'It's an industry that really needs to take the rationale of good business sense for having women at the top into consideration, and I just question if they do,' auto industry veteran Julie Hamp said.
USA TODAYAbout six years ago, Mary Barra was appointed CEO of General Motors, becoming the first woman to lead a major global automaker and raising hopes that the male-dominated industry was embarking on a new era of diversity in its executive ranks.The auto industry, as a whole, remains a boys’ club in the upper echelons despite Barra’s success at GM, where she’s widely credited with boosting profits and beating many rivals on self-driving car technology.
It's a misstep of corporate leadership, according to research demonstrating that companies with women on boards and at the top ranks of their companies are more successful than businesses where men dominate.Consumer Reports:“All the research and the data shows that companies that have more diverse and inclusive organizations are more competitive and get better results,” said Lorraine Hariton, CEO of Catalyst, a nonprofit that advocates for women in the workplace.
That suggests it's in the best financial interests of automakers to promote women to the upper echelon. By virtue of their life experiences, they can identify opportunities and challenges that men fail to comprehend and can curtail overconfidence, according to research. “You need them because you need to attract and retain the best talent, it allows better decision making and we also know there’s a very diverse population that are buying cars and the organizations need to reflect their consumer base,” she said.A recent report by consultancy McKinsey found that in corporate America, women represent only 21% of C-suite executives, 30% of VP-level executives and 38% of managers.
Since she took office, Barra has repeatedly sent signals that GM can’t afford to go back to the old ways of doing business. “If we find that a position has no diverse candidate, we make the necessary changes to ensure that in three years’ time, there will be a diverse slate. Alignment, commitment and a consistent approach are vital,” she said.
Positioning GM for the future with her acquisition of self-driving car firm Cruise Automation, which has ballooned into a huge asset most recently valued at $19 billion. From a financial perspective, GM is as fit as it’s been in decades. The company has recorded its three most profitable years since bankruptcy under Barra’s tenure, including a $7.9-billion profit in 2018.
Industry leaders say that the Asian automotive brands have been particularly slow to promote women, in part, due to conservative cultures. Dhivya Suryadevara was appointed as chief financial officer of General Motors on Sept. 1, 2018. She's the first woman in that role for GM.“They produce vehicles that are heavily purchased by U.S. women,” said Autotrader's Krebs. “That’s always struck me as ironic that they don’t have more women in the management ranks and leadership ranks.”
That’s because for every 100 men promoted into their first management position across the economy, only 72 women are promoted, according to the McKinsey study. That disparity carries through into the executive ranks years later.Still, she contended that automakers are making strides with mentoring programs, recruiting initiatives and internal training.
Catalyst’s Hariton said the industry must go beyond a commitment to mentorship and commit to “sponsorship.”
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