Winning the talent war for women. Sometimes it takes a revolution

Abstract

In 1991, Deloitte & Touche got a wake-up call about its efforts to retain women professionals. While it was recruiting almost as many women as men, the company had a much higher turnover rate for women. Many in the firm thought Deloitte was doing everything it could to retain talented women, but when they looked harder, they found otherwise. Most women weren't leaving to raise families; they were leaving after having weighed their unpromising career options in Deloitte's male-dominated culture. CEO Mike Cook led the way in making a business case--not a moral or emotional one--for change. Next, the company held mandatory, two-day, intensive workshops for its 5,000 U.S. managers. Case vignettes and discussions brought out subtle gender-based assumptions about careers and aspirations that had discouraged high-performing women from staying. The workshops were instrumental in convincing a critical mass of partners to join the effort, and the firm began to monitor the progress of women to ensure they received their share of mentoring and premier assignments. Executive compensation became linked to how successfully units implemented a flexible menu of goals. And other policies promoted a better balance between work and life for both men and women. Finally, an external advisory council kept the firm's feet to the fire. Deloitte's gender gap in turnover has now nearly vanished, and the number of women partners and directors is the highest among the Big Five. These cultural changes weren't easy, but they've enabled Deloitte to grow faster than any of its competitors.