ON Partners Releases 2023 Executive Women Impact Report

Report Reveals 56% Growth Year-Over-Year for Female Executives in Senior Finance, Tech, Product, and Supply Chain Appointed Roles

–ON Partners celebrates Women’s History Month with 2023 Executive Women Impact Report–

 

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2023 Executive Women Impact Report by ON Partners 

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In recognition of Women’s History Month this March, we’ve released the Executive Women Impact Report to reflect on the progress women have made in the workforce and to recognize the challenges that still lie ahead. At the forefront of this progress are the countless women who have broken barriers and paved the way for future generations.

The reality is that women continue to face barriers in the workplace, from gender bias and discrimination to unequal pay and lack of access to leadership opportunities.

As a retained executive search firm, ON Partners has the privilege to know, collaborate with and celebrate women leaders throughout our executive community.

This report celebrates the exceptional women executives in our community and the organizations that empower them to drive business impact and growth. At ON Partners, we understand the value of diversity in the workplace and the importance of promoting and supporting women in leadership positions.

Over the last few years, ON Partners has helped appoint over 300 women executives to leadership roles. 

As we continue to work with companies to find the best talent, we are committed to advocating for gender equity and helping to create inclusive environments where everyone can thrive.

A few highlights of the report include a 7.1% increase in women executives’ average compensation over the last two years, $424K average compensation for women executives in 2022, and a 56% increase YoY in women executive appointments in supply chain, finance, product and tech roles over the last three years.

 

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Moves to Celebrate Across Women Leaders and Organizations

 

Our executive search team has placed diverse senior executives across a range of industries and functions. Highlighted is a sample of the women leaders taking on senior roles and the organizations that we’ve collaborated with as we build more diverse leadership teams.

• Erica Fortune, SVP, e-Commerce, Advance Auto Parts
• Lisa Akhionbare, CAO, Tegus
• Michele Ave, GM, Columbia Sportswear
• Viji Subramanyam, CFO, Noveon Magnetics
• Erin Chin, CMO, Logitech
• Janelle Sallenave, Board Member, Intelycare
• Vivan Wu, VP Global Indirect Procurement, Estee Lauder
• Sarah Acker, COO, Voltyx
• Rinki Sethi, CISO, Bill.com
• Jennifer Fitzgerald, Board Member, Cinch Home Services
• Kimberly Anstett, CIO, Trellix
• Katy Moore, President, Allucent

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Market Insights from Experts 

 

Insights from Tara Flickinger, partner at ON Partners 

“As an executive woman and working mother of three, I connect with other executive working moms on a different and deeper level because of our shared challenges of balancing career and family.”

 

“There has been an impactful shift over the past few years regarding female executive representation. With the increased emphasis on diversity and workplace flexibility, I am now expected to and applauded for bringing women to the table.”

{Read more on executive women and working mothers here.}

Insights from Jeff Hocking, partner at ON Partners 

“Diverse candidates should not be meeting solely with a group of people that do not reflect their own gender, race, cultural or geographical backgrounds. They want to know there are other people who are more like them. Make sure you’re including diverse employees as part of the process or candidates could reject the opportunity. We in executive search are helping share knowledge – not just getting people to the table, but to a table where they feel safe and where they can feel a sense of belonging.”

{Read more on increasing diverse executive hires in tech here.}

Insights from Nina McMaster, partner at ON Partners 

“The market for diverse talent has become very competitive over the past several years, particularly across IT leadership roles. We’re committed to partnering closely with our clients to continue their diversity, equity, inclusion, and belonging initiatives.”

 

“It is so important for some organizations that I think we will see a shift in mindset where we focus on candidates with transferable skills and core competencies for roles in order to help increase diversity, as opposed to focusing on ‘been there, done that’ types of leaders.”

{Read more about the state of executive hiring in healthcare IT here.}

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Supply Chain Market Insights for Women Executives

 

Insights from Heidi Hoffman, partner in supply chain at ON Partners

Historically, there were limited paths into supply chain. For example, to become a leader in manufacturing you had to first run and manage operational plants, which tended to require multiple relocations over a series of years. In the past, leaders in the supply chain came from an engineering background and education. The functions were more “back office” and fixated on cost, with no significant strategic focus and a quiet voice in the organization.

Fast forward to today, we are seeing supply chain dominate as a leading voice as it pertains to driving sustainability initiatives, building key relationships and executing on ESG mandates. Supply chain is now giving a company a platform to be good to the world overall. There are more varied paths into supply chain, from procurement, logistics, manufacturing and S&OP, to name a few. All the facets in today’s supply chain attract and demand a more diverse set of perspectives, backgrounds and leadership skills.

The pool of candidates in supply chain functions is much more diverse today than it was ten years ago, with both women and people of color increasing in representation. With a more diverse pool, the appointment of diverse executives continues to rise. This is a fantastic trend that allows young people to see executives that look like them in more influential roles and encourages them to explore roles and careers in these functions.

I am seeing (and helping) more women leaders become Chief Procurement Officers, a role that requires relationship-building skills and is a leader in sustainability initiatives across the organization. I’d like to see more women leaders move horizontally into manufacturing and logistics roles because once you go across all supply chain functions, it’s a clearer path to Chief Operating Officer and even beyond to Chief Executive Officer and Board roles.

{Read more insights from Heidi Hoffman in NEXT Series: Supply Chain Leader, an Evolving Role}

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Hiring Trends from Experts

 

We surveyed our female executive search partners at ON Partners to understand common trends they experience with women executives during the interviewing and hiring process. The following are three key trends our partners compiled to help continue the progress and advancement of women executives within our ON community.

Negotiating Compensation

Avoid making apologies around compensation and instead, directly articulate what you think is fair for your contribution and expertise. Too often, we see female executives express ‘compensation doubt’ during the negotiation process.

Right Fit does not Equal Perfect Fit

It’s common for female executives to pass up senior roles within an organization based on assumptions that the job description does not ‘perfectly fit’ their current skill set and experience. The process of executive search allows an organization to adapt its needs to a role based on the market intelligence gathered. The job description does not need to perfectly fit for you to be the right fit for a role.

Speak Up for What You Need

In order to be successful in a role, you need to speak up during the hiring and negotiation process on what you need to do the job well. Don’t be afraid to articulate your priorities, whether that’s flexible hours, team support, budget or staffing requirements.

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Thanks to the Women Executives in the ON community

 

Happy Women’s History Month this March to all executive women and organizations building diverse leadership teams!

There are numerous benefits to having women in leadership positions, including increased innovation and creativity, better decision-making, and a more diverse perspective on business challenges.

Women bring unique experiences and insights to the table, and their contributions are essential to the success of any organization.

ON Partners will continue to make it a priority to identify talented women, encourage them to apply for executive positions, and provide them with the resources & support needed to overcome the challenges they may face to reach their full potential.