Despite a difficult year, there is some encouraging news regarding women in leadership positions. According to a recent Wall Street Journal report, 41 female CEOs will lead Fortune 500 companies by 2021. That is a new record. While 8.2 percent is a small percentage, it improves over the 33 firms that participated in 2019 and the 24 businesses in 2018.
Check out the amazing female CEO I follow in my side hustle! (And she's a single Mom too!)
Twenty years ago, Fortune reported that only two women-owned businesses were on the list. The upward trend has been maintained. Businesses, particularly those in retail, are increasingly eager to develop a pipeline of senior female talent. This makes sense, as studies have demonstrated for years that women in the household make those purchasing decisions. No one is better qualified to design successful retail tactics than women because they understand what works.
For example, Michelle Gass, CEO of Kohl's Corporation; Lauren Hobert, CEO of Dick's Sporting Goods; and Heyward Donigan, CEO of Rite Aid, are all female CEOs. Karen Lynch, CEO of CVS Health, is also a woman.
Why Are There Not More Female Ceos?
Compatibility Of Professional And Personal Lives
To remain competitive, most businesses have developed a culture of near-constant accessibility. Over time, everyone from full-time employees to supervisors has come to expect after-hours phone calls and emails. These expectations increase in proportion to your increased responsibility and prestige.
As a result, women's ability to compete effectively with males is harmed by the increased burden of family responsibilities. Even if they work full-time, most women nowadays still manage household tasks. As a result, they are less accessible and underrepresented in leadership roles, posing an issue for the talent pipeline. Women are becoming increasingly scarce as one climbs the corporate ladder, and there are fewer women available to fill their positions than men.
Opportunities For Networking And Mentoring Are Unbalanced.
Connections have a significant impact on careers. They provide sponsorships, job opportunities, mentorship, and referrals, among other services, and contribute to developing a person's reputation. Finally, your ability to receive a promotion is contingent upon your network.
The issue is that men dominate corporate boards of directors and other executive positions. As a result, women have a harder time developing a solid network of professional and mentoring mentorships, social connections, and classified information.
We cannot expect to see an increase in female CEOs without improving access to these networks. Fundamentally, it indicates a resource deficiency.
An Examination Of Why Female Ceos Are So Effective
Women Are Well-Known For Their Capacity To Form Critical Commercial Connections
According to Gallup's study of over 11,000 people, women are far more skilled at engaging and developing others. Additionally, they are more likely to cultivate an atmosphere of collaboration than their male executive counterparts.
This helps them strengthen the connections between multiple distributed capabilities that would have remained isolated and diverse in the absence of this collaboration. When the seams of an organization are strategically integrated, and the organization operates more cohesively, the result is increased organizational breadth.
They Are Adept At Dealing With Crises
Numerous women, particularly mothers, are trained to deal with domestic crises with tact and tolerance. These attributes significantly impact a woman's capacity to manage problems, whether related to human resources or [customers].
They Are Born Multitaskers
The majority of women have developed a skill for juggling multiple responsibilities, including career, family, and education. This increases their ability to multitask at work. Additionally, women are more concerned with resolving a problem than potential negative consequences. As a result, they improve their ability to solve problems and make sound judgments.
Collaboration Is Strengthened
Women have demonstrated passion, vitality, and unquestionable ability to take control of a situation. As an example, consider your mother or a female caregiver. Women leaders are more equipped to make bold and smart decisions to foster a family-like culture in the workplace. As a result, overall coordination within the organization increases, and a new corporate culture is developed.
Clean lifestyle brand Modere is the fastest-growing woman-owned business, moving up from the number three spot last year. Based in Newport Beach, CA, and led by CEO Asma Ishaq, Modere saw its revenue skyrocket over the past five years, growing by over 1,700 percent from 2016 to 2020.
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