Progress stalls for women in leadership, but mid-sized firms stay committed to diversity

The share of women in senior management roles at mid-sized companies worldwide has edged down slightly to 33%. Yet while some large corporations have begun scaling back diversity initiatives, companies in the mid-market are largely staying the course. That is according to research from Grant Thornton.

Since the global accounting and consulting firm began tracking the representation of women in leadership roles in 2004, the figure has risen steadily – from 19.4% two decades ago to 32.9% today. However, this year’s 1.1 percentage-point decline breaks a long period of gradual progress.

Based on current trends, the report’s researchers estimate that gender parity in senior management at mid-sized companies will not be achieved until around 2051.

The slowdown is visible across most regions. Europe is the only region to avoid a decline, posting a marginal increase of 0.1 percentage points to 35%. By contrast, both North America and Africa recorded drops of more than two percentage points.

South America continues to lead globally with 37% women in senior leadership positions, while Asia-Pacific remains the region with the lowest share at 31.8%.

Mid-market companies stay committed

One of the report’s more striking findings is the difference between mid-sized firms and large corporations when it comes to diversity policies. While many large organisations have scaled back diversity, equity and inclusion (DE&I) initiatives in 2024 and 2025, mid-market companies are largely maintaining their commitments.

Among the firms surveyed by Grant Thornton for its Women in Business report, 92.7% report having active initiatives in place, while 75.8% say they remain committed to gender equality policies. More than a third (36.8%) even plan to introduce new DE&I measures.

According to the report, this commitment is increasingly linked to business performance. Among companies that both maintain gender equality commitments and plan new initiatives, 73% reported revenue growth of more than 5% in 2025. More than half (56.2%) expanded their workforce by over 5%, while 48.8% recorded similar growth in exports.

Talent competition intensifies

At the same time, 21.9% of mid-sized firms say they are considering scaling back some gender equality initiatives or have already done so. The report warns that such decisions may carry risks – particularly in an increasingly competitive talent market.

Nearly 92% of mid-market leaders say they consider a company’s gender equality policies when evaluating a potential employer. For two-thirds (66.6%), this is a key priority. Meanwhile, almost a quarter of companies (23%) report that job candidates actively ask about gender balance during recruitment – up sharply from the previous year.

As a result, mid-sized firms that maintain visible DE&I commitments are increasingly attracting female senior talent from larger organisations. According to Grant Thornton, 43.5% of women who accepted senior roles at mid-market companies in the past six months previously worked for organisations with more than 500 employees.

Commenting on the report, Marcel Blöte, CEO of Grant Thornton in the Netherlands, said: “The research shows that progress in diversity remains fragile. But it also creates an opportunity. Companies that continue to invest in visibility, diversity and inclusive leadership can differentiate themselves – especially at a time when some larger organisations are putting their DE&I initiatives on hold.”