Brian Calley President and Chief Executive Officer at Small Business Association of Michigan | Official website
Brian Calley President and Chief Executive Officer at Small Business Association of Michigan | Official website
2024 has seen significant developments for women in leadership, though not all changes have made headlines. A Wall Street Journal article highlights progress that may influence future leadership roles for women.
At top levels of power, female representation appears stagnant. Women in Congress and Fortune 500 companies remain at a plateau, and Karen Lynch was replaced as CEO of CVS Health by a male executive. Political advancements also fell short with no major breakthroughs in the presidential race.
Despite these setbacks, there are positive trends. The number of women leading private companies valued over $1 billion more than doubled this year. Female entrepreneurship increased by 41%, according to the Women Business Collaborative. Notable appointments like Joanna Geraghty at JetBlue Airways and Ariane Gorin at Expedia have raised the percentage of female CEOs in the Russell 3000 index to 9%, up from 6.8% last year.
A significant trend is the growing preference for female bosses among younger workers. A Survey Center on American Life study found that young workers, especially women under 50, increasingly prefer female leaders. Among men in their twenties, preferences are nearly equal between male and female bosses—a shift from a decade ago when Gallup reported most workers preferred male managers.
The visibility of women in leadership likely contributes to this change. Research by Harvard Business Review and McKinsey indicates that women often excel with engaging and nurturing leadership styles but face higher performance expectations.
Women continue gaining visibility but still encounter structural barriers such as underrepresentation in CEO-track roles and limited venture capital funding for startups. However, change is underway; women now comprise 42% of full-time MBA students, up from 34% ten years ago, with some top business schools reaching gender parity.
As more women ascend to leadership roles, it may soon become common rather than exceptional. Although challenges persist, milestones achieved in 2024 suggest a future where gender becomes less defining in leadership roles.
By Mary E. Corrado, President & CEO of SBAM-approved partner, ASE.
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