By Edie Fraser
Edie Fraser is a recognized business leader, gender and diversity advocate, and philanthropist—receiving more than 73 major awards for her leadership. As the current Chair of Women Business Collaborative (WBC), Edie is also recognized as Founder and the organization’s first CEO. Also a founding member of C200, Edie is still an active member and serves on its board of directors.
Ruth Bader Ginsburg has famously said, “Women belong in all places where decisions are being made.” As a leader, how many women have you advocated for a CEO job, a board, or more capital? How are you committed to DEI leadership and commitment to purpose with DEI and ESG? Whatever you’re currently doing, let’s double that support. Empowering gender equality and achieving diversity in leadership positions not only fosters a more just and inclusive society but also brings tangible benefits to businesses and the economy as a whole. None of us can drive change alone. We can do this together by setting clear goals and collaborating as we advance and celebrate others. The emphasis is on “WE.”
As a Founder of C200 and board member for other women’s organizations—including the Women Business Collaborative(WBC) where I am currently Board Chair (after serving as CEO for four years during the building phase) —I’ve spent my career promoting the advancement of women for corporate, entrepreneurship, and board roles. I founded a member service for diversity practitioners: Diversity Best Practices, STEMconnector®, a resource to produce STEM results and connections with STEM Leaders in every sector, and have cultivated 2.5M women mentors through Million Women Mentors (MWM).
Reflecting on my long journey, there were so many role models—women and men—who fought beside me for equality and justice, who have shown me what it means to be strong, courageous, and resilient. Gratitude to them and all of us as we elevate women and celebrate when there are good results. Successful business leaders believe in giving back and ‘paying it forward’ with sponsorship and mentorship; they’re living out RBG’s call for us to “Fight for the things that you care about, but do it in a way that will lead others to join you.”
While the needle has clearly moved over the past few years, has the recent growth in Directors & Officers (D&O) appointments been enough? Currently 10.6% of women hold Fortune 500 CEO positions, with women making up only roughly 30% of boards and C-suites.
The Women Leading Boards special report from Women Business Collaborative (WBC) and 50/50 Women on Boards™ (WOB) provides a holistic view of the progress made by women over the past year. This report outlines the impact of the shift, shines a spotlight on areas where greater focus is required, and offers best practices to ensure the voices of women who currently sit on boards are being heard. In partnership with Equilar, the organization reports an average of some 36% per month on women board placements—including one-third women of color.
“Simply tracking the number of women on private- and public-company boards is no longer sufficient. More must be done to quantify the impact of enhanced board diversity and to measure the influence of woman directors, Chairs/Lead Directors, and Committee Chairs.”
To ensure progress, it is essential to demand transparent data on the outcomes of these advocacy efforts. Measuring and reporting the results of gender diversity initiatives provides accountability and allows for continuous improvement. Transparent data can also serve as a catalyst for change by highlighting the positive impacts of advocating for women in leadership positions, inspiring further investment and support.
Transparent data can also serve as a catalyst for change by highlighting the positive impacts of … [+] advocating for women in leadership positions, inspiring further investment and support.
Lalena Kennedy via Canva.com
To increase diversity, the WBC urges boards to appoint with intentionality, build tenure limits, and allow new perspectives to shape responses to shareholders, employees, customers, and the community’s needs. By advocating for this type of equity, we will build a more inclusive and prosperous business landscape for all as we identify women with skills sets in technology such as cyber and AI, and women with great financial acumen as well.
KPMG has promoted research that affirms gender equality for women in business isn’t just about being fair. There is proven ROI in opening doors for female professionals—and opportunity for better returns with lower volatility. Their report Driving Change: How Alternative Investments Organizations Help Women Rise and ROI Soar advises companies to reframe diversity as not a gender issue, but a workplace issue. Additionally, the report makes the case for building a stronger pipeline through casting a wider recruiting net and engaging nontraditional candidate pools.
The ROI for greater gender diversity in senior leadership is echoed in the Harvard Business Review article, Adding Women to the C-Suite Changes How Companies Think, which details how firms with women in senior positions are more profitable, more socially responsible, and provide higher-quality customer experiences—among other benefits.
Additionally, a McKinsey Global Institute (MGI) report, The Power of Parity: How Advancing Women’s Equality Can Add $12 Trillion to Global Growth focuses on the economic implications of lack of parity between men and women, and warns that if women—who account for half the world’s working-age population—do not achieve their full economic potential, the global economy will suffer.
Research has consistently shown that companies with gender-diverse leadership teams tend to outperform their peers in terms of financial performance. Increasing the number of women—with a priority on women of color—in executive positions and on corporate boards brings diverse perspectives and experiences to the decision-making process. This diversity of thought can enhance innovation and problem-solving, leading to better business strategies and increased profitability.
In addition, providing more capital and investment opportunities to women-led businesses can result in substantial economic growth. Women entrepreneurs often face unique challenges in accessing funding, limiting their ability to scale their ventures. By advocating for increased investment in women-led businesses, we can unlock their untapped potential and drive economic development through women’s entrepreneurship. Let’s award more capital to women and see more women partners in wealth management.
Defining purpose—from the board to the C-suite, to suppliers and community—is key. In the words of Margaret Mead, “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.” It’s up to us as business leaders to promote women’s leadership to create a more equitable and prosperous future for individuals, organizations, and society at large.