The path to the top CEO role for women takes longer and is stymied by societal expectations, unconscious bias and legacy gender roles, according to a new report.
The latest findings from the HeForShe Business Leader Survey carried out by YPO (chief executives from 106 countries), the Financial Times and UN Women, identified gender specific roadblocks women face to becoming CEO. Although gender diversity in business is making strides with almost 60% of global chief executives citing their organisations are more gender diverse than five years ago, significant challenges remain for female leaders to achieve C-level roles.
The female leadership journey takes, on average, two years longer (with men on average at 33.6 years compared to women at 35.4 years), revealed the report. Additionally, about half of male respondents (51%) knew early in their careers they wanted to become chief executives, compared to just one-third of women.
DIFFERING CHALLENGES
The gender of those at the helm also clearly matters in the effort to further gender equality overall in business, noted the study. Women-led businesses report more female diversity on their boards, in senior management and in their organisations. Female chief executives reported that 43% of their senior management is female versus 26% at male-run businesses. At the organisation level, 48% of the workforce is female at women-led companies; 37% of the workforce is female at male-run companies.
Female chief executives are also more likely to face “balancing respect with likability” (30%) and “overcoming other’s preconceptions about me” (20%) than their male counterparts. In contrast, only 9% of male chief executives have had to overcome preconceptions. When asked about “cultural expectations related to gender,” a mere 2% of male business leaders responded that they faced this obstacle compared to almost half (47%) of female business leader respondents.
Additionally, 73% of female respondents – compared to 42% of men – took leave or sacrificed career advancement because of family needs. Around 60% of female chief executives have taken maternity leave, while only 13% of male CEOs have taken paternity leave.
The biggest challenges all global leaders currently face are “navigating and communicating constant change” (50%); “staying ahead of the competition” (47%); and “competing priorities” (43%). “Balancing work/life responsibilities” was another major challenge for both male (42%) and female (45%) respondents.
RECOMMENDATIONS FOR EQUITABLE LEADERSHIP
The report provided several key insights on how all business leaders can create a more equitable path forward. They include:
- Conduct bias training to curb gender bias in all levels of hiring, mentoring, advancement and job assignments.
- Make recruiting women a priority.
- Support flexible work options. Approximately 84% of respondents said they offer flexible work options, and one-quarter noted it has made the most significant impact in creating a culture of gender inclusivity at their companies.
Gender equity, however, is still ‘not a top priority’ for 70% of global companies, despite heightened awareness of the challenges facing women in the workplace driven by the Covid-19 pandemic. Click here to read more.
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