Case Studies
Global Impact: One Woman at a TimeHeidrick & Struggles is addressing the problem both tactically and strategically. To meet immediate demand in its board search practice, the firm is casting a wider net for good female candidates. In North America, Europe, and Asia, the firm is building diversity talent banks by systematically identifying and assessing the top five percent of executives in the countries where it does business. They especially seek out highly successful women executives who should be on boards but for some reason are not. When corporate clients request a board search, Heidrick & Struggles is able to tap into this set of qualified candidates and present them alongside others found from more traditional sources and networks.
Heidrick & Struggles' work has paid off for women. The firm's record in placing women is already higher than the global average currently on corporate boards. In 2008, 20 percent of the firm's board placements were women, up from 16 percent in 2004. Confident with this progress, Hiedrick & Struggles' CEO, Kevin Kelly, pledged at the 2009 meeting of the World Bank Group's Global Private Sector Leaders Forum in Davos, Switzerland, to include at least one woman on each slate of candidates that it presents for potential boardroom duty. According to Kevin, "While this is a good first step and a commitment we believe the market will permit us to achieve today, we will not rest until the boards of directors we serve have the look and composition of the society in which we all live."
To help make this happen, Heidrick & Struggles is undertaking strategic initiatives to prepare the next generation of female board members. A team of three female partners representing different regions is leading the effort. It includes research to establish the overall business case for diversity, including gender diversity; partnering with business associations to promote discussion and encourage women's networking; and developing a global diversity practice to help clients look at the wider issue of attracting and retaining high-level minority and female executives within corporate ranks. Alicia says that Kevin and other members of the leadership team are keenly interested in how these different pockets of gender-related activities tie together and might evolve. Heidrick & Struggles' board of directors – which includes two women – has asked for a strategy in this regard.
Meanwhile, Elisabeth's survey-based report, 'Route to the Top: What does it take for women to get on to FTSE100 boards?' highlights the dynamics and challenges of getting women through the boardroom door. The report focuses on the UK but it is informative for any audience, presenting data on the characteristics of women directors and their boards. To accelerate the presence of women on boards, it recommends a more proactive approach by all search consultancies to find high achievers. It further suggests that board nomination committees not only appoint women but also ensure their membership on these committees. In addition to research, Heidrick & Struggles' female partners organize and participate in business groups focused on the advancement of women. Elisabeth, for example, takes part in the World Economic Forum's Global Agenda Council on the Gender Gap where she can promote high-level discussion on board talent strategy. The firm's own 'Women of Influence' events allow senior women in different regions to broaden their contacts. Meanwhile, Women Corporate Directors, an international membership organization that includes female CEOs, COOs, and other corporate-level executives, has also greatly benefited from the firm's support. Heidrick & Struggles has helped Women Corporate Directors open new chapters in London, Delhi, Mumbai, Beijing, Hong Kong and Sao Paolo. Each chapter helps educate members on the latest board responsibility issues, while allowing them to network to find new board appointments or new talent for their own companies. Heidrick & Struggles' emerging global diversity practice should also help improve women's long-term board prospects. Partner Matrice Ellis-Kirk in Chicago is leading this new area. Under her guidance, the firm is offering its expertise to client companies seeking, for example, to improve the retention of senior minority and female employees. This is a natural outgrowth from consulting on other leadership issues, such as a corporation's internal succession planning. Heidrick & Struggles is able to help by making objective assessments of a client's talent base, making sure that strong women and minority staff members are spotted early on, even when they are not in key operational roles. |
"Whenever we help clients with board appointments, we always look first at the balance of skills and experience that a particular board has and needs," explains Alicia. "Beyond that, we look at issues specific to the business, such as the customer base and employees. We always try to supply a diverse slate of people who are both qualified for the job and can provide different types of insight." It is a matter of best practice and, she adds, many clients are delighted when women are part of the slate of candidates presented. 
Dr. Elisabeth Marx is a London-based partner working in Heidrick & Struggles' board and leadership consulting practices, as well as the firm's point-person in Europe for diversity issues. She performs research on board-level trends, women board directors, and the psychology of business leaders. From her own work, Elisabeth is convinced that psychological diversity on a board can greatly strengthen its ability to have open discussions, leading to sound decision-making. A diversity of skills and culture are critical in this regard. And, while it cannot be assumed that women will bring psychological diversity to a board, the presence of women may in itself signify a more flexible or open corporate culture. All of these characteristics play a role in how issues are perceived, how questions are asked, and how challenges are resolved. 
