Attracting

and Retaining
Women in
Revenue
Leadership
The Definitive 2021 Report from
Women in Revenue for Companies
Seeking to Catalyze Growth
Through Diversity and Inclusion
Attracting and Retaining
Women in Revenue Leadership

Table of Contents:

Introduction................................................................................pg 2

What’s Hard................................................................................pg 3

How Can Companies Attract and Retain Women Leaders?.......pg 5

Spotlight on Driving Revenue.....................................................pg 6

Impostor Syndrome....................................................................pg 8

Spotlight on Compensation.......................................................pg 9

Spotlight on Mentorship............................................................pg 10

Survey Methodology..................................................................pg 11

Thank You to Our Sponsors........................................................pg 13

Learn More.................................................................................pg 14

Additional Resources..................................................................pg 15

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Introduction

Increasing gender diversity and inclusion efforts isn’t just the right thing
to do, it’s the right thing to do for your business. Research has shown that
having more women, more women leaders, and more women in revenue
drives better business outcomes. But to attract and retain women, there
are practical actions you must take today to ensure women have, and
want, a place in your organization.

This report examines the most important issues facing women in revenue
in 2021. Our organization has grown to more than 4,200 members,
leading to an 80% increase in survey responses in this third issue of our
annual report. We are amplifying their voices to help you make sustainable
improvements to your company’s success through gender diversity.

Women in revenue have pointed to three core areas where

companies must do more:

1 Compensation transparency and equity

2 Mentors and mentorship opportunities
3 Benefits to support a healthier work-life balance

Throughout this report, you’ll read actual comments from women regarding the blockers in their career. Their words underscore
the urgent need for changes in how companies measure, react to, and improve gender diversity, especially as women have been
disproportionately forced to abandon their careers due to hardships created by the pandemic. However, using the findings in
this report, you can build an engaging, fair, and balanced workforce.

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 IN THEIR OWN WORDS
What’s Hard What’s Hard:
“We need to clarify the unconscious bias”

“Having my work sent to my male peer

Women in revenue agree their top challenges are: for review (but not the other way around)”

“Being virtual and struggling to be ‘seen’”

1 Work/life balance ­— raced to the top of the list with the pandemic
“I want to create a new narrative
2 Compensation — knowing their worth, negotiation on the value of female leadership”

“I’m leaving to get a 70% raise

3 Need for mentorship for a similar job at another company”

“I’m clearly not compensated

4 Access to effective business reports to measure success fairly for my work performance
and output”
5 Improving the health of revenue pipeline

The pandemic exacerbated existing work/life balance issues, with that challenge
rising from fifth last year to first this year. But, the stress of this past year also
spurred an inward focus as women mentioned diversity challenges (compensation,
mentorship) more often than business challenges (dashboards, pipeline).

Contributing Factors:
In just the past year, 2.4 million women have left 2.4 million women
left the workforce
the workforce.1 That’s 50% more than the number of QUESTION TO CONSIDER:
men who’ve stopped working, and it puts women’s
labor participation rate at the lowest it’s been since What is YOUR company
doing to listen to and
50% more than the
1988.1 Experts say closing of schools and daycares
and traditional household expectations are the support women employees?
primary factors forcing women, more than men, number of men
to put their careers on hold.2

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How Can Companies Attract and Retain Women Leaders?

More than half of respondents rank these items as Top priority for women in revenue:
top benefits needed to attract and retain them:
• Top health care
• Flexible work hours say educating companies
• Work from home options (even after offices reopen)
on why women in revenue
91% drive better business results—
• Transparent compensation information of those, nearly half called
• Ongoing training/education it a high priority!
• Diversity and inclusion programs

Health care, flexible work hours, and work from home flexibility remain
the top three benefits priorities for women in revenue. But, what nearly all
women in revenue rank as a top overall priority is educating companies on
Since they grew up in an era where
how women in leadership roles drive better business results.
access to information was ubiquitous,
Contributing Factors: it’s no wonder Millennials and Gen Zs
Gender diversity drives better business outcomes. McKinsey found that are nearly twice as likely as baby
companies with more female executives were 25% more likely to have boomers to openly discuss pay with
above-average profitability.3 Researchers found that companies with colleagues.6 Yet legislative efforts to
executive diversity have a profit margin over ten-times greater than those improve pay transparency have proven
without.4 And, a study by S&P Global found that companies with a female unsuccessful. Why?
CEO outperformed male-led companies by 20%, and those with a female
CFO saw an 8% increase in share price returns and 6% in profitability.5

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Spotlight on Driving Revenue

Industry data is clear — women in revenue drive performance.

A January 2021 study from Mary Shea, Ph.D. and a team from Forrester found:7

• rofits can be close to 50% higher when women are well represented in
P
upper management. But only one-third of B2B sellers identify as women.

• Female sellers excel in competencies that align with the expectations of

modern B2B buyers. Businesses that don’t seek out and support female
sellers risk losing talent and customers to competitors who do.

• Female sellers and leaders outperform their male counterparts. According

to Forrester’s Q4 2020 Global Women in Sales Survey, 77% of B2B female
sales pros reported they met or exceeded sales targets in the past financial
year, compared with 63% of male counterparts.7

• The data is more interesting when looking at team performance. When

comparing win rates and quota attainment, female-lead sales teams
outperform male-lead teams by 3%. Think about it — in a $1B company,
3% is $30M. In a $100M company, $3M. Who wouldn’t want that kind of
performance increase?

• To recruit and retain top-tier sales talent, companies must revamp job B2B sales pros who met or exceeded
descriptions with gender-neutral language and ensure female sellers have sales targets in the past financial year:7
clear paths to leadership.

77% VS 63%
female male

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Spotlight on Driving Revenue

What should companies do?

The 2021 Women in Revenue survey respondents

said they need support in the following ways:

1 Handling communication challenges with male colleagues

(mansplaining, interrupting, having their voices heard)

2 Ensuring transparent and equitable compensation

3 Finding strategies and tactics to scale revenue

more quickly

4 Influencing other women in the workplace

to support each other

While the number has dropped, 1 in 5 women

in revenue are challenged by sexual harassment
or anti-female bias in the workplace

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Spotlight on Driving Revenue
Communication challenges, such as demonstrating confidence,
speaking up/out, and dealing with mansplaining/interrupting,
impact the careers of nearly two-thirds of women in revenue.
And, research proves that men talk down to, over, and around
women more often than the opposite.8
This helps explain why meetings are full of “manologues.”
Political scientists find that when groups of five make democratic
decisions, if only one member is a woman, she speaks 40% less
than each of the men. Even if the group has a majority of three
women, they each speak 36% less than each of the two men.
Only in groups with four women
do they each finally take up as
much airtime as the one man.8
QUESTION TO CONSIDER:
How is the communication
dynamic in your organization?
Imposter Syndrome:
The concept of impostor syndrome was developed in
the late 1970s and the research specifically focused on
high-achieving women.9 It’s the feeling of anxiety and
second-guessing even though you have the intelligence,
experience, and capabilities to succeed.10 And, while
most people can attest to having felt it, women are
often put at an institutional and cultural disadvantage
that exacerbates and even reinforces those feelings.
But there are ways to overcome impostor syndrome.
Dr. Laura Huang, author of Edge: Turning Adversity
into Advantage, is a leading researcher of interpersonal
relationships and implicit bias in entrepreneurship and
in the workplace. Dr. Huang has found that building
confidence can come from focusing on which of your
strengths are most appropriate to a given situation.
She likens it to a diamond, which has flaws and discolor-
ations, but also many facets. Choosing which facet you
show can enhance your confidence. Her website has
a workbook that supports this thinking.
Body language can also be effective in changing how we
see ourselves. Dr. Amy Cuddy, a social psychologist and
executive lecturer at Harvard Business School, has found
that standing in a posture of confidence — the Wonder
Woman pose — even when you don’t feel confident can
actually improve your chances of success. Her research
focuses on how people can affect their own performance
under stress by becoming an active participant in the
moment rather than allowing anxiety to call the shots.
Her popular Ted Talk is a good reference point.11
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Spotlight on Compensation

Women earn less than men overall, but also when controlling for Over half of survey respondents
title and role, even more so in revenue and management roles.1 want transparency in compensation
and companies to openly address
Overall Adjusted for Title/Role compensation fairness.
Overall $0.81 $0.98
Sales and Related $0.81 $0.97
Management $0.78 $0.97
Overall shows the pay gap regardless of role and level, while adjust only compares the
salary of those with the same role and level.12

Women earn less than men no matter how you slice it.12 And, while the
gap when controlling for role and level may seem small, the uncontrolled
gap underscores the challenges women have in rising up to higher level,
and higher paying, roles. Over a 40-year career, women on average earn
$900,000 less than men. When controlled for role and level, women earn
$80,000 less than men, while women in revenue earn $140,000 less.

Contributing Factors:
QUESTIONS TO CONSIDER:
Few companies have accurate and comprehensive salary insights. If an
audit shows discrepancies for protected demographics, companies are then
Is your employer transparent
legally responsible for fixing those problems quickly. But, many companies about compensation? Do they
lack both an audit process and a plan for resolution. Employers can start have an active effort to identify
by planning a salary audit focused on gender pay equality. and rectify pay gaps?

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 IN THEIR OWN WORDS
Spotlight on Mentorship On Mentorship:
“Both sides should nurture the relationship
to ensure it’s mutually beneficial”

Do you have a mentor? “It’s not just the mentor’s advice that helps,
Just 31% of respondents report that they have
it’s hearing their experiences to inform your
a current mentor. With more than two-thirds
Yes own decisions”
lacking mentorship support, it’s no wonder
that so many respondents mentioned a lack 31% “Honest advice is the best advice a mentor
of mentorship as a top challenge. What these can provide”
69%
women in revenue are seeking is career No “Treat it as a professional relationship,
advice, coaching, and networking. come prepared, and be accountable for
follow-through”
Women in Revenue introduced a mentor program in 2018 that is serving members
with 1-1, flash mentorship, and 1-many programs. Interested members can sign up “Balance the value of an internal mentor
who understands company dynamics versus
at www.WomeninRevenue.org.
an external one with a fresh perspective”
Contributing Factors: “Finding the right mentor is hard, but once
The Berkeley Haas School of Business found that women who have a mentor get you do, it’s a blessing”

more promotions, are paid more, and are happier at work.13 Women also gain more “With so few women leaders,
social capital from their affiliation with a mentor than do men. However, the top it’s hard to find one who doesn’t
mentioned blocker for women in revenue was simply finding the time to meet. already have mentees”

Mentors VS Sponsors
Mentors have mentees Sponsors have proteges

Mentors suggest how to expand your network Sponsors provide network connections

Mentors provide feedback to aid in personal Sponsors are personally vested in your
and professional growth upward mobility

Mentors suggest ways to increase visibility Sponsors champion your visibility and use
their own reputation to provide exposure

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 Career Blockers IN THEIR OWN WORDS

“Being turned down for management positions while they select an older, white male” “Assuming everyone else knows better”

“Male leadership is not actively increasing female representation” “Not having an ally to advocate for my career and growth”

“I was told to be ‘harder’ and ‘tougher’” “Discrimination was prevalent and the c-suite’s lack of awareness was astonishing”

“Think about all the deals you DID NOT WIN because the bro’s were out playing golf” “Being underestimated and pigeonholed”

“My calm demeanor discredits me next to more aggressive, dynamic, louder (mainly male) colleagues”

“They value women in director-level roles but there is no further advancement” “Unconscious bias is real”

“I look younger than I am, so people doubt my capabilities” “Having an outgoing personality has pegged me as an ‘airhead’”

“Women must be perfect at everything and can never feel secure in a job” “Men assume the woman should take notes in a meeting”

“A manager grabbed my ass” “Why are women always assigned the event-planning roles?”

“Dealing with inappropriate comments/harassment and juvenile male behavior”

“I’m tired of waiting for employers to ‘do the right thing’ when it comes to promotions and raises”

“I have experienced discrimination, ‘bro culture’, and being talked over” “I’ve been left out of male-only sales outings”

“I was told in front of everyone that I’m just ‘not comfortable negotiating big deals’ - 2 weeks later I sold our largest deal of 2020”

“I continue to get positive feedback, but haven’t received an actual promotion” “As a woman, I am always expected to take the notes”

“I worked in an alpha male culture and it drained me because my voice was silenced”

“Because I’m a woman, I’m asked to schedule the meetings” “A VC asked me why I wasn’t home having babies”

“I second guess myself a ton, which drains my confidence when speaking to executives and board members”

“My CEO told me they already had a strong female in the ranks” “The tech industry isn’t nearly as progressive as we like to think it is”

“It’s difficult to feel ambitious when your leadership doesn’t reflect the diversity of your company”

“As a black woman, the sales org had a hard time seeing me as able to be successful”

“Given feedback that I am ‘too much of a tough girl’ and need to change my attitude”

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Survey Methodology

We surveyed from the end of 2020 into the start of 2021.

More than 725 women responded. In addition to
respondents from sales and marketing, responses grew
from women in sales and marketing operations and
customer success. Nearly two-thirds were in leadership
roles, director level or higher. Their companies were
a majority B2B technology (73%).

There was a wide distribution of respondents from

different size companies, with one-third from companies
with fewer than 100 employees, one-third from
midmarket companies, and the rest from enterprise
size organizations. This year had more representation
from African American, Hispanic/Latinx, and Asian
voices. Representation across major metro regions
notably increased.

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Survey Methodology

Roles Industries
Marketing Technology 3% 17%
25% 23% 3%
Sales Marketing Services
Marketing/Sales Ops Business Services 9% 56%
Customer Success 6% 21% Financial Services
10% 12%
C-Suite Manufacturing
14%
Other Other

7%
Levels Race 7%
Leaders White
Individual Contributors 39% African American 8%
61% Hispanic/Latinx
65%
Asian

Company Size Top 10 Metro Regions

<100 Employees 1. San Francisco Bay Area 6. Boston
100-1000 Employees 33% 35% 2. New York 7. Chicago
1000+ Employees 3. Atlanta 8. Portland
4. Austin 9. Seattle
32% 5. Denver 10. Washington DC

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Thank You to Our Sponsors

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We hope this annual report has inspired you to learn
more about what it takes to support women in revenue
positions. Diversifying the revenue workforce is not only
the right thing to do — it will drive better revenue
outcomes. Companies must be intentional in doing what
it takes to recruit and retain women in revenue positions.

This research has an accompanying virtual event recording,

found on the Women in Revenue website. In addition,
we will continue to publish meaningful content and work
to broaden the reach of this exciting organization.

To learn even more, and support women in revenue, join

our community! Membership gives you access to women
revenue leaders for networking, mentorship, and educating
business leaders on the real business value women
bring to every organization.

Thank you for your support!

Find out more at www.womeninrevenue.org

You can follow us on Twitter, LinkedIn, and Facebook.

Women in Revenue was founded in 2018 to support women in revenue careers.

Since that time, nearly 4200 women have joined and are engaged in networking,
mentorship, meetings, and content like this annual study.

Women in Revenue is a 501(c)(3) non-profit.

www.womeninrevenue.org
© Women in Revenue 2021
Sources and Additional Resources

Sources: Additional Resources:

1. Women’s labor force participation rate hit 33-year low in January 2021 5 Ways to Bring Women Back into the Post-Pandemic Workforce
CNBC, February 2021 Harvard Business Review, February 2021

2. COVID-19 has driven millions of women out of the workforce Are you a “water carrier” at work?
Fortune, February 2021 LinkedIn, July 2020

3. Diversity wins: How inclusion matters World-first research shows female CEOs boost companies by $80m on average
McKinsey & Company, Report, May 19, 2020 ABC News (Australia), June 2020

4. Firms with more female executives ‘perform better’ The Secrets of Successful Female Networkers
BBC News, July 27, 2020 Harvard Business Review, December 2019

5. Firms with a female CEO have a better stock price performance Why Women Volunteer for Tasks That Don’t Lead to Promotions
CNBC, October 2018 Harvard Business Review, July 2018

6. Millennials are breaking taboos around disclosing salaries Richard Branson: The Importance of Taking Notes
Washington Post, September 2020 LinkedIn, February 2015

7. Organizations That Champion Female Sellers Enjoy Higher Growth Research: Women Are Better Leaders During a Crisis
Forrester, January 26, 2021 Harvard Business Review, December 2020

8. Who won’t shut up in meetings? Men say it’s women. It’s not.
Washington Post, February 2021

9. Stop Telling Women They Have Imposter Syndrome

Harvard Business Review, February 2021

10. For Women in Business Who Feel Like a Fraud

WOMEN Sales Pro, January 2020

11. Your body language may shape who you are

YouTube/TED, October 2012

12. Gender Pay Gap Statistics for 2020

Payscale, March 2020
Producer: Tracy Eiler, founding member, Women in Revenue
13. How women can find mentors in the workplace
Berkeley MBA Blog, March 2020 Special thanks to: Krol Designs, Claire Pockell-Wilson, Jason Rushin, Sarah Sehgal

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