How consulting can boost diversity after the first woman leading a Big Four firm
In 2024, Anna Anthony has become the first woman to lead the UK wing of a Big Four accounting and consulting firm. Geeta Nargund, chair of gender diversity consultancy The Pipeline, explores what that means for inclusion and diversity in the historically male-dominated industry.
EY is the latest of the Big Four to make headlines for its step towards parity, welcoming Anna Anthony as their new managing partner. This makes her the first female head at one of the largest professional services firms on the globe.
While we should rejoice at this news, we should not be resting on our laurels. Let’s cast our minds back to April, when PwC opted for a male CEO despite the fact that it also had a female majority shortlist. In recent years, KPMG also looked set to have a permanent female chief executive, although this never materialised, as reported by Consultancy.uk.
This has been an ongoing battle; The Pipeline’s latest Women Count report found that female representation on FTSE 350 executive committees fell for the first time in eight years, now standing at just 32%. This decline paints a dismal picture for gender parity which is mirrored by the figures in the consulting industry. For example, the ONS’ reporting on the ‘Gender pay gap in the UK: 2023’ found that women in the management consultant and business analyst sectors were paid 9.4% less than men when looking at the gender pay gap for median gross hourly earnings.
What actions can consultancy firms take?
Consultancy firms looking to increase gender parity should review their current development processes, and ensure their female talent feel supported and able to obtain the relevant experience needed to progress to the next stage of their career. As the recent Women Count report showed, women make up just 18% of Chief Financial Officers in the FTSE 350 in 2024 - a role that’s a crucial springboard to CEO positions that female executives could be using to pave their path to the top.
A common obstacle faced by female talent is the ‘Woman Tax’, where women are given supplementary tasks that are not related to their primary job function. This often includes placing women in charge of creative or DEI activities. It’s important that women have the same time as their male colleagues to develop the skills that will catapult them into the board room, and that they are not bombarded with additional responsibilities that aren’t expected of their male peers.
Inclusive initiatives
In their latest Women Count report, The Pipeline shone a light on key research, highlighting that businesses with gender inclusive cultures are over 60% more likely to have improved profits and productivity, it is clearly a business necessity. Key initiatives consultancy firms could implement include sponsorship programmes and succession planning.
Sponsors are generally senior figures in the company who will mentor female employees, helping them to meet their career goals through careful planning and guidance. In conjunction with this, succession plans draw an outline of each woman’s progression pathway. These plans should be measurable, allowing employers to track women’s progress, which will offer insight into how effective their support strategies are.
Succession plans show female talent that their organisation is supporting them, by giving them continuous opportunities to review and discuss their career development. It is also important that any plan is personalised, demonstrating an understanding of each woman’s individual needs and by extension the implicit differences in the female workforce.
The importance of culture
Consultancy firms, and indeed, workplaces in general, must support women to thrive and develop at the rate they deserve. This includes being accommodating to unique life changes which many women experience, such as woman-specific health issues.
Culture may seem like a nebulous concept but there are clear strategies that can be put in place to improve it such as eradicating exclusionary networking practices which assume free time and a lack of caring responsibilities outside of working hours.
Looking ahead, we should see Anna’s appointment as a huge step towards parity, and as an example of the brilliant outcomes that can be achieved when we work together towards equality. By making these positive changes, female leadership at the Big Four and beyond could be the norm – with the business world benefitting greatly from the contributions of women.
