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Women in business across the globe
This year sees a 1.1pp increase in the percentage of senior management roles held by women, up from 32.4% in 2023 to 33.5%. When we began tracking the percentage 20 years ago, just 19.4% of senior positions were held by women. Since the pandemic, progress has accelerated but it still remains slow. Without a greater focus on the issue, women’s parity in senior management won’t be reached until 2053 at the current rate.
Senior leaders at Grant Thornton firms we spoke to for this report expressed disappointment at the rate of progress. But there is reason for optimism. Performance is currently ahead of the 20-year trend line, and there has been a clear acceleration post pandemic. This has likely been driven primarily by changing working practices which, although originally forced into place at a more widespread level by Covid-19, opened people’s eyes to the possibility of working in different ways.
Michelle Alphonso, Partner, National transaction advisory services and Private equity leader at Grant Thornton Canada comments: “The conversation 20 years ago, when businesses were considering appointing a woman to a senior role, has changed. There is now greater empowerment of woman to make decisions to support their own personal and career priorities, including flexible working arrangements, and acceptance of different models of leadership that creates space for woman to show up as their authentic selves in leadership roles. We need to take forward what we learned from the pandemic and support working practices that increase the number of women and diverse leaders in senior management roles.”
Shifts in roles globally
This year marked a significant drop in the percentage of female CEOs to 19% from 28% last year. At large corporates there were significant resignations in 2022/23 and leaders in the mid-market look as though they followed suit.[i] When female CEOs at larger firms were asked about their reasons for leaving these roles, they cited public pressure, caring responsibilities and sometimes that they felt they needed to behave more like men in these roles.[ii]
While it’s positive to see that, since 2012, the percentage of women holding each senior role has increased, it’s essential to take a closer look at where the balance of power lies. The fact that CEO has seen such a low level of increase in the past 12 years suggests that although women are increasingly part of the senior management team, they are not necessarily in the roles which hold the most power.
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i. euronews.com - The Great Break-up': Why female leaders are ditching their companies - 23.02.24
ii. telegraph.co.uk - Why high-flying women face less time at the top than men - 23.01.24