The share of women at the top of companies has been declining in recent years. According to tax and advisory services network Grant Thornton’s “ Women in Business 2026 ” report, women currently hold just 31% of senior leadership roles in the U.S., compared to 34% in 2025 and 35% in 2024. World Economic Forum’s “ Global Gender Gap Report 2025 ” also found that women make up 41.2% of workers, yet a mere 28.1% of leaders globally.

Women’s boardroom participation has also been declining. According to research from global management consulting and executive search firm Egon Zehnder, the percentage of new female board director appointments worldwide has fallen steadily, from 17.2% in 2020 to 16.3% in 2022 to 14.2% in 2024. What’s more, recent research from Administrative Science Quarterly found that serving on more prominent boards opens the door for additional opportunities for men, yet actually puts women at a disadvantage, making it less likely that they’ll obtain board positions in the future.

Women are losing ground at multiple levels of leadership, and understanding why requires taking a closer look at what they face once they get to the top.

The Forces Pushing Women Out of Leadership

What’s driving women out of leadership may be in part linked to a phenomenon researchers call the “glass cliff.” Michelle K. Ryan and S. Alexander Haslam coined the term glass cliff in the British Journal of Management to describe how women, even as they secure more high-profile roles, are more likely than men to land in positions considered risky or precarious.

Today, the glass cliff continues to impact women leaders throughout corporate America. Recently, Corie Barry stepped down as CEO of Best Buy as the company’s sales stagnated, replaced by chief customer, product and fulfillment officer Jason Bonfig. Barry had been appointed in April 2020, at the height of pandemic uncertainty, when stay-at-home orders made foot traffic to brick-and-mortar retailers like Best Buy nearly impossible. Similarly, Debra Johnson, who was also appointed CEO of the Regional Transportation District in Denver in the midst of Covid-19, recently announced her plans to exit as the agency grapples with safety concerns and declining ridership. In both cases, the CEO role came during a moment of instability that would prove difficult to overcome.

Another potential factor is economic uncertainty. As previously reported , economic downturns can set back women’s progress in leadership, and when labor conditions worsen, women tend to make up a smaller share of new leadership hires. According to the Bureau of Labor Statistics, unemployment has continued to climb steadily, from 3.9% in April 2024 to 4.2% in April 2025 to 4.3% in April 2026. Indeed, amid an uncertain and softening labor market, women in and working toward leadership roles may have the most to lose.

Heightened scrutiny and unspoken expectations that women leaders face in the workplace may play a role as well. Per findings in Administrative Science Quarterly, women on boards face greater scrutiny and informal obligations than their male counterparts, and the psychological weight of those pressures may shape their willingness to pursue additional appointments. Together, these conditions make it harder for women to navigate leadership, in some cases pushing them out of high-level positions.

The Business Case for Gender Equality in Leadership

Gender equality in leadership isn’t merely a laudable goal. It’s also good for business. According to Grant Thornton's research, gender-diverse leadership teams contribute to better business outcomes across decision-making, innovation, and growth, with 22% of U.S. companies reporting improved financial performance linked to gender equality strategies.

The business case extends to talent and investment opportunities as well. A majority of U.S. respondents indicated that a company’s commitment to inclusion factors into where they apply for work, and 36% of U.S. companies report that investors have requested evidence of senior management gender balance. Companies that foster gender equality in leadership are building more competitive, resilient organizations.

Building Workplaces That Empower Women To Thrive

The conditions pushing women out of leadership are real, but so is the opportunity to change them. Turning that opportunity into progress requires action on multiple levels, from how companies support and advocate for women to how hiring and promotions are structured.

In its report, Grant Thornton recommends companies start by translating “their efforts into sustained, measurable progress.” That includes making the connection between gender-balanced leadership and business results explicit, ensuring women have a seat at the table in core decision-making roles, and sharing progress openly with employees, investors, and prospective hires.

McKinsey’s “ Women in the Workplace 2025 ” report also points to several strategies. Per McKinsey, fair hiring and promotion practices are foundational to women’s career advancement. When those processes fall short, top talent gets overlooked, motivation drops, and high-performing employees who are or have the potential to become great leaders are more likely to leave.

Managers also play a critical role. McKinsey recommends equipping managers with tools to actively support women's career growth, from regular check-ins and coaching to making inclusive practices a consistent part of their leadership. Sponsorship is another key area McKinsey identifies, urging companies to define clear roles and commitments within sponsorship and mentorship programs and investing in training that helps both sponsors and those they support build trust-based relationships that translate into real opportunities.

Women aren’t losing ground in leadership because they lack ambition or ability. They’re often placed in precarious roles, squeezed out during economic downturns, or worn down by additional pressures their male peers aren’t always facing. The research is clear on what is driving women out and what it costs when they leave. What remains is the will to act on it. Companies that do will be building stronger, more successful organizations in the process.