Since women have entered the workforce in greater numbers over the past decades, they have been making strides toward more female CEOs, women on boards of directors, and equal pay compared to men.
Here are some great facts on the progress that women in leadership have made.
Women in Leadership Today
Currently, women today make up half of the workforce but make up less than a quarter of directors on boards. Women don’t lack education, drive, confidence, innovation, or passion.
But the sheer numbers are going to be hard to overcome.
Right now, it is forecasted that women won’t reach salary parity with men until 62 years from now. Women hold 55 million jobs in America’s private sector. Women in leadership currently make up less than 5% of CEOs. And 36% of companies in the United States don’t have female leadership on their board of directors.
Only 14% of Fortune 500 companies employ female executive officers, and 17% of Fortune 500 companies currently have a woman on the board of directors.
The question is: What can be done to ensure that women make it to the top more often, equal to men in the workplace? The answer is complex.
Why Aren’t Women Moving Up the Ladder?
Here are some possible reasons:
- Conflicting priorities between work and family/personal life
- Women tend to be viewed as less qualified
- Stereotypes based on gender
- Lack of support from other female workers and leaders
What Can Companies Do to Entice Female Talent?
Benefits and opportunities should be made to help. Some good examples of steps a company can take to facilitate women in leadership are:
- Provide professional development to women
- Provide a more engaged leadership team
- Provide opportunities that are considerate of personal lives, such as maternity benefits
- Flexible schedules, paid leave, equal pay, and childcare programs
- Equal and meaningful responsibilities
How Can Women Combat Stereotypes?
- By taking credit for their accomplishments
- Negotiate for higher pay and benefits
- Accept more challenging roles
What Are the Benefits of Having Women in High Positions?
Companies with women board members achieved net income growth of 14% over a 6-year time frame. They also outperformed businesses with all-male boards by 26% worldwide.
Additionally, companies with women board members outperformed other companies by 53% in terms of return on equity.
And lastly, boards with women on them were less risk-averse and had less debt. What would happen if female employment rates matched those of men? GDP would change as follows in these seven countries:
- Egypt’s GDP would rise by 34%.
- India’s GDP would rise by 27%.
- The United Arab Emirates (UAE) GDP would rise by 12%.
- Japan’s GDP would rise by 9%.
- China’s GDP would rise by 5%.
- The United States GDP would rise by 5%
- Sweden’s GDP would rise by 2%.
Conclusion
Sometimes the problem is simply identifying women in leadership positions currently in your midst. Recognizing a female who can take your company far is the first step to great success for female equality in your workplace. If you have not identified your employees’ potential for leadership, you can assess your employees’ skills by having them take employee surveys, 360 degree surveys, and exit surveys.
How Can You Help Women in Leadership?
If you have ideas you feel like sharing that might be helpful to readers, share them in the comments section below. Thanks!
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