This spring, Lauryn Hill was coronated as having the Best Album of All Time for her solo breakout “The Miseducation of Lauryn Hill” in 1998. Next in line were nine men including Michael Jackson, The Beatles, Prince, and others. Elsewhere, Taylor Swift, Beyoncé, Billie Eilish, and other women are dominating the music world.
Women in leadership positions in the business world? Not so much. While women represent 50.5% of the U.S. population, they occupy only 18.5% of CFO roles. One insightful study showed that there was a greater share of men named “John” (5.3%) and “David” (4.5%) than there were women (4.1%) in CEO positions for the S&P 1500. The U.S. is also in the bottom quarter of wealthy countries’ working conditions for women, bested by the Czech Republic and Slovakia.
What Will it Take?
Last month, a finance leadership conference saw women attendees in “abundance”; that’s promising. Two major factors might bring more change for women in the corner office. Firstly, we need support for employees starting families. The U.S. is the only wealthy country without a provision for paid maternity leave. States and companies can make progress here for all parents, even if federal laws lag. Secondly, we must encourage more women to enter and remain in public office. With women holding only 28.2% of U.S. congressional seats, proportional representation has room for improvement. Studies correlate an increased presence of women in government with greater focus on family policies and women’s rights. Much work to be done. Let’s not rest on our laurels.
“It’s important for us as leaders that once you get your seat and own it, you have to hold the door open for others behind you.” – Kate Jaspon, CFO, Inspire Brands
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