Women make up 58% of the United States workforce. Yet, men continue to hold the majority of senior-level positions in business. The number of Fortune 500 companies with female CEOs went up from 25 in 2018 to 33 in 2019, with companies like General Motors, Best Buy, Northrop Grumman, Land O’Lakes, and Bed Bath & Beyond on the list for 2019. As of 2023 data, women account for 8% of CEO positions in the top 500, according to CEO Magazine — a jump, but still not nearly the share of those held by men.
The uptick may result from changes in the composition of company boards. According to the Deloitte Missing Pieces Report: The 2018 Board Diversity Census of Women and Minorities on Fortune 500 Boards, women and minorities held 34% of board seats in 2018 (a 3% increase from 2016). This trend continues, as 2022 data reports 44 women in board positions in the top 500 companies, according to the Wall Street Journal.
Women are clearly gaining a share of the business and entrepreneurial space. However, there is still much room for growth, given that women comprise just under 50% of the world’s population. While women develop hard-fought leadership skills through professional and life experiences, an advanced degree is one significant way they can leverage critical skills to expand their career opportunities. Southeastern Oklahoma State University’s online Master of Business Administration (MBA) with a Concentration in Leadership program is an ideal degree for women eager to make their mark in business and all individuals who want to foster inclusive workplaces.
What Challenges Do Female Leaders Encounter in Business?
When women face stereotyping that portrays them as indecisive or emotional, they are not taken seriously. Women can counter these stereotypes by shifting the focus to the diverse strengths that their physical, mental and emotional experiences provide.
Another challenge women face is being the only female in the room, as is common in executive and technical roles. The pressure to prove their competence can be intense, and they could become the target of microaggressions and disrespectful remarks. When women take the opportunity to stand out and make an impression instead of conforming, they can favorably shift the dynamic.
McKinsey & Company’s 2019 Women in the Workplace report points to the “broken rung” — not the “glass ceiling” — as the biggest obstacle. The “broken rung” refers to the entry-level roles that often prevent the advancement of women because leaders overlook them for managerial jobs. When women don’t advance to the role of manager, they are not in the pipeline for leadership roles. Other difficulties women may face include:
- Being interrupted or spoken over
- Being mistaken for a lower-level employee
- Feeling excluded
- Having someone else take credit for their ideas
- Having their judgment questioned
What Can Companies Do to Improve Gender Parity?
Companies can set the stage for gender equality by fostering a culture not only of fairness but also of collaboration. Moreover, opportunities for advancing to higher positions should be available to everyone. Additional key practices are:
- Accountability
- Gender inclusion
- Impartial hiring and promoting
- No tolerance for gender bias and sexual harassment
- Sponsorship
- Supportive management
With more women sitting on boards and becoming CEOs, the dynamic is changing, with avenues opening up for qualified women to ascend the career ladder. Companies can help by setting policies that foster an inclusive and respectful workplace. Professional development and training can also help empower women for leadership roles. By joining associations and organizations, women can network and learn how to reach their goals while overcoming the challenges they face in reaching the top.
How an Advanced Business Degree Can Help
Southeastern’s advanced business program provides graduates with foundational business skills, leadership expertise and the preparation to foster gender-inclusive workspaces. The Negotiations and Conflict Management course and the Team Development and Behaviors course hone students’ negotiation, conflict-resolution, decision-making, intergroup relations, communications and team-building skills. Graduates possess the skills to be leaders who foster inclusive work environments and encourage women in business to continue forging change.
Learn more about Southeastern’s online MBA with a Concentration in Leadership program.