It’s no secret that women have historically faced greater barriers than men when it comes to fully participating in the economy. Across geographies and income levels, disparities between men and women persist in the form of pay gaps, uneven opportunities for advancement, and unbalanced representation in important decision-making. 

Only 21 women are at the helm of Fortune 500 companies

The value of gender diversity—particularly in the workplace—is widely acknowledged. Women bring different perspectives and approaches to business, resulting in a more inclusive workplace and often better performance for the company. Yet today, only 21 women are at the helm of Fortune 500 Companies.

Having female leaders in positions of influence to serve as role models is not only critical to the career advancement of women, but stands to generate broader societal impacts on pay equity, changing workplace policies in ways that benefit both men and women and attracting a more diverse workforce.

Pervasive preconceptions and a lack of support from mentors are holding women back

Despite their strong convictions about gender equality in leadership, Americans are acutely aware of the forces that hold women back. Nine in ten (92%) say that traditions of, and expectations for, male leadership in workplace cultures contribute at least somewhat to women’s lack of representation in top positions—including 69%, who say it contributes highly. Other preconceptions also play a role, including women being seen as prioritizing family over career (89%), and the perception that women are less effective leaders than men (78%). In addition to these preconceptions about women and leadership, Americans see other concrete barriers as contributing to the relative scarcity of female leaders, including lack of support from mentors in securing top positions (83%) and for career advancement more generally (80%), as well as lack of access to personal connections that men have which help with career development (75%). Women’s expectations for the future of their own careers suggest the power of these forces: While a majority of men (52%) see themselves as having opportunities to advance to leadership positions in their jobs, just 38% of women feel the same way. Americans more broadly acknowledge the impact of these obstacles—85% agree that it is easier for men to reach top leadership positions than equally qualified women (including 79% of men and 90% of women). 

Gender parity: Is it fantasy or reality?

Even when pitted against outlandish goals, one in four Americans say that it’s more likely that humans will colonize Mars (26%) and four in 10 think that space travel will be routine just like air travel for tourism (40%) within their lifetime than half of Fortune 500 CEOs will be women (vs. 74% and 60%, respectively). But compared with a scenario that is closer to reality, Americans divide more closely—six in 10 find it more likely that self-driving cars will be a normal mode of transportation (59%) before women make up half of the CEOs at Fortune 500 companies (41%, with women more pessimistic about it than men; 36% vs. 46%). 

What organisations need to do for women in leadership roles

According to a McKinsey survey , women apply 3 of the top 4 leadership behaviours that are seen as crucial for addressing future challenges, more frequently than men. These behaviours include “Inspiration”, “Participative decision making”, “Expectations and rewards”, with only “Intellectual stimulation” being equal among both genders. Despite such clear indicators of why women can be vital as leaders, they face several barriers that exist predominantly based on their gender. Promoting gender diversity is very critical for the continued growth of organisations. There are some crucial steps for organisations to undertake to achieve gender diversity and to empower women leaders –

• Companies need to ensure that they form a strong backbone of women leaders at the top. While this can’t be achieved overnight, companies need to invest time and resources to ensure that capable women are given the opportunities to prove their mettle and grab leadership roles.
• Companies need to ensure they provide a fair, safe, and inclusive environment to women by identifying pay levels and pay gaps in their structure, reviewing attrition rates in similar roles between men and women, assessing the rate of women promoted versus women eligible for promotion in different roles.
• Introduce better recruitment and HR policies that promote gender diversity and equal opportunities in the workplace.