McKinsey estimates that $12 trillion is lost annually in global GDP because of our failure to improve gender equality. It’s estimated that gender disparity costs the global economy $160 trillion in human capital every year.
These statistics make it quite evident that promoting women to leadership positions is crucial to any organization’s long-term success. Then why is women’s representation in C-suite executive roles so low? Why do they still have to work extra hard to prove themselves for these positions?
Struggles women face in advancing to leadership positions
Here are just some of the reasons why we don’t see more women in leadership positions:
Subtle or blatant bias
Today’s corporate culture condemns and criminalizes blatant prejudice and discrimination at work. Yet many women in positions of power still face subtle bias from colleagues and superiors. This means that women are less likely to be promoted or given “leadership” roles than men.
Lesser opportunities to grow
Women have a lower chance of being informed about promotions and an even lower chance of being selected for them. According to Yale research from 2021, women have a 14% lower chance of being promoted each year at their workplaces and are constantly viewed as having inferior leadership capabilities than their male counterparts.
How organizations can empower women at work
To ensure that they have a steady stream of qualified women ready to ascend to leadership positions from within, companies should focus on three key areas:
Root diversity and acceptance in the organization’s culture
This has less to do with formal regulations and more with instinctive reactions to women being entrusted with more responsibility in the workplace. Maintaining a culture of inclusiveness in an organization requires constant sensitization and rectification of mindsets and behaviors.
Connecting potential with mentorship
Actions aimed at empowering women should initially focus on building mentoring systems and recognizing role models. Businesses should also encourage women who show early signs of leadership potential by providing them with access to training, mentoring, and other tools that will help them climb up the ranks. Creating opportunities for more women to advance into leadership roles is not only the right thing to do, but it also improves business performance.
Transparent and unbiased hiring practices
Organizations should also ensure that their hiring practices promote equal opportunity. Work with Executive recruiter NY and consultants who don’t allow prejudice to cloud their judgement when hiring the next leader for your company. Contact our expert team at Cochran Cochran & Yale to start refining your executive job search NY. We have an extensive list of highly qualified candidates waiting to drive your organization to success.