Celebrating Women in All Industries
Celebrating the achievements of women in business from 2023
Happy International Women’s Day!
International Women’s Day is celebrated on March 8th to recognize the cultural, economic, social, and political achievements of women. To celebrate this year, we at GoFormz are reflecting on the achievements women in business made in 2023. From the rise of female CEOs at Fortune 500 companies to the increase in female entrepreneurs, women have made significant strides this past year across multiple sectors.
In this blog post, we’re celebrating the milestones of women in both the corporate and small business world.
Rise of Female CEOs in the Fortune 500
In January 2023, the Fortune 500 crossed a milestone for women in business: For the first time in history, more than 10% of America’s largest public companies were led by female CEOs. Five months later, those CEOs proved their staying power. The 69th annual Fortune 500 reported 10.4% of companies on the Fortune 500 were led by women. While that number might seem small, this marks a significant step forward from even a few years ago.
From left to right: Priscilla Almodovar of Fannie Mae, Karen Lynch of CVS Health, and Mary Barra of General Motors. Almodovar courtesy of Direct Women, Lynch courtesy of CVS Health, and Barra courtesy of Business Wire.
The number of women CEOs in the Fortune 500 had been stuck around 8% for years. In 2023, 52 companies out of 500 were led by female CEOs. That’s an 18% increase from the 44 female CEOs reported in 2022. In fact, several of the new female chiefs in 2023 were internal hires promoted to CEO. To name a few, Maria Black succeeded ADP’s former CEO in January, Jennifer A. Parmentier took over as CEO of Parker Hannifin in the same month, and Jennifer Rumsey became Chair and CEO of Cummins in August.
The Fortune 500 ranks the largest U.S. public companies by revenue, representing $18 trillion in revenue and more than two-thirds of the U.S. GDP. This is why the rise of female CEOs in such a male-dominated domain is groundbreaking. CVS Health is the largest company to be led by a female CEO, Karen Lynch. The $322.5 billion company ranks No. 6 on the 69th annual Fortune 500; the second-highest being General Motors led by Mary Barra, ranked No. 21 with $157 billion in annual revenue.
Increase of Women Entrepreneurs
Women have not only made significant strides in the corporate world, but make up nearly half of entrepreneurs in the U.S. since 2020. According to Gusto, “women have fueled the post-pandemic surge in entrepreneurship across the country,” creating systems that serve their workers and their communities. Gusto data shows that women tend to start businesses in the education, healthcare, and nonprofit sectors, and allow workers increased flexibility on the job.
In Gusto’s survey, women made up nearly half (47%) of all new business owners in 2020. The trend continued through the following years with women making up 49% of all new businesses in 2021 and 47% in 2022. Further research showed that entrepreneurship gave women the autonomy they needed to adapt to the ever-changing economic landscape.
In 2020, 32% of women started a new business because they were laid off.
In 2021, 28% of women created their business to meet increased childcare responsibilities.
In 2022, 64% of women turned to entrepreneurship for better work flexibility.
These yearly shifts in motivation are very promising for women in business. They demonstrate a sustainable trend in female entrepreneurship. Instead of seeing this as a one-time rise motivated by the pandemic, women continue to pursue entrepreneurship out of new motivations. As the economic landscape evolves, women will continue to take advantage of the flexibility that business ownership allows.
Celebrating Women in Business
At GoFormz, we recognize the importance of having female representation in every industry. We also acknowledge that women in positions of leadership help create a positive work environment that promotes equality and diversity. That’s why we are proud to have talented women in our leadership who are inspiring others in the mobile forms and tech industry. By fostering a culture of inclusion, we can create better products that suit all people and leave a positive impact on our society.
Today, we celebrate! And every day, we will keep striving for female representation in business.
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