In an era marked by the speed of innovation and change, the startling reality is that progress towards gender equality continues to be slow and uneven across the globe.
Gender equality occurs when people of all gender identities are able to participate equally in society—including in our corporate houses. Throughout our work, we have witnessed the initiation of various programs and initiatives aimed at improving gender equality in the business world and have personally benefited from many of them. However, we are far from the finish line. There is still much work to be done if we are to close the gender equality gap in our lives—a critical requirement for an equitable and sustainable business world and society.
It is not only the right thing to do but also the right business decision. Research suggests that organizations that are highly gender diverse—from senior executives and board members to managers and employees—tend to perform better than those that are less diverse.
The latest Deloitte Women in the Boardroom report highlights the global status of women in high positions. Only 6% of CEOs worldwide are women. About 23.3% of corporate board seats worldwide are held by women and only 8.4% of global boards are held by women.
Conflicts in gender representation on corporate boards can be seen around the world. In the US, only 28.1% of women hold seats, trailing other major economies such as France (44%), Norway (43.5%), and Italy (40.4%). However, the US declines more than economies such as China (15.1%), India (18.3%), and Japan (12.8%).
On our current trajectory, our research shows that this imbalance could be closed until at least 2038. And at the current slow pace of progress, global gender parity for chairmen and CEOs will not be achieved before 2073 and 2111, respectively.
The role of leaders
Despite gender equality reforms in many countries and new efforts in the private and public sectors, there is still a critical need to break down old social and cultural barriers, challenge prejudice, and create a new way forward towards greater, equal inclusion. future.
As global leaders, we have the opportunity and responsibility to acknowledge these challenges and help pave the way for tangible change. Our mission is to accelerate the journey towards gender equality worldwide. This includes identifying ways for women to secure and succeed in leadership positions; investing in learning and development opportunities for women to support and accelerate their development; and advance greater global, multi-sector cooperation aimed at closing the gender equality gap.
Here are three steps leaders can take to help achieve gender equality in business leadership.
Take responsibility
To be accountable, decision makers must lead a transparent assessment of what is needed to promote women to leadership.
Mission-driven leaders tend to focus on many programs and initiatives aimed at promoting greater diversity in their organizations, especially in leadership roles. However, it is important to focus on equitable outcomes versus specific activities to create lasting change and impact.
Improving gender equality across the organization begins with an honest assessment of the current leadership team and succession pipeline. For example, leaders should regularly ask questions such as:
- How does our leadership team develop the right mix of experiences, skills, and backgrounds to meet the challenges of business today and in the future?
- How do we emphasize the right skills, leadership, and business acumen in the hiring and succession process?
- How do we ensure that our pipelines develop women at the same rates as men, and how do we see that we are losing women leaders in critical situations?
If the answers to these questions do not end up having equal results, leaders need to look closely at changes in current processes and systems in place to make systematic and lasting change. This could include a meaningful succession plan that creates more opportunities for women; active support by current leaders to represent the best people in leadership roles; recruitment strategies focused more on the skills required than qualifications for previously held jobs, leaving qualified women out of the room; and the learning and development experience of women who have the potential to open up an open space for leadership roles available to them.
Accelerate the momentum
Next, leaders must identify opportunities for growth and development in emerging areas such as generative AI (GenAI).
With the endless innovations coming from the technology sector, learning and development opportunities are becoming more important to stay ahead of the market.
This is especially important in the rapidly emerging field of GenAI since women have been underrepresented in the technology sector—and because women are likely to work in jobs that cannot be replaced by GenAI.
Many business leaders are pressed by talent limitations as they expand their GenAI deployments. According to Deloitte’s latest State of GenAI in the Enterprise report, nearly four in 10 business leaders (37%) say their organizations are ready or not at all ready to address talent concerns related to GenAI adoption. But nearly three-quarters plan to adjust their talent strategies in the next two years as a result of GenAI, with a focus on changing work processes and upskilling/up-skilling. This change offers an exciting opportunity for greater gender equality and inclusion in the GenAI field.
We must help ensure that women are part of the GenAI revolution, especially because research shows that many women are less comfortable working with GenAI than their male counterparts, and are less likely to engage in GenAI-related training in the coming year. If left unchecked, this imbalance can exacerbate gender inequality. As GenAI transforms jobs and industries, we must intentionally present meaningful opportunities for women leaders. A proactive approach will only serve to strengthen the diversity and integration of thought in the field of GenAI.
Build alliances
Finally, leaders must come together to address the issue of gender equality. Collaboration within the global ecosystem is critical to closing the gender equality gap for good.
While the power to close the leadership gender gap rests heavily on organizations and their leaders, achieving equality requires collaboration that crosses borders. All the private sector, governments and regulatory bodies, investors, local organizations, and society as a whole can implement frameworks and policies aimed at empowering women in leadership.
At this current pace, global gender parity for chairs and CEOs will not be reached before 2073 and 2111, respectively. These days, some 50 and 90 years in the future, highlight the urgency of our work. Without a comprehensive global effort, we risk prolonging this progress. We, as leaders, have a responsibility to champion and advocate for a comprehensive, global approach to gender equality that focuses on advancing women into leadership positions, breaking down persistent barriers, and cultivating a diverse global leadership pool. it serves.
In the pursuit of global gender equality, we’re not just adjusting the scales of representation—we’re building a future where every voice matters, where everyone can lead, and where our collective strength and wisdom truly reflect the diverse world we live in. .
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