by Natasha Frangos, Managing Partner at HaysMac.
As we prepare to mark International Women’s Day (8 March), this year’s theme ‘Accelerate Action’ resonates deeply with me. Having navigated the City for 25 years, I’ve witnessed significant improvements for women, but the pace of change remains frustratingly slow. In today’s complex landscape, the social, moral and economic imperatives for gender equality have never been more pressing.
The UK has made visible strides toward gender equality in recent years. The Hampton and Davies Reviews have driven progress in FTSE company leadership, with women now holding 43% of board positions in FTSE 350 companies, up from 9.5% in 2011. Yet beneath these headline figures lies a concerning reality: for every two steps forward, we seem to be taking one step back.
In my own sector of financial services, we are witnessing alarming regression. The number of Top 100 accountancy firms with female leaders has plummeted by 20% in a year, leaving just 12 women at the helm. Meanwhile, the gender pay gap across European financial services boardrooms has also widened from 31% to 36% between 2019 and 2023.
The moral imperative for action is clear: creating an equal playing field for women is simply the right thing to do. This may seem obvious, but for an increasing number of people, it isn’t. From Afghanistan to the United States, women’s fundamental freedoms face renewed threats as existing protections erode.
Across the globe, online influencers are also actively radicalising people, particularly men and boys, into prejudice and misogyny. This is a growing problem in the UK with 50% of 16 to 24 year-old men in the UK now reportedly believing that “feminism has gone too far.” As a mother as well as a business leader, the need for concerted and decisive action has never been so clear.
The business case for gender equality is equally compelling. McKinsey consistently reports 15% higher financial returns for gender-diverse companies and the same principles apply to broadening access to capital. As it stands, female founder teams only receive 2.8% of equity investment in the UK but the seminal 2023 Rose Review estimated that £250 billion could be added to the UK economy if women matched men in entrepreneurship rates. We’re leaving massive economic potential untapped when we exclude half our talent pool.
In terms of the social benefits, having greater diversity at senior leadership level, whether that is in schools, businesses or government, is also essential if we are to break the cycle of gender stereotypes and encouraging more women to enter fields traditionally dominated by men. It’s hard to be what you can’t see. We need women in leadership roles to serve as powerful role models for younger generations.
We are making progress. Rachel Reeves appointment as Britain’s first female Chancellor last July was a landmark moment, but there is still some way to go. Only 27 countries worldwide have women leaders, and female ministerial representation in the UK has actually decreased from 30% to 26% since 2023. The sad truth is that there are more FTSE 100 CEOs named Andrew and Simon than there are female CEOs.
So, what can be done?
We need robust legal and policy infrastructure to support women in the workplace. While the Sex Discrimination Act 1975 marked a turning point, businesses must implement concrete workplace policies. At HaysMac under my leadership, we’ve introduced carers leave, fertility support, enhanced parental benefits, and a menopause policy, while championing flexible work arrangements. These initiatives allow our staff (of all genders) to build successful careers without sacrificing family commitments.
These policies must be matched by genuine cultural commitment. We’ve created open communication channels where feedback flows two-way. Internal initiatives like mentoring schemes and our women’s network, FemNet, support colleagues’ personal growth and career development. Mentorship was critical in my journey to Managing Partner, including mentorship from male executives who recognised and championed my potential, and it is something I really encourage at HaysMac.
Transparency is also non-negotiable. I believe in setting the tone from the top by openly sharing my experiences as a working mother and our firm’s first female Managing Partner. Leaders must demonstrate the behaviours they wish to see. It’s also important to be deliberate in the appointments you make to ensure diverse representation in your senior leadership. This will not only benefit your decision-making but will provide essential role models for emerging talent as well.
The time for action is now.
At the current pace, achieving full global gender parity will take 133 years, while closing the UK’s gender pay gap requires at least 43 years. These timelines are clearly unacceptable.
Progress demands action at all levels, from boardrooms to entry-level positions. Success requires sustained commitment to supporting women and girls across sectors and communities that go beyond good intentions or annual pronouncements on particular days.
I am committed to supporting the next generation of female business leaders and hope other business leaders will join me in this ambition. We simply cannot wait another 133 years for global gender parity, nor should we allow progress to be undone by shifting political rhetoric. Now is the time to act, not hesitate.
