This month, ON Partners, a pure-play retained executive search firm building diverse C-level and board leadership teams, published its 2023 Executive Women Impact Report. The report revealed a 56% growth of female executives year-over-year in senior finance, tech, product, and supply chain appointed roles in addition to growth in other industry sectors. An analysis of executive searches completed from 2020-2022 by ON Partners also resulted in a 7.1% increase in average compensation for executive women.
“Our firm helped appoint over 300 executive women in the last few years into leadership roles,” said Matt Mooney, co-president at ON Partners. “While there is still room for ongoing growth and improvement in various industries, we are encouraged by the progress our clients and our firm have made with executive women in leadership.”
The 2023 Executive Women Impact Report illustrates positive progress for women leaders and comes just as Gen X women (those born from 1965 to 1980) are exiting their C-suite roles. These departures have the potential to create new challenges that can impact the journey of the next generation of career women into future executive leadership roles. In a country where 46.6% of the workforce is female, this also creates the opportunity for executive search firms like ON Partners to find and recruit female talent to prominent roles within numerous industries.
“There is a plethora of opportunity for women in these C-suite roles and I see it daily,” said Heidi Hoffman, Partner for ON Partners. “In supply chain roles specifically, this is true for female leadership and recently, we’ve helped appoint more women to procurement leadership positions. The pool of candidates in supply chain functions has become more diversified today than it was 10 years ago, with both women and people of color increasing in representation. With the inclusion of a diverse pool, the appointment of diverse executives will increase. This is a trend that allows young people to see professionals that look like them in more influential roles and encourages them to explore careers in these functions.”
According to a Bloomberg report, the number of women leading companies in the S&P 500 climbed 32% in the past year, but only 29.2% of chief executives were women in 2022. A Labor Department report showed that this number has barely budged since 2020 when it was 29.3%. In addition, women make up 40.5% of all management occupations, which also is down from 2021’s 40.9%.
“ON Partners will continue to work with companies to find the best executive talent,” said Tim Conti, co-president at ON Partners. “We recognize that there is still work to be done in helping to create professional opportunities for women and our goal is to remain committed to advocating for gender equity and helping to create inclusive environments where all professionals can thrive. It’s been a privilege to work and partner with public, private equity, and VC-backed organizations that are committed to building diverse leadership teams and we will continue to do our part in ensuring that can consistently occur.”
To learn more about ON’s approach and how the firm has rebuilt the institution of executive search for women leadership, visit https://onpartners.com/contact-executive-recruitment-agency/.
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