As female bosses leave their jobs at a record rate, Debbie Wosskow OBE explains what needs to change
IN DEPRESSING NEWS, in 2023, female chief executives were either fired or quit at a record rate, reports leadership recruitment firm Russell Reynolds. It also found that they were more likely than men to quit their jobs for personal reasons, at a rate of 16% versus 5%, and were also more likely to be fired: 34% versus 25%.
I’ve built and sold three companies over the last 25 years, and the data shows that things have not generally improved for women in business since I started. Only 1% of all capital invested in the UK last year backed a female entrepreneur – which is a decline from pre-pandemic levels, although even then it was only 2.17%. Meanwhile, women account for only 14% of angel investors (who invest in a small business in exchange for a minority stake) and only one in six people in leadership positions.
There are many problems that need tackling. One is that we need more businesses with the vision to place women in chief exec roles. Sometimes, companies have to look outside of the obvious and consider hiring from a different industry. Women’s careers are not linear and often involve moments of reinvention.
We also unlock a lot of potential when we enable women to continue their careers after having children and through the menopause. I’m seeking to address this through one of my investments, a science-led business called The Better Menopause. Its research found that 58% of women said the menopause negatively impacted their confidence at work, 32% contemplated changing their jobs and 11% actually left. There isn’t a silver bullet for inequality, but to address it we really need open conversations about women’s health and childcare.
Those women who do reach CEO level find that the light shines brightly on them, because the media is very interested in female leaders. That can be a po
