The Growing Power of Women in Business
It used to be that the business landscape was a man’s world. Times are changing! Today, women are wielding more and more power on both sides of the business transaction. First, let’s look at some facts from the consumer side. In family purchases that involve two adults (a woman and a man) women make:
• 94% of the purchase decision on home furnishings
• 92% of the purchase decision on family vacations
• 91% of the purchase decision on home purchases
• 80% of the purchase decision on healthcare
• 60% of the purchase decision on family cars
• 51% of the purchase decision on consumer electronics
It’s clear that in many cases, women are not just influencing the market; they are the market. And perhaps even more surprising is that these statistics have changed very little over the past ten years. In other words, women have been the market for some time now yet many executives have not taken action on this huge opportunity. And while these figures represent US households, the percentages are being exported due to technology driven globalization. Even in countries where you’d expect women to have no voice at all, thanks to computers and smart phones becoming more prevalent worldwide, people everywhere are getting informed and empowered, which ultimately has an effect on culture.
This brings us to the other side of the equation. Who is running and leading the companies that make the products women are buying for themselves and their families? Increasingly, it’s women.
As of January 2013, 21 of the Fortune 500 companies will have women CEOs at the helm. While at first glance 21 may not seem like a lot, it’s an all-time high and when you include the rest of the C-suite (CIOs, CFOs, COOs and more) the numbers clearly show a steady pace of women leading the largest companies in the world.
Even more interesting is that we’re now seeing women lead companies in industries that have been historically male dominated. For example, for the first time ever, IBM chose a woman CEO, Virginia “Ginni” Rometty. Hewlett-Packard, another technology company, named Meg Whitman as their CEO in September 2011. And Yahoos new CEO Marissa Mayer has been driving positive headlines for the struggling company. These are just three examples of global, male-dominated technology companies now run by women.
And this trend isn’t just in the US. Over half the corporate leaders in China are women. India has more women CEOs than the US. And over the past 30 years we’ve seen the number of women leaders in the Middle East, Africa, China, and Europe increase as well.
Now it’s important to note that so far we’ve just been talking about CEO spots at major corporations. Add in the number of female CEOs at small and mid-sized companies, female upper level managers, and female entrepreneurs, and you can see that we’re actually talking about a large number. And these are numbers you wouldn’t have seen twenty years ago. So women are definitely making their mark and exerting their business power.
The New Hard Trends
Some people may say the rise of female leaders is surprising. I say it’s 100% predictable. In my book, Flash Foresight, I make the point that in an uncertain world, you have to ask yourself, “What am I certain about?” Strategy based on uncertainty has high risk; strategy based on certainty has low risk. There are a number of certainties in today’s world that make the rise of women obvious.
• Relationships are number one.
The number one certainty is that the future is all about relationships. Even though we live in a technology-driven world, it’s still a human world and relationships still matter. This is where women shine.
Most people and even scientists and researchers agree that women and men think differently in terms of relationships. Women are more adept at relationship building. If we have too many leaders in an organization who are men, we don’t have a balance and we don’t have the ability to grow relationships with a holistic approach. That’s because men tend to be informers while women tend to be real communicators.
This is important and timely, because we’re shifting from the information age to the communication age. Social media is all about communicating and engaging, and women have the upper hand here. So the shift in business from informing to communicating provides great opportunity for women leadership.
• The big picture matters.
Women are intuitively great “system-thinkers.” In other words, rather than just look at the piece of the puzzle you’re responsible for and executing on that, which men tend to be very good at, women are adept at looking more holistically at the entire puzzle or system and seeing how the various pieces go together.
Obviously, it’s not that men can’t be system-thinkers. But over the years as men were in leadership positions—not just the CEO level, but all lead managers—they focused on “give me the job to do and I’ll focus and get it done.” That’s certainly important, but sometimes that mindset works against you as things become more interconnected.
• Collaboration is key.
Women tend to seek agreement and work at being more collaborative. In fact, women seem to be far better at collaboration than men are. In the past, business was about cooperation, and we cooperated because we had to. Men are great at cooperating. But in this new totally networked and connected world, we need to find and develop new levels of collaboration.
Everyone has heard of “silos” in companies. We have massive silos in all sorts of industries. The key is to break those silos down and get people communicating, collaborating, and working together. No job is just a technical job; every job is also a human job.
• Passion counts.
When women are excited and passionate about a product, a service, a company, or whatever they are doing, they become extremely driven from that emotion. Men, on the other hand, strive to hide their emotions. Having an emotional drive can be very powerful in leading a business, product launches, and any initiative. This is not saying that men can’t be passionate. It’s just that male-dominated groups are one-sided and tend to downplay the positive benefits of emotion and passion as a force to drive innovation and growth.
• Taking risks (carefully) is essential.
Women are now starting to do something that’s been a male trait for a long time: They’re becoming risk takers. Men are hard-wired to be risk takers, and they make decisions fast. Sometimes it’s not always the right decision, but it is a decision. Unfortunately, this often becomes a ready-fire-aim approach. Women, on the other hand, tend to analyze, think things through, weigh all the elements, and then make a decision. Today we’re seeing more women taking bigger risks in shorter amounts of time. Part of this is due to the increased speed that information is available. This combination of thinking first and acting fast is certainly good news, because the old rule of business was the big eat the small; now the fast eat the slow.
A Brighter Future
Granted, some people may say all these elements are generalizations, but there is truth in generalization. So while all these traits may not apply to every woman, if you look at the group as a whole, these things tend to be true.
So the bottom line is that diversity has always been an unbelievably powerful force in any company—not just racial diversity, but male-female diversity too. All diversity gives you better solutions to challenges, allows you to solve problems faster, and enables you to see opportunities better. This is crucial, because over the next five years we’re going to be transforming how we sell, market, educate, train, communicate, collaborate, innovate, and much more. Thanks to today’s rapidly evolving technology, we’re witnessing the biggest game-changing transformation that any of us have ever lived through. And we’re going to need a variety of thinking, diversity, and people working together in a collaborative, communicative way to make a positive and productive transformation possible.
As we look to the future, we’re going to see the number of female business leaders growing even higher because we need the balance. We need the creativity. We need men and women working and leading together in business and in government. So if you’re a man reading this, support the women in your organization to reach new heights. And if you’re a woman reading this, think about your career. Plot it out. Make it happen. We need you!
# # #
DANIEL BURRUS is considered one of the world’s leading technology forecasters and business strategists, and is the founder and CEO of Burrus Research, a research and consulting firm that monitors global advancements in technology driven trends to help clients understand how technological, social and business forces are converging to create enormous untapped opportunities. He is the author of Flash Foresight.
What can 3D printing do for medicine? The "sky is the limit," says Northwell Health researcher Dr. Todd Goldstein.
- Medical professionals are currently using 3D printers to create prosthetics and patient-specific organ models that doctors can use to prepare for surgery.
- Eventually, scientists hope to print patient-specific organs that can be transplanted safely into the human body.
- Northwell Health, New York State's largest health care provider, is pioneering 3D printing in medicine in three key ways.
A new Gallup polls shows the rising support for socialism in the United States.
- Socialism is experiencing a boom in support among Americans.
- 43% of Americans now view socialism as "a good thing".
- There are also more people (51%) against socialism as political stances hardened.
A new study shows that some men's reaction to sex is not what you'd expect, resulting in a condition previously observed in women.
Is this proof of a dramatic shift?
- Map details dramatic shift from CNN to Fox News over 10-year period
- Does it show the triumph of "fake news" — or, rather, its defeat?
- A closer look at the map's legend allows for more complex analyses
Dramatic and misleading
Image: Reddit / SICResearch
The situation today: CNN pushed back to the edges of the country.
Over the course of no more than a decade, America has radically switched favorites when it comes to cable news networks. As this sequence of maps showing TMAs (Television Market Areas) suggests, CNN is out, Fox News is in.
The maps are certainly dramatic, but also a bit misleading. They nevertheless provide some insight into the state of journalism and the public's attitudes toward the press in the US.
Let's zoom in:
- It's 2008, on the eve of the Obama Era. CNN (blue) dominates the cable news landscape across America. Fox News (red) is an upstart (°1996) with a few regional bastions in the South.
- By 2010, Fox News has broken out of its southern heartland, colonizing markets in the Midwest and the Northwest — and even northern Maine and southern Alaska.
- Two years later, Fox News has lost those two outliers, but has filled up in the middle: it now boasts two large, contiguous blocks in the southeast and northwest, almost touching.
- In 2014, Fox News seems past its prime. The northwestern block has shrunk, the southeastern one has fragmented.
- Energised by Trump's 2016 presidential campaign, Fox News is back with a vengeance. Not only have Maine and Alaska gone from entirely blue to entirely red, so has most of the rest of the U.S. Fox News has plugged the Nebraska Gap: it's no longer possible to walk from coast to coast across CNN territory.
- By 2018, the fortunes from a decade earlier have almost reversed. Fox News rules the roost. CNN clings on to the Pacific Coast, New Mexico, Minnesota and parts of the Northeast — plus a smattering of metropolitan areas in the South and Midwest.
Image source: Reddit / SICResearch
This sequence of maps, showing America turning from blue to red, elicited strong reactions on the Reddit forum where it was published last week. For some, the takeover by Fox News illustrates the demise of all that's good and fair about news journalism. Among the comments?
- "The end is near."
- "The idiocracy grows."
- "(It's) like a spreading disease."
- "One of the more frightening maps I've seen."
- "LOL that's what happens when you're fake news!"
- "CNN went down the toilet on quality."
- "A Minecraft YouTuber could beat CNN's numbers."
- "CNN has become more like a high-school production of a news show."
Not a few find fault with both channels, even if not always to the same degree:
- "That anybody considers either of those networks good news sources is troubling."
- "Both leave you understanding less rather than more."
- "This is what happens when you spout bullsh-- for two years straight. People find an alternative — even if it's just different bullsh--."
- "CNN is sh-- but it's nowhere close to the outright bullsh-- and baseless propaganda Fox News spews."
"Old people learning to Google"
Image: Google Trends
CNN vs. Fox News search terms (200!-2018)
But what do the maps actually show? Created by SICResearch, they do show a huge evolution, but not of both cable news networks' audience size (i.e. Nielsen ratings). The dramatic shift is one in Google search trends. In other words, it shows how often people type in "CNN" or "Fox News" when surfing the web. And that does not necessarily reflect the relative popularity of both networks. As some commenters suggest:
- "I can't remember the last time that I've searched for a news channel on Google. Is it really that difficult for people to type 'cnn.com'?"
- "More than anything else, these maps show smart phone proliferation (among older people) more than anything else."
- "This is a map of how old people and rural areas have learned to use Google in the last decade."
- "This is basically a map of people who don't understand how the internet works, and it's no surprise that it leans conservative."
A visual image as strong as this map sequence looks designed to elicit a vehement response — and its lack of context offers viewers little new information to challenge their preconceptions. Like the news itself, cartography pretends to be objective, but always has an agenda of its own, even if just by the selection of its topics.
The trick is not to despair of maps (or news) but to get a good sense of the parameters that are in play. And, as is often the case (with both maps and news), what's left out is at least as significant as what's actually shown.
One important point: while Fox News is the sole major purveyor of news and opinion with a conservative/right-wing slant, CNN has more competition in the center/left part of the spectrum, notably from MSNBC.
Another: the average age of cable news viewers — whether they watch CNN or Fox News — is in the mid-60s. As a result of a shift in generational habits, TV viewing is down across the board. Younger people are more comfortable with a "cafeteria" approach to their news menu, selecting alternative and online sources for their information.
It should also be noted, however, that Fox News, according to Harvard's Nieman Lab, dominates Facebook when it comes to engagement among news outlets.
CNN, Fox and MSNBC
Image: Google Trends
CNN vs. Fox (without the 'News'; may include searches for actual foxes). See MSNBC (in yellow) for comparison
For the record, here are the Nielsen ratings for average daily viewer total for the three main cable news networks, for 2018 (compared to 2017):
- Fox News: 1,425,000 (-5%)
- MSNBC: 994,000 (+12%)
- CNN: 706,000 (-9%)
And according to this recent overview, the top 50 of the most popular websites in the U.S. includes cnn.com in 28th place, and foxnews.com in... 27th place.The top 5, in descending order, consists of google.com, youtube.com, facebook.com, amazon.com and yahoo.com — the latter being the highest-placed website in the News and Media category.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.