Time for action: Advancing balanced leadership on private companies

(Balance for Better Business Co-Chairs Carol Andrews and Bernard Byrne)

Balanced leadership isn't just a buzzword; it's a strategic imperative for every business in Ireland. Businesses with strong gender balance are better equipped with the capabilities to drive future growth and competitiveness. This is about more than just fairness: from influencing the buying decisions of customers to more effectively meeting talent needs, balanced businesses are better prepared for the future. 

We've already witnessed the power of unity in action. Over the past seven years, a collaborative effort involving Ireland’s CEOs, board members, investors, and policymakers has transformed female board representation in public companies, soaring from 18% to an impressive 40%. This remarkable achievement wasn't accidental; it was the direct result of a shared commitment, transparent goal-setting, and sustained collaboration across various stakeholders.

At Balance for Better Business (B4BB), we are now ready to bring this successful formula to the very heart of Ireland’s economy: our privately held companies. Private businesses are vital, employing over 70% of our workforce and forming the backbone of communities nationwide. While private companies have a solid foundation with women holding 28% of senior leadership roles, a significant opportunity exists to elevate their board-level diversity. Currently, women hold just 22% of board seats in large Irish-owned private companies, a notable contrast to the 39% seen in ISEQ20 firms. It’s time to accelerate their journey and unlock their full potential.

To ignite this transformation, B4BB recently launched our new report, “Gender Balance in Privately Owned Companies: An International Perspective and Strategies for Success.” This isn't just a paper; it's a strategic roadmap, packed with clear, actionable recommendations designed to empower privately held companies to make meaningful and sustained progress at both board and leadership levels. This comprehensive guide offers practical steps and insights drawn from international best practices, providing a framework for tangible change within the unique context of privately-owned businesses.

Accelerating the pace of change

One of the most potent catalysts for change is transparency. Currently, only 16% of private companies voluntarily report gender balance data. Yet, the adage "what isn’t measured, won’t change" holds true. The EU’s Corporate Sustainability Reporting Directive (CSRD) presents a timely and perfect opportunity to standardize and publish this vital data, shining a much-needed light on progress and igniting further action and accountability.

Our research also strongly advocates for tailored strategies for every sector. Building an inclusive, future-ready, and collaborative organization isn't a one-size-fits-all endeavour. Each industry faces unique challenges, and the proportion of women on boards can vary significantly—from 17% in consumer staples to 32% in telecoms and utilities.

By embracing sector-specific approaches, businesses can supercharge their progress, investing strategically in their people and harnessing collective strengths to forge the resilience and innovation essential for long-term growth and sustained competitive advantage.

Owners and investors play a pivotal role in driving this change. When gender balance becomes a core business priority, its positive impact cascades throughout the entire organization. As highlighted by inspiring speakers like Declan Hughes, Secretary-General of the Department of Enterprise, Caroline Spillane, CEO at IoD Ireland, and Andrew Keating, CFO at Musgrave Group, at our recent panel discussion, setting clear targets and embedding accountability are absolutely key to unlocking better governance and driving stronger financial performance.

A clear plan of action

Success begins with a plan. Every organization should commit to setting clear, measurable gender balance targets by function and level, and be bold in their ambition. Regularly tracking progress isn’t just about accountability; it's about building momentum for continuous improvement and demonstrating tangible results. We strongly encourage every organization to strive for a 40% plus target across both board and leadership teams as an integral part of their multi-year journey towards true gender equity.

The time to act is now. The B4BB roadmap is your essential tool to transform intention into tangible impact and accelerate your progress. No matter where your organization stands on its gender balance journey, this roadmap offers practical, actionable guidance. From robust succession planning to targeted leadership development programs, it lays out structured steps to help you embed gender balance effectively at both board and senior leadership levels, ensuring lasting change.

A more competitive future

It's clear: balanced leadership is no longer just good practice – it's a fundamental competitive advantage. Diverse teams don't just attract top talent; they spark groundbreaking innovation, foster a more dynamic work environment, and build deeper trust with your customers and stakeholders. Every organisation, regardless of its size or industry, has a powerful and immediate role to play in shaping Ireland’s future.

Don't wait. Empower your business, attract the very best talent, and actively shape a better future for your organization and for Ireland.

For more on accelerating your journey, visit the Balance for Better Business website.

This article is the view of the author and does not necessarily reflect IoD Ireland’s policy or position.