of overall leadership quality. Leaders were evaluated on their ability to motivate workers, develop skills in peers, and cultivate their own success.
The report initially confirmed some long-held preconceptions about leadership positions and strengths. Data indicated that 64% of analyzed leaders were men, including 78% of the top managerial positions. 67% percent of senior executives were male, along with 60% of lower-level managers.
Female leaders scored highly in several categories typically attributed more strongly to businesswomen than men. Women scored highly in developing the talents of others, building workplace relationships, and working with integrity.
The study confirmed these existing suppositions – but it also highlighted general perceptions that women exhibited stronger leadership than their male counterparts.
16 competency categories were identified by researchers as essential elements of “outstanding leadership.” Women were more highly rated than men in 12 of the 16 categories studied.
Women most soundly outscored men in two categories: taking the initiative in leadership, and pushing for effective results. Both qualities have historically been viewed as male strengths.
Men outscored women on one management dimension: ability to establish a business perspective that effectively incorporates strategy. Researchers note, however, that upper-level leaders always score high in the category, and that the majority of surveyed leaders at the top were men.
Women made up a smaller percentage of high-level leaders. But top female executives still outscored their male counterparts in the majority of skill sets.
Researchers speculate that female leaders continually strive for business success, driven by a need (whether real or imagined) to avoid being replaced by a male. The study authors identified complacency as a toxic dimension of leadership.
The research has implications for both male and female business leaders. As Harvard Business Review researchers note, the 16 examined leadership skills strongly relate to several dimensions of “organizational success.” The 16 parameters enable male OR female leaders to contribute to satisfied customers, well-utilized employees, and a profitable business.
The 16 desirable leadership skills include self-development, honesty, motivating others, and embracing change.
Randy Siller, a wealth advisor, notes that professional women face a number of demands in financial planning. Businesswomen seek profitable investments by examining risk tolerance, tax deferment options, and their overall financial goals.
As Siller explains, businesswomen and men both consider how their current spending and planning will impact retirement. Siller notes that retirement planning can commence at any time over the course of a business career. As retirement becomes a reality, estate planning allows professionals to manage their wills, power of attorney, and healthcare.
Harvard Business Review data may redefine how female leaders are perceived by themselves and the business community. As Randy Siller confirms, financial planning and retirement needs remain concerns for both male and female professionals.
Randy Siller is a professional wealth advisor offering portfolio reviews, estate management, and retirement planning expertise. Siller is personally dedicated to bringing financial prosperity and peace-of-mind to families and professionals.
Registered associates of Siller and Cohen are registered representatives of Lincoln Financial Advisors Corp. Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Siller and Cohen is not affiliated with Lincoln Financial Advisors Corp. CRN 201303-2078378