Coty has one. So does Clorox. Kohls has one, too. General Motors has had one since 2014.
We are, of course, talking about women CEOs.
In 2023, the percentage of women CEOs in Fortune 500 companies reached 10.6 percent. That’s an all-time high, with over 50 major companies having women in the top position.
However, this “sky is the limit” momentum is losing traction. While 80 percent of executive women say “they’ve seen a change in the representation of women in C-suites over the last ten years, . . . the majority view this progress as expected or somewhat below expectations,” according to KPMG.
What factors are to blame for contributing to this slow pace of progress? Some research points to unsubstantiated beliefs that women lack ambition or are too emotional—both popular stereotypes in business circles. Other stereotypes hold that women aren’t comfortable taking risks or handling tough negotiations.
Hiring women leaders is not just a trend among dominant companies: It is a strategic move that drives innovation, enhances decision-making, and strengthens organizational culture. By prioritizing gender diversity in leadership, companies gain a broader perspective for strategic decision-making and can leverage more diverse skills to support innovative, forward-thinking leadership that is essential for any organization aiming to lead and succeed in the modern economy.
Let’s break down four of the most enduring myths about women in leadership and then go over the facts:
Myth: Women aren’t ambitious.
Fact: Many women are highly motivated and actively seek leadership opportunities while effectively balancing their professional and personal lives.
Some companies mistakenly believe that women are less driven or less inclined to pursue leadership roles, often due to family responsibilities. However, research shows that isn’t true.
In reality, many women are highly motivated and eagerly seek leadership opportunities while skillfully balancing both their professional and personal lives. A Women in the Workplace 2023 survey of women under the age of 30 found that “nine in ten . . . want to be promoted to the next level, and three in four aspire to become senior leaders.”
Myth: Women are too emotional to lead.
Fact: Emotional intelligence and soft skills are powerful assets in leadership, enabling better team dynamics, decision-making, and conflict resolution.
“Despite having more soft skills such as leadership and collaboration, women still lag behind in leadership roles worldwide,” says Manas Pratap Singh, editor at LinkedIn News. However, experts like Sue Duke, who heads LinkedIn’s Global Public Policy and Economic Graph Team, believe technology could change that.
“This slowdown comes during a period of workforce transformation,” Duke observes. “Generative artificial intelligence (GenAI) is shaking up how we work, with three in four people in desk-based roles now using it in their jobs.”
Duke believes the impact of new technologies plays to women’s strengths. According to LinkedIn data, women had a “28% larger share than men of essential soft skills for jobs of the future, including strategic leadership and collaboration.”
Add to this the growing number of female AI talent, and “the advent of GenAI presents an opportunity to help close the gender gap,” Duke says.
Myth: Women aren’t great decision-makers.
Fact: Women are equally capable of making bold decisions and often bring a more calculated and thoughtful approach that leads to sustainable outcomes.
Did you know women make 90 percent of a household’s financial decisions? The challenges that shape a woman’s personal experience seamlessly carry over to professional growth. It also illustrates a woman’s capability of making bold decisions and is often more calculated and thoughtful in their strategic approach to making business decisions.
Myth: Women can’t handle tough negotiations.
Fact: Women leaders often bring strong negotiation skills to the table, characterized by their ability to find win-win solutions, foster collaboration, and maintain strong relationships with stakeholders.
Some companies believe that women are less effective in tough negotiations. However, women leaders often bring strong negotiation skills to the table, characterized by their ability to find win-win solutions, foster collaboration, and maintain strong relationships with stakeholders.
“Learn as much as possible about the other person,” said former US Secretary of State Madeleine Albright to a Harvard Law School class. “I think the basis of any successful negotiation is to understand what the other person needs. You have to put yourself into the other person’s shoes.”
Forward-thinking companies like Citi, General Motors, Expedia, Voya Financial, The Hershey Company, and Equinix have embraced the diverse talents that women bring to the table. By challenging outdated assumptions and promoting women to leadership roles, these companies are fostering innovation and collaboration and driving remarkable business success.
