A Third Place for Empowering Women

Women have come a long way in the workplace, although not far enough, as female leadership continues to lag. A new Canadian-based network is challenging barriers to corporate gender equity and redefining how women connect.

It’s been a decade since McKinsey began measuring the progress of women in corporate workplaces, research that’s included interviews with more than 480,000 individuals from 10,000 companies. The good news: female representation in the C-Suite has climbed—from 17 per cent in 2015 to 29 per cent today. But McKinsey’s 10-year review showed that progress is limited, with gender gaps persisting from entry level right up to the executive suite. 

That’s not surprising to Alexandra Blum, co-founder of the new professional network ROOM. 

“It’s not news [gender parity] isn’t going so well,” Blum says. “What a lot of people don’t realize is Covid was incredibly punishing to the women leadership pipeline. Sixty million women left the workforce globally. A lot of unbelievably high-potential women have lost their networks. The work-from-home strategy was very good for a lot of things, but it disproportionately penalized high-potential executive women.”

Support female leaders need

The impact of fostering women’s leadership and professional development can be significant. A 2018 Harvard Business Review analysis found women who attended a development conference were twice as likely to receive a promotion and three times more likely to receive a 10 per cent pay raise within a year. 

But the McKinsey report notes that many companies are scaling back on programs focused specifically on women’s development. And not all programs and networks offer participants the connection and engagement they need to drive meaningful outcomes. 

According to Blum, ROOM was built to foster the trust and support that female leaders need.

“Women connect differently than men and we’ve worked hard to create programming and support that allows women to forge powerful and meaningful networks,” she says. “We are uniquely focused on high-potential women and executive leaders, allowing us to tap into a broader audience at different stages in their careers.”

What sets ROOM apart are their direct partnerships with employers, who identify and sponsor high-potential employees. Once selected, members are assigned to carefully curated cross-industry groups that meet regularly for in-person forums moderated by master coaches. 

“What makes us unique in the industry is we promise no peers or competitors and we’re not industry-siloed. In order to really solve these issues holding [women] back from the highest levels of leadership, you need vulnerability and forums where you can be really honest with yourself and others,” Blum says. 

“It’s sort of like a mini upskilling MBA later in your career. When I went to business school, my study groups were the most incredibly profound professional and personal experience in my life. But you lose that as you navigate your career. I wanted to recreate that.”

Igniting a global movement

Also unique is the buy-in ROOM is getting from across the highest tiers of the corporate world, according to Sarah McMillan, ROOM co-founder.

“CIBC, RBC, TD, EY, Rogers, Blakes,” McMillan says, naming just a handful of the organizations that have gotten behind ROOM. “They’re helping us identify their superstars who will benefit from annual memberships. And they also love to bring their clients to our events. So many of these firms are very dedicated to the advancement of women and the success of their female clients, so there’s a rippling effect.” 

From exclusive events like red-carpet movie premieres at TIFF to dinners with prominent keynote speakers, ROOM offers its members coveted access. In the coming months, ROOM plans to expand into the U.S. and U.K.—and then beyond.

“What I’m so excited about is these are issues women are facing globally. If we’re going to make an impact, it needs to be global. Canadian business leaders have given ROOM incredible support and allowed us to go from startup phase to a real business very quickly,’ Blum says. 

“The best part is women are truly benefitting from ROOM’s network and coming away from our forum groups with the tools they need to succeed at the highest level.”

To learn more about ROOM and how your organization can empower female leaders visit www.roomwomen.com.