Women In Leadership: Why The Business World Needs To Be Ready For More Women Leaders
Although women’s equal participation in leadership is a vital factor in accomplishing the Sustainable Development Goals, data depicts that women remain underrepresented at all levels of decision-making globally. Nevertheless, the few female leaders in business and executive positions like Tonika Bruce have portrayed unique feminine traits such as multitasking, empathy, open communication, open-mindedness, and mindfulness that made them lead their teams successfully.
Additionally, women leaders have introduced diverse perspectives and experiences resulting in enhanced innovation.
Recently, topics about the number of women in leadership, equal pay in the workplace, and gender equality have been receiving increased attention. The discussion has forced business schools to create special tailor-made initiatives and programs for women. Among these initiatives, is enrolling women into MBA programs. An MBA can drastically influence women’s salaries and positions in their organizations.
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The Current Stats On Women Leaders
Gender equality and women serving in the highest executive positions such as heads of government or state are yet to be attained. Research by UN Women indicates that by September 2021, only twenty-six women were serving as heads of government or state. The study further shows a slow increment in the number of women serving as national parliamentarians. The number of women parliamentarians rose from 11% in 1995 to 22% in 2021. Nonetheless, women are determined, strong, and hardworking just like their male counterparts. Despite facts showing that Fortune 500 companies with a high female representation on their boards often outperform those with gender inequality, there are still few female leaders.
Case studies by Robert Smith indicate that in 2020 only 33 women occupied the CEO positions in fortune 500 companies. In addition, the number of female CEOs is just 5.5% among three thousand of the biggest companies in the U.S. The statistics on women leaders may seem demoralizing but there have been remarkable improvements over time, especially with more women graduating from MBA programs. In 2020, the number of women CEOs rose by 2%, making the number of female CEOs at Fortune 500 companies to be at an all-time high.
Statistically, women occupy about 29% of all senior management positions worldwide and 87% of international businesses have at least one female in a senior management role.
Companies have realized that hiring women creates gender diversity, which can help organizations accomplish better financial outcomes. A more diverse workplace brings together different ideas, thus facilitating quick growth and sustainability.
How The MBA Is Paving The Way For Women Leaders In Business
Historically, men have always dominated MBA courses and for numerous reasons, women have avoided the business field. However, this is changing for the better with more females entering the business world and more business schools admitting more females for MBA programs.
Erika James, the newly appointed first-ever black woman Dean in the 139 year-history of Wharton School just announced a 52% enrollment of women in the University’s new MBA class.
As a woman in leadership, Erika James is a champion, advocate, and role model for women in leadership. Her passion is best reflected in the years of academic scholarship in business and female executives. Not to mention her MBA teaching tenure and speaking engagements at women’s leadership forums.
Forté Foundation also reported that the total number of women students enrolled in MBA programs drastically rose from 32% in 2011 to 39% in 2019. The fundamental reason for this increase is that MBA schools play an essential role in providing women with the necessary confidence, skills, and tools to prosper in business. MBA schools eliminate the self-doubt and gender prejudice that women have no place in the business world. Furthermore, Professor Dianne Bevelander of the Rotterdam School of Management found out that MBAs give women the confidence and motivation to work their way up and become corporate leaders. MBAs pave the way for women’s talents to shine by empowering them to take risks, become innovative, and welcome leadership duties.
Things are improving for women leaders and MBA graduates, as the corporate world is accepting more female leaders. Looking at remuneration statistics, acquiring an MBA diploma will generally lead to a substantial income increase for women. In addition to salary increments, MBA programs equip women with the essential knowledge, skills, know-how, and credibility to rise continuously up the corporate ladder. Keystone MBA studies further indicate that women leaders with MBA education can lead, easily accept risk, and are more innovative.
The Contributions Of Women Leadership
It is about time the world acknowledges the contributions of women’s leadership and reserves more leadership positions for women. Women have proven to be powerful agents of change and their diverse perspectives have resulted in better decision-making strategies.
Women Leaders With MBA
Diplomas have demonstrated to be good decision-makers who are advancing gender equality and thus enhancing social, economic, and political progress. Additionally, women leaders enhance teamwork. Women demonstrate more enthusiasm, and passion, and take command of situations making teamwork feel more cooperative and less authoritative.
A meta-analysis comparison of male and female leaders by Natural HR acknowledged that women’s leadership was more transformational. Female leaders bring forward unique transformational concepts that lead to business prosperity. Moreover, women’s leadership has enhanced business-wide communication. Women are known to have unique skills such as strong communication skills, which they utilize to advance constructive conversations with clients, employees, and coworkers.
Gender diversity increases creativity, productivity, staff retention, and performance; consequently, 21% of women-led businesses experience above-average profitability. The value of workplace diversity and inclusion can not be overemphasized, and that is where the future of business is.
Advocating for gender equality in leadership and elevating women in decision-making ranks benefits businesses, politics, and communities. Therefore, governments and relevant stakeholders should ensure that women are getting the appropriate support such as enrollment in MBA programs that can propel them into leadership positions.
Tonika Bruce offers business and leadership coaching for professionals seeking executive positions in organizations and new business owners. To get a 15-minute call consultation: Book a Call with Coach Bruce.