Why women are still missing in the C-suite

And what can we do to change that?

Ahead of International Women’s Day on Sunday, we have been hearing from our female partners across Friisberg who have shared their reflections on leadership, careers and the decisions that shape them. Today new data published from LinkedIn’s Economic Graph explores how representation in leadership is evolving, or not... The findings point to a clear trend. Progress has not stopped, but it has slowed.

Globally, women represent 44% of the workforce but only 31% of leadership roles. The gap becomes even more visible at senior levels, where women hold just 31% of VP-level roles and above. Between 2015 and 2022, the share of women in leadership increased steadily at around 0.4% points per year. Over the past three years that pace has slowed to roughly 0.3% points. The difference may appear small, but over time it affects how quickly leadership teams become more balanced.

Across many sectors, women are well represented in the workforce but less visible in the most senior roles. Whilst women hold close to 50% of entry level roles in many organisations, representation falls to around 25% at C-suite level, illustrating how the leadership pipeline narrows over time. The issue is not only about hiring but also about how leadership talent is developed and promoted over time.

Geopolitical factors also influence hiring and promotion decisions. Recent data suggests the share of women hired directly into leadership roles has declined slightly in some markets. When progress slows during periods of uncertainty, leadership gaps can remain in place for longer than expected. For boards and executive teams thinking about succession, the question is therefore not only about current leadership composition. It is about the strength and breadth of the leadership pipeline over the next five to ten years.

We wrote a recent article about the EU Pay Transparency Directive, being implemented from June 2026. This will require organisations across the European Union to introduce greater transparency around pay structures. The directive will require salary ranges to be shared during recruitment processes, prohibit employers from asking candidates about salary history, and give employees stronger rights to request pay information for comparable roles.

As explored in our recent article, boards increasingly face a choice. They can shape the narrative around transparency and pay equity, or they can respond reactively as regulation and expectations evolve.

At Friisberg, we believe strong leadership is shaped by diversity of thought, experience and perspective. Leadership teams that bring together different viewpoints are often better equipped to challenge assumptions, assess risk and make well considered decisions. Diversity therefore goes beyond representation alone. It influences how organisations think, debate and ultimately lead. For boards and executive teams, building leadership teams with varied perspectives is an important part of long-term organisational strength.

The perspectives shared this week by women across Friisberg highlight an important reality. Leadership journeys are rarely linear. They depend on opportunity, support and judgement at key moments in a career.

Data helps us understand the broader pattern. Individual experience helps us understand what sits behind it.

International Women’s Day is an opportunity to reflect on progress, but also to consider the decisions that shape the future of leadership. For organisations thinking about the strength of their leadership pipeline, those decisions start long before the C-suite.