The Future of Women’s Leadership: Influencing the Outcome

You’ve heard the requisite financial services disclaimer, “Past performance is no guarantee of future results.” What if it’s not always true?

What if being armed with past performance insights and learning can empower women leaders to change the future of women in leadership?

What if we could inspire them with successes from the past so we can foster a proactive approach to becoming change agents for the future?

I believe this is possible.

So, in the spirit of providing some foundation, this newsletter cites some of the significant findings of the “Women in the Workplace 2024” report by McKinsey & Company in partnership with LeanIn.Org . A decade of statistics from this groundbreaking study sheds light on the persistent challenges and notable advancements for women in corporate America.

It also provides a window into what we can work toward changing.

?

“Leadership is about making others better as a result of your presence

and ensuring that impact lasts in your absence.”

~ Sheryl Sandberg

?

?

A Decade of Data Shows a Mixed Scorecard

Over the past ten years, more than 1,000 companies and nearly half a million individuals have contributed to this comprehensive study, revealing nuanced insights into the barriers women continue to face in the workplace.

While there have been gains, particularly at the senior leadership level — where women now make up 29% of C-suite positions, up from 17% in 2015 [nice progress, but the numbers don’t tell the whole story] — the journey towards gender parity is proving long and complex, with significant hurdles remaining at entry and mid-level positions.

?

The Fragility of Progress

Despite a visible increase in women’s representation, the gains are uneven and often non-sustainable, with women of color still significantly underrepresented at all levels.

The ‘broken rung’ at the first step up to manager continues to be a critical barrier, limiting women’s progression from the start. This year’s data suggests only slight improvements, from 79 women promoted per 100 men in 2018 to 81 women in 2024.

?

Strategic Imperatives for Organizations

The report emphasizes the need for companies to intensify their efforts in making the workplace more equitable:

• Address the ‘Broken Rung’: Companies must prioritize fixing the entry-level promotion gap to ensure women have equal leadership trajectories from the outset.
• Sustainable Role Creation: The rise in women’s C-suite representation is often attributed to increased staff roles rather than line roles, which is not a long-term solution for real parity.

Forward-Looking Actions

For women to effectively rise above these statistics and forge new pathways to leadership, what if we focused more on the following:

• Advocacy and Sponsorship: Identifying and building meaningful relationships with sponsors and advocates within the workplace can help propel women’s careers forward.
• Skill Enhancement: Continuously adapting and enhancing skills, especially in digital and leadership domains, remains crucial, and it helps us to stay relevant and resilient to the ever-changing corporate landscape.
• Community and Support: We cannot do this alone. Engaging in networks, communities, and strategic alliance groups that offer mentorship, coaching, support, and understanding can provide the necessary resources and encouragement to move the needle.

?

Inspiration to Forge Ahead

Despite the challenges, the ambition and commitment of women in the workplace remain high. The report calls on companies to match this dedication by reinvigorating their commitment to diversity and inclusion.

Women in leadership roles can champion the effort by becoming sponsors, advocates, and role models and helping to fix the “broken rung.”

?

“The future belongs to those who believe in the beauty of their dreams.”

~ Eleanor Roosevelt

?

Mrs. Roosevelt reminds us of the potential that lies in visionary pursuits, encouraging female leaders to dream big and act boldly.

And the following reflection is a reminder that, while acknowledging the past is important, looking forward and taking strategic steps is essential for creating a more equitable future.

“Every moment wasted looking back keeps us from moving forward.”

~ Hillary Clinton

?

The pathway for women in leadership is paved with opportunities and challenges. By staying informed of these trends and preparing to embrace new opportunities, female leaders can participate in and shape the future of leadership.

?

I’d love to hear your thoughts so we can share personal experiences, learn from each other, and brainstorm solutions to common challenges.

Here are a few questions to get your juices flowing. Please share your thoughts in the comments.

1. How have you seen your workplace evolve regarding gender diversity over the past few years? Share specific changes or initiatives that have made a meaningful impact.
2. What have been the most significant challenges and successes in your career journey? How do these reflect or contrast with the findings from the McKinsey report?
3. What strategies do you think are most critical for accelerating gender parity in leadership? What actions can we take as a professional community to support these strategies?