Courtesy of McKinsey & Company

By Aalia Ratani, Carolyn Dewar, and Johanne Lavoie

Key takeaways

Research on leadership indicates that women tend to score high on relational competencies, systems thinking, learning mindsets, and purpose-driven vision. These are the kind of human-centric attributes CEOs need to navigate today’s complexities. However, they are much less likely to get the top job; just 52 of Fortune 500 companies have a woman at the helm. Women also tend to be underrepresented in positions with profit-and-loss responsibility and as chief financial officers, which can be the last C-suite stop before CEO.

This article is based on our interviews with early-tenure women CEOs to understand the mindsets, values, and philosophies that have guided them—what we call their inner game. We discerned five areas where these women have balanced their strengths and vulnerabilities to thrive at the top. These include leading boldly through purpose, not ego; building networks with generosity but tapping them when needed; focusing on business strategy, though not at the expense of execution; and thinking holistically about the balance between service and self.

Lead boldly by embedding purpose in your vision

In our conversations with women CEOs, we have found that a strong sense of personal and organizational purpose is the main driver of their boldness and why they want the role, much less so than ego. Successful women CEOs define their organizations’ purpose and vision clearly and understand how it meshes with their own values. They care about the longer-term impact their organizations can have on employees, customers, communities, and society. This strong sense of purpose guides their communications and stakeholder relationships.

Shifts to consider

Be able to articulate your organization’s purpose as well as your own. What do you value the most about your organization and being its leader? What are the goals around which you will rally people? What can you do more to create stakeholder value?

Create a compelling story by emphasizing meaning. Start with the “why” before engaging in the “what” and the “how.”

Build a strong network without sacrificing business outcomes

Women tend to score higher on people orientation than their male counterparts, who tend to be more outcome oriented. However, these skills can be limiting at times if they create relationship imbalances.

CEOs can shift their mindset from “contributing” to “creating and enabling.” They do this by identifying the relationships that will matter for the future, investing early to build relationship capital, and getting comfortable calling in favors when necessary. They lean on their vision for what the organization needs when addressing tough questions or difficult people decisions.

Shifts to consider

Be strategic about where you spend your energy. Use relationships throughout your career to build a deep and wide network. Be generous, but don’t hesitate to turn to that network to make requests when you need active sponsorship. Many women executives, having built their careers on proving they can meet a challenge alone, feel that “it’s all on me” and therefore may be uncomfortable asking for and receiving support.

Think strategically while maintaining execution skills

Although many women are excellent systemic thinkers, they often rise in organizations by focusing on execution.

The women CEOs we track excel as executors and are team players who can tackle tough challenges. However, the ability to rally a team can be a double-edged sword: People who execute well may become trapped in delivering on the day-to-day rather than being seen as those who can articulate a bold vision and achieve it through rigorous prioritization.

Shifts to consider

Push beyond daily tasks to define, communicate, and pursue a strategic vision. Identify the two or three things that your team must excel at to move the needle for the business and find new ways to get there.

Take pride in what you can do, but recognize that you’re worthy of the top job not because of your ability to “do” but because of who you are—your wisdom, the value you model, and your capacity to challenge norms and pursue an aspirational vision.

Build confidence, though not at the cost of humility

Women who prioritize humility can find that their confidence takes a hit when they are the only woman in the room. The women CEOs we interviewed say it’s imperative to develop the belief that you can succeed and have the right to hold the top seat, while also emphasizing humility.

Shifts to consider

Don’t let others’ negative views distract you. Lean on the knowledge of how hard you have had to work to get where you are. This has prepared you to take on challenges and deliver beyond expectations.

Depersonalize feedback by maintaining separation between your work and your identity. Contextualize input around purpose by thinking, “They are just curious,” “It’s not about me,” and “This feedback is an opportunity, not an indictment.”

Getting comfortable by getting out of your comfort zone can also help. You can do this by practicing entering difficult situations before you think you are ready, and build a list of wins when you beat your own expectations.

Serve your organization, but not at the cost of yourself

Women CEOs tell us that their work and nonwork lives may not always be in balance, but their lives are integrated in a way that feels realistic and sustainable. They may work a lot, but their service is not at the cost of themselves. They create the space to spend time with friends and family and cultivate support at work. Building a life that includes work but is not only about work allows them to tend to their needs without guilt.

Shifts to consider

Manage your energy. Cultivate ways to increase and sustain your energy and avoid activities that drain you.

Set boundaries and rigorously defend your personal norms. Know your priorities so you can say no more easily. This can mean carving out time for daily exercise, solitude, creative expression, or outdoor adventures.

Finally, build a support system that nurtures you both personally and professionally. Many of the women CEOs we speak with credit their partners or other loved ones for helping to put things in perspective and for providing foundational support. Having a network of other women in positions of influence can be a great source of support as well.

To read the full article, please visit: https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-inner-game-of-women-ceos

About the author(s)

Aalia Ratani and Johanne Lavoie are partners in McKinsey’s Calgary office; Carolyn Dewar is a senior partner in the Bay Area office