Today, companies are run by a variety of people with different backgrounds, skill sets, and even ages. CEOs are no longer white men in their 60s and 70s; they’re women and people of color in their 20s and 30s who have no business experience outside of the industry. We looked at the data to see how the C-suite has changed over the years.
Who is in the boardroom?
Boards are making room for new C-Suite positions that are slowly but surely disrupting everything we thought we knew about how companies run. Chief Innovation Officers, Chief Sustainability Officers, and Chief Diversity Officers are all on their way to becoming regular fixtures in boardrooms around the world—and for good reason.
Understanding how executive decisions are made
The more women you have at executive levels, the more women will be involved in decision making. This is extremely important because studies show that men and women prioritize differently and make decisions based on different factors. Having diverse executives makes for a better decision when it comes to making executive decisions because it gives a fuller perspective. You need to understand how each gender of executives go about making decisions and what are their ultimate goals behind those decisions if you want to be able to accurately predict future behaviors or outcomes based on current events. Just having one female on an executive team isn’t enough – there needs to be multiple females in order for diverse perspectives and thoughts that do not follow traditional stereotypes of female leaders or male leaders.
Diversity in America and beyond
Gender diversity in C-Suite roles has grown dramatically over time, with diversity reaching an all-time high in recent years. As corporations across America and around the world embrace gender equality, more women are filling C-Suite positions and emerging as leaders on a global scale. And as leadership roles continue to grow and expand, it’s evident that new roles emerge as well. Sure, there’s still plenty of work to be done for full gender equality in corporate America—and beyond—but positive trends are becoming clear; women are reshaping how business is done around the world.
We're seeing women emerge as leaders in brand-new roles. They're not just filling C-level jobs; they are being groomed for management positions from day one. According to a recent report by Strategy, women account for only about 10 percent of all global executive roles, but that number is growing steadily. While it will take some time before we see full gender equality at every level of corporate America, there has never been a better time to be a female leader than right now.
Achieving diversity inclusion at all levels of an organization
More companies than ever before are aiming to achieve gender diversity in leadership. Women now make up 25% of executive positions. That’s not just good for female leaders — it’s also great for business. Studies have shown that gender diverse boards and senior management teams lead to more effective decision making, higher profits and stronger shareholder returns than their all-male counterparts. This is good news for female leaders of tomorrow, as it means women will have greater career prospects in today's business world than ever before. And not only that – gender balance will improve creativity and problem solving ability within organizations too – which are both vital ingredients to long term success.
Companies of every industry and size need to create diverse leadership teams if they are going to be successful in today’s global market. The best leaders understand that diversity has a direct impact on their company’s bottom line. With a more inclusive approach, leaders can tap into more resources, improve company morale and foster growth for employees at all levels of an organization.
Women in leadership positions
Women’s presence in leadership positions is on an upward trend. Organizations in the U.S. are actively reaching out to women, advocating for and applying to the expanded C-Suite; there is more diversity than ever before with younger generations leading the charge. No longer are women a small minority, and these changes in our corporate landscape could not have come at a better time. Diversity has been proven to increase creativity, enhance innovation, and provide solutions that wouldn’t have otherwise been discovered—the bottom line is more than just a phrase. We can now be inclusive and form effective teams that have diverse points of view—but only if we take action. The urgency for action on achieving gender parity starts with hiring top talent and promoting it throughout your organization at every level.
Beusail Academy taking the lead
Founders Tamara Loehr and Natalie Nichols started the Academy to honour their commitment to bridging the gap in female leadership. Their program provides growth advisory to $10M+ companies who are committed to Business for Good. As part of the program they allow companies to include a standout female leader in their company to attend. They also maintain a 50% participant rate for female founders and CEOs.
"Our program provides mentees access to industry leaders and global best practices. Mentorship has been a key factor for our personal success so we wanted this to be a key focus for our group. Giving women access to these elite forum-style forums helps them accelerate their growth," Tamara explains.