According to Grant Thornton's research on women's business in the global market, changes during the pandemic have slightly boosted the advancement of women in senior management. Developing a business culture that empowers people through flexible ways of working and supporting women in leadership positions are some of the factors that greatly improve business, and if these factors were not there, by 2025, only 34% of leading positions in companies at the global level will be occupied by women.

While progress in the overall number of women in senior management continues, the latest research from Grant Thornton reveals that it is happening more slowly, as indicated by the fact that the result has increased by only 13% since the survey was first conducted in 2003. Given the gradual change, more determination should be invested in taking advantage of diversity. The growing emphasis on corporate responsibility and global standards is putting pressure on companies to form diverse management teams, and rejecting this business culture will make it harder to raise capital and attract investors.

The research shows that many mid-sized companies have focused on succession planning to bring more women into leadership positions, including implementing programs for mentoring, coaching, leadership development and well-being. Companies should now turn their attention to developing more transparent pathways to leadership and more transparency in hiring, promotions and performance.

In addition, a significant increase in the number of women in leadership positions will lead to more companies committing to flexible work and developing an organizational culture that supports it. Research by Grant Thornton has shown that hybrid and work-from-home models are preferred by the majority of women in leadership positions. In medium-sized companies that have adopted a hybrid way of working, 34% of management positions are held by women, while in companies that are fully flexible (in which employees choose how to work), they are 36%. Since many companies do not embrace hybrid or flexible ways of working, women are forced to consider part-time work, which could hamper their career progression.

Amid a global skills shortage and talent crisis, companies that adopt flexible working can also take advantage of improved cross-border working and access to more talent, such as people with disabilities, those living in more remote locations or those seeking a better work-life balance.

Businesses that have already adopted this way of working have thrived during the pandemic as they quickly switched to working from home. Most importantly, these organizations had a business culture that empowered people to work in this way. Organizations that want to work more flexibly now, after the pandemic, must ensure a business culture that supports this. This includes building a workplace culture that protects against the potential pitfalls of hybrid work, such as leaving women out of critical relationship-building and decision-making. Overall, the research found that men are more likely to report that their business encourages an open door policy among management, while women report that this does not happen as often.

Peter Bodin, CEO of GTIL, notes that fostering a diverse workforce at all levels with a global focus on gender is a key focus of Grant Thornton's network strategy: "Our commitment is to accelerate progress in this area and psychologically safe environments where everyone feels empowered to give the best he can. We know that we must be intentional and determined in our pursuit of equality, and other companies must do the same in order to remain robust, resilient and relevant in an ever-changing market.”

Greater diversity is a positive for companies – it demonstrates they are ethical and fair, it boosts business performance, and results in better outcomes and decisions. More cross-border diversity also fosters a growth mindset – bringing broader perspectives that can fuel creativity and create a better way of doing business.

More information on this topic can be found at the link, and the Women in Business report for 2023 can be downloaded below.

Data source: Grant Thornton International