CEO speaks: Breaking the Glass Ceiling: Empowering Women to Lead
In recent years, we have seen a promising increase in women’s representation in the corporate world, rising from 21% in 2021 to 26% in 2023. However, this progress seems to halt at the threshold of executive, C-level management, and CEO positions, where the proportion of women has remained stagnant at a mere 16%. This disparity necessitates a critical examination of the key obstacles preventing women from reaching the highest echelons of corporate governance and the measures that can be taken to promote greater gender diversity at these levels.
Let us look at the data. Women constitute 30% of the entry-level workforce in India but only 10% of the senior management roles. Globally, in the technology sector, women hold 28% of senior leadership roles. The healthcare and pharmaceutical sectors show higher representation, with women occupying 35% of senior roles. In contrast, the financial services sector has only 15% women in senior management positions. Regionally, North America leads with 31% of senior roles held by women, while Europe follows with 27%. In Asia-Pacific, the figure drops to 19%. No wonder then that as of 2023, only 3% of CEOs in India’s top 100 companies are women!
One of the root causes of this disparity is the deep-seated belief, particularly prevalent in more traditional societies like India, that women are inherently weaker than men. From a young age, girls are often subtly and overtly conditioned to see themselves as less capable. This conditioning occurs both at home and in school, where societal norms and expectations can unwittingly reinforce gender stereotypes. Nothing can be further from the truth. Take Arundhati Bhattacharya, the first woman to chair the State Bank of India, who led the institution through challenging times with remarkable resilience and strategic acumen. Gita Gopinath, the first female Chief Economist of the International Monetary Fund, has been a beacon of intellectual prowess and leadership on the global economic stage. Indra Nooyi, former CEO of PepsiCo, exemplifies how strong leadership and strategic vision can drive a company’s success, while Mary Barra, CEO of General Motors, has shattered glass ceilings in the traditionally male-dominated automotive industry. These trailblazers demonstrate that with the right support and opportunities, women can excel in any field that they choose!
To change this narrative, we must start by instilling a belief in young girls that they are every bit as capable as their male counterparts. At home and in educational institutions, girls should be encouraged to pursue their dreams with confidence and resilience. This shift in mindset is crucial for developing the qualities essential for top C-level executives—resilience, confidence, and inspiring leadership skills. Parents and teachers play a pivotal role in this transformation. Encouraging girls to take on leadership roles in school projects, participate in sports, and engage in activities that build confidence can help foster these essential skills. By creating an environment where girls are not only allowed but encouraged to excel, we lay the foundation for future female leaders.
Women still face significant obstacles on their path to leadership, once they enter the workforce. These include unconscious biases that favour men for leadership roles, a lack of access to mentors and sponsors who can advocate for their advancement, and the challenge of balancing work and family responsibilities. Addressing these biases through training and awareness programs is essential, as is establishing mentorship programs to support women’s career growth. Moreover, flexible work policies and supportive workplace cultures can help mitigate the challenges of work-life balance. Women are also often excluded from informal networks that are crucial for career advancement, making it vital to create inclusive networking opportunities---especially and exclusively by and for women, if required! Sponsorship, as opposed to mentorship, where senior executives advocate for high-potential women within their organisations, can play a crucial role in accelerating their career advancement.
Governments and industry bodies can also contribute by setting regulatory frameworks and benchmarks for gender diversity in corporate leadership. These measures not only promote fairness but also enhance organisational performance, as diverse leadership teams are proven to drive better business outcomes.
In fact, research suggests that women in C-level leadership often bring distinct advantages through their leadership styles. Women leaders are generally found to excel in transformational leadership, which emphasises collaboration, empathy, and mentorship. This style fosters a positive organisational culture, enhances team performance, and encourages innovation. Women are also noted for their strong communication skills and ability to build consensus, which are critical in navigating complex business environments. Additionally, their approach to risk management is often more measured and inclusive, leading to more sustainable decision-making processes. These qualities contribute to better overall organizational health and improved financial performance!
The journey toward gender diversity in corporate leadership is challenging but essential. By addressing the obstacles that hinder women’s progress and creating a supportive environment that nurtures their potential, we can unlock the full potential of female leaders. Inspiring the next generation of female leaders begins with a simple yet profound belief: that they can achieve their dreams! With resilience, confidence, and the right support, women can and will break the glass ceiling---leading us all to a brighter future!
The author is the Group CEO of Techno India Group, a visionary and an educator. Beyond his corporate role, he is also a mentor who guides students towards resilience and self-discovery
