BusinessFEMALE CEOS HAVE INCREASED BY 95% IN THE LAST 6 YEARS

FEMALE CEOS HAVE INCREASED BY 95% IN THE LAST 6 YEARS

The year 2022 is witnessing a record milestone for female CEOs at Fortune 500 companies. As of March, 74 female CEOs were working at America’s 500 highest-grossing organizations, up from 41 in June 2021 and just 7 in 2002. Nonetheless, the big jump only equates to around 15% female representation at the pinnacle of the country’s largest public companies. Calls for more equitable hiring appear to be bearing fruit in the upper echelons of the corporate world, as the number of female CEOs has soared for the fourth consecutive year.

For years, equality campaigners have lobbied for more diversity in the boards of directors of Fortune 500 businesses. This is reflected in the rising number of women holding the role of Chief Executive Officer (CEO) in such organizations. BanklessTimes.com recently published statistics to support that claim. According to the company’s data, female CEOs have increased by 95 per cent in the previous six years.

The number of CEOs has risen from 21 in 2016 to 41 presently. That is quite an accomplishment. However, it conceals a depressing fact: women continue to be underrepresented at the leadership of major corporations. Despite the increase, women make up just 8.2 per cent of those in that position.

That indicates that, as much as we’d like to applaud our achievements, there’s still a lot of work needed to be done. The same is true in most other areas, where women continue to be underrepresented in positions of authority, notwithstanding recent advancements.

WHY IS THIS SUCH A BIG DEAL?

It not only shows a noticeable gender gap issue in a professional context. But it also exposes the sluggishness with which this issue is being addressed. Because of this absence of representation, many women are not given a fair chance to show themselves as competent leaders and innovators in their respective fields.

According to research, having women in leadership roles benefits organizations in general. According to research, having more women in leadership positions leads to more profitability and less risk-taking. Others have discovered that companies with female board members had greater returns on equity and higher values.

Furthermore, research indicates that the absence of female representation at this level is not due to a lack of enthusiasm. Instead, it’s a result of a lack of opportunity. The same study discovered no impediments to women pursuing leadership roles. The only obstacle standing in their way is access!

INCREASING THE NUMBER OF WOMEN IN POSITIONS OF LEADERSHIP

There are a variety of causes for the attrition of women at upper levels in organizations, but one of them appears to be self-doubt. To rectify this issue, society must begin to question its beliefs about what a leader appears like and what they can accomplish.

Women should also encourage one another to take risks, be outspoken, and not be afraid of complex tasks. They must be more expressive about their achievements. This will get them recognized and rewarded for their efforts. Finally, women must learn how to properly negotiate to acquire what they deserve.

When Karen Lynch took over as CEO of CVS Health in February 2021, she made the firm the largest in Fortune 500 history to be helmed by a woman. With $268.7 billion in profits in 2021, the drugstore and healthcare chain is the fourth-largest public company in the United States.

General Motors was the highest-grossing corporation with a female CEO in 2019, ranking 13th. The carmaker, headed by CEO Mary Barra, is now the third-largest Fortune 500 firm run by a woman and the 22nd largest overall.

Jane Fraser was the first female CEO of a leading U.S. bank when she took over at Citi in March 2021. UPS, Best Buy, Progressive, Oracle, and Northrop Grumman are among the other significant Fortune 500 firms run by women in early 2022.

Are these examples not enough to show the world that women, if not better, are equally competent leaders like men and should be given the opportunity to show how capable they are?

FINAL THOUGHTS:

There has been a lot of discussion regarding workplace diversity in recent times. And while it’s encouraging to see so many individuals working together to make this a reality, we’re still a long way from there. We must do more before we can declare that diversity is a reality in our professions and throughout the world. Recognizing women leaders as role models and the value they offer to our society is part of a shifting vision of a more varied, equal, and sustainable world.

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