2024 has quietly become a year of notable strides for female leaders, even if the headlines don’t immediately reflect it. A recent article in the Wall Street Journal reveals progress that could shape the future of leadership for women.
At the highest levels of power, the momentum for women in leadership appears to have stalled. Female representation in Congress and at Fortune 500 companies has plateaued, and CVS Health’s Karen Lynch, once the CEO of the largest company led by a woman, was replaced by a male executive. Political milestones for women also fell short, with no significant breakthroughs in the presidential race.
However, these challenges don’t tell the full story. Women leading private companies valued at over $1 billion more than doubled in the past year. Female entrepreneurship saw a 41% increase, according to the Women Business Collaborative. Notable appointments like Joanna Geraghty at JetBlue Airways and Ariane Gorin at Expedia have driven the share of female CEOs in the Russell 3000 index to 9%, up from 6.8% just a year ago.
One of the most transformative trends is the growing preference for female bosses. A survey by the Survey Center on American Life found that younger workers, particularly women under 50, are increasingly inclined to choose female leaders. Among 20-something men, preferences are nearly evenly split between male and female bosses. This marks a shift from a decade ago when most workers preferred male managers, as reported by Gallup.
The rising visibility of women in leadership has likely contributed to this change. Studies by Harvard Business Review and McKinsey show that women often excel in engagement and nurturing leadership styles, though they face higher performance expectations.
While women are achieving more visibility in leadership, structural barriers remain. Women are still underrepresented in CEO-track roles and receive only a fraction of venture capital funding for startups. Yet, signs of change are emerging. Women now make up 42% of full-time MBA students, a leap from 34% a decade ago, with some top business schools achieving gender parity in enrollment.
The rise of women in leadership may soon become less of an anomaly and more of a norm. The journey is far from over, but the milestones of 2024 point to a future where gender becomes less of a defining factor in leadership. I look forward to see how this trend progresses in 2025.
By Mary E. Corrado, President & CEO of SBAM-approved partner, ASE.
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