One of Shoptalk’s fundamental beliefs is that our events serve as a platform for advancing equality for women. The past 11 months have increased the urgency to address the challenges women face in the workplace—women are being furloughed, laid off or choosing to leave the workforce at an alarming rate, reversing decades of progress in a matter of months. We believe that it’s never been more important to amplify women’s voices, champion gender equality and forge the way forward for women working in retail.
It’s with this passion and sense of purpose that we introduce Shoptalk Meetup for Women, a new online event where women can come together to do business, share ideas and champion others.
In the months leading up to Shoptalk Meetup for Women (May 11-13), the Shoptalk team will produce a Shoptalk Original Content series on The State of Women Working in Retail that explores four phases of women’s leadership in retail:
- Where We Are: A data-driven look at the state of women working in retail, based on Shoptalk’s proprietary research.
- How We Got Here: Career inspiration interviews with female startup founders and changemakers at large organizations.
- How We’re Making Waves: Business success stories highlighting successful initiatives by women in our community.
- Where We’re Headed: A look at corporate and industry initiatives blazing a trail for future female leaders.
Here’s an exclusive look at the first phase of our Framework, Where We Are, which analyzes the results of a survey of 330+ women in the Shoptalk community, the careers of our 1,400+ strong speaker community, and female leadership among Fortune 500 companies, the top 50 retailers and top 50 brands.
You Can’t Be What You Can’t See: Female Leadership
Retail and consumer brand companies currently outperform the Fortune 500 in terms of senior-level female representation. These two industries accounted for more than one-third of the 37 women CEOs in the Fortune 500 in December 2020. Some 12% of retailer and consumer brand companies have a female CEO, compared to just 7% of the Fortune 500 as a whole.
However, the gap between retail and consumer brands and the wider Fortune 500 is shrinking as other industries appoint female CEOs at a faster clip. The number of female CEOs in the Fortune 500 nearly doubled in the five years ended 2020; meantime, representation of female CEOs at retail and consumer brands increased by less than one-third. The progress over the last decade is promising, but the rate of change shows just how far there is to go to reach equality—adding a handful of CEOs every 5-10 years will not move the dial quickly enough.
There are, however, encouraging signs that a cohort of female leaders is being developed at the top retailers and brands. Shoptalk analysis found that women account for 32% of the industry’s board members and 24% of senior leadership roles. While these numbers remain too low, this group has the potential to inspire future female leaders and mentor and champion the next generation.
What Needs to Change: Less Talk, More Action
Our survey revealed the need to do more to drive change. Only half of respondents said their employers do enough to support women in the workplace. Only one-quarter could definitively say their gender has never impeded their ability to get promoted or get a raise. That’s roughly the same percentage who could confidently say that hiring and promotion decisions at their company are not influenced by unintentional or unconscious bias.
When asked what would move the needle for women, respondents issued a clear call for companies to talk less and do more. Over half cited solid, quantifiable improvements—for example, promoting women to leadership positions, implementing equal pay policies and providing mentorship or coaching. Respondents were less keen on feedback opportunities and company support or advocacy groups.
While substantial challenges remain, Shoptalk Meetup for Women presents a unique opportunity for women to connect for new business opportunities, potential partnerships, professional development and meaningful connections that accelerate business and career goals.
Visit The State of Women Working in Retail to learn more and get your ticket to Shoptalk Meetup for Women here.