Normalizing Female Leadership

How to inspire gender parity in the workplace

Today, women hold only 24 (4.8 percent) of the CEO positions in America's 500 biggest companies and corporate Canada isn’t faring much better. According to a report released in March 2019, of the 532 named Executive Officers (think C-suite executives) at Canada’s 100 largest publicly-traded corporations, 90 percent are men; only three female CEOs remain among Canada’s top 100 companies, and no female CEOs are found among Canada’s 25 largest corporations.

But how can this be? Women across North America have been “leaning in” and yet it seems the hope for equality and the reality continue to stand at opposite ends of Canada’s boardroom tables.

So what can be done to help build corporate environments that not only encourage but expect women to succeed – especially when men are two to three times more likely to be in a senior management position than are women?

First, we need to once and for all recognize that women are good for business. According to a study conducted by McKinsey & Company, “there is a positive correlation between the proportion of women in the top management and the organizational and financial performance of the companies. . . companies having women among top managers demonstrate higher operating margin and market capitalization in the industry than companies managed by men only.” In addition, having at least one woman on the board decreases bankruptcy by a full 20 percent. In short, true gender diversity means a distinct competitive edge.

Experience and evidence also indicate that a genuine, non-negotiable commitment to mentorship is key. While studies suggest that women are more likely to report barriers to accessing mentorship relationships, the positive impact of this mentorship can’t be ignored. In fact, according to Status of Women Canada, mentorship is consistently identified by women entrepreneurs as one of the most valued types of support; research shows that 88 percent of entrepreneurs with mentors survive in business, compared to a 50 percent failure rate for those without.

The corollary to that is that women executives need to be accessible. We know that being able to see female leadership firsthand inspires change. When employees see female leaders in executive roles, it motivates them to not only imagine what they can achieve but more clearly define their own plan to get there. At both pt Health and InnoCare, where more than 62 percent of our senior team is female, employees often articulate that “seeing is believing”, motivating them to more frequently throw their hats in the ring for senior roles. As the female CEO of a company in the area of health technology, where only about 3 percent of CEOs are women, this is an important reminder and call to action.

Global evidence has shown us that women are effective, collaborative leaders but it is infinitely harder to inspire someone if they can’t find you. We need to be present as role models and open with our own successes and struggles. Remember, Rosemary Brown didn’t encourage us to sneak in when no one was looking. She said open that door wide and hold it open for as long as you can.