Twitter Facebook LinkedIn Flipboard 0 The Network of Executive Women just released their “Women 2020: The Future of Women’s Leadership in Consumer Products and Retail” study. Have women made progress? Not really. The numbers haven’t changed over the past seven years when it comes to women in boardrooms – only 16.6 percent of the Fortune 500 board seats across the U.S. are women, according to Catalyst. Ironic when you consider that women are the sole or primary breadwinners in many families and make or influence most of the purchase decisions in today’s households, not to mention we hold court over an estimated $2.4 trillion worth of purchase power. What is holding women back? To date there has been little change to company culture. And stereotypes still persist. And in many companies, corporate policies aren’t in place to facilitate female success. A 2012 study by McKinsey & Company uncovered the most important attributes for leadership over the next 10 years: intellectual stimulation, participatory decision-making and setting expectations/rewards. All of these are attributes more commonly found among female leaders. And companies with women leaders have better morale. Consider this: study after study shows companies with gender-diverse leadership succeeds on a multitude of fronts. • 2012 Dow Jones study found start-ups with five or more female executives had a lower failure rate. • 2011 Catalyst reported companies with a minimum of three female directors outperformed those with none. Yet, women represent only 3 percent of the Fortune 500 CEOs and 5.1 percent of executive vice president or higher positions. The Rising Millennial Workforce In 15 years Millennials are predicted to be 75% of the workforce. Not only are they growing up digital and mobile, they have a different set of expectations when it comes to working. Great pay alone won’t attract them. They are looking for work/life balance, opportunities for advancement, training/development programs and of important note–a flexible workplace where they can be judged not by the hours they put in but the results/work they put out. According to a study by the National Retail Foundation, 40 percent of Millennials want to have their opinions heard and 25 percent want to manage their own projects. The Motherhood Penalty And can working mothers really have it all? It appears there are roadblocks that have nothing to do with their drive and ambition. Researchers from Cornell University ran a controlled experiment and found that mothers were penalized on a “host of measures, including perceived competence and starting salaries,” that had nothing to do with their job commitment or actual hours worked. Mothers are held to higher standards of punctuality and performance. Back in 2010, 70 percent of women in dual-income families said they carried the greater responsibility of routine childcare and were more typically the ones who had to take time off work when a child was sick or had an appointment. And most higher-level positions require extended hours and travel which causes challenges to being both a mother and business woman. Women of Color Women of Color face not just challenges from lack of leadership positions and the wage gap, but are subject to race and ethnic discrimination, as well as corporate culture, societal and institutional barriers. Women make 77 cents for every dollar men make and that drops to 64 cents for African American women and 55 cents for Latinas. They are disturbingly underrepresented in professional and managerial positions: Asian/3.1 percent, Latinas/4.4 percent and African American women at 5.4 percent. (Catalyst, June 2103) The Challenges Facing U.S. Companies Companies already embracing diversity are better poised to manage today’s competitive pressures. Women have been found to be more inclusive, collaborative and empathetic than male counterparts reported McKinsey. And creativity, which is critical to success today, is often hindered by traditional top-down management styles that are dominated by men. What other ideas will promote the advancement of women? • new types of physical working environments • opportunities to work virtually or telecommute • flexible work schedules (regardless of presence of children) • inclusion in networking opportunities • access to mentors • stretch assignments and special projects help with retention • clear strategic plans for women’s advancement But most importantly, women need to stand up. Not only can we be role models for the other women we work with but also, we need to find the time to mentor young women. Social media and technology has given us incredible tools to connect and share ideas that can bring new thinking to organizations. We need to take advantage of technology, such as social media, to speak up about these issues so we can begin to make some changes. Twitter Tweet Facebook Share Email This article was written for Business 2 Community by Connor Brooke.Learn how to publish your content on B2C Author: Connor Brooke Connor is a Scottish financial expert, specialising in wealth management and equity investing. Based in Glasgow, Connor writes full-time for a wide selection of financial websites, whilst also providing startup consulting to small businesses. Holding a Bachelor’s degree in Finance, and a Master’s degree in Investment Fund Management, Connor has … View full profile ›More by this author:ACH Crypto Price Prediction 2022 – Is it a Buy?Lucky Block Partners with Dillian Whyte ahead of Heavyweight Showdown with Tyson FuryNFT Pixel Art – The Best NFT Collections for 2022