Why more women are needed in senior leadership roles

Despite progress in recent years, women remain underrepresented in leadership roles across UK businesses. According to a 2023 McKinsey report, just 35% of leadership roles at FTSE 100 companies are filled by women – and there are just 10 female CEOs in this group of businesses. While these numbers have improved over the last ten years, they still highlight a significant gap that needs to be addressed. 

Boosting female representation in leadership is not just about fairness – it could result in significant business improvements. The same McKinsey research shows that companies in the top quartile for executive team gender diversity are 25% more likely to outperform on profitability than those in the bottom quartile. Diverse teams bring a broader range of experiences and problem-solving approaches, enhancing decision-making and innovation. 

Furthermore, employees – especially younger generations – increasingly prioritise working for companies that show a commitment to diversity, inclusion and equity. By promoting more women into leadership roles, could workplaces be better equipped to attract and retain the best talent? 

Barriers to female leadership

The benefits of gender-diverse leadership are clear. However, while much work has been done to reduce gender gaps in the workplace, systemic barriers still remain. Even today, some businesses and sectors still retain deep-seated biases that favour male leadership styles, while a lack of mentorship can result in women struggling to find senior advocates to help propel them into leadership roles. 

In many industries, leadership structures and cultures remain male-dominated, making it harder for women to advance, while work-life balance pressures can also have an impact. Women continue to take on a disproportionate share of caregiving responsibilities, making flexibility and support crucial elements of any leadership position. 

How can businesses drive change? 

To accelerate progress and encourage more women into leadership, UK businesses need to take deliberate actions. 

Where appropriate, they should establish measurable goals for gender diversity in leadership, allowing them to track progress. High-potential women should be offered access to influential mentors and sponsors to improve their path to the top, while structured hiring processes and leadership training programmes can help to reduce any unconscious bias. 

Businesses should work to foster a culture of inclusivity, cultivating an environment where diverse leadership styles are supported and valued. Finally, flexible working policies – such as hybrid working models and revised parental leave policies – can better enable women to balance career growth with personal responsibilities. 

The future of women in leadership

While the UK has made strides in increasing levels of female leadership, it is clear that there is still work to be done. Organisations that prioritise gender diversity will not only drive stronger business outcomes, but will also contribute to a more equitable and inclusive society. 

By actively addressing barriers to career progression and creating opportunities for women to rise to leadership roles, UK businesses can build a future where leadership truly reflects the diversity of talent available. 

Leading by example

Here at Vistage, we like to practise what we preach. The current economic climate has resulted in a significant increase in Vistage membership enquiries from business leaders looking for support and mentorship to help them reach new peaks. 

Member support comes not only from their fellow group members and their group Chair, but also from Vistage as an organisation. 

We’re excited to announce the appointment of a new Vistage Managing Director of UK & Ireland, Rebecca Drew, to help us – and you – to grow. With over 20 years of experience in scaling mentorship programmes, her impressive career history includes roles at LinkedIn and Chief. At the latter she helped to nurture a thriving executive membership network that empowers female leaders – and with her focus on driving inclusive and positive change, we’re excited to see what the future holds.

“I am thrilled to join Vistage at such an exciting phase of growth, where our members need our support the most. Mentorship plays a critical role in helping businesses achieve their full potential, especially during periods of uncertainty. Insights from our latest report highlight a significant decline in economic confidence among SME CEOs, with many citing concerns around revenue and profitability projections. This makes our work even more essential in equipping leaders with the tools and guidance they need to adapt, survive and thrive. I feel confident in our ability to work together with SMEs across the UK and Ireland to continue their growth trajectory and bolster a culture of resilience and innovation despite challenges in the wider business landscape” said Rebecca Drew, Managing Director, Vistage UK & Ireland.

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