Women in Leadership: Why We Need More Women Leaders

  Key Takeaways:  

• Since 2019, women leaders holding CEO positions have risen from 6% to 10%. 
• The Women Business Collaborative (WBC) is committed to seeing that 20% of CEO positions at Fortune 500 and S&P 500 companies are held by women by 2030. 
• Though women have made progress, barriers persist and continue to hold women back from earning leadership roles in business. 

As Women’s History Month comes to a close, it is imperative to highlight women in leadership and the need for more female leaders. Men still outnumber women in C-suite and management positions nearly 4 to 1. Despite attempts to diversify leadership roles to better represent customers and workforces, female leaders continue to struggle with barriers of entry that prevent them from reaching positions as C-level decision-makers.  

However, though gender inequality in the workplace persists, businesses are making strides to increase the presence of female leaders at some of the largest U.S. companies. 

The Current State of Female Leaders in Business 

While the number of women in leadership roles remains low, January 2023 marked a significant milestone. According to the SHRM Executive Network, “more than 10% of Fortune 500 companies are [now] led by women.” Just two years prior, the Women Business Collaborative (WBC) reported that only 6% of companies were led by women CEOs, which points to a substantial rise of women ascending into leadership roles. 

WBC is campaigning to ensure that women are being considered in interviews for 30% of CEO positions at Fortune 500 and S&P 500 companies by 2030, with 20% of CEO roles ultimately being filled by women. They are also working to ensure 10% of those CEO roles are filled by women of color. 

Below, we’ll look at some of the trends in specific industries and how women are stepping up to the plate. 

Women Leadership in Tech 

According to a recent report by WBC, women hold 24% of tech C-suite positions, with Chief Information Officers (CIOs) being the position that most well represents women, who fill 27% of the roles. The report also states women represent 8.7% of Fortune 500 Tech CEOs. 

Women Leadership in Finance 

U.S. financial institutions are working to increase gender diversity in leadership roles and have made progress over the last few years. However, women still experience barriers to promotion into C-Suite and senior leadership roles in investment firms, commercial real estate, insurance companies and banks. According to Deloitte, only six out of the 107 largest U.S. financial institutions had women CEOs in 2019.  

Women Leadership in Manufacturing 

Manufacturing has been a male-dominated field for decades. While statistics on women in leadership and C-suite roles in manufacturing are limited, the trend appears to continue today; women make up only about 30% of the manufacturing workforce, according to the U.S. Census Bureau. In addition, female leaders fill only one in four positions in manufacturing.   

Women Leaders to Admire 

It is important to acknowledge women leaders who have and continue to forge a path for women to reach senior leadership roles. Below are some of these women in leadership. 

Jane Fraser: CEO, Citigroup 

Jane Fraser became the first woman CEO of Citigroup in 2021, also giving her the designation of being the first woman CEO of a Wall Street bank. In 2022, Fraser ranked 10th on Forbes’ 100 Most Powerful Women in the World list and third on Fortune’s Most Powerful Women list. 

Mary Barra: CEO, General Motors 

Mary Barra is the first woman CEO of General Motors (GM) and took the helm at the automobile manufacturer in January 2014. Leading the initiative for GMs electric vehicle program, Barra is listed fourth on Fortune’s 2022 Most Powerful Women list. 

Rosalind Brewer: CEO, Walgreens 

Rosalind Brewer was appointed CEO of Walgreens in 2021, having previously served as the former Chief Operating Officer (COO) of Starbucks. In May 2022, Brewer was one of three Black female CEOs to run Fortune 500 companies. She is ranked seventh on Fortune’s 2022 Most Powerful Women in Business list. 

Facing the Challenges Ahead: The Need to Alter Cultural Norms 

Women in leadership roles help make companies more agile. With the unique perspective that female leaders bring to the table, they make businesses run better and drive our economy in new directions — making companies more diverse, culturally adaptive and less biased. Although women are still underrepresented in leadership roles across most industries, it is important to recognize the female leaders who are carving a path forward for other working women to reach the C-suite.  

One of the biggest barriers for women to ascend to C-suite positions is succession planning and talent development. But, as more women leaders rise to the C-suite level, changes in culture will permeate through the lower levels of the organization and improve the chances for women to be trained and mentored into leadership roles. 

In these last days of Women’s History Month, take a moment to celebrate women leaders, and consider how our society could be better with more women in leadership. For more information on topics like this, follow me on LinkedIn.