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The pace of change is accelerating so now is the time to be BOLD!
October 17, 2022
The Derwent Board practice hosted another successful roundtable event with guest speakers Dr Juliet Bourke and Christine Holman discussing the recent research project by the 30% Club Australia and Deloitte Australia, please click HERE to view the report. Boards will need to meet a multitude of challenges and opportunities arising from an increasingly complex environment – this is demonstrated by the recent pandemic, geo political issues and a range of economic shocks. The pace of change is accelerating, so now is the time to be BOLD:
Some key takeaways were:
- As per the Telstra case study, diversity should be viewed with a broad lens.
- Boards should consider broadening the brief and adding new skills and capabilities to the Board from non-traditional areas for example People and Culture; “culture eats strategy for breakfast”.
- More time and attention should be spent on understanding and acquiring the skills and capabilities required around the Boardroom table.
- An opportune time for Board re-evaluation could be after adoption of new strategy.
- Executive search firms should present a more diverse pool of candidates for consideration in Board succession processes.
- Boards could consider being less rigid around Board tenure to align Board talent to the needs of the future.
- The role of the Chair is critical in providing proactive and supportive leadership during this transition period. Bold leadership in advocating for diversity of thought is key to navigating change. As commented by Bridget Loudon, “The more conservative your board is and stays, the more conservative your ambitions. I am worried that Australia does fall behind and we’re not as courageous as organisations as we could be.”
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Derwent are delighted to have hosted over 100 attendees at our Pathway to the Boardroom event in Sydney this week, with guest speakers Inese Kingsmill and Robyn Stubbs . This ongoing series is designed to provide tips and perspectives to aspiring board members as they explore opportunities beyond their executive careers. Inese and Robyn shared their insights on how to plan for a board career; how to effectively develop and position your personal brand and expertise; and tips for identifying and assessing different board opportunities. Highlights of the discussion included: Gaining exposure to boards during an executive career provides professional development and foundational board experience to point to. Establish your Unique Selling Proposition (USP) – t here are unique skills, expertise and attributes that are personal to you, including adjacent experience applicable in other settings (such as regulated settings, customer, transformation, technology). You may be ‘pigeon holed’ throughout your executive career, so it’s important to further develop functional and industry experience in a variety of settings which can help to open up greater board opportunities. Finding board opportunities – there are a myriad of different channels including networking, board search recruiters, consulting engagements, industry associations, LinkedIn, personal connections. Develop a target list and do some initial research, but don’t boil the ocean. Due diligence is key to finding the right board, including research into growth opportunities, competitors, financial positioning, and skills gaps on interesting boards. Future fit boards and diversity including age, functional expertise and different styles around the boardroom table are increasingly valued. Keep an open mind to different opportunities in private, listed and NFP settings, focusing on where there is space for you to learn and contribute your skills. Not for Profits, Industry Associations and other Community Boards are helpful starting points, developing experience working directly with Board Members. This exposure can help to better understand board dynamics, governance responsibilities, the rhythm of board meetings, and how to effectively work ‘on the business’, not ‘in the business’. Continuous learning – with rapidly evolving macro environments, continuous learning, particularly in relation to emerging technology, will be crucial to staying ahead of the skills that boards will require in the future.
Derwent is pleased to announce that Graeme Young has joined the firm as a Partner in the Financial Services Practice. Graeme brings over 15 years’ experience in executive search and recruitment, with a focus on the Insurance market. He leverages his vast experience in global Insurance, with deep technical knowledge and networks to deliver impactful leadership and C-suite appointments. Graeme was most recently a Director at Eliot Partnership, a leading global firm in Insurance Executive Search, where he led the Australian business. Prior to his Executive Search career, Graeme spent over 20 years working across global Insurance and Reinsurance markets, commencing in London and moving to Sydney in 1998. Derwent is proud to be one of Australia’s largest Executive and Board Search firms. Our leading team of 90+ drives our growth, success and scale in delivering to the clients who entrust us to advise on critical hiring needs.
In the 1940’s, women dominated the early days of computing when ENIAC was built. ENIAC (Electronic Numerical Integrator and Computer) was the first programmable, electronic, general-purpose computer. Then the personal computer was released in 1984, and it led to the rise of white male computing, so the number of women in technology rapidly declined. According to the Tech Council of Australia, women are twice as likely to enter the tech industry at the age of 25-30, as they are before age 25. This means tech is not the first step for many women – they are coming through alternate pathways. Last week, Derwent hosted a ´Women in Tech” breakfast to create a safe space for female leaders to share their challenges and discuss solutions that both executive search firms, like Derwent, and the community can implement to continue to promote and deliver diversity in executive hiring. Our conversation was led by guest speakers Kavita Mistry and Marigold Duncan , who shared their unique and diverse careers in tech. For Marigold, it was the allure of rapid growth, impactful work, and a collaborative culture, a stark contrast to her previous life in banking. Kavita, with a blend of artistic and mathematical influences, found her passion ignited by the logic and creativity inherent in technology. Their journeys, though diverse, highlight a common thread – tech offers a space for innovation and impact. However, the path to leadership isn't without its challenges. Both Marigold and Kavita spoke candidly about the hurdles women face, particularly in finding their voice and navigating leadership dynamics. Kavita emphasised the importance of speaking up, identifying and encouraging quieter voices, and leveraging female role models. Marigold shared her experiences leading international teams, learning to communicate assertively, and overcoming the unconscious biases that often shape decision-making. Mentorship and sponsorship emerged as crucial elements of their journeys. Both leaders emphasised the need for clarity in mentorship goals, the value of diverse perspectives, and the importance of nurturing long-term relationships. Kavita highlighted the distinction between mentorship (guidance) and sponsorship (advocacy), while Marigold stressed the value of seeking out mentors who understand your ambitions. So, how can women support other women in tech? Both leaders advocated for challenging unconscious biases in hiring, building strong networks, and providing coaching, particularly for interview preparation. They emphasised the importance of "watering and feeding" relationships, ensuring they are mutually beneficial and sustainable. Balancing work and family was another key topic. Marigold, a mother of three, acknowledged the constant effort required, emphasising the importance of self-awareness and adapting to changing needs. Kavita echoed this, highlighting the importance of prioritising energy, self-care, and aligning work commitments with life stages. Ultimately, the discussion offered valuable insights for women navigating the tech industry. It's a journey of continuous learning, resilience, and building strong networks. By embracing their unique perspectives, challenging biases, and supporting each other, women can not only thrive in tech but also shape its future. At Derwent, we are committed to long-term diversity through both assisting clients with inclusive hiring processes and attraction strategies, and fostering the next generation of female leaders.
