In our recent blog Ascending the career ladder: why aren’t there more female leaders in the finance sector?, we considered how gender bias, imposter syndrome and work/ life balance could be holding female finance leaders back. In part two of this blog, we explore effective strategies for overcoming barriers and charting a course to senior leadership.

Lynne Colgate, Partner & Head of Interim, Finance Practice at Eton Bridge Partners, spoke to transformation coach Jess Harvey, who drew on her coaching skills and extensive professional experience in the finance sector to offer advice to current and aspiring female leaders.

Seek out mentors and sponsors for insight and support

Mentoring and sponsorship can have a significant impact on women’s success in the workplace. A mentor provides constructive advice and feedback while a sponsor directly advocates for you, expanding your visibility within the organisation and actively providing opportunities for career advancement. According to a study by Catalyst, a global nonprofit working to accelerate and advance women into leadership, women who have mentors are far more likely to advance in their careers.

Jess says guidance from more senior people in the organisation brings accelerated professional development, invaluable insights and improved confidence levels. Jess notes there can sometimes be challenges in finding mentorship such as limited access to senior figures and a lack of representation and relatability among potential mentors. Being informed and aware of who the potential mentors are in your organisation, making contact and building rapport are vital first steps.

Actively build and broaden your professional network

Developing a network beyond your own organisation is vital. “Mentors and sponsors from outside your organisation can offer invaluable support and guidance as you navigate the complexities of the financial sector,” says Jess. External mentors can offer guidance, help you build skills for career advancement and provide insights into industry developments. They can also open doors to new opportunities through introductions to influential people and insider knowledge about upcoming projects “By engaging with individuals from different backgrounds and experiences, you can broaden your horizons and approach challenges with fresh insights,” says Jess.

Her key networking tips are:

• Be proactive – seek out networking opportunities both within and outside your organisation, attend industry events, join professional associations and participate in online forums.
• Offer value – networking is not just about what you gain, it’s also about what you can offer. Share your expertise, provide support to others and build genuine relationships based on mutual respect.
• Maintain communication – it’s essential to be in regular communication with your contacts. Keep in touch through emails, phone calls or social media to continue building the relationship.

Lead with authenticity and play to your strengths

Female senior leaders can face obstacles and stereotypes when navigating traditional gender roles. “Society often imposes rigid gender norms that dictate how men and women should behave; breaking free from these expectations can be challenging but incredibly rewarding,” says Jess. Challenges can include being perceived as being too assertive or not assertive enough, facing a backlash for being too ambitious or encountering gender bias in male-dominated environments.

For some female leaders, the challenge can be that they don’t want to ‘be one of the boys’ and instead have an authentic, more ‘feminine’ leadership style. This should not be seen as a weakness – perceived ‘feminine traits’ such as empathy, collaboration and emotional intelligence are increasingly invaluable in the corporate world. A recent report from McKinsey & Co. found that companies with higher levels of gender diversity in their exec teams were 21% more likely to outperform industry peers on profitability. “By valuing diverse perspectives and leadership styles, organisations can achieve better decision-making and sustainable growth,” says Jess. For women ascending the career ladder, embracing these qualities and utilising them to stand out in the leadership world can turn them into a competitive advantage.

Engage in continuous development and cultivate a growth mindset

When it comes to developing your career in finance, Jess says that a ‘growth mindset’ – a belief that abilities and skills are not fixed but can be improved through self-belief and hard work – is essential. “This mindset is crucial for embracing continuous development and seeking out new opportunities for growth,” says Jess. She shares the following tips for cultivating a growth mindset.

• Reframe failures as learning opportunities.
• Seek feedback for continuous improvement.
• Embrace challenges with enthusiasm.

Engaging with continuous professional development in a rapidly changing industry such as finance is key in order to enhance your skills and stay relevant. Pursue qualifications, certifications and enrol in workshops and courses that align with your career goals. Volunteer for new projects, seek out leadership opportunities and explore different areas within the financial sector – step outside your comfort zone and take on stretch roles and responsibilities that expand your skills.

Build your resilience and adaptability

Finally, if it were easy for women to get to the top rungs of the career ladder in the finance sector, there would be more of them there. Resilience and adaptability are vital to overcome barriers and progress your career. It is crucial to remain open to change and embrace challenges as growth opportunities.

Jess advises seeking support from your mentors and peers, working on coping mechanisms, practicing self-care and maintaining a positive outlook in the face of setbacks. “Emphasise the power of perseverance and the belief that progress is achievable through effort and determination,” says Jess. The finance sector remains a long way from reaching a state of gender parity at senior levels, but there is real resolve for that to change and every female leader who breaks down barriers, leaves those barriers a little lower for the ones who follow.

At Eton Bridge Partners, we are committed to supporting organisations to build diverse leadership teams and develop inclusive cultures. We hope you have found this blog insightful and, as always, we would be keen to hear your thoughts. Please get in touch to continue the discussion.