Women in business 2025

Skip to content
Skip to navigation

Progress towards gender parity in mid-market firms is moving in the right direction – but not quickly enough.

For 21 years, we’ve tracked the ratio of women occupying senior management roles in mid-market firms around the world. In the last five years, we’ve seen sustained growth on this key measure, but the rate of change is still too slow.

At the current pace, a woman starting her career today will be working for more than a quarter of a century before she can expect to work at a mid-market firm with gender parity in top roles. With small and mid-market firms responsible for generating two-thirds of the world's jobs, there’s a growing push for these businesses to accelerate action.

This year's report shares crucial insights and strategies to help mid-market firms make a real impact on parity.

Download the report [22657 kb]

The regional picture over time

Percentage of senior leadership roles held by women, shown by region and country over the last 21 years

List view

Pause movement

Source: Grant Thornton International Business Report (IBR) research into the views and expectations of senior leaders within the mid-market for 21 years

				% women in senior management
Country Name	Country Code	X Coordinate	Y Coordinate	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2009	2007	2004
Global	GL	92.5	118	34.0%	33.5%	32.4%	31.9%	31.2%	28.7%	28.8%	24.1%	24.5%	23.5%	22.3%	24.0%	24.2%	20.9%	20.2%	23.9%	24.1%	19.4%
Argentina	AR	27	11	34.9%	30.8%	29.4%	30.5%	30.8%	23.6%	19.8%	22.9%	15.0%	17.6%	15.7%	25.0%	18.1%	19.5%	18.3%	17.4%
Australia	AU	92	15	36.5%	39.6%	39.5%	32.0%	32.4%	28.4%	41.9%	15.1%	23.3%	22.9%	22.0%	22.0%	22.5%	24.2%	27.1%	23.0%	21.9%	22.1%
Brazil	BR	28.5	24.6	36.7%	37.1%	38.6%	37.8%	39.0%	34.4%	25.4%	29.5%	18.7%	18.5%	15.2%	22.0%	23.1%	26.5%	23.7%	28.7%	42.0%
Canada	CA	16	70	34.7%	35.5%	38.6%	30.4%	35.6%	32.0%	28.4%	25.0%	23.4%	26.4%	25.1%	23.0%	26.6%	25.1%	27.8%	27.9%	18.6%	22.4%
China	CN	80	48	35.3%	32.6%	35.4%	32.3%	28.6%	31.4%	28.3%	30.9%	31.3%	29.8%	24.7%	38.0%	39.0%	25.2%	33.8%	31.4%	31.9%
Egypt	EG	57.1	37.7	30.3%
France	FR	46	53	37.7%	37.9%	34.8%	31.1%	32.9%	27.9%	18.5%	32.8%	30.9%	28.0%	32.6%	24.0%	25.7%	23.8%	21.2%	17.8%	21.2%	20.7%
Germany	DE	52	56	30.1%	30.6%	29.9%	34.9%	38.2%	29.8%	35.5%	23.2%	18.4%	15.2%	14.0%	14.0%	31.3%	12.9%	11.4%	17.4%	11.6%	16.3%
Greece	GR	54.7	46.3	30.7%	31.6%	36.8%	28.3%	32.6%	24.5%	21.8%	26.0%	19.8%	26.7%	27.0%	29.0%	29.5%	21.3%	29.9%	23.0%	20.6%	22.0%
India	IN	72	36	36.5%	33.9%	36.0%	38.0%	39.1%	29.9%	28.2%	19.8%	16.9%	16.2%	15.2%	14.0%	18.9%	14.5%	9.2%	15.4%	13.9%	11.7%
Indonesia	ID	91	28	36.3%	37.4%	38.7%	38.1%	37.7%	36.6%	31.9%	42.6%	45.6%	36.2%	20.2%	41.0%
Ireland	IE	41	57	36.5%	36.0%	40.3%	30.5%	32.8%	31.1%	34.9%	31.8%	26.0%	19.1%	24.4%	23.0%	21.2%	21.3%	19.4%	21.5%	21.0%	15.6%
Italy	IT	49.7	46.3	34.8%	35.7%	34.0%	29.9%	29.0%	27.6%	24.3%	33.9%	26.9%	29.0%	26.1%	30.0%	23.8%	36.0%	21.6%	21.0%	14.3%	18.2%
Japan	JP	90	50	18.4%	19.5%	15.9%	14.9%	14.7%	12.1%	15.4%	5.4%	7.1%	7.3%	7.8%	9.0%	7.4%	5.3%	8.1%	6.6%	6.6%	7.6%
Kenya	KE	59.7	29.2	37.9%
Malaysia	MY	79.6	28	36.2%	39.6%	40.4%	40.1%	36.9%	33.4%	22.7%	27.9%	24.2%	26.5%	22.4%	25.0%	25.8%	28.3%	31.3%	31.3%	23.0%
Mexico	MX	14	37	38.9%	36.2%	38.0%	32.6%	35.0%	36.9%	25.5%	33.9%	23.9%	18.2%	22.5%	28.0%	22.8%	18.3%	18.5%	30.9%	20.4%	26.6%
Morocco	MA	45.7	40.9	34.2%
Nigeria	NG	48	30	34.0%	40.6%	38.7%	37.7%	35.7%	36.2%	38.5%	30.1%	29.3%	28.8%	20.5%
Philippines	PH	87.8	35.8	43.0%	43.1%	48.8%	39.2%	48.0%	42.9%	37.5%	46.6%	39.5%	39.0%		40.0%	37.1%	38.6%	34.8%	47.5%	50.3%	39.4%
Singapore	SG	84.5	28	36.3%	31.3%	49.3%	33.8%	32.8%	30.7%	33.0%	29.7%	29.8%	25.8%	22.9%	23.0%	27.4%	23.1%	29.9%	27.9%	20.8%	23.0%
South Africa	ZA	53	13	47.2%	42.0%	41.0%	42.5%	43.4%	40.1%	24.2%	29.0%	28.2%	22.7%	27.3%	26.0%	28.2%	28.1%	27.4%	27.9%	29.3%	26.5%
South Korea	KR	94	62	21.7%	19.6%	23.5%	21.1%	18.3%	16.5%	29.9%
Spain	ES	42	47.2	40.4%	40.3%	37.6%	35.9%	33.5%	33.8%	29.7%	27.2%	27.2%	25.8%	25.6%	22.0%	21.4%	24.1%	22.2%	20.6%	17.3%	14.1%
Sweden	SE	51	68	35.3%	34.3%	30.5%	32.0%	30.1%	26.9%	21.6%	29.5%	28.5%	25.8%	28.0%	26.0%	26.8%	22.9%	26.7%	21.5%	22.5%	17.7%
Thailand	TH	79.7	37.8	43.1%	41.0%	36.6%	38.0%	34.2%	33.5%	19.4%	42.1%	31.4%	37.1%	27.2%	38.0%	35.8%	39.3%	45.0%	37.8%	39.2%
Turkey	TR	59.6	46.2	41.3%	41.0%	36.9%	40.3%	34.9%	35.9%	33.9%	27.2%	23.2%	20.5%	25.7%	25.0%	30.0%	31.0%	25.0%	28.7%	17.2%	20.4%
United Arab Emirates	AE	62.9	39	26.1%	22.9%	27.1%	27.5%	26.3%	22.7%	24.2%
United Kingdom	GB	45	62.6	36.3%	33.5%	32.5%	32.3%	33.5%	29.3%	25.6%	22.5%	18.7%	21.0%	22.2%	20.0%	19.0%	20.2%	23.1%	20.7%	19.3%	17.6%
United States	US	12	55	34.0%	34.8%	30.8%	33.3%	32.3%	28.3%	31.1%	21.2%	22.7%	23.2%	21.1%	22.0%	20.3%	16.9%	15.0%	20.3%	23.3%	19.8%
Vietnam	VN	84.8	44	37.4%	33.4%	33.5%	33.3%	38.9%	32.9%	36.9%

Key UK insights

The number of women in senior management positions has risen to 36.3%, increasing by 2.8pp since 2024 – and placing the UK ahead of the global average.

Only 1.7% of businesses now have no women in senior management roles, a 2.5pp reduction since 2024.

45% of businesses have increased the number of women in their senior management teams. 0.7% have decreased.

4.6% of UK mid-market businesses have at least one woman in their senior management teams, falling behind the global average of 8.4%.

HR Officer remains the role with the highest number of women in senior management at 51%, increasing from 49.7% in 2024.

External pressure spurs momentum

External pressure has been key to spurring momentum on gender diversity over the last 12 months. 77.6% of global mid-market businesses have received requests from clients, investors, regulators, or other external entities to show the gender balance of their senior management team, or commitment to gender diversity initiatives.

Promisingly, over half (56.3%) of businesses that have experienced this kind of pressure report an increase in the proportion of women in their senior management positions.

“External pressure is powerful and yielding positive results, but, in isolation, is unlikely to achieve parity sooner. A deliberate and strategic approach, with proactive targets, is key to sustaining and building on the positive momentum this has created."

Jenn Barnett Head of Equity, Diversity & Inclusion (ED&I) and ESG

Strategic targets drive real impact

UK business leaders often focus on improving gender equality in recruitment (47.4%) and increasing the representation of women in senior leadership positions (43.4%). These efforts are paying off, as 46.4% of businesses with these targets now have more women in senior management roles.

Additionally, nearly half of UK businesses have set a gender equality strategy for employee pay, likely in response to government pressure in this area. While this is positive, if we want to reach parity before 2051, more businesses need to act.

“The gender pay gap legislation was an important step in increasing transparency around gender inequality. While it can be a blunt and binary measure, it is something UK companies are required to report on transparently and be held to account for actioning change. Businesses do not want to be embarrassed that they’re not seen to be actioning change to improve gender inequality.”

Jenn Barnett Head of Equity, Diversity & Inclusion (ED&I) and ESG

Commercial benefits of gender diversity

Aside from making their business more attractive to clients, investors, and regulators, UK mid-market leaders identified other positive impacts of their gender equality strategies:

41.7%

A culture where all employees feel they are treated equally

29.1%

Female senior leaders being more visible role models

26.5%

Employees feeling there is an inclusive work environment

Nearly a quarter of global business leaders say equality initiatives have made them more innovative, too. Given most businesses are expecting to increase investment in research and development over the next 12 months (Grant Thornton International Business Report), it’s crucial to have the right people on board to drive innovation.

Capturing and measuring all the business benefits on the bottom line is complex, but crucial to building sustainable, long-term commitment to gender diversity.

"If we are serious about tackling diversity, we have to work together. It takes serious board commitment, investment and passion to create your own momentum, and this is increased by working with other businesses to partner, educate and share thinking. We have seen an increase in pressure through supply chains, and as the mid-market matures, I anticipate we’ll see more organisations exerting this pressure on others."

Carolyn Hicks Head of Business Transformation and People Advisory

Download the report: Women in business 2025

Explore three actions mid-market businesses can take today to drive momentum.

Download [22657 kb]

Celebrating women in business

Jan Atkinson, Royal London

We caught up with Jan Atkinson, Group Talent and Capability Director at Royal London, about her career journey as a woman in business.