I Want to Blow Up Women's Networking Groups: How to get more value for money

As the daughter of a Gloria Steinem-era feminist, I've always believed in the power of women coming together to support one another. Having spent two-thirds of my career in a time when women were overtly treated as second-class citizens, the importance of solidarity and mutual upliftment has always been clear to me.

Over the past few years, I have been a member of several women's networking groups. I admire and deeply respect the female founders; they have put everything on the line to create a community, platform, and sanctuary where women can be nurtured and grow. They have also loudly and proudly amplified the problem of lack of gender diversity at the top echelons of business.

However, change is needed to amplify value, particularly for those in later career stages or with portfolio careers. This article is not a critique of the founders or their intentions but a proposal for change to ensure these groups deliver even more value to all beneficiaries.

Progress is too little and too slow[1]

Where are all the women?

Women hold only 26.5% of executive positions in S&P 500 companies (2023, up from 11% in 2000

Women CEOs in the Fortune 500 represent 10.6% (53 out of 500 CEOs, 2023), more than doubled since 2018

Where is the money (when will we see 100% parity?)?

Female CEOs in the S&P 500 earned 84.6% of their male counterparts' earnings (2022)

Women in top executive positions earned 75% of the total compensation compared to men in similar roles

Why are so few women invited to govern?

Today, women hold only one-third of board seats in S&P 500 companies (increased 15% since 2010 )

Only about 8% of board chairs in S&P 500 companies are women (2023)?

I do not need to remind everyone that diversity leads to higher performance. Believe the science – McKinsey's research says companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability than companies in the bottom quartile for gender diversity.

Impact Delivered

Here is the noble promise of some of the top organizations:

Chief provides a network for female leaders, offering peer support, executive coaching, and networking opportunities to help women advance in their careers

Athena Alliance offers tailored coaching, mentorship, and a platform for women to showcase their expertise to potential board recruiters

50/50 Women on Boards provides education, resources, and advocacy to increase the number of women on boards

Women Corporate Directors (WCD) offers a global network, education, and events for female directors to share insights and best practices

Extraordinary Women on Boards (EWOB) provides a community for experienced female board members to exchange ideas, strategies, and support

Ellevate Network offers networking events, mentorship programs, and educational resources

The Boardlist provides a platform where companies can find and recruit women for board roles

Leanin.org provides circles for peer support, educational resources, and campaigns for workplace equality

Impact Measured?

It isn't easy, but more is needed to help corporations sponsor a woman and individuals paying out of pocket to sort through the myriad options.

Some organizations claim that 50-60% of members have reported receiving a promotion or new job opportunity within the first year of membership. What came first, the chicken or the egg? Don't high-potential women more often benefit from a four—or five-figure investment?

Others claim many board placements. Let's consider the U.S. as an example. If about 4,000 publicly traded companies in the U.S. and boards have, on average, ten members, there are 40,000 US board seats in any given year. With an annual turnover of ~8-10%, 3200-4000 seats become available yearly. If one-third go to women, then about 860 – 1200 women should secure a board seat.

How does the demand get filed? Most seats are filed through personal networks—"It's not who you know, it's who knows you." If half flows through a personal connection, we are down to 430 – 600 seats. I know of at least three dozen organizations in the board placement business—major recruitment firms, a dozen or so platforms, and membership organizations.

Looking at the supply side, there are many more than 860-1200 women on the hunt for a seat, so I question what sorts of placements are being made – publicly traded with market-level pay or private with equity only (nothing wrong with this but the name of the game is getting fair compensation and the opportunity to govern at a higher level).

The need for support and the significant contributions of women's networking groups in advancing gender diversity and supporting women's professional growth and leadership is clear. I am all in, but there are issues.

The Problem

Mismatch in the level and need. If the promise is to connect chief executives, then it is essential that the group truly delivers that level of connection rather than offering interactions that don't include peers. The mismatch can lead to frustration and wasted time and resources. Finding the right community can be tricky, and the marketing promise may not help you determine what's best for you.

Programming value for the dollar. In some groups, programming is member-led, which can lead to a lack of focus and consistency. The expectation for members to generate content or design programs can be burdensome. Members join these networks to gain value, not to take on the additional workload of creating it. This approach might work well for some, but the expectation is more structured and professionally curated content for those paying significant membership fees.

Difficult to measure impact. Undoubtedly, women will gain new skills, confidence, and connections crucial for career advancement. However, the benefits often must be clarified for women who have summited the corporate ladder or transitioned to portfolio careers. Where is the data that enables a potential member to understand the ROI on her significant investment? Trust me, there are many ways to spend much money.

Does "women-only" work? Men get more prominent roles and better pay for a lot of reasons – culture, history, access to opportunity, and outright discrimination. They have made it! Who better than men to help women join them? While my time in these organizations has resulted in lifelong friends and invaluable connections, I sometimes have difficulty fitting in. As an introverted and anxious Army Brat, I struggled to integrate into new schools. The most challenging thing was integrating into junior high when we finally settled in the D.C. area. I no longer had the hope of moving and starting over when friends were hard to find; I had to find friends among a group of girls who grew up together. The "mean girl" thing is real, so it's needless to say that I am not a natural networker. I have been in groups where new members find it challenging to integrate, leading to isolation rather than meaningful inclusion. For a network to be truly effective, it must be welcoming and accessible to all members, regardless of membership tenure, including fostering an environment that balances commiserating about challenges with proactive problem-solving and tangible support.

If I Were to "Blow it Up," I Might Do Five Things:

Relentlessly Protected a Tiered Membership Strategy: While many groups establish distinct membership tiers that reflect members' varying needs and levels or have defined entry requirements, short-term motivations (membership dues) have driven a loosening of the guardrails. Each tier must deliver on its promises, providing relevant and valuable content and connections. For example, a tier aimed at chief executives should offer high-level executive networking opportunities.

Invest in Professional Programming: Rather than relying solely on members to create content, invest in professional program development to ensure consistency, quality, and relevance and meet the high expectations of members who invest time and money. Make the unique value proposition crystal clear, backed by statistics and data. Provide an "out" if it turns out that the organization or its events are indeed not a fit.

Welcome and Onboard New Members Beyond the Online Profile. Create a structured onboarding process to make new members feel welcome and integrated. Include mentorship programs, orientation sessions, and regular check-ins to ensure new members find value and build connections. Be careful with the "founding member" moniker, which can make new joiners feel less valued or as an "other."

Create a Positive and Proactive Environment: Cultivate an environment that balances acknowledging challenges with proactive problem-solving and positive support. While having space to share difficulties is essential, the primary focus should be solutions and mutual growth. I have my girlfriends to talk about the challenges of being a female executive. Organizations that are intentional about this are a much better fit for me because the temptation to view the problem through a scarcity mentality can be strong.

Include Men: Most importantly, include men (or others) in the conversation and as members. We need men as allies and advocates to help women achieve the levels of success and recognition that they have historically enjoyed. By involving men, we can foster a more inclusive and comprehensive approach to addressing gender disparities in the workplace.

Women's networking groups are powerful tools for professional growth and support. By addressing these areas and implementing these changes, we can ensure they provide meaningful value for all members, regardless of career stage. It's time to evolve and adapt these networks better to serve the diverse needs of today's professional women.

[1]

1. Catalyst - ?Women in the C-Suite

2. Fortune - Women CEOs in the Fortune

3. Equilar - Gender Pay Gap in the C-Suite

4.Deloitte - Women in the Boardroom: A Global Perspective

5. MSCI - The Tipping Point: Women on Boards and Financial Performance