Diversity in all its forms benefits businesses, driving innovation, fresh perspectives, and new growth opportunities. In today’s fast-paced global market, a broad range of viewpoints helps businesses better analyse challenges and adapt to change. Likewise, diversity is essential for attracting both top talent and clients.
A groundbreaking report from Grant Thornton reveals that without immediate action, gender parity in senior management roles in mid-market companies won't be achieved until 2051—a stark reminder of the urgency to address gender inequality.
Despite steady progress in recent years, women currently hold just 34.0% of senior leadership positions globally, an increase of only 0.5 percentage points from 2024. At this rate, it will be more than a quarter of a century before a young woman beginning her career today will see gender-balanced leadership in mid-market firms. When we first began tracking this data 20 years ago, just 19.4% of senior positions were held by women. Today, only 4.1% of mid-market businesses have no women in senior management—an improvement from 6.7% last year. While progress has been significant, it is now stalling.
The power of the mid-size business
Mid-market businesses possess agility and ingenuity, making them the powerhouses of economies around the world.
They account for 90% of global businesses and create two-thirds of jobs worldwide. If this level of influence is applied to the challenge of gender equality in senior leadership positions, the results would be rapid and game-changing. Accelerating progress toward equality at senior levels throughout businesses will bring widespread advantages—boosting economies, enhancing business performance, and fostering more equitable, inclusive workplaces.
The costs of inaction are profound, with research from the International Monetary Fund indicating that closing the gender gap in developing markets alone could boost GDP by 23%.
What can your business do today to achieve gender parity tomorrow?
Our latest Women in Business Report sets out three key initiatives businesses can implement to start or enhance their journey to gender parity in senior leadership.
Set bold targets for senior female representation.
Most businesses (63.9%) have no target on the percentage of women in senior management. Without a clear target on this area, these firms risk slowing or stalling their growth, or falling further behind.
Our research has revealed the most effective goals businesses can set are targets for board appointments. 62.2% of businesses setting gender equality targets for the composition of their boards increased the proportion of women in their senior management teams – the largest of any single target. If a target is set in this area, then it’s clear that diversity in a company is considered a board-level priority, which likely has a trickle-down effect throughout the organisation.
Support women throughout their career journeys to retain and develop talent.
Firms need to consider targets focused on the ‘softer’ processes (networking, mentoring, and training) to ensure they have a pipeline of talent for senior positions, and they need to retain the talented female team members they employ by ensuring they are supported throughout their career.
Targets for mentoring, networking, and retention targets are particularly effective at driving diversity, yet are among the least implemented strategies by businesses.
Of businesses which set a target on networking, 61.1% have increased the gender balance of their senior teams. Likewise, more than half of firms that set a target on either mentoring (50.7%) or retention (50.7%) increased their gender balance in the last year.
Leadership commitment is essential to driving meaningful change, as is establishing clear diversity and inclusion goals with measurable progress. Identifying key processes and addressing underlying barriers are critical steps forward. Business leaders must champion gender diversity and foster inclusive cultures where diverse perspectives are valued and heard.
Exert pressure on external partners to ensure diversity across supply chains.
Over three-quarters (77.6%) of mid-market businesses reported receiving requests from clients, partners or investors (with new investors being the most frequent source), to demonstrate their commitment to gender diversity. Firms that responded to this pressure saw significant change: more than half (56.3%) increased the percentage of women in senior roles in the last 12 months. If mid-market firms want to grow, they must increase gender diversity.
The mid-market is the heartbeat of the global economy, and the same holds true for New Zealand. Its full potential is only fully realised when we embrace diverse leadership. This isn't just about equality – it's about unlocking unprecedented economic growth. By accelerating efforts toward gender balance, we're not just creating opportunities for women; we're fostering a more innovative, resilient and dynamic business landscape for generations to come.
The message is clear
To avoid another generation of missed opportunities for both businesses and women, we must maintain momentum. Advancing gender parity isn’t just about fairness—it’s a business necessity with the potential to transform economies.
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