SPOTLIGHT NEWSLETTER 2021
CEO MOMENT- Opportunities to Promote, and Mentor Female Leadership
Increased competition has required industries to employ capable and diverse leaders
Looking at global leadership there continues to be critical shortcomings furthering a perpetual image that has hindered the inclusion of groups that are capable if not exceptional at improving company performance and profits. Women are often underrepresented from leadership roles although they are 46.9% of the global workforce. This number shows a tougher journey for women both during and through the recovery of the pandemic, down from 51% in 2018. Disproportionately affected by the challenges of the gender pay gap, the economic impact of the pandemic and access to senior executive roles women have not quite yet arrived. Although the shift in their influence and impact in business, education, technology, policy and social responsibility may change that.
Although More Women Leave College with a Degree than Men. They continue to earn less than their male counterparts
In 2020, 29.3% of women were CEOs in corporate America, of this number 88% were white, 4.3% were African American, 5.4% were Asian, and 7.4% were of Hispanic descent. These statistics represent both the private and public sector of industry and show the progress of women in the talent pool for executive level positions. Which is still lower than anticipated in comparison to their counterparts. Although women have been surpassing men not only due to their greater number in the workforce but also in tertiary education. Men continue to dominate in science, technology, engineering, and mathematics (STEM) disciplines, with just above 28% of women in these roles as of 2018.
Of those women who are in the boardroom only 4.7% are representative of Europe and, 37 out of all the Fortune 500 companies are CEOs— of this number none are women of African American descent. That is not until 2021 when precedent was set with the addition of Roz Brewer who was named CEO of Walgreens, and the second African American woman to lead a Fortune 500 company in the US. Although women overall are capable, confident and ready to lead they are often left out of the board room. Despite graduating from prestigious business or law schools only 67 (13%) of 532 African American women have achieved the highest-ranking executive positions, compared to 161 (19%) of African-American men and 40% (of a matched sample) of non-African-American Harvard business Alumni. In the US surveys conducted in 2006 of employees from five large U.S. companies found that African American women are most likely to experience workplace harassment among all groups. They are often held to a much higher standard than their white and male peers and presumed to be less qualified despite their credentials, work product or business results.
As of December 2020, women accounted for much if not all of the net job losses, whilmen achieved job gains
The issues of glass walls impact all women and those that are inherently disadvantaged often lag behind ascension to top leadership roles. Due to foundational barriers applied through racism and socioeconomic opportunities that place them at the bottom of the hiring pool. Clearly something is going wrong in the workforce when diverse leadership roles which women are needed in are showing a stagnation in executive management opportunities.
To reconcile these issues businesses should meet women at their own terms, networking to help improve career building opportunities and upskilling those that have the ability to thrive in leadership. Organizations should proactively move to transition women in the workforce to higher skilled roles. In consideration, estimates expect 40-160 million women will require increasing use of digital technology applications a result of their high graduation rate from college. By businesses using streams of social events they can help women to thrive with a work life balance schedule. Women will be able to engage and participate in events that provide a major role in boosting women’s aspirations and sense of belonging.
Women thrive in inclusive environments where they feel encouraged, safe, and free to be creative.
Women do well in inclusive environments where they feel encouraged, safe, and free to be creative. Less inclusive workplaces challenges the success of a diverse leadership model due to its lack of retention of women in the workforce who are often the primary caregivers and primary income earners. This is especially true in companies where women find they are less likely to be promoted than their male counterparts. Who are promoted 2.2% higher than women out of a mean of 9% overall. A statistic which is even more adverse to African American women who are least likely to gain a promotion than their White, Asian and Hispanic female counterparts. A disparity that increases even more so after the age of 30 where African American women are 61% less likely to be promoted. Even though African American women in the US have the highest workforce participation but are consistently paid less and lack recognition for their hard work.
Providing opportunities to promote, and mentor women is also an important initiative which is especially needed for those women that are disenfranchised by a system unempathetic to personal care and systemic biases. Sponsors in corporate leadership roles are needed to engage and provide exposure, visibility, and experience through opportunity to women that can create an environment that gives merit and legitimacy to their ascension as a leader. An important factor in a CEOs career success, sponsorship has proven to be a strong determinant of achievement helping to align organizational culture and social capitol.
We’ve found that companies putting representation and talent first optimizes an organization’s ability to prioritize diversity. Leadership must look to increase their mentorship and promotion programs while prioritizing and promoting diversity within their own ranks. Hiring is not the only solution based initiative that impacts diverse leadership teams. It is encumbered by those in leadership roles and employee stakeholders to recognize and address the microaggressions that are brought into the workplace that impact women of color which are the same that hinder the progress and promotion of White women and African American men.
Increased competition has required industries to employ capable and diverse leaders who are able to develop high-quality strategies, increase profits, and promote development. The comprehensive theory of diverse leadership requires favorable processes that promote women and women of color through business initiatives and executive sponsorship to instigate opportunities for C level leadership roles.
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