5 Reasons Why Risktaking Should Matter to Women in Business

Did you catch the article based on the results of a survey by KPMG LLP titled Will Women Take Big Risks?

Although disconcerted by aspects of the Risk, Resilience, Reward survey where 2,000 women were asked about their approach and behavior when it comes to taking risks at work, I was pleased that IndustryWeek published it on their website given that manufacturing companies continue to struggle with attracting women to the field.

Key callouts from the survey:

• Less than half (43%) were open to taking big risks associated with career advancement
• A larger number (69%) were open to taking small risks to further their careers
• Women with less than five years of experience are more willing to take risks, (45%), compared to those with over 15 years experience (37%)
• Race also has its influence with women of color willing to take risks at a higher rate ( 57%) versus white women ( 38%)
• Forty percent of the women said that the opportunity to make more money is a reason to take a risk, however, only 35% said they were confident about asking for a higher salary

Below are five reasons why business leaders shouldn't ignore the cultivation of personal risktaking as a critical factor as they upscale their policies in support of more women taking informed, responsible risk in the workplace. 


1. Risktaking lies between creativity and innovation

Survey data point: less than half [of the surveyed women] (43%) were open to taking big risks associated with career advancement

Risktaking provides the path to innovation. It lies smack dab in the middle between creativity (our brain power) and innovation (the best of our disruptive selves). Risktaking represents the actions we take in pursuing our path to innovation. There's no way getting around it. If we're not disciplined enough to focus on what we envision and not courageous enough to pursue that vision, we limit our ability for personal and professional growth. 

Change Tip: As part of the company's professional development policies, business leaders could upgrade the performance reward structure for high-impact, strategic opportunities, ensuring that any change campaign and communication plan includes live workshops and virtual webinars that target female populations. And don't forget to update existing onboarding and training materials for new hires as well as current employees. 


2. Risktaking builds trust

Survey data point: a larger number [of women] (69%) were open to taking small risks to further their careers

All trust begins with self-trust. When people trust their ability to raise the bar on their terms, they develop and strengthen their self-confidence. Even if the outcome of an endeavor doesn't meet expectations, risktaking builds resilience and perseverance while preparing professionals for pivots and possible setbacks. In the evolving workplaces of the future when colleagues are just as likely to be humans as much as smart robots, the ability to trust and collaborate in new ways will differentiate career professionals in business. 

Change Tip: Support female professionals as they strengthen their risktaking muscles and trust quotient. Meet them where they are today by assessing where they are along the change curve (see below model from the Acuity Institute). The goal is to move them along the path from incremental risk to higher-impact, strategic opportunities.  

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