Across the global mid‑market, 32.9% of senior management positions are held by women, down 1.1 percentage points from 2025, although long‑term progress remains upward with a 13.4pp increase over 22 years. Meanwhile, the share of businesses with all male leadership teams rose to 5.7%. Based on this trend line, achieving gender parity is projected to occur around 2051 - if momentum is regained. Based on last year’s report, we were 25 years away from reaching parity – so we have essentially lost another year.
APAC remains the lowest‑performing region at 31.8%, though Japan has improved 3.1pp to exceed 20% for the first time so there are some positive signs.
Commitment to gender equality remains strong in the mid market
Despite many large organisations retreating from diversity, equity and inclusion (DE&I) in 2024/2025, 92.7% of mid‑market firms have DE&I initiatives in place and three quarters remain committed to gender equality priorities. However, 21.9% of firms have relaxed, or plan to relax initiatives, particularly those relating to senior leadership positions.
Why visibility matters
Talent expectations are reshaping leadership visibility. This year’s research reveals 23% of mid‑market businesses report candidates asking about the leadership gender balance of their senior team - a 14.3pp jump from last year, and the largest increase across external stakeholders requesting this information. Meanwhile, 91.9% of senior leaders say they personally consider gender equality initiatives when applying for roles, with two‑thirds viewing these as a priority. If leaders demand this in their own job searches, candidates at every level increasingly expect the same transparency.
This visibility is influencing career mobility: Mid-market businesses are winning talent from larger organisations. Among female senior hires who joined within the past six months, 43.5% came from companies with more than 500 employees – above the long-term average of 38.4%.
As large organisations scale back DE&I, mid‑market firms that maintain their commitments are increasingly attractive. Around two‑thirds of recent female senior appointments were internal promotions, reinforcing the importance of visible role models, clear pathways, and retention strategies to demonstrate opportunities for progression are real. Businesses that roll back gender equality initiatives risk losing these leaders and weakening their talent pipeline.
Investors are amplifying the pressure for transparency. Potential new investors are the most likely external group to request gender‑balance data or evidence of improvement commitments, with 26.5% of firms receiving such requests in the past 12 months. With 47.6% of firms citing limited access to finance as a constraint, this visibility is now a strategic differentiator.
Leadership progress is mixed but directionally positive in key roles. The percentage of women in CEO positions rose to 23.8% (up 2.1pp), as well as increases across CCO, CIO and CSO roles—all of which are strategically influential and highly visible. HRO (43.0%), CFO (39.0%) and CMO (29.7%) remain the most gender‑balanced roles. This progress not only provides visible role models for aspiring female leaders but also helps embed diversity into the DNA of organisations.
The commercial benefits of female leadership are well‑established. Among businesses that remain committed to gender equality initiatives and plan to introduce new ones, 73% grew revenue above 5%, 56.2% grew staff numbers above 5%, and 48.8% increased exports above 5% in 2025. Leaders also perceive gender‑diverse teams as more innovative (22.1%), better at decision‑making (19.5%) and stronger in financial performance (18.8%).
What this means for New Zealand’s mid market
For New Zealand, competing in the APAC talent and investment ecosystem means visibility is even more crucial. With the region lagging on female representation, clear gender strategies paired with measurable outcomes can differentiate NZ organisations seeking to attract senior female talent, global candidates and capital.
Three actions stand out for NZ leaders:
The mid-market performs best when its leadership reflects the world it serves and that includes equal representation of women. To achieve this, we recommend three key actions for businesses and their leaders.
1. Use impact to accelerate parity and performance.
Demonstrate how your gender-balanced leadership drives stronger growth to build commitment and unlock opportunities. When teams see clear evidence that inclusion improves outcomes, it becomes easier to advance gender parity and achieve better business results at the same time.
2. Elevate diverse voices to prevent setbacks.
Give space to a wider range of perspectives to help prevent setbacks in gender equality and to position your organisation as a leader in inclusive growth. Formalised sponsorship, diverse succession planning, and an ecosystem‑wide approach to DE&I (including supplier expectations) reduce the risk of regressions and promote environments where diverse leaders thrive.
3. Increase visibility to attract talent and capital.
When initiatives are seen, they inspire talent, secure investment and differentiate your business in competitive markets. Candidate expectations are shifting quickly. You need to ensure your hiring managers can speak confidently about gender equality initiatives, internal progression pathways and representation data. Investors are already requesting gender‑balance information, making transparent reporting an advantage.
Businesses can’t afford to lose momentum
The 1.1pp global decline in women in senior management is a reminder of what is at stake, and progress is not guaranteed. The most competitive organisations will be those that make gender equality both a strategic priority and a visible reality. The message is clear: Visibility unlocks value. When women see leaders who look like them, advancement feels possible; when candidates see gender equality embedded in strategy and commitments turned into outcomes, they choose to join and stay; when investors see gender balanced leadership, they back growth.
The mid market is the engine of the global and the New Zealand economy - and when it invests visibly in gender equality, it drives performance that benefits the wider economy too. For New Zealand businesses, the opportunity is to turn intent into visible impact—this year, not the next.
