Today’s Woman On Corporate Boards
In the United States, women make up approximately half of the current workforce. However, women only account for nearly one-fourth of directors on corporate boards. What is responsible for this growing disparity? How can women make it to the top positions on corporate boards? Let’s take a closer look into women leadership in today’s society.
Women occupy 54.62 million jobs in the United States. Females account for about 4.2% of Fortune 500 CEOs, 14.3% of Fortune 500 executive officers, 16.6% of Fortune 500 board seats, 14.5% Financial Post 500 board seats. About 36% of companies in the United States are without a woman on their board of directors. Studies show that it will take nearly 62 years for women to close the gap which exist between men and women on corporate board positions.
What Holds Women Back?
What factors are preventing women from advancing and moving up the corporate ladder? Since a majority of women are also responsible for running and maintaining their household, a lot of times work tends to conflict with their priorities in properly caring for their family particularly their children. In addition, gender stereotypes still exist in the workforce and women are viewed as being less qualified than their male counterparts.
Keep in mind that companies do, in fact, benefit from women in high positions. Companies and corporations with female board members tend to outperform fellow companies by 53% on return of equity which places their company at a lower risk of accumulating debt. In addition, 26% of companies with female board members outperformed companies with male board members by 26% worldwide.
Increase Women Workplace Growth
How can companies influence women to become board members? Companies need to create opportunities customized with females in mind. Benefits should coincide with fellow male board members. These advantages typically include professional development and guidance, an engaged leadership unit, and important work related responsibilities. In an effort to attract more females to become corporate board members companies must be considerate of a woman’s personal responsibilities thereby granting women flexible schedules, childcare programs, paid leave, and equal pay to their male counterparts.
What can women do to counteract the low rate of women of corporate positions? Women need to be much more assertive and negotiate higher pay. Moreover, women need to take credit for their hard work and all of their career achievements which will help them accept more demanding and challenging roles in the future.
Bear in mind that when companies do not hire talented females in their top positions which they so rightfully deserve these women will simply become their competition as they move to other companies and corporations. Remember than 8.1 million women in the United States own their own business which contributes approximately $3 trillion to the economy.