Grant Thornton’s regular survey on Women in Business, published to mark International Women’s Day, has entered its third decade. The results of the twenty-first edition of the report reveal that unless immediate action is taken, gender equality in the top management of medium-sized companies will not be achieved until 2051.  

Despite steady progress in recent years, women currently hold only 34% of leadership positions worldwide, an increase of just half a percentage point compared to the year 2024. At this rate, a young woman starting her career today is likely to wait more than a quarter of a century before gender balance is achieved in the leadership of medium-sized companies. 

“We appreciate medium-sized businesses for their agility and innovation,” says Karitha Ericson, Global Head of Network Development, Corporate Culture and Sustainability at Grant Thornton International Limited. 

“Medium-sized businesses are among the most dynamic parts of the global economy. Their strategies and decisions can be a catalyst for change – and if they focus on gender equality in senior management, their efforts can have a transformative effect. Achieve parity faster and we will all see its benefits – a stronger economy, more efficient businesses and a fairer and more inclusive corporate culture. On the one hand, there is pressure to implement tangible measures, but on the other hand, there are great opportunities for all of us. Let us grasp them.” 

The latest Women in Business report highlights the key role that medium-sized companies play, accounting for 90% of all businesses worldwide and creating two-thirds of jobs. The consequences of inaction are severe – research by the International Monetary Fund shows that closing the gender gap could increase GDP by up to 23% in developing markets alone. 

Representation of women in senior management in 2025 by region

Grant Thornton therefore recommends the following to companies: 

1. Set ambitious targets for the representation of women in leadership positions

The majority of companies (63.9%) have no target for the proportion of women in top management. Without a clearly defined goal in this area, they risk slowing or stopping their growth. 

1. Support women in their professional development throughout their career

Targeted mentoring programs, professional networking and retention strategies are proven tools for promoting diversity – yet they are among the least used corporate strategies.

Companies that set a networking goal achieved an improved gender balance in their leadership teams in 61.1% of the cases. In addition, companies that have set goals for mentoring (50.7%) or employee retention (50.7%) have seen an increase in female leadership over the past year. 

1. Put pressure on external partners to ensure diversity in supply chains

More than three-quarters (77.6%) of mid-sized companies said they have been asked by investors, clients or partners to demonstrate their commitment to gender diversity. The survey shows that more than half (56.3%) of these companies have responded to this pressure by increasing the proportion of women in leadership roles in the last 12 months. 

“Mid-sized businesses are the driving force of global economy and their potential will only be fully realised if we embrace diverse leadership,” says Peter Bodin, CEO of GTIL. “It’s not just about equality – it’s about unlocking unprecedented economic growth. If we accelerate steps towards gender balance, we are not just opening the door to women; we are creating a more innovative, resilient and dynamic business environment for future generations.” 

The message is clear: acting in favour of gender equality is not just a matter of fairness – it is a business imperative that has the power to transform economies. 

The full report can be downloaded here.