As the brain drain of the baby boomer generation begins in theworkplace, largely made up of white men, women necessarily willplay a crucial role in filling the open spaces. Our latest Women toWatch honoree, WandaChambers, stated that “innovation is born from necessity,” andso goes the case for the promotion of female executives.

Because the boomers are such a large generation that will beretiring, female executives must comprise a larger part of themanagement mix. Gen X as a whole coming up behind the baby boomersis so small relatively speaking, it is a good thing that many ofthe boomers are pushing retirement back until 67 years of age, upfrom 63 just a decade ago according to Gallup. However, the shifting demographics and attitudes willalso make it easier for junior female executives to rise up theranks as they choose.

Women represent nearly half of the workforce but comprise just23% of all American CEOs, but that percentage has increasedthree-fold over the last 20 years, according to Jean Lau Chin, a professor at Adelphi University. The number offemale executives coming up behind them was not much better,according to “Gender Bias and Compensation in the Executive Suiteof the Fortune 100” in the Journal of Organizational Culture, Communications &Conflict.

Females held 24, or 5.8%, of executive positions in 2003 basedon the proxy statements of Fortune 100 (2007). However, thisfinding represented a massive improvement over 1997 figures, whichshowed 51, or 2.6%, of the officers at Fortune 500 companies werewomen. Relatively little has been done to study the impactspecifically on the credit union community.

The JOCCC piece sited a 1996 survey, which found that maleexecutives said that women lacked the requisite experience. Femaleexecutives admitted that was an issue but felt it was secondary tomale stereotyping. A combination of both is the truth.

Does sexism still exist? In the truest sense of the word, I'dhave to say no. In the 21st century, it is more subconscious butstill systemic. Networking is one area where you can see it exists.I once made a joke about taking up golf because that was the onlyway to get anywhere. The male I was talking with told me, “No, youdon't want to do that because men get frustrated that women can'thit the ball as far.” Thus, women can be excluded from heavy-dutynetworking opportunities.

“The Advancement of Women to Top Management Positions in theHuman Resource Management Domain: A Time for Change?” published inthe International Journal of Business and Social Science,stated that women are often pigeon-holed into positions that areconsidered feminine, such as human resources because it involvescaring for others. The report stated that markets demandeddiversification and promoting women up through human resourcesachieved that goal “without giving up the traditionalclassification of female and male work.” It also noted that at thesame time as women were taking the human resources departments bystorm, the esteem of the profession was rising.

More research is needed on leadership development and how thatcan impact the rise of female executives. When the baby boomerexodus does ramp up, as I stated previously, more female executiveswill necessarily have to backfill those positions. Properexperience and training must be ensured, but thus far many programsare focused on fixing women to play the man's game, as stated in“Taking Gender Into Account: Theory and Design for Women'sLeadership Development Program,” published by the Academyof Management Learning and Education.

The article noted research that found, among graduates of topbusiness schools, women's career trajectory was not on par with themen's, and females' advancement in their careers has even slowed inrecent years. Rather than jamming a round peg in a square hole, thearticle suggests providing tools for leaders to do what the authorcalled the “identity work” to become leaders by internalizing thatidentity and developing an elevated sense of purpose.

The gender bias and compensation article pointed out that twiceas many women as men launch startups. They're looking to carve outtheir own destiny and want to be in charge. Korn/FerryInternational surveyed women who left careers to strike out ontheir own and found that 40% cited lack of advancement and 43%stated lack of recognition were key factors. Another 48% said theywere turned off by the corporate politicking, and a full 58% wantedthe opportunity to make a strategic impact.

Don't let these leaders stray from the credit union community,one of the most inclusive industries in existence. Promotingqualified women more aspart of succession planning is crucial to business continuitywithin credit unions, as well as ensuring diversity of ideas andstyles for greater innovation.