Top Four Female CEO Tips - Since Sliced Bread

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This article will focus on women in power. Did you know that women held 6% of CEO positions in S&P 500 companies in December 2019? That number had risen to 6.7% by the beginning of 2020, and by the end of 2020, women held 7.8% of CEO positions, with companies like:

• UPS - Carol Tomé

• Clorox - Linda Rendle

• CVS - Karen S. Lynch

• Citigroup - Jane Fraser

• Regency Centers Corporation - Lisa Palmer

Salary Discrepancies and What the Stats Say

By 2040, about 30% of CEOs will be women, and this is expected to represent 8.2% of CEOs by February 2021. By 2025, it is thought that 15% of S&P along with Fortune 500 companies, will be led by women CEOs, and 10% of those women are African American. There are currently 38 women serving as CEOs in Fortune 500 companies, with only one being an African American woman.

Ironically, women can and do have the same background and skill set as their male counterparts, but somehow still manage to make less money. Yep, it’s a head-scratcher, and even the hiring process itself differs.

While men seem fortunate enough to climb the internal ladder, most female CEOs are, more likely than not, hired from outside the company. Maybe this means that companies have yet to figure out how to foster internal female candidates. Hmm, moving on.

Take a Look at Four Tips for Female CEOs

Starting a new position is exciting and can be challenging, especially when you’re the new “lady boss”." Things will be different, but oftentimes, there will be a blueprint of sorts and a path to efficient training on how to develop and execute a streamlined workplace and grow the company's revenue.

1. Be Mindful Of What You’re Worth

It is a known fact that women earn less money than men, even when working in the same field with the same credentials. Regrettably, this inequality still exists today - even spilling over into entrepreneurship. Did you know that female business owners bring in 28 percent less revenue than their male colleagues?

Women sometimes reference their previous salary while considering what they are willing to accept in their new position. As a female CEO, you should base your professional rates on the quality and value of the business you provide to your clients.

For starters, put a one-dollar figure on the problem you helped to resolve, but don’t overcomplicate the issue. Just look for an obvious reason, like a lost sale, and/or the amount of time spent on handling the problem, and what you can do realistically to fix the problem. Generally, you want to give your clients a reason to want to work with you by providing great results on their investment.

2. Do Those Old Hierarchies Still Apply?

Being the CEO of your own company eliminates that chain of command of whom you can and cannot reach out to while building relationships and prospecting. You must speak with executives since that’s who you need to deliver client-retaining results to. If you’re not used to speaking with executives, consider attending some industry events. Once you've had a few one-on-one meetings with some top leaders, you shouldn’t feel as overwhelmed.

3. Don’t Forget Your Red Velvet Rope

Growing where you plant is a tried and true rule of building a business, meaning you start in your field of expertise and won't be put off by any negative experiences, corporate or otherwise. Trial and error is part of the learning process.

Remember, you’re the CEO, you have the power, so bounce back, girlfriend. If something doesn’t work out, it's fine. You hold the key to whom you allow through your red velvet rope. Being a business owner doesn’t mean that all corporate relationships will work, and that’s okay. You set the boundaries, and you do not have to take on toxic relationships.

4. Try Not To Bury Your Leads

One way to present yourself while in the corporate world would be for you; as a woman, to sometimes talk yourself up by promoting your successes, introducing your ideas, and simply asking for what you want subtly so that you don't come off as demanding or difficult.

Many women are just too modest and seem to fail at vocalizing their biggest successes. However, when a company is putting its reputation in your hands, you have to produce the best service possible to gain the revenue the company deserves. So make sure you put your credentials on display. And don’t forget to check out our blog over here.