Women's History Month provides us with an opportunity to honor the tremendous progress that women have made in leading businesses and steering economic growth around the world. And they are just getting started.
I was dining recently in Manhattan when I noticed Emma Tucker and Zanny Minton Beddoes, the editors-in-chief of the Wall Street Journal and Economist, respectively, together at another table. They are each the first female editors of these illustrious publications, but they are not alone as women now lead MSNBC, Fox News, Reuters, and The Guardian. In a world of deteriorating trust, these women are setting the standards in truth.
While still a significant minority in the C-suite, female CEOs stand at the helms of Advanced Micro Devices, Citigroup, CVS Health, General Motors, and Vodafone, to name just a few, and Christine Lagarde and Janet Yellen are two of the most influential economic policymakers in the world.
On the more creative side, Beyoncé's hit "Run the World (Girls)" was an anthem in 2011, and she showed that she has the economic power of a small nation to back it up. Her Renaissance tour contributed around $4.5 billion to the U.S. economy in 2023, while Taylor Swift's Eras tour scored a mention in the Fed's Beige Book as a notable driver of hospitality spend last year. Entertainment can seem light, but it's worth acknowledging how brilliantly these women have each created a live-event, media, marketing, and merchandise juggernaut that speaks to audiences across the globe. Clearly, we have something to learn about what happens when exceptional women run the show.
Women already comprise the majority of U.S. and European college graduates and over the next decade, will make up the majority of the labor force on both sides of the Atlantic. After falling during the pandemic, labor-force participation rates for women around the world are now far exceeding pre-pandemic levels, as demographic and skills shortages draw more women into the workforce. These trends are here to stay.
More women in business influences everything from what goods and services companies offer to how they market them to how they recruit and retain talent. DEI is no longer a "nice to have" but is essential to building the workforce of tomorrow.
As heartened as I am by the progress that women have made—too often in the face of roadblocks set by men—challenges remain. It is harder for female entrepreneurs to secure financing, with only about 2% of venture capital going to women. A scarcity of mentoring and networking opportunities remain significant challenges, as do stubborn gender biases and pay and employment gaps throughout the business world.
I was struck by a recent Women's History Month panel among female leaders at AlixPartners, where their unique experiences—both challenges and successes—of building their careers made clear the imperative of inclusive business practices. At AlixPartners, our growth strategy includes a commitment to creating a more diverse and equitable workplace. That includes policies, programming, and opportunities dedicated to increasing the representation of women in our business. Thinking more expansively and creatively about career paths and more family-friendly policies, as well as providing mentorship and sponsorship for female leaders, are just some of the ways that organizations like ours can accelerate themselves on building their organizations of the future.
Collectively, we can overcome these challenges. I look forward to a fast-approaching future in which women in positions of leadership are simply routine and posts like this are a curiosity of history.
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