Four Key Reasons Women Aren’t Reaching the C-Suite Fast Enough—and How We Can Change That

We know that companies with strong diversity outperform their peer groups, but we’re not making progress at the rate you’d expect. Spoiler alert – and it is not because women lack the skills to lead companies! According to a Catalyst study in 2022, women are leaning into advanced degrees, exceeding men in bachelor’s degrees, master’s degrees, and doctorate degrees.

Sounds like progress, doesn’t it? However, these amazing accomplishments are not translating into an increase of women in the C-suite at the rate you’d expect. The Equilar study from April of 2022 shared that with CNBC’s TechCheck for women in the Russell 3000, women named executive officers increased to 13.7 percent in 2020. These are small numbers given women make up more than 50 percent of the workforce.

If we’re going to make progress, we need more women to aspire to reach senior leadership roles earlier in their career. And to achieve more pipeline, we’ll need to tackle many of the complex issues holding women back.

Unconscious Bias is Real 

Many of you will remember the example Sheryl Sandberg shared in Lean In, where university students were asked to study the same case study – with the only difference being the names in the case study (Heidi and Howard). Both men and women students alike described Howard as appealing and successful, while Heidi was described as selfish, and not someone you would aspire to work for. What an amazing example of unconscious bias. If a woman is assertive, she might be referred to as “bossy”, or if she’s too collaborative, perhaps “she can’t make difficult decisions”. This dance of being too tough, or not tough enough can be a difficult tightrope for women to walk.

How to change it: In a world where we are all encouraged to bring our authentic self to work, helping the women inside of your organization define their own leadership style is important. If they’re trying to work on their personal brand, coach them to ask their boss, mentors and peers for feedback on their brand. Companies should invest in training programs, so managers learn to recognize biases when they pop up. And women in any organization should be encouraged to speak up if they ever feel judged inappropriately.

Confidence Gap: The “I’m Not Good Enough Voice” 

Imposter syndrome is real, and countless studies have shown that this little inside voice can be a real career killer for women at all levels. Whether it is perfectionism, fear of failing, or simply being overwhelmed in the moment, there is no question that women hold themselves back instead of reaching for the brass ring. What if I am not good enough? What if I fail? These are real questions that keep women from applying for the next big job.

How to Change It: Mentors, coaches and diversity organizations can help a lot. Encourage women to share what their inside voice is telling them, with a reminder that this voice is often not sharing the true story. The best way to counteract fiction is by hitting back with some cold, hard facts. Have your high potential women create an inventory of the skills needed for the next big job, reminding themselves of their many current talents, while noting any gaps to be worked on. Risk taking is key and should be encouraged when it comes to career growth.

Where is Your Sponsor? You Need One 

Mentors are certainly critical as women aspire to achieve more. At times, we all need a coach or mentor to tap us on the shoulder to say, “You can do more”, stretching us to achieve results we didn’t know were possible. But a sponsor is more than a mentor, and studies show that women are less likely to have one than men. A sponsor is usually a senior leader who is advocating for a more junior person for their leadership capabilities. They might help to assign an important project for this person, recommend them for a promotion, or ensure they have access to additional resources.

How to Change It: Companies can and should develop formal programs to assign sponsors to high potential women. And women should advocate for themselves to find a sponsor, sharing their results and their desire to do more inside of the company. Given many companies have mostly men at the top – encourage women to seek out male sponsors versus simply looking for a female sponsor.

The Juggling Act: Work and Life  

Work and life are certainly a balance. And women often bear the brunt of the stress of balancing work and family, with studies showing women are more likely to pass on a promotion or reduce their hours to best support their families. So how do we encourage more women to aim for the corner office, if they’re overwhelmed in trying to make it through the day?

How To Change It: Certainly, more and more programs are emerging that encourage flexible hours, and work at home options to help with short term pressure. But more importantly, encourage the women in your organization to think long term, and play the long game in their career. I once had a mentor gently remind me that while my life was a bit chaotic with two small children…..in five, ten or fifteen years my life would be different. I would have more time for my career. Her advice to “get the right experiences in the next ten years” so that I would have the option to run a company down the road was a game changer for me.

So, here’s the thing. Women are more than capable of making it to the C-Suite, and the companies that do the best job at solving some of these systemic issues will win. By tackling these issues head on, we can create a clearer faster path for women to reach the top.

Written by Tracey Newell.
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