One look at this year’s Matrix winners shows that women have come a long way in the professional world. But closer inspection reveals that we haven’t come far enough.

 

The March issue of Harvard Business Review published a series that explored the role of women in the modern workforce. The articles examined the sacrifices that successful females often make for their careers, while highlighting new developments that could help women achieve their full potential at home and in the office. The HBR cited the findings of a task force entitled “The Hidden Brain Drain: Women and Minorities as Unrealized Assets,” formed by the Center for Work-Life Policy in New York. Three member companies—Ernst & Young, Goldman Sachs, and Lehman Brothers—sponsored a survey that studied the career arcs of almost 2,500 professional women.

 

The study found that roughly 40% of the women surveyed had left work voluntarily at some point in their careers, due to a combination of family demands and job dissatisfaction. With more women holding senior positions, a growing number of firms have developed innovative solutions aimed at retaining female talent. (Naturally, these policies apply equally to men.)

 

Joanne Lipman represents a classic success story. The mother of two joined The Wall Street Journal as an intern in 1983. When she started her family several years later, Managing Editor Paul Steiger allowed her to work from home part of the time. “I’ve always worked very, very hard,” said Lipman, who is now Deputy Managing Editor of the Journal and a member of the NYWICI Foundation Board. “I’ve always been very committed to what I’m doing, but I wouldn’t have been able to have that commitment when [my children] were little without having the flexibility to work at home.” At the time, Lipman was editing stories from reporters around the globe. “It didn’t matter to them where I was located when I was doing that,” she said.

 

Professions such as writing and editing have traditionally been more conducive to flexible work arrangements, but many firms have developed creative ways to accommodate employees in a wide range of positions.

 

Five years ago, Anne Erni of Lehman Brothers was one of the first women on the equities trading floor to transition to a four-day workweek. Today she champions greater flexibility for all working women as a member of the Hidden Brain Drain task force. She admits that her colleagues may have been surprised initially—especially since few senior women worked on the trading floor—but they saw no difference in her work quality. “That’s one of the keys to flex,” said Erni, who has since become Chief Diversity Officer and Managing Director of the global investment bank. “If somebody really is able to produce at the same level and the same quality that they did before, you almost prove people’s initial perceptions wrong.”

 

This year, for instance, telecommuting mom Amy Dockser Marcus of The Wall Street Journal received the Pulitzer Prize. Through personal experience, Erni brings passion to expanding the culture of flexibility that has enabled her to spend quality time with her family without slowing her career. She and her team led an effort to formalize the life-balance policies already in place, repackaging them to promote flexible work arrangements as part of the corporate culture. Additionally, Lehman recently created a full-time position dedicated to helping employees figure out how they can make flexible scheduling work for their specific jobs. This neutral ambassador guides employees through the process, coordinating with human resources and management to find an arrangement that meets the individual’s and the team’s needs.

 

Through these and other efforts, the number of employees participating in formal flexible work arrangements has more than doubled in the past year. Booz Allen Hamilton has likewise demonstrated a company-wide commitment to helping employees achieve work-life balance. Last October, Natalie Jackson joined the management and technology consultancy as its first Work-Life Program Specialist. She helps coordinate an innovative “ramp up, ramp down” initiative. The firm parcels out standard consulting projects, identifying components that can be completed via telecommuting or short office stints. The program allows regular employees to work on portions that accommodate their scheduling needs; it also enables alumni to stay active and offer expertise on a part-time basis.Initial reports show promise. “Women in particular now feel more comfortable approaching the situation,” said Jackson. “As a result of this ‘ramp up, ramp down’ program, they are able to plan and really focus on their work-life goals without jeopardizing their careers.” Sometimes, however, flexibility backfires on the employer.

 

Leslie Austin, an executive coach who works with many NYWICI members, consults with a firm that offers a progressive maternity program, giving new mothers time off for the birth and allowing them to telecommute for several months thereafter. Although several women returned to work and appreciated the time with their families, some chose not to return. “Once they’re home [...] their life values shift,” said Austin. It’s a definite risk—but one that companies will likely have to take to maintain a competitive edge. “Companies that really want to retain top talent have to open up and think in more creative, flexible ways—especially in this day of telecommuting,” Austin said. “Really, the old model of somebody always having to be there is, in many cases, obsolete.” The key lies in striking a good balance between working at home and in the office.

 

The Hidden Brain Drain task force is now striving to transform research and best practices into real-world changes. Members have formed three separate focus groups, with each tackling a different aspect of the disconnect between working women’s needs and traditional career paths. Even as these forward-thinking organizations carry the torch for what Lehman Brohers’ Erni describes as “the new feminist movement,” ultimate success rests with women. Women owe it to themselves—and to future generations—to identify what they need to fulfill their roles as mothers, daughters, and wives, while continuing to kick butt across the professional spectrum. And they need to sit down with their employers to make it happen.