Women make up more than one-half of the US labor force, but the road to the C-suite could be characterized as “one step forward, two steps back.”
The rate at which women advanced to senior leadership positions in S&P Global Total Market Index companies slowed to the lowest rate in more than a decade in 2023, according to recent research from S&P Global. Female representation in the C-suite also declined for the first time since the firm began tracking these trends in 2005. This data shows that HR departments still have work to do in order to support women seeking to advance to leadership positions in their companies.
Female representation in the C-suite drops. Growth in women’s representation for all senior positions in the S&P Global Total Market Index dropped to under 0.5% in 2023, compared to a 1.2% average in years prior. In the C-suite, women held 11.8% of about 15,000 available roles in publicly traded US firms. That’s down from 12.2% in 2022, the first decline S&P Global tracked in nearly 20 years.
How can HR support women seeking to advance? The “representation gap” evident in the C-suite “gets started very much earlier on down the corporate ladder,” Jackie Cook, Morningstar’s director of stewardship, product strategy, and development, told us, discussing her research on pay disparities in March. She pointed to phenomena such as a “broken rung” that keeps many women from progressing to manager-level positions.
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