By Smita Khanna
Way back when I started my career in marketing around 17 years back, I had the good fortune to go on shadow calls with the company’s VP. What I always noticed was that the senior leadership that we would meet mostly comprised men. Many of the discussions were carried forward from the boardrooms to the by-lanes outside the office which functioned as a smoking area, laced with professional and social talks.
Cut to 2023, the scenario has evolved and women have made significant progress in the business world and hold many leadership positions. According to a report by LeanIn.Org and McKinsey and Company, women make up only 38% of managers, 22% of senior managers, and 4% of CEO positions in the United States. However, research has shown that having more women in leadership roles can benefit companies in many ways. Here are some strategies for women to advance in business leadership roles:
- Develop strong communication and interpersonal skills
Women leaders tend to have strong communication and interpersonal skills. According to a report by Korn Ferry, women are more likely than men to score higher in competencies related to empathy, interpersonal relationships, and collaboration. Developing these skills can help women build relationships with colleagues, manage teams effectively, and build trust with stakeholders.
- Advocate for yourself
Research has shown that women tend to be less likely to negotiate higher salaries and promotions than men. A study by the Harvard Business Review found that women are more hesitant to negotiate for higher salaries, which can lead to lower pay and fewer opportunities for advancement. Advocating for yourself can help you overcome this barrier and achieve your career goals.
- Seek out mentors and sponsors
Having a mentor or sponsor can be valuable for women who want to advance in their careers. Mentors can provide guidance, advice, and support, while sponsors can help connect women with career opportunities and advocate for their advancement. Seek mentors and sponsors who can help you navigate the challenges of leadership and provide growth opportunities.
- Promote diversity and inclusivity
Women leaders are more likely to promote diversity and inclusivity. A study by Harvard Business Review found that female leaders are more likely to encourage participation, facilitate communication, and foster a sense of belonging among team members. By promoting diversity and inclusivity, women can help create a more positive work environment and drive better business outcomes.
- Embrace new opportunities
Women who want to advance in leadership roles should be willing to embrace new opportunities and take on new challenges. This may involve stepping outside of your comfort zone, taking on leadership roles in different areas of the business, or pursuing new career paths. Embracing new opportunities can help you gain valuable experience and demonstrate your leadership potential.
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Despite the benefits of having women in leadership roles, women still face significant barriers to career advancement. However, by developing strong communication and interpersonal skills, advocating for themselves, seeking out mentors and sponsors, promoting diversity and inclusivity, and embracing new opportunities, women can overcome these barriers and achieve success in business leadership roles.
In conclusion, companies that embrace gender diversity in leadership tend to have better financial performance, and women have a lot to offer in terms of their communication skills, empathy, and collaborative abilities. By providing opportunities and breaking down the barriers that hold women back, we can create a more inclusive and prosperous business environment for all.
The author is chief operating officer, Newton Consulting India Pvt Ltd.
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