Dayssi Olarte de Kanavos is the co-founder of Women’s Power Series and the Co-Founder, President, and COO of Flag Luxury Group.
In 1997, I cofounded a company with my husband, and now I serve as the president and chief operating officer. However, despite the number of projects we have developed together, I still regularly meet people who assume I simply decorate my husband’s hotels.
I always find this to be an unsettling assumption (why wouldn’t a woman like me be in the highest echelons of business?), but it’s one I have learned isn’t entirely out of left field. It is based on a continuing reality in which women are still falling measurably behind their male peers in the workplace.
According to McKinsey’s Women in the Workplace 2024 report, while women have made modest gains toward reaching the C-suite (29% in 2024 vs. 17% in 2017), they continue to be underrepresented and outpaced by men at every stage in the corporate pipeline. The McKinsey study estimates it will take another 50 years for all women to achieve parity with men in the workplace.
When my daughter joined our company at 25, I thought of all the women entering the workforce at her age and realized 50 years is too long for women to wait. Over the years, she and I have heard from hundreds of women from all backgrounds and work experiences, and what we learned was that there are five tactics that both companies and individual women can implement quickly (translation: tomorrow) to help level the playing field.
1. Network in the real world.
Covid-19 and advances in technology have made remote work and flexible hours more attainable. But while that is a good thing, a Zoom introduction will never replace the power of building a real, lasting network. The decline of in-person interactions—including everything from meetings to work trips to happy hours—has contributed to a decline in women finding mentorship and supportive networks.
In a world where 77% of high-achieving females cite a close circle of two to three women as instrumental to their success, and where a woman with a mentor is 56% more likely to receive a promotion to middle management, this decline is significant. This is why networking is so important, whether it be through attending events designed to facilitate meaningful professional connections or connecting with (or becoming) a mentor in your workplace.
2. Become financially literate.
According to research by Ellevest, “by 2030, American women will manage at least $30 trillion.” Having an understanding of finance, both professionally and personally, is essential to managing these funds well, yet a gender gap remains. In fact, a recent study by the National Institutes of Health revealed that less than 20% of middle-aged, college-educated women could answer a basic question about compound interest. While there are many reasons for this discrepancy, I believe women must take the reins and educate themselves, be that through podcasts, websites, books or conversations with other women in their networks.
3. Embrace artificial intelligence.
AI is poised to provide opportunities for women in the workplace—from increasing productivity to streamlining day-to-day operations—but it may also prove to be detrimental if women don’t start to get more involved. Today, women are far less likely to use available AI tools than men, and only 22% of AI professionals globally are women.
Since the technology only learns from its inputs, a predominantly male input set could continue to create gender bias within the system. Furthermore, there is concern that AI may eliminate many traditionally “women-centric” roles, like administration and marketing, especially if women are not using and training the tools to their advantage. If you can do one thing today, experiment with AI and learn which tools can supercharge your routine.
4. Demand that men get back in the game.
According to a 2017 report from Boston Consulting Group, when men in the workplace are deliberately involved in gender inclusion programs, 96% of organizations see progress compared to only 30% of organizations where men are not engaged. However, since the #MeToo and #TimesUp movements, 60% of men report being uncomfortable with mentoring women. If women are to reach parity with men, leaders—both male and female—need to set (or reset) the expectations. We need to reestablish men as allies and celebrate the men who support and mentor women as they move along their career path.
5. Stop treating success as a scarce resource.
For women to succeed, a little healthy competition is key. The operative word here is healthy. But this will require a major mindset shift. Why? Because many women have been taught to view success as a scarce resource to be closely guarded instead of what it really is: A powerful motivator.
So, if you achieve a goal, make sure you share it, and make clear you are open to connecting. Has someone else’s big win made you feel jealous? Flip the script: Introduce yourself and ask for their insights or advice. Champion women-owned businesses, and mentor younger women in your industry. Remember: The more women who rise to the top, the more space there is for other women to make powerful moves.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
