For women in the business world, we know all too well how slow and distressful making progress can be. Despite that, women continue to push for more equality as business leaders because we are seeing great strides being made. It takes time, determination and hard work to move the needle slightly forward toward your goal. This is why we do the work we do, this is why women need to be intentional about advancing other women forward.
Through C200, I had the pleasure of helping create the third annual Women CEOs in America Report alongside Women Business Collaborative, Ascend and Catalyst to show just how far we’ve come. The number of women in C-suite positions across the country has hit historic highs, which is impressive considering just 34 years ago, women couldn’t get a business loan without a male co-signer.
While this is great progress, there is still work to be done, and transparency is the key to making that happen.
What Does Progress Look Like?
“This report highlights what we’ve long known about women’s advancement to the top job in the C-suite: The progress is slow, but it is possible,” said Lorraine Hariton, president and CEO of Catalyst. When this report was first written, 8.8% of women were at the helm of Fortune 500 companies. That number now sits at 9%!
For a broader view of the state of women in business, we look at the Russell 3000. This index, unlike the Fortune 500 or S&P 500, includes a wider group of companies listed in the stock market that aren’t included on other indexes. There are 3,000 publicly traded U.S. companies included. In 2021, there were 158 companies that had a woman as CEO. This year, there are 186 female CEOs of Russell 3000 companies like Sirius XM Holdings, La-Z-Boy and Sally Beauty Holdings. As for private companies, 14.2% of companies have at least one woman on their board and in 2021, one more woman was appointed CEO of a privately held company.
Diversity is Key
Progress is slow in corporate America, but we are seeing a lot of growth in the number of women starting businesses, especially women of color. Women own 40% of all companies in America, but it is women of color who have been a driving force in pushing that number higher. Black and Latina founders are starting businesses in record numbers. According to data from ProjectDiane, the number of Black and Latina women-owned startups doubled between 2018 and 2020 with over 650 startups across the country. More of these businesses are receiving funding too.
This progress is something to be celebrated, but there is a lot of work to do. Right now, women of color only make up 1% of Fortune 500 CEOs.
We created this report to hold companies accountable. To keep moving forward, executives need to make sure women, especially women of color, have equal access to leadership opportunities, networks, funding and continuing education for advancement.
Keep Moving Forward
To keep up this momentum, we are calling on companies across the country to help us. By 2025, we want to see women make up 15% of Fortune 500 and S&P 500 CEOs and women of color make up 10% of CEOs.
The best way we can continue to shift perspectives and make changes is by leaning on each other and demanding more women get a seat at the table.
At C200, we strive to be a force of change and give women a network of like-minded female business executives and owners to help push them to new heights. If you are looking for a group of female leaders who will help you get to the top of your business, consider joining C200 and send in an application at c200.org.
As a leader, at some point you’ll find yourself managing through tough times. Don’t wait for the next crisis to start building confidence in your leadership abilities; belief stories should be a regular part of your communication. These stories can amplify your commitment and strengths, how you show up, and where you’re headed—so when a crisis is looming, you can lean into those narratives to inspire people to keep trusting you have the stuff to lead them.
In this article for Forbes, C200 member Nancy Duarte explains why you need to give people reasons to believe in your leadership while times are good, so you can keep them aligned, motivated, and loyal when things get tough.
Working parents juggling the demands of their jobs and families is nothing new, but the pandemic presented a unique challenge of trying to find a balance between personal and professional responsibilities within the home. With the holiday season and the rise of the Delta variant, the possibility of remote learning and hybrid classrooms are on everyone’s minds again. For some working parents, these unknown situations are difficult to prepare for, and it’s especially taking a toll on working moms.
Together with the Angus Reid Group, C200 and Eileen Campbell, a member of C200’s Board of Directors, commissioned a survey of 1,000 American adults. The survey found women are twice as likely as their significant others to take time off or even drop out of the workforce completely to deal with the working parent problems we’re seeing today. The sudden increase in women leaving their jobs to take on family responsibilities could have a detrimental impact on equality in the workforce for decades. To avoid this, we can take a two-sided approach to support working moms from both the leadership and employee perspective. When both leaders and their employees approach this year with that compassion in mind, we can come together to find ways to effectively support working moms and avoid burnout.
Be compassionate with yourself and with your team.
Working Moms Whether you have school-age children or not, we know how hard it is to balance work and family. C200 member and President of VSP Vision Care, Kate Renwick-Espinosa, said, “Personally, I remember how tough it was for me, years ago, to be working while my kids were young. And I didn’t even have to manage virtual learning as so many working moms have during the pandemic.”
Every employee is going to be different. No matter what your situation is, it’s okay to be compassionate with yourself as you figure out what works best for you.
Take time to think about what that support looks like and what you need. Our survey showed that women want more choices for support than they’ve had in the past, whether it’s additional paid sick leave, flexible start times or financial support for family care. Realizing and expressing your needs can help your leaders make better decisions for you as an employee.
Leaders Whether you’re the executive making the decisions or a manager in charge of a small team, leading with compassion will make a difference for working moms. Everyone’s situation will be different this year, so leaders must make sure they listen with empathy when a team member shares their needs or advocates for the needs of others. Kate said, in her role at VSP Vision Care, she’s taken the approach of trying to welcome kids in the background and the noises of pets or people at home as part of the new work-from-home life.
We’ve seen that leading with compassion not only helps your employee’s overall wellbeing but can also help with employee retention and productivity. According to this Forbes article, a recent study showed that 54% of women who had highly empathic leaders experienced less COVID-related burnout. If we can all approach this year with a little more compassion, leaders can ensure we’re not leaving women behind in the workforce.
Take actionable steps to effectively support working moms.
Working Moms Once you are given the space to determine if you need extra help, you need to feel empowered to ask for that support. “If you don’t communicate what you need, you won’t get the support you need and deserve,” Kate said. If your employer offers a flexible work schedule, determine what that looks like for you and ask for what you need to make it possible. Finding a work-life balance shouldn’t mean you say goodbye to work-free evenings and weekends, but rather that you have the support you need to do your best work no matter where or how you’re doing it. Take the initiative to ask for resources, whether it’s to work from home or childcare support, so leaders can take actionable steps to provide it.
Leaders Determining what the support for working moms looks like and how it will function within your company or team comes from the leaders. Develop mechanisms to gather direct feedback from employees about opportunities for improvement, specifically around family support needs and then act based on that feedback. Recently, VSP Vision Care began offering new employee benefits to help manage family care. “One program we added, for example, helps working parents find local caregivers, tutors and more,” Kate said.
We can all benefit by transitioning from measuring an employee’s worth by the time they spend in the office and instead, measure it by the results they produce. That way, we can meet working moms where they are, without leaving them out of important meetings or off important projects. Taking these actionable steps ensures that working moms are not only being heard but what they need is being valued.
How do we adjust?
Our survey of 1,000 American adults showed the future of work is not just about being flexible, it’s about looking at benefits differently, leading with compassion and offering the resources women need. This includes adjusting regularly. We can’t get comfortable with making a change to benefits or offering support only once a year because the world is changing faster than that − as we’ve seen throughout the pandemic. Instead, we need to frequently give and receive constructive feedback to create a place where working moms feel valued. These steps not only help working moms, but all employees with or without children.
We are at a key inflection point in making sure women don’t get left behind in the workforce. Not only can employees stand up for what they need, but leaders can offer support to ensure working moms stay in the workforce. We can make sure they are given the same opportunities as men to climb the corporate ladder despite the uncertainty of this year.
One of the things I value most in life is my network. Over the years, I have managed to surround myself with a group of individuals I wouldn’t trade for the world. They are intelligent, thoughtful, and kind. They have impeccable business acumen, and many are among the very best in the world at what they do. In ways that are both minor and monumental, this cohort has made me a better person than I ever could have been alone.
I’ve found my people. The best advice I could ever give you is to find yours—and to hold onto them!
Life is a wonderful journey. It’s exciting, complicated, and everything in between. Just when you think you have everything figured out and under control, a global pandemic comes out of nowhere and teaches you otherwise. (But if it wasn’t a pandemic, it would be something else: a health scare, a sudden disruption in your industry, or any number of other derailers that would make you reevaluate everything you’ve worked for and prioritized throughout the years.) Going through that kind of thing (or anything) alone is hard.
As human beings, we are social creatures. We have an intrinsic need for belonging, and a core aspect of living our best life is forming meaningful connections with others. Most of us realize this on a personal level, but it’s also true professionally.
As a leader, you’re only as good as the people you surround yourself with. If you want to keep growing, it’s essential to continue forming new connections with people who will challenge you, give you fresh ideas, and expose you to new perspectives. This kind of guidance and support is priceless.
This is why I joined C200 almost 20 years ago. I was grateful for C200’s onboarding program that provided opportunities to connect with fellow members; I felt a comfort level from the first event I attended. The women I met at that new member luncheon are still an important part of my network today.
I can’t even begin to tell you the number of times I was able to improve something or make the best decision for my business because I learned a great tip or strategy from one of my connections. In fact, without these wonderful people in my life, there’s a good chance I wouldn’t still be running a successful advertising agency.
I received some invaluable insight from my cohort about 10 years ago when my business partner decided to retire. Our company was going through some major changes and a big conglomerate wanted to buy us. I was both thrilled and flattered, but I wasn’t sure if it was the right move. My husband, accountant, and lawyer were immensely helpful, but the advice I needed extended beyond facts and figures. I needed to talk it through with people I trusted, brainstorm different scenarios for how it might play out, and think about how my happiness could be impacted.
In the end, I chose not to sell. It was the right decision, and I’m honestly not sure if I would have made it on my own. The people I confided in had known me for years and they understood what made me tick. They were able to break down potential scenarios and give me personalized advice that I couldn’t have gotten anywhere else. Their support was life-changing, and I’m beyond grateful that I still own my firm today.
This is just one example of how a solid network can serve as your life preserver in challenging times. Being a member of C200 throughout the pandemic reinforced the value in finding my people. The camaraderie and valuable discussions on our regular C200 Council calls helped me maintain connections and make important decisions in my business.
And although it’s helpful to have a network to lean on in difficult times, sharing your wins with your people is one of the most joyful experiences I’ve had. My C200 community has always been there to celebrate, inspire, and support my success.
Here are a few tips for finding your people and holding onto them:
Practice generosity of spirit
So many people network because they want to help themselves land a new job or bring in more business for their firm. This is the wrong mentality! When you network—intentionally or otherwise—your focus should be on adding value. Be a good listener, a mentor, and go out of your way to make introductions and give referrals. Having a service mentality will help you build meaningful relationships that stand the test of time.
Be a joiner
Most well-connected people belong to a lot of groups and associations. These kinds of organizations are the perfect platform for making new connections because they are filled with people who value relationships and put the time into cultivating new ones. Personally, I belong to and have served on the boards of C200, The Women Presidents’ Organization, and The Manhattan Chamber of Commerce—just to name a few. I’ve held leadership roles and board positions at other organizations over the years as well. Sometimes my friends are amazed at how many people I know, but after all of the organizations I’ve been involved in, I should know a lot of people!
If you’re looking to widen your own circle this year, join a couple new groups even if they only have virtual meetings. Keep in mind that it’s nice to connect with people who have a lot in common with you, but you often learn more from heterogeneous groups.
Take care of your team
Some of the most important individuals in my network are my employees. Many of them have truly become like family, and without their dedication and hard work, we couldn’t serve our clients. That’s why I felt it was my duty to take care of my team when it seemed like the world was crumbling around us. These past two years, I’ve focused on leading with compassion and understanding. When employees couldn’t make meetings or reply immediately to emails because they were home with young children, I not only gave them the benefit of the doubt, but I asked our clients to do so as well. At our agency, View, we’ve always gone above and beyond to provide the best possible experience for clients, and we will continue to do so by giving one another more grace.
Finding your people and keeping in touch with them is more important than ever before. Now is the time to call an old friend, reach out to a past colleague on LinkedIn, or join that association you’ve been eyeing for years. If you make a real effort to get to know others, you will be amazed at how much it impacts your life. Never stop connecting!
