Finally, some good news: female top managers have adapted surprisingly quickly to the polycrisis
Despite their increased workloads, female senior managers are also optimistic about corporate growth, social change, gender equality and their own careers. The majority have adapted to the current polycrisis and are seeking to explore its potential, according to KPMG's Global Female Leaders Outlook research. Adaptability, foresight, flexibility - these are the qualities they need to shape the future of themselves and their companies.
Nowadays, the word "crisis" alone is no longer enough to describe the state of the world, as we are faced with a poly-crisis - several, often interconnected risks. Companies need to become more resilient to geopolitical and economic challenges, in addition to digitalisation and ESG trends. But the women in KPMG's Global Female Leaders Outlook survey are taking on the challenge with courage. The survey asked 839 women leaders from 53 countries in 2023 about their companies' situation, business prospects, development, their own career paths and motivations, among other things.
What are women leaders like?
What are women leaders like?
The majority of women executives surveyed by KPMG work more than 50 hours a week and prefer a hybrid work model. Almost all of them run a household, with one in three doing so without outside help. Most have changed companies at least once to advance their careers. 74% of survey respondents live in a two-earner household, while 21% have no partner.
Higher speeds, increasing workload - risk of burnout
The current polycrisis is placing a significant additional burden on female senior managers. 90 percent of decision-makers surveyed by KPMG said that roles and responsibilities have become much more complex in the past three years. 81 percent reported an increased workload and longer working days. 89 percent say the pace of work has accelerated due to constant change, and 78 percent perceive increasing uncertainty in strategic decisions and forecasts.
No wonder the level of stress among female senior managers is rising steeply. This naturally has a negative impact on their daily work and personal lives. 60 percent of respondents can only meet work demands at the expense of personal and family life.62 percent feel partly overwhelmed by the current situation and the ongoing crisis management, 47 percent say they are exhausted and running out of energy. Fifty-seven percent of survey respondents say that increased stress has led to an increase in burnout among their team. Burnout is most prevalent at middle management level, and least prevalent among those who have no plans to develop their careers. The data also shows regional differences - overall, burnout rates are highest in Asia and lowest in Central Europe.
The "new norm"
Polycrisis is increasingly seen as a "new normal", however, and many respondents reported positive consequences for their company or themselves.Acclimatisation is already taking place, with three out of four respondents saying they are used to the current situation and two out of three being positive about the polycrisis.Six out of four respondents said they are acclimatised to the new situation, and two out of three are positive about the polycrisis.As a result of the new opportunities that are emerging, 64 percent perceive a new spirit and positive mood in the company. Female senior managers are not shying away from challenges in a volatile market environment, in fact they want to be at the forefront. 80 percent of respondents want to cope with the challenges of leadership in a time of polycrisis. The diversity of tasks is particularly appealing to many female decision-makers, who recognise the opportunity to prove themselves and give their careers a new boost - 41 per cent expect this. Meanwhile, only 11 percent fear that the polycrisis will have a negative impact on their career.
Digitalisation and adaptation
Responses to the KPMG Global Female Leaders Outlook surveyalso reveal a number of new trends. "There is an adjustment of digitalisation strategies within companies, with employee training becoming more important than technology investments. All this suggests that companies are responding to accelerated external change with accelerated internal change - a promising development," concludes Ágnes Rakó, Head of Risk Management, Financial Process and Data Analytics at KPMG. "Cyber security has also been strengthened - while cybercrime is on the rise, the perception of security among surveyed participants is also increasing. The majority believe their company is prepared in this area."
Women decision-makers say that when dealing with a polycrisis, qualities and skills such as adaptability and foresight are at the forefront. Rapid technological advances or market disruptions require responsiveness and flexibility as much as a focus on strategic, long-term goals.
Young Girls Club
KPMG's research shows that environmental, social and governance ESG factors remain a key focus for companies' long-term sustainable growth. Women leaders are doing their part to make our world a more sustainable place. On social issues, it is clear that despite the progress made on diversity and openness and the right legal framework, there is still work to be done. Many women's careers are still hampered by prejudice, they often change companies to get ahead, women remain underrepresented in leadership positions,and in many organisations they encounter male-dominated networks, the study finds. Fifty-one per cent of respondents say their company still has an \"old boys' club,\" but 49 per cent also see support for a \"new girls' club. These barriers need to be removed in the future. Three out of four female managers surveyed expect to achieve gender equality within 15 years.
Adjusting leadership style
Good leadership is particularly important in times of polycrisis. 55% of those surveyed currently rely on a team-oriented, strategic leadership style. This is followed by a project-focused, agile style with 23 percent. Many female senior managers say that strategic thinking and strong leadership are the most important from a career perspective. Strict hierarchical management is seen as counterproductive by the majority, with only two in 100 respondents preferring it. In response to the polycrisis, female senior managers have changed their management styles - 43% are now more agile and 36% are more strategic than before. Many also highlighted the role of motivation and team spirit. 84 per cent of those surveyed are devoting more time to their employees to foster this.
HR Portal Women's Day round-up
- Empathetic workplace leadership is more rewarding than a flower on Women's Day
- Female managers are growing at a disappointingly slow pace - we show how flexible working is influencing this
- Only 1% of startups founded by women receive investment - here's how to change that
- Women's pay gap in EU countries
- This year's winners of the Women in Science Excellence Awards research cancer cells and climate change
- Widening pay gap: for every pound earned by a man, an average of 90 pence is earned by a woman
- The typical female entrepreneur is 42 and has 1 child
photo by freepik