Despite a notable increase in the hiring of women in executive leadership roles among the UK’s largest companies, a report by gender consultancy The Pipeline reveals a significant gender gap in influential roles overseeing the commercial side of the business. As of July 2023, women constituted nearly one-third of executive committee members in the FTSE 350, but tended to occupy “functional roles,” such as HR and marketing, rather than profit and loss responsibilities crucial for CEO positions. Male CEOs still dominate, accounting for 91% in the index.

The report emphasizes the need for leaders to examine workplace culture and ensure equitable promotion procedures that are merit-based. Sue O’Brien, chair of The Pipeline, underscores the importance of taking care of, developing, and investing in the existing workforce as a priority.

While the report marks the first time women in FTSE 350 executive committee positions surpassed 30%, a significant gap exists between sectors. Industries like transport, electricity, and insurance are nearing gender parity at this level, while real estate and mining fall below 30%. Notably, the study found no women in executive committee positions at the two private equity firms included.

The data emerges amidst growing frustration within the City of London regarding the slow progress on gender equality. Recent high-profile sexual harassment scandals, including allegations against hedge fund titan Crispin Odey, have fueled calls for change. Parliamentarians have initiated an inquiry into sexism in financial services, and industry watchdogs are considering mandatory data disclosure to track progress on underrepresented groups in companies.

The Pipeline report also highlights that almost half of surveyed women identified workplace environment and culture as the most challenging obstacles to overcome for leadership progression. Approximately 48% emphasized the importance of workplace flexibility and career advancement for women to ascend the corporate ladder.

The glacial pace of progress toward gender parity, as indicated by the report, raises serious concerns, according to Sue O’Brien.

—

#GenderEquality #FTSE350 #ExecutiveLeadership #WorkplaceCulture #CorporateEquality #PipelineReport #UKBusiness #Leadership #MindVoiceNews #LatestNews