In 2022, Grant Thornton’s Women in Business research has once again tracked the position of women in senior management across the world, and the progress towards gender parity in leadership.

Our 2021 Women in Business report identified a window of opportunity created by post-pandemic working practices that were enabling more women to move into senior roles. In 2022, as economies slowly recover and the worst impacts of the pandemic recede, that trend looks set to continue.

In this year’s data, we see mid-market businesses across the world taking decisive action to mould more flexible working practices around the needs of their people. They say that they are prioritizing employee engagement and modelling open, inclusive working environments. By so doing, organizations are opening the door to bring female talent into senior positions in greater numbers than ever before.

“It is essential for companies to become more equal,” says Alexandra Baltouka, Partner, Head of Marketing & Client Experience. “It is a requirement for being attractive to both customers and employees. Gender equality is something we as leaders must prioritize every day, in every decision we make.”

32% graphics.jpgDeliberate, continued action by businesses has resulted in an increase in the proportion of women in senior management around the globe. Women now hold 32% of top leadership positions, up from 31% in 2021. These include chief executive officer and managing director, chief finance officer, chief information officer, chief operations officer, chief marketing officer and human resources director roles. The increase continues the linear growth plotted over recent years. In the last decade, we have seen the proportion of female leaders grow by 11 percentage points, up from 21% in 2012.

Across the 5,000 business leaders in 29 countries surveyed by Grant Thornton, 90% record their business as having at least one woman in the C-suite or equivalent. Regionally, there has also been positive progress, with every area we report on equaling or passing 30% of senior roles held by women.

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“The most important asset a business can have in order to create an inclusive environment is leadership teams that share the company’s vision,” states Vassilis Kazas, Managing Partner at Grant Thornton Greece. “It is important for leaders to understand that inclusion is about ensuring that everyone’s voice is heard, opinions are considered, and opportunities are shared equally between work groups.”

Tackling the talent crunch

An increase in gender diversity at the top level leads to business benefits, particularly in light of the global shortage. With traditional business models being challenged in favour of more fluid structures, and recruiters widening their nets to draw from a global talent pool, businesses are having to compete harder for individuals with the abilities to lead and succeed in the new business landscape.

Grant Thornton’s International Business Report research reveals that 57% of mid-market organisations expect talent shortages to be a major constraint to their businesses over the next 12 months. A record level of talent churn, being termed the ‘great resignation’, is adding to the pressure to retain and attract the best people.

With employees re-evaluating their work-life balance and reconsidering the route of their career paths in the wake of the pandemic, businesses are having to be more authentic in building environments where their people can find purpose. A central element of this is to tailor working models to individual employees, making it easier and more appealing for them to remain with their employers as their life priorities shift.

A specific focus on opening up opportunities for women to move into senior roles through more flexible working practices will be a major way of tackling the talent shortage. Our 2022 Women in Business report explores the ways in which organisations can open the door for more diverse people – and empower them to step through to future success.

Looking to the future

Female talent is an essential resource and vital to good business outcomes, as well as fundamental to bridging the skills gap. Forward-looking organisations are already collaborating with employees to remodel working setups in order to allow all candidates the opportunity to achieve equity in seniority.

As these new working models become embedded and greater flexibility in employment practices is regarded as the norm, the opportunities for uninterrupted female career progression will increase. We are optimistic that this, along with continued, deliberate action by businesses to engage all of their people in an inclusive workplace – virtual or otherwise – will result in the continuing increase in female leadership.

With global numbers for senior women remaining consistently past the 30% tipping point – the proportion needed to spark significant positive momentum – over the last two unsettled years, we also hope to see an acceleration in the growth of female representation at senior management level.

“The numbers we are seeing currently may be the beginning stage of a significant change, rather than the tail end of previous progress,” suggests Katerina Koulouri, Partner, Head of People Experience & Culture. “It could be that new people are just starting to move into senior roles. It will be fascinating to see what happens in 12 months after a full year of significant movement.”

Women in Business in Greece

In Greece, the percentage of women in senior management was down by 5 percentage points in 2022, to 28% compared to 33% in 2021, nevertheless standing at the second highest level since 2014. At the same time, the proportion of businesses with no women in senior management has risen from 13% in 2021 to 22%.

However, it is encouraging that the proportion of women holding Chief Executive Officer (CEO) and Managing Director positions now stands at 16%, compared to 11% last year, returning close to 2020 levels (17%). In addition, the percentage of women in Chief Finance Officer (CFO) roles was up by 4 percentage points, to 36% compared to 32% in 2021. The percentage of women holding HR Director positions has remained level at 21%, while the proportion of women in Chief Operating Officer (CCO) roles dropped by 5 percentage points, to 14%

Greek businesses report that the top three actions they have taken to ensure employee engagement and inclusion in the past 12 months are: promoting work/life balance and/or flexibility for employees (33%), creating an environment where all colleagues can ‘speak up’ with ideas, issues and questions (27%) and instilling new working practices to better engage all employees.