Number of female CEOs doubles in Brazil in five years, but representation remains a challenge, Bain research shows

Bain & Company has just released research No Shortcuts: The Path to Women's Representation at the Top and the Value for Companieswhich seeks to understand the business community's perception of women's presence in corporate management and explore the key barriers to their reaching the top. The consultancy also identifies the actions needed to create a favorable environment for the advancement of female talent in Brazil. 

"We need to highlight that there has been progress, and women's representation in leadership positions virtually doubled in the last five years, but it is still far from equity. In light of the growing questioning regarding the validity of diversity investments, the research emphasizes the importance of diverse leadership for the sustainable growth of companies, exposes the barriers to women's advancement, and suggests actions to accelerate this progress," observes Luiza Mattos, Bain partner responsible for the study, leader of the Health and Customer Experience practices in South America, and head of the Women at Bain affinity group. 

According to a Bain analysis of Brazil's 250 largest companies between 2019 and 2024, the number of female CEOs increased from 31 to 61. Female executives rose from 231 to 341, and female board members increased from 51 to 101. Based on this data, women appear to begin losing representation in leadership positions at the mid-management level, as shown in the graph below.  

Advantages of Diversity

Research indicates that implementing concrete actions focused on diversity promotes gender equity and, additionally, strengthens competitiveness, demonstrating that inclusion is a crucial engine for sustainable organizational success.

There's also the perception that diversely led companies are more innovative and open to new solutions. Furthermore, they are, on average, 1.8 times more likely to be identified as action-oriented companies, focused on value creation and reducing bureaucracy. Other perceived advantages include incorporating customer voice into decision-making and attracting talent. 

Lack of aspiration is a myth.

Women aspire and trust that they can reach the top just as men can, and both cite the desire to participate in strategic decisions and generate impact as the main influencing factors. However, men seek leadership 1.7 times more than women to meet social and family pressures, and are 1.3 times more motivated by the associated status. Female collaborators seek leadership 1.2 times more due to the opportunity for personal development and work-life balance. 

Generally, people tend to rate their own gender more favorably compared to the opposite gender. Men view women more positively in aspects of teamwork, but show less recognition in areas related to problem-solving. Conversely, women tend to rate male leadership performance in team development significantly lower. Another difference lies in the perception of equity in selection and promotion processes, which shows significant discrepancies between men and women, particularly in more senior positions.

Four actions to boost women's presence in leadership roles

To expand gender equity and ensure a more inclusive corporate environment, Bain emphasizes the need to invest in four strategies that address structural and cultural challenges, promoting practices that boost diversity and value women's talent.

1. Using data to inform decisions: Define DEI strategies and monitor results, whenever possible linking them to business indicators to maximize impact.
2. Reviewing leadership-impact processes and initiatives: Develop a specific action plan for senior leadership, with effective and long-term actions, accompanied by clear goals to guide the organization.
3. Communicate with intention and build an inclusive environmentIntentionally publicize diversity goals and progress, promoting a narrative of inclusive leadership and a culture of equal opportunity for all.
4. Engaging leadership and promoting shared responsibility: Identify allies and foster deep leadership engagement, bringing leaders closer to solutions, with shared responsibility for all, including the board of directors.

In conclusion, the Bain survey indicates that implementing concrete actions focused on diversity promotes gender equity and, additionally, strengthens business competitiveness and innovation, demonstrating that inclusion is a crucial engine for sustainable organizational success.