S&P Global Market Intelligence reports a concerning trend in corporate America, indicating a decline in women's representation in senior-level positions, particularly in the C-suite.
According to the report, women held 11.8% of approximately 15,000 C-suite roles in the S&P Global Total Market Index in 2023, down from 12.2% the previous year. This decline marks a major setback, considering the steady growth in women's representation observed over the past two decades, with numbers nearly tripling across broader senior positions to 22.3% in 2023.
Sarah Cottle, head of data and insights at S&P Global Market Intelligence, expressed disappointment over this development, stating that not only momentum but also seats for women in leadership roles have been lost.
READ NEXT : World Bank Study: No Workplace Equality for Women Globally, Gender Gap Far Bigger Than Expected
Why There Are Reduced Female Leaders in Corporate
The report attributes this decline to several factors, including a diminishing focus on diversity initiatives and challenges posed by legal uncertainties and political backlash against such initiatives.
The impact of the pandemic on female leaders' work-life balance and career opportunities has also been noted, with many women opting for more flexible and inclusive work environments.
Projections for achieving gender parity in the C-suite have been significantly revised, with forecasts now suggesting a timeline between 2055-2072, delayed by five to seven years compared to previous estimates.
For now, BNN Bloomberg reports that S&P remains hopeful for a future where companies that prioritize gender diversity at the top serve women's interests better.
Join the Conversation