5 Reasons Retail Needs More Female Executives

Although women make up more than half of major retailers’ workforces, less than three percent of these companies have female CEOs, according to a study by Catalyst, a nonprofit advocacy group for women. And women only hold a fifth of board seats at S&P 500 retail organizations.

Does the industry need more female executives and women in leadership roles? Many say “yes.” Here’s why.

Women’s strengths can differ from men’s

“In my experience, women are among the most talented and respected leaders in their organizations,” says Melissa Campanelli, co-founder of the Women in Retail Leadership Circle. Women build strong teams and pay attention to the implications of their own and others’ actions. “The retail industry would change for the better if it had more women leaders.”

Retail human resources specialist Kelly Callahan agrees. She says teaching women to be more assertive in asking for raises and promotions in the early stages of their careers can help them rise through the ranks.

Women’s perspectives are customers’ perspectives

The retail industry is always trying to understand how to attract, engage and retain customers and in today's multichannel retailing landscape, it’s even more complicated, says Bill O'Malley, chief recruiting officer for Connector Team Recruiting, a retail executive search firm. “The majority of the marketing and sales executives I've worked with in the past all use the word ‘she’ whenever they refer to their customer. It only makes sense to match your executive workforce demographics to this increasingly complex retail landscape.”

Gender diversity strengthens the business

Having more members of the target audience informing, influencing and guiding retail product development, business and marketing decisions can help companies outperform the competition, says career coach Jackie Sloane.

“Yet, many retail organizations don’t foster cultures that support the success of women,” she says. She cites a study by the Network of Executive Women that shows companies may even penalize the advancement of mothers. Retail leaders should explore what they’re doing to create an environment where women flourish, Sloane says, and then create innovative programs and policies that support women leaders.

Gender diversity adds strength

Some may see efforts to diversify as lowering the bar, but it’s more about widening the net, says John Crossman of Crossman & Co. “The industry is dominated by men. We need more women executives because some of the best executives are women and we are missing out on their talent.”

Every industry needs more female executives

Retail isn’t the only industry with too few women in executive roles, says Amy Grey, who works in public relations for District Clothing. All kinds of companies need to make a serious effort to get more women in leadership roles, she says.

Monster Wants to Know: How does gender diversity contribute to your company's success? Share with us in the comment section.