Higher the proportion of women in leadership, the better a firm is likely to perform. It cannot anymore be categorized as a statistical blip! Several reports and statistics have proven a positive correlation, as well as causation, between gender diversity in workplace and performance of the company. S&P Global 2018 report showed,
Companies with women CEOs and CFOs show superior stock performance. Further, firms with higher gender diversity on their Board of Directors are more profitable; and demonstrate the preference for a culture of diversity and inclusion.
A report from TOPCHRO, takes a stab at the issue by drawing together statistics and reports on Women in Leadership positions from across industries and geographies. Here are the main highlights of the report, also depicted in the presentation (available for download here).
A telling gender wage gap
The most commonly cited statistic on gender equality in workplace is the wage gap. According to TOPCHRO report’s data, the salary imbalance between the two genders is telling:
Women make 21% lesser than men in median salary. Further, if we look at the gender wage gap after accounting for experience, industry, job level, among other factors – the gap still exists. Women still earn 2% less than men. What’s worse? The gap has only shrunk by 0.8 cents since 2005.
Not to mention that there is an improvement, but the progress is incremental at best.
Senior leadership roles women are excelling in & falling behind
Going deeper into the numbers you would witness there are certain types of careers women are excelling in the leadership roles. While there are others which are proving more troublesome for various reasons. Given below are main highlights.
- Human Resource: It is one department where women in leadership roles are very close in touching the halfway mark. As many as 43% women are in the topnotch leadership role of human resources departing, working as a Human Resource Director or a Chief Human Resource Officer.
- Finance: It might come as a surprise, but women are increasing their share in C-suite in finance departments as well. Finance has twice as many women appointed to its top position as compared to any other department. About 34% women are leading the finance departments.
Where women are facing hurdles are departments related to networking and development opportunities. The share of women in Chief Marketing Officer, Chief Operation Officer, Chief Information Officer, Sales Director, and other such position is quite low – 20% or less.
Top 5 skills required to rise in senior leadership
To lead any department, a good starting point can be to figure out the most significant qualities. As per the responses given by working women in the age of 25 and 64 years, following are the top 5 skills pertinent for women senior leadership roles.
- Leadership Training
- Confidence Building
- Decision Making
- Critical Thinking
Companies that attract talent from diverse gender pool and have gender equality in workplace are coming up as better equipped to handle workplace challenges. Here’s how women are moving up in senior leadership rungs and proving their mettle.
Download the presentation to get detailed latest statistics on women in leadership roles!