While women have more representation in the C-suite than they did twenty years ago, the glass ceiling is still holding strong. The specialty chemicals and pharmaceutical industries are still largely dominated by men. In 2017, women made up 45% of the S&P workforce but accounted for only 5% of CEOs. When it comes to specialty chemicals, diversity is especially important because the field requires more innovation than most other industries.
Why Is There a Shortage of Women in Leadership Positions?
Women have to deal with many double standards that often discourage them from going after leadership positions. For example, men tend be more comfortable endorsing themselves, while women are judged more harshly when they take the initiative or advocate for themselves. It is also more socially acceptable for men to be competitive and ambitious than women – and they are encouraged to do so. Moreover, punishments for mistakes are often worse for women than for men. In some cases, women are passed over for promotions in favor of men, due to these ingrained biases at the top. While society has begun to address many of these roadblocks, these problems still exist.
Why Gender Diversity Is Important to Leadership
A recent study by the Peterson Institute for International Economics indicates that worldwide companies who have women at the C-suite level are more profitable. For generations, society has incorrectly labeled women as less innovative than men, but this simply isn’t true. Women leaders tend to be more innovative and more creative, which helps them bring about better results.
While no one gender is better suited to run a company, they bring different strength and weaknesses to the table. Thus, having diversity helps. Many female leaders excel at analyzing situations and are natural-born problem solvers, while men tend to be better at jumping into action.
Gender Diversity and Retention
Companies that have females in charge at the executive level tend to have less problems with retention. Many female employees are drawn to companies that have females in charge at the executive level because they believe the company will have less gender discrimination. They will also tend to stay with the company longer because they think they will be able to move up the ladder.
Ultimately, having more females in the C-suite will not only help increase diversity, but it will also help with retention. Moreover, it can even help make companies stronger and more profitable.
Are you looking for top talent in the Specialty Chemical, Plastics, or Animal Health industry?
Contact us to discuss how we can bring top leadership talent to your team. Boaz Partners is a premier executive search firm focused on the direct recruitment of executives and professionals for the specialty chemicals and plastics space. We are your partner, and our focus is on custom recruiting solutions.