According to the Pew Research Center, the percentage of female Fortune 500 CEOs reached an all-time high of 6.4 in 2017 (32 out of 500) and fell to 4.8 percent in 2018 after several women left those roles. With women comprising at least 40% of the world’s workforce and half of the population, it’s remarkable the number of women CEOs is so low.

In family businesses, it’s a different story. Ernst & Young (EY) surveyed the largest family businesses from top global markets. They found that the world’s largest, longest-lasting family enterprises are advancing women further and faster that their non-family counterparts. Specifically, the survey revealed the percentage of women in top management to be 22% and board membership, 16%.[1]

The difference begs the question why.

One reason is found in the long-term perspective of family businesses. They are more conscious of preserving a family legacy than an individual’s legacy. This coincides with the fact that in a family business a CEO’s tenure is longer than in a public company—an average of 20 years compared to 6. EY suggests that longer CEO tenures may serve to break down conscious and unconscious biases against women by giving company leaders more time and opportunity to witness women’s contributions and accomplishments.

Family-owned businesses are also characterized by their focus on people and relationships, in addition to profits. Their more social and broader purposes help family members and employees engage with each other, the company and their community. These priorities are largely accepted as inherent in females leaders.

An article published by Women in Family Business (WiFB)[2], adds to this perspective, stating:

“Family businesses are often more socially conscious than their non-family business counterparts. They are more likely to hire people and less likely to lay them off, more likely to support their communities, and far more likely to be concerned with the long-term health of their communities. And they are not as concerned with quarterly cash flow and profits, likely because they operate with far less debt. This is truly a family-motivated attitude — what kind of leaders put their families at risk?”

Further, family businesses, by definition, blur the lines between work and family. And men today, more so than in past generations, are sharing the responsibility of balancing work and family obligations–issues that historically have been seen as women’s concerns. The result, more women in leadership roles, further balancing societal benefits.

[1] https://www.ey.com/en_us/growth/how-family-businesses-are-embracing-women-in-leadership

[2] https://www.womeninfamilybusiness.org/women_and_family_business_good_for_one_another/