A recent report from Ultimate Software shed light on the issue
For women who rise through the ranks in the corporate world, it can get lonely at the top.
“The higher up the corporate ladder, the fewer women you will find,” according to the Data on Gender Diversity compiled by HCM specialist Ultimate Software.
Only 33 of the Fortune 500 CEOs of 2019 were women. And while this represents an increase from the 24 female leaders cited a year before, the number is still relatively small.
READ MORE: Is the old boys club still alive in the #MeToo era?
Despite their credentials, work history and expertise, women are 22% less likely to be promoted to a managerial role than their male counterparts.
Women of colour face even tougher barriers: on average, one in three women from the minority reportedly fail to advance in their career because they are often passed over for a promotion.
The glass ceiling continues to hold women down, locking them out of growth opportunities – yet those who have been able to reach the top have significantly been game changers in their own right.
Female managers are more likely to be engaged at work than male managers. This attitude creates a ripple effect across the team: more employees report feeling more engaged when they are assigned under a female manager.
READ MORE: Diversity and inclusion best practices to follow
These statistics on diversity in leadership also impact the bottom line. When organisations have 30% of their executive team being led by women, they witness a 15% rise in profitability, data showed.
The irony, however, is that only one in five executive roles are held by women.
“Women in leadership are hard to find, and women of colour in leadership are even rarer,” Ultimate noted. “With so few women being promoted, it begs the question: do women in leadership have a significant impact on a company and, if so, do people notice?”
Ultimate Software are HRD Canada’s Platinum Partner at our upcoming HR Tech Summit Toronto – book your tickets here.
