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A Global Imperative: Gender Equality in the C-Suite

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A Global Imperative: Gender Equality in the C-Suite A Global Imperative: Gender Equality in the C-Suite The YPO Global Chief Executive Gender Equality Survey is the first of its kind conducted in partnership with the Financial Times and the United Nation’s HeForShe initiative. The research uncovered The YPO Global Chief Executive groundbreaking insights about the Gender Equality Survey looks at the journeys women and men around the actions chief executives can take to world took to reach the corner office. change this troubling dynamic, foster According to a study by executive a culture of gender inclusiveness, 2,079 search firm Heidrick & Struggles, and fast track gender parity in the CHIEF EXECUTIVES only 5% of chief executives globally workplace. are women. This report provides needed research to help uncover The data set represents gender specific roadblocks leaders contributions from 2,079 YPO face in their path to becoming a chief member chief executives ages 24 executive and how to remove those to 92 from 106 countries, 23% 106 obstacles for the next generation of (472) of whom were women. They COUNTRIES leaders. run businesses with annual revenues ranging from USD10 million to more Gender equality is a global imperative. than USD1 billion in more than 30 The World Economic Forum noted industries – from manufacturing, in its 2021 Global Gender Gap health care, technology and retail Report that the pandemic has had a to real estate. In addition, 1,245 23% disproportionate economic impact on respondents answered open- FEMALE CHIEF EXECUTIVES women; it now may take 267.6 years ended questions providing unique to achieve gender parity in economic perspectives on issues surrounding participation and opportunity. gender equity. Women’s workplace challenges over the past year have been further exacerbated by automation and digitization as well as the necessary “double-shift responsibilities” due to school closures and limited care. Page 2 | A Global Imperative: Gender Equality in the C-Suite Key Survey Findings Per survey respondents, who achieved chief executive level by age 45 to qualify for YPO membership, the Work ethic The percentage of female leadership journey takes, on average, two years (45%), female board directors in longer. Men who responded to the survey became chief relationship female-led businesses is executives at an average age of 33.6. In comparison, building (32%), double as compared to women respondents took on the role at an average age of and passion male-led businesses. 35.4. (30%) are the top three drivers 32% 16% “Work ethic” (45%), “relationship building” (32%), considering all and “passion” (30%) are the top three drivers from CEOs regardless 32+68+R 16+84+R all respondents regarding what helped most in their of gender. Percentage of female board leadership journeys. When looking only at women chief directors in female-led vs. male-led companies executives, the “desire for challenging goals” ranked second (30%) followed by “relationship building” (29%). Women-led businesses report more female diversity on their Women’s path to the C-suite may be stymied by self- boards, in senior management and in their organizations. discovery and societal expectations. About half of The percentage of female directors on boards is double male respondents (51%) knew early in their careers they (32%) in female-led businesses as compared to male-led wanted to be chief executives, while only one-third of businesses (16%). Female chief executives reported that 43% female respondents knew. Twenty-nine percent of male of their senior management is female versus 26% at male-run respondents said they became chief executives as part of businesses. At the organization level, 48% of the workforce their family business succession plan. This compares to is female at women-led companies; 37% of the workforce is just 23% of women. female at male-run companies. Across all respondents, the three biggest This suggests that female board obstacles they faced in their journey members are champions for gender to becoming a chief executive were, diversity and serve as role models according to members’ responses, % within their organizations, thereby “no prior professional network” (41%), supporting previous research “fear of failure” (40%) and “work/ 57 by Sociologist and University of life balance” (40%). Almost half of of respondents said their Pennsylvania Professor Damon female respondents (47%) noted organization is somewhat Centola. His work revealed that that “cultural expectations related or significantly more gender small groups can trigger change diverse than five years ago. to gender” were an obstacle, as in established work culture norms compared to less than 2% of males once they make up about 25% of who responded to the survey. the population. Fifty-seven percent of respondents said their Top actions business leaders can take to organization is somewhat or significantly more gender improve gender equality and create a culture diverse than five years ago. 57of gender inclusiveness +43V in the workplace include conduct bias training, hire female talent, support flexible work The biggest obstacle women face in achieving gender options, mentor women into leadership roles, support parity, according to female respondents, is the burden of equal pay, communicate gender policy to the organization unpaid work they have such as childcare and household and lead by example. responsibilities due to traditional gender roles (18%), followed by unconscious bias (11%). Page 3 | A Global Imperative: Gender Equality in the C-Suite The Leadership Journey The road to becoming a chief executive often starts with Average age first became CEO: by gender self-discovery. The YPO Global Chief Executive Gender Equality Survey revealed the key drivers that helped 35.4 individuals become chief executives and how they differ 33.6 between men and women. These insights shed light onto an area where there is little previous research. Nearly half (47%) of respondents became a chief executive because they aspired to the role from early in their career. Twenty-eight percent of respondents became a chief executive as part of their family business succession Male Female plan; 23% said their desire to be CEO became clear to them when they reached a senior role; 14% never intended to become a chief executive; and 10% said someone else told compared to one-third of female respondents. Twenty-nine them they should be a chief executive. percent of male respondents became chief executives as part of their family business succession plan as compared to The journey among this unique group to becoming a 23% of women. CEO is longer for female leaders, averaging two years more among YPO members. Men surveyed became chief There are only slight differences in the first chief executive executives at an average age of 33.6 while women took on roles held by men and women around the world. The the role at an average age of 35.4. survey revealed women are most likely to have their first chief executive role as a professional manager (38%) Self-discovery and societal expectations related to gender versus men (32%). Men were more likely to be a founder/ roles that vary globally may stymie women’s path to the entrepreneur (37%) versus women (33%). Both men and C-suite. About half of male respondents (51%) knew early women took on their first chief executive role in their family in their careers they wanted to become chief executives, business at similar rates, 31% and 29% respectively. Which of the following best describes why you first became a chief executive? (n=2,079) I knew early in my career that I wanted to become a chief executive 47% It was part of my family business succession plan 28% It became clear to me once I reached a senior role 23% I never intended to become a chief executive 14% Someone else told me that I should be a chief executive 10% Page 4 | A Global Imperative: Gender Equality in the C-Suite First Chief Executive Role by Region Total (n=2,065) 36% 33% 31% Africa (n=101) 45% 22% 33% Australia/New Zealand (n=83) 45% 30% 25% Canada (n=168) 41% 30% 29% Europe (n=332) 30% 43% 27% Latin America (n=184) 28% 37% 35% Middle East/North Africa (n=82) 34% 37% 29% North Asia (n=41) 27% 29% 44% South Asia (n=74) 38% 11% 51% Southeast Asia (n=65) 26% 32% 42% United States (n=935) 38% 33% 29% Founder/Entrepreneur Professional Manager Family Business Operator Across regions of the world, career drivers seem to In contrast, in Asia, only 24% of respondents were have been shaped by culture or market realities. professional managers in their first chief executive role. Instead, almost half (46%) cited being a family business In the continent of Africa (45%) and countries of Australia/ operator as their post in top leadership. This may be New Zealand (45%) and Canada (41%), chief executives because family businesses drive Asian economies and said their first role was as a founder/entrepreneur. For account for more than half of gross domestic product respondents in the United States, this was 38%; however, (GDP) in countries including Singapore and India, in some parts of the U.S., 47% of members said their first according to Accenture’s Family Business in Asia: 72+28V role was as a founder/entrepreneur. Deepening the Roots of Trust. Nearly two-thirds (62%) of female respondents in Africa The three factors that helped responding chief were a founder/entrepreneur in their first leadership role executives the most in their leadership journey to the as compared to 41% of male respondents from Africa. corner office were “work ethic” (45%), “the ability to build relationships” (32%) and “passion” (30%). In Europe, respondents had the highest likelihood of becoming a professional manager as their first role Nearly one-quarter (24%) of respondents revealed the (43%), followed by Latin America (37%) and the Middle “desire for challenging goals” and/or “taking on a East/North Africa (37%).
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