Women’s Leadership: Where Are We?

The global landscape of women in leadership reveals stark discrepancies between women’s educational attainment and their representation in executive and leadership roles. Women are earning higher education degrees at unprecedented rates (with over 60% of college degrees in the U.S. being awarded to women, according to the National Center for Education Statistics). But despite outpacing men in education, women are still hitting a glass ceiling and largely excluded from the C-suite.

For 20 years, Grant Thornton has been measuring and monitoring gender diversity in senior management roles in mid-market businesses across the world. In 2004, just 19.4% of senior positions were held by women; but according to their latest International Business Report, Women in Business 2024: Pathways to Parity, the percentage of senior management roles held by women globally rose to 33.5%.

This still reflects a slow pace of change, however. At this rate, parity between men and women in senior management positions across all countries won’t be achieved until 2053 or beyond.

There was also a large decrease in female CEOs – from 28% in 2023 to 19% in 2024. Female CEOs who had resigned gave their reasons as public pressure, caring responsibilities, and feeling that they had to behave like men in leadership.

The McKinsey report Women in the Workplace 2024 underscores the challenges women face. Despite being half of the entry-level workforce, only 22% of C-suite positions are held by women. Catalyst finds that women of color represent only 4% of C-suite positions, despite being 13% of the overall workforce. This highlights the intersectionality of gender and race and suggests that multiple barriers must be addressed to improve diversity in leadership.

In contrast, women’s performance in higher education continues to outpace that of men. UNESCO reports that women now achieve 59% of all university degrees globally. This raises questions about the barriers preventing women from translating their academic success into leadership positions.

What Stands in the Way?

Many factors contribute to the shortfall of women in leadership; here are a few:

1. Cultural Barriers: Societal norms and expectations often dictate gender roles, affecting women’s career aspirations and opportunities. Even in dual-income households, women tend to have more domestic responsibilities. Traditional gender roles place women in caregiving positions, or support roles like HR or IT, which can limit opportunities for advancement. Many organizations still maintain cultures that favor male leadership styles, where women’s contributions are undervalued or overlooked, making progress difficult.
2. Stereotypes About Leadership: ‘Traditional’ views on leadership can disadvantage women, since women’s traits and behavior may not align with stereotypes associated with (male) leadership qualities, such as decisiveness and assertiveness.
3. Workplace Inequality: Lack of flexible work policies and gender bias in hiring and promotion hinder women’s career advancement. Implicit biases influence hiring and promotion decisions, leading to the underrepresentation of women in leadership roles. Research indicates that women are often judged more harshly than their male counterparts for similar behavior and performance.
4. Networking Challenges: Women often have less access to influential networks, mentors and sponsors to advocate for them in professional settings – crucial for career advancement. This lack of guidance and support can hinder their career progression and visibility.

The McKinsey report also notes that the COVID-19 pandemic negatively impacted women’s career progression, with many women leaving the workforce or reducing their hours due to increased caregiving responsibilities.

However, gender diversity in leadership has advantages: the report states that companies in the top quartile for gender diversity are 25% more likely to outperform their peers in profitability.

What To Do

Complex challenges often require multi-faceted solutions to bring about change. Here’s how we can take action.

Women:

• Actively manage your own career. Don’t assume that your boss or organization will do it for you.
• Declare your leadership aspirations. Don’t just hope that your work speaks for itself. Raise your visibility and use your network to make yourself and your work known, and boost your influence.
• Make sure people know you are interested in taking on a leadership position.
• Invest in your leadership – through reading, podcasts, trainings, mentoring, coaching, and stretch assignments to grow.
• Support other women on their leadership journey.

Managers:

• Ask questions: “Where do you want to go, and grow? What do you/we need to do to make that happen? What support do you need from me?”
• Actively listen to the answers – and follow up.
• Help employees to connect the dots of their experiences: “I realize you’re frustrated you didn’t get that promotion… Given your experiences and knowledge, what could you do (besides ‘work harder’) to improve your chances of promotion?”
• If you’re stuck or feel out of your depth with female staff, get some support.

Organizations:

Action initiatives to increase women’s leadership:

• Implement mentorship programs, leadership training, and policies that promote work-life balance. For instance, numerous corporations are adopting flexible working arrangements to support women in the workforce, helping to dismantle barriers that traditionally held them back.
• Provide coaching to support learning and career development, and to overcome obstacles.
• Have a database/electronic bulletin board of leadership opportunities/stretch assignments, mentoring, sponsorship, networking opportunities, etc.
• Organize networking events and forums to connect women leaders across different departments; or beyond – to local partners, companies or industry networks. This nurtures peer support, collaboration, benchmarking and sharing best practices.
• Review recruitment materials. Audit job descriptions and essential criteria, recruitment packs, adverts and performance criteria, to remove language or requirements that could unintentionally exclude or deter women. Rather than demanding very rigid requirements, focus on skills and potential.

In summary, the disparity between women and men as leaders is indicative of the systemic challenges persisting around the world, such as gender bias, workplace culture, and a lack of mentorship and sponsorship. When women, their managers, and organizations take action to address these barriers and promote women into leadership roles, progress to parity will accelerate and we can harness the full potential of women in leadership.