A diverse leadership team makes CEOs bolder

Jul 1, 2024 – 4.42pm

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In the professional services sector, our people are our business - and intellectual capital and creative solutions are vital. A diverse team at the top brings a breadth of perspectives - fostering a richer exchange of ideas and more innovative solutions. Ensuring gender balance at the tables that matter is a focus of mine, and vital for the future of our sector.

The business world - particularly the professional services sector - has grappled with significant hurdles over the past year or so. This has included engaging with the Senate committee and actively rebuilding trust in our profession.

EY regional managing partner and CEO Oceania, David Larocca: a diversity of voices has made EY a stronger organisation.

During this time, the EY organisation also faced into two of its most challenging initiatives to date - Project Everest (that looked at separating EY into two global multi-disciplinary organisations), and the commissioning of Elizabeth Broderick & Co (EB&Co) to conduct an independent review into our culture within the Australian and New Zealand member firms.

In undertaking the latter, our leadership team took the unprecedented step of proactively publishing the report in full – internally and externally. EB&Co confirmed the review as the most comprehensive examination of workplace culture ever undertaken in the Australian professional services industry. By publishing it, we hoped to set a new benchmark for transparency and accountability in professional services.

Facing these challenges as leaders – with a diversity of voices and lived experience at the table - has undoubtedly made EY a stronger organisation, and me a bolder CEO. I firmly believe that leaders cannot be transformational unless they surround themselves with diverse groups and perspectives – with gender being one of many dimensions to prioritise.

This is also good for business – because our individual and collective intelligence is amplified for clients, when we draw on diverse perspectives and deliver solutions that consider different points of view.

More broadly, ensuring women can fully participate across Australia’s workforce can contribute to national productivity. Australia has come some way, but there is further work to do to remove barriers for women pursuing and thriving in leadership roles.

I’m often humbled by the specific challenges that many women face on their path to leadership – not limited to pervasive gender norms and stereotypes that undermine their capabilities, the struggle to balance professional ambitions with disproportionate domestic responsibilities, and a scarcity of women mentors and role models in high-level positions.

These barriers – coupled with societal conditioning – can make the path to leadership a complex and uneven one.

Addressing these issues is crucial for retaining and supporting female talent in senior roles. By confronting these challenges with empathy and innovation, I’m confident our sector can create opportunities for women at every stage of their lives and careers.

A key priority for me has been to ensure a safe and supportive workplace for all our employees, which we heard very clearly in the EB&Co report. In response to cases of misconduct, we’ve taken decisive action to strengthen safety protocols and reporting mechanisms.

Our firm stance on these issues not only protects our people, but also sends a clear message to the industry, about the non-negotiable nature of workplace safety.

Looking ahead, I’m confident that the future of Australian business leadership will reflect the diversity and inclusivity that we champion today – if every leader can apply bold and ambitious strategies now, to close the gender gap.

I’m proud to lead an organisation committed to setting the standard for gender balance and diversity in leadership. I’m surrounded by inspiring and influential leaders like Jenelle McMaster and Catherine Friday – two of many impressive women recognised by the AFR’s 2024 Women of Influence. I hope their example inspires not only women within the professional services sector, but all women who aspire to reach the highest levels of leadership.

The professional services industry is evolving, and it’s crucial we collectively lead this change. Together, we can demonstrate that gender balance and diversity are not just ethical choices, but strategic ones that drive success.

To be nation-shaping leaders, our commitment to creating an empowering environment is critical. We must set the standard – and continue to pave the way for a fair and progressive future in professional services.

David Larocca is EY regional managing partner and CEO, Oceania.