Women are noticeably absent from leadership positions globally. What can be learned from the women who do make it to the top?
Women are noticeably absent from leadership positions globally. What can be learned from the women who do make it to the top?
The Case of the Vanishing Women isn’t the title of the latest mystery novel. It is what happens as women progress through their careers. As they move up the corporate ladder, women fall off at every successive rung. The vast majority never make it to the top.
Among Fortune 500 CEOs, it is just as easy to find a man named John or James, as it is to find a woman — any woman, irrespective of her name. Although women account for nearly 45 percent of all employees in S&P 500 companies, they significantly trail men when it comes to representation in leadership. Today, women make up just 4.6 percent of CEOs, down from more than 5 percent in 2017. This disappearing act is not limited to the private sector. Women are conspicuously absent from important leadership positions in all realms, from Congress to Hollywood, and everywhere in between. When we consider the representation of women of color in leadership, the gaps at all levels are even wider.
Women face numerous hurdles on the road to senior leadership. Pervasive gender bias and structural inequality make it more difficult for women to advance. Because the climb they face is steeper, women develop broader skillsets to support their ascent. Both McKinsey and Hay Group found that women demonstrate more skill than men across a wider variety of leadership competencies.
It is not that men in leadership are unqualified. It is that the yardstick being used to measure women’s competence is noticeably different. Women often face greater scrutiny and are subject to more stringent selection criteria than their male counterparts. The result is that women are more adept at flexing a wider variety of leadership styles as compared with men, who do not face the “double bind” of balancing likeability with competence.
Realbusiness believes that making performance the core metric of business is key to closing this gap and allowing corporations the ability to build resilient networks of Unrivaled women quickly and intelligently into the core fabric of the global enterprise.
Unrivaled Women Assist in Your Climb to the Top
Looking at evidence from across all sectors, women who do not fall off the ladder do a few important things differently:
1. They Network with Purpose:
Women who reach the top are intentional about building their internal and external networks and activating them at key inflection points in their careers. In any business, networking is important for navigating the complexities of what can feel like an “exclusive club.” It often involves getting that important referral and finding out about the many unadvertised opportunities that exist, especially for those who pursue a consulting path. Forget about counting the number of LinkedIn contacts you have! Instead, think about who needs to know about your capabilities and your career aspirations. Actively build and maintain relationships with those in the organizations and sectors you want to grow in and continue to expand your network in a strategic way. Remember, it is not who you know but who knows about you.
2. They Focus on the Right Experiences:
In the private sector, the path to the top is most frequently reached by moving into a role with substantial profit and loss responsibilities and having a core understanding of how the business operates. A mistake many women in our sector make is narrowly focusing on deepening their technical expertise without honing their business chops. Just as experience living and working in a developing country is fundamental to growth, so is understanding how the business operates. For your next role, set your sights on a position that will help develop your business acumen and provide the breadth of experiences that will support your overall career trajectory. A strategic lateral move that provides the right exposure can be the best route upwards.
3. They Don’t Let Motherhood Become a Barrier:
One of the biggest myths perpetuated in the world of work is that women with children are less ambitious than men. There is no evidence correlating motherhood with a woman’s desire to lead. Company culture has the most profound impact on the choice to leave a company or drop out of the labor force altogether. Women who enter leadership commonly cite successfully advocating for what they need and adapting their own limiting behaviors (such as letting go of perfectionism) as strategies for effectively integrating their personal and professional roles. Both field-based positions and home office roles can provide the right mix of elements that makes being a working mom work. Curious about how women with children in your organization have succeeded in their careers? Ask them and then test what works best for you.
4. They Have the Right Mindset:
To be a leader, irrespective of the industry, you must see yourself as one. People become leaders through intentional action — developing a leadership identity and a sense of purpose. The effect you expect is the effect you get. If you think a leadership position is out of reach as a woman, it will be. Your “gender mindset” colors how you see and experience the workplace, how you show-up at work, and ultimately, what you achieve. Need some inspiration? Ask a successful female to be your mentor, invest in leadership training or hire a leadership coach to help you become aware of and develop your strengths and shift away from your limiting beliefs.
Are you a woman in business inspired to take your career to the next level? Join Unrivaled
NEW:
The phenomenon of women disappearing as they advance in their careers isn't the plot of a new mystery novel; it's a stark reality. As women climb the corporate ladder, many fall off at each rung, with few reaching the top. In the Fortune 500, finding a female CEO is as rare as finding a male CEO named John or James. Despite women making up nearly 45 percent of employees in S&P 500 companies, they significantly lag behind men in leadership roles. Today, only 4.6 percent of CEOs are women, a drop from over 5 percent in 2017. This trend is not confined to the private sector; women are underrepresented in leadership across all fields, from Congress to Hollywood. The disparity is even greater for women of color.
Women face many obstacles on their path to senior leadership, including pervasive gender bias and structural inequalities. As a result, women often develop a broader range of skills to support their climb. Research from McKinsey and Hay Group shows that women excel in more leadership competencies than men. The issue is not the qualifications of men in leadership but the different standards used to measure women's competence. Women are frequently subject to greater scrutiny and tougher selection criteria than men, leading them to adopt a wider variety of leadership styles to navigate the "double bind" of balancing likability with competence.
Realbusiness believes that prioritizing performance as the core metric in business is crucial to closing the gender gap and integrating resilient networks of high-performing women into the global enterprise.
Strategies for Women to Achieve Leadership Roles
1. Purposeful Networking:
Women who reach top positions are strategic about building and utilizing their networks at critical career junctures. Effective networking is essential for navigating the complexities of the business world, often involving key referrals and access to unadvertised opportunities. Focus on who needs to know about your skills and career goals, and build relationships within your desired organizations and sectors. Remember, it's not just who you know, but who knows you.
2. Gaining Relevant Experiences:
In the private sector, moving into roles with significant profit and loss responsibilities and understanding business operations are key to reaching the top. Many women mistakenly focus solely on deepening their technical expertise without developing business acumen. Aim for roles that enhance your understanding of business operations and provide a breadth of experiences to support your career growth. A strategic lateral move can be a stepping stone to higher positions.
3. Overcoming Motherhood Myths:
The myth that women with children are less ambitious than men is unfounded. Company culture greatly influences women's decisions to leave or stay in the workforce. Successful female leaders often advocate for their needs and adapt their behaviors, such as letting go of perfectionism, to balance personal and professional roles. Both field-based and home office roles can offer a mix that supports working mothers. Learn from the experiences of successful working mothers in your organization and find what works best for you.
4. Developing the Right Mindset:
To be a leader, you must see yourself as one. Leadership comes through intentional actions—developing a leadership identity and sense of purpose. Your mindset affects your workplace experiences and achievements. If you believe a leadership role is unattainable, it will be. Seek inspiration from successful women, invest in leadership training, or hire a coach to develop your strengths and overcome limiting beliefs.
Are you a woman in business looking to elevate your career? Join RealBusiness League and take the next step towards leadership.