International Women’s Day is March 8th and this year’s theme is Accelerate Action. One thing that … [+] every business leader can do is acknowledge the outsized role that women play in helping organizations navigate increasingly complex challenges.

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If there is a common theme for businesses across every industry today, it is remarkable change. Change in workforce demographics; change around workplace norms, including where we work and whose voices get heard; change being both accelerated and magnified by more widespread adoption of AI; and change in how the benefits of diversity in thought and leadership are perceived. What’s getting lost amid the flurry of change and challenges to social norms that we’ve seen recently is the multitude of ways in which organizations benefit from having unique perspectives across a variety of individual backgrounds. Research shows that women bring unique strengths to leadership roles that allow for bold decision-making, relationship-building, goal setting, change management and collaboration. As we approach another International Women’s Day on March 8th, we continue to see signs of progress, albeit quite slow.

Women Are Narrowing Some Gender Gaps, But Progress Is Slow

Research from the Bank of America Institute shows that the gender pay gap has eroded in recent years, with women earning 84% of what men are paid among average full-time workers. The analysis also found that women are driving the growth of the U.S. workforce, as the labor participation rate among prime age women (25-54) grew twice as fast last year as the rate for prime age men.

Yet, the World Economic Forum estimates that it will take until 2158 to reach full gender parity at the current rate of progress according to its Global Gender Gap Report 2024. This stark reality set the stage for the Accelerate Action theme of this year’s International Women’s Day, highlighting the urgent need to take swift steps toward achieving gender equality.

Women Leaders Are Having Measurable Impacts on Their Organizations

The International Women’s Day movement encourages companies to optimize their efforts to recruit, develop, and retain diverse leaders and also provide them with opportunities to excel through access to training, mentorship, and allyship. And one thing that every business leader can do is acknowledge the outsized role that women play in helping organizations navigate increasingly complex challenges.

An analysis of 10-year returns among S&P 500 companies between 2014 and 2022 found that women-led companies outperformed those led by their male counterparts. Meanwhile, researchers at Bryant University who reviewed the managerial characteristics of CFOs at companies struggling with debt found that highly leveraged companies with female CFOs could reduce losses in sales growth by an average of 4.3%.

Despite the business case for having more women in leadership positions, not many have made it to the top. Research from Crist|Kolder Associates shows that the percentages of female CEOs and CFOs at Fortune 500 and S&P 500 companies have nearly doubled over the past 10 years, but women still only account for 9.7% and 17.6% of these roles, respectively.

Women are also having a significant impact in the boardroom, even though too few have had the opportunity to do so. The Conference Board reported that women held 34% of board positions at S&P 500 companies in 2024, along with a record 29% of board seats in the Russell 3000. However, women accounted for only 11% and 8% of board chair positions among the two indices, respectively. Despite this, an analysis conducted by Bloomberg Intelligence showed that companies with more women on their boards delivered higher returns than those with fewer women.

Business Leaders Can Play A Role In Addressing The Systemic Bias Women Face By Shifting Their Mindset

To achieve meaningful change, all business leaders must recognize that they can deliver better results for their customers or clients when they can attract and retain the smartest and most innovative talent from a wide range of backgrounds and experiences. ​This mindset can help businesses stay ahead of the competition and deliver more value to their shareholders. And it ​is achievable by fostering an environment where women and all employees with diverse backgrounds can do their best work.