In conjunction with Women’s History Month, the Boston Consulting Group (BCG) recently surveyed women in finance on their satisfaction with their roles. Overwhelmingly, they expressed passion and enthusiasm for working in finance and accounting. Eve Scherer, CFO, Daimler Truck, expressed the sentiments succinctly when she said:
- “Finance is the heartbeat of the company. It’s an area that connects everything.”
In an encouraging sign of forward momentum, in 2024, 27% of new CFOs appointed in the S&P 500 were women—the highest number of women CFO appointments in the past five years according to the Russell Reynolds Global CFO Turnover Index. When digging deeper into industries, tech has made the most strides in advancing women to the CFO role, with 38% of incoming tech CFOs being female.
But continuing this forward progress requires a robust pipeline of women, ready to assume leadership roles. According to LeanIn’s 2024 Workplace Report, that pipeline may not be as robust as it should be. Though women and men account for entry-level roles at corporate organizations at roughly the same rates (48% of entry level roles were held by women and 52% by men in 2024), representation at the C-suite level is imbalanced (29% of women held C-suite positions in 2024 compared with 71% of men).
Companies have been doing more work to remedy the gender imbalance at the C-suite level. Inclusion strategies, like flexible working arrangements and employee training, have made it easier for women to move beyond mid-manager roles. But women surveyed by LeanIn say they need more support.
Sinead Gorman, CFO, Shell, recently shared her perspective on what organizations can do to be more inclusive and supportive of women in leadership roles:
- “A seat at the table is easy; a say is earned by structuring space where my perspective is necessary.”
BCG has also shared a number of strategies for organizations interested in retaining and promoting top female talent. These strategies include:
- Give underrepresented leaders a voice at the table, not just a seat
- Embrace active advocacy, not just mentorship
- Root out unconscious bias
- Ask “who is missing?” in every critical meeting or decision
- Make sure the pipeline is healthy by nurturing early and mid-career women
As organizations move closer and closer to gender parity in their workforce, they are reaping benefits like improved decision-making, more innovation, and more consistent financial performance. For example, in a recent Grant Thornton survey, one-third of survey respondents said “gender parity initiatives have created an environment where all employees feel equally valued.”
The benefits of more women entering the profession cannot be overstated. In order for those benefits to be fully realized, they must also have the support they need to make it into the executive ranks.