THE COO PROBLEM

I had dinner last week with a very senior, very accomplished, female executive. She has every qualification you would expect to find in a biotech CEO: education, experience, background, intelligence, temperament, BOD experience.

But when I asked what she was looking for in her next career move, she didn’t say CEO… she said COO. Argh. I call this the “COO Problem.”

First, let me say that there is nothing wrong with wanting to be COO, whether you are female or male! That’s not my point at all. It’s a critically important and impactful role.

While I’m at it, there is nothing wrong with not wanting to be CEO either. In fact, there are lots of reasons to not want this job. Again, not my point. What I am addressing is the mindset challenge of ambitious, accomplished, and qualified senior executive women who don’t?see?themselves as CEO.

When I push for a particular reason, they usually hem and haw and say something like:

“I’ve never thought about it.”

“I’m not sure about the fundraising aspect (or finance, or externally facing role).”

“I think I’m best at being number two.”

What’s Going On?

It is frustrating to see so much reticence among highly qualified women about stepping into the CEO role. But it’s not surprising.

Our cultural definition of what a leader “looks” like — a bias both men and woman share — skews strongly male and starts at an early age. Girls are rewarded more for how they look and act than how they think. Nearly 50% of girls ages 8–17 think speaking their mind will make them unlikable and “too bossy.”

With these deeply embedded biases in the female psyche, it’s easy to see why women struggle to see themselves in the CEO role and why these beliefs loom large. This, in addition to systemic issues working against us, is a recipe that serves up a much higher proportion of males than females in senior leadership roles.

Some suggestions for improvement…

Fix the “Broken Rung”

A common lament is that there just aren’t enough women in senior positions to promote. That is often true, but it’s a symptom, not a cause.

Gender is typically equally distributed (if not more female) at the lowest levels. Over time it skews more and more male, especially above the VP level. This divide results from what McKinsey calls the “broken rung syndrome” in which women get behind starting on the first rung of the career ladder.

Women are less inclined to self-promote and, not surprisingly, they are also less likely to be singled out as up and coming stars. Understand this and develop programs that help young women build the foundation and mindset that will build their confidence.

If we want our organizations to reap the benefits of women at the highest levels, spotting and nurturing the talent of young women early in their career is key.

Mentors Matter

Recently, I was doing a reference check with a direct report of an exceptional C-level leader. This reference jumped off the page as a great talent, so I asked her about her journey as well.

She told me this leader took notice of her work in her entry-level role and kept promoting her into bigger and bigger positions. She never thought she was ready, but his faith in her and his encouragement allowed her to overcome her self-doubt and develop into the stellar leader she is today. She readily admitted that without his encouragement, she would not have seen her own talent.

The fact is, most women I speak with who reach the C-level tell me they had someone(s) who saw their potential early and helped along the way.

If you are a leader trying to build a pipeline of talent, know that many times a female can be their own worst enemy and hold themselves back. If you notice that a seemingly strong performer is not holding her hand up to take the next step, she may be waiting to be asked. If that’s not happening, she may assume she is simply not good enough.

People will rise to the level of your expectations. Help them see what you see. This can be especially impactful feedback coming from a powerful senior-level male.

Women — Be Proactive

The system is biased, and the hurdles are many. So, let’s take it upon ourselves to counter that at every turn.

Get as much feedback, coaching, and mentoring as you can.Maybe you’ll be lucky enough to be spotted by that great manager. If not, and in the meantime, take it upon yourself to actively seek support and guidance.

Build a strong network of like-minded women. Spend time commiserating if it helps, but spend more time being a mirror for each other and helping us see our blind spots. Pledge to support your fellow females at all levels and look for opportunities to help them advance. Throwing our support behind women every chance we get will help all “boats” rise.

Pay attention to what you say in interviews. You are not bragging when you speak confidently about what you have accomplished and what you are capable of. Be specific about past wins, plans for the future, and why you are well suited for the position. (If you are not feeling uncomfortable, you are probably not saying enough.)

While studies consistently show no correlation between an interviewee’s confidence level and ultimate job performance, those that appear more confident have a much greater likelihood of getting hired.

Own your career. If you are not being seen and are not moving up as you should, don’t assume it is you. I’ve seen people completely sidelined at one company, only to become a total star when they move to another.

Ask your trusted colleagues what they see. Be curious and open to feedback. Take risks. Be deliberate about taking on projects that demonstrate your agility as a leader.

Cross-functional experience is a critical requirement of senior leaders and provides clear evidence of your ability to grow and learn. Reach beyond your comfort zone so you can build a track record of success.

A Big Opportunity

Concentrating on ways to get more women and other marginalized groups into senior leadership positions is?a proven strategy for improving the performance, financial and otherwise, of organizations that embrace this logic.

From where I sit, having a diverse Board and executive team makes a huge difference in your ability to attract the best talent — male or female.

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