Among the 2024 Fortune 500 list, women made up only 9% of CEOs and held 33% of their board seats. For women of color, that number was less than 8%. At the current rate of progress, it will take nearly a half century for corporate America to reach parity for women.
Why does this matter? Gender inclusion at all levels ensures the best insights and perspectives are brought forward. Creating an inclusive environment with fair organizational structure and processes has been shown to contribute to higher employee engagement and retention.
Many organizations are working to close the gender gap by implementing programs that help measure retention, fair pay, and other metrics. Catalyst’s CEO Champions for Change is just one example, among many initiatives, of companies that are dedicating resources to meet the challenges facing talent today and tomorrow.
Women in leadership are often evaluated against a “masculine” standard. These gender stereotypes create a no-win situation for women leaders who are either viewed as "too tough" or "too soft.” The consequence is that women are held to higher standards with fewer rewards. Companies can employ strategies for dismantling the double-bind, including standardizing how employees are evaluated and advocating for the advancement of women.
of women are CEOs.
(Source: Fortune, 2024)
of women are on the Board of Directors.
(Source: Fortune, 2024)
of people on the Board of Directors are women of color.
(Source: Forbes, 2024)
of female board members feel they wield influence on their boards, compared to 81% of male board directors.
(Source: Fortune, 2024)
The glass cliff phenomenon occurs when women advance into top leadership positions only when the company is experiencing poor performance or turmoil. When women of color experience the glass cliff, they face even more scrutiny, aggression, and lack of empathy, making it harder for them to perform at their full potential as leaders. To prevent this, organizations should develop inclusive succession planning, root out bias from hiring and promotion processes, and measure progress to create accountability and transparency.
Join Mellody Hobson (Co-CEO and President, Ariel Investments) and Melonie Parker (Chief Diversity Officer, Google) as they share a candid conversation about challenges they’ve faced as executive leaders and women of color in the workplace. Discover key perspective shifts to prioritize talent as an asset—and learn how to encourage the genius in your ranks to thrive at every level of your organization.
Media Release
On pay equity, transparency, and advancing women into leadership, Catalyst CEO Champions For Change companies outperform global peers