At the WILL Foundation, we are committed to basing our initiatives on solid, trustworthy research. Our first comprehensive study, ‟The Role of Female Leaders in Corporate Success”, explores the current state of women in leadership globally, in Europe and in Hungary. Drawing on a literature review and original research, it explores the barriers women face in advancing their careers and examines the contribution of women leaders to organizational performance.
The study consists of two parts:
The work of the WILL Foundation is informed by international recommendations and European initiatives aimed at advancing women’s participation in leadership and decision-making. In February 2023, the UN’s Committee on the Elimination of Discrimination against Women emphasized the need for Hungary “to provide capacity-building and training to women managers and leaders in the private sector and work with private sector entities on the importance of women’s equal participation in leadership positions”.
Similarly, the European Union’s Women on Boards Directive, adopted in November 2022, calls for improved gender balance among directors of listed companies.
Guided by these recommendations and by the findings of our own research, the WILL Foundation supports women leaders in Hungary and the CEE region in advancing their careers and reaching senior decision-making positions. Our work combines leadership development, research, mentoring, professional community-building and initiatives that increase the visibility of women leaders.
Our flagship initiative, the WILL Program, launched in 2025. Following the successful completion of its inaugural cohort, the program continues with new cohorts. The WILL Program combines international learning with leadership development tailored to the opportunities and challenges women leaders face in Hungary and the CEE region. Our goal is to deliver an educational experience that combines the best practices in leadership development with a deep understanding of the specific challenges and opportunities faced by women in the CEE region. By participating in this program, women gain the skills, knowledge, and confidence needed to excel in their careers and make a significant impact in their organizations.
In today’s dynamic business landscape, innovation is the cornerstone of success. Companies that embrace women in their leadership teams tend to see significant rewards. Ivy League university studies1
have shown that companies with a 10% higher proportion of female leaders achieve a remarkable 7% boost in innovation performance. It is shown by Forbes2 that this is attributed to the unique leadership styles and perspectives that women often bring to the table. They rather focus on R&D instead of M&A.
Having female leaders isn’t just the right thing to do, it’s smart business. Companies with women in the C-suite tend to see a boost in their financial performance by 27% too according to a McKinsey research3. They also bring openness to change, more responsible risk-taking, and higher standards in CSR and ESG performance. That research shows that these advantages start to manifest when women hold around 30% of leadership positions.
At the highest levels of leadership in sectors like energy, IT, startups, finance, and fintech, as well as among Fortune 500 CEOs, the presence of women remains below 10% as shown in several researches4. In Hungary, the situation is even more stark, with female leaders making up only 5.9% of the top tier according to the European Institute for Gender Equality. Unfortunately, no country in the CEE region is close to achieving the desired 30% representation of women in higher leadership positions.
1 Harvard Business Review: Research: Adding Women to the C-Suite Changes How Companies Think
2 Forbes: The Business Case for Women in Leadership
3 McKinsey: Diversity Matters Even More – Likelihood of outperformance vs the regional industry median.
4 HolonIQ, Altfi, American Association of School Administrators, Australian Institute of Company Directors, Catalyst, College and University Professional Association for Human Resources, Education Sub Saharan Africa, European United Nations, European Women on Boards, FemStreet, Forbes, Fortune, Gusto, Hindustan Times, IMF, International Hospital Federation, National Center for Education Statistics, OECD, School Superintendents Association, Sifted, Spencer Stuart, Standard and Poor’s, TechCrunch, The Conference Board, Times Higher Education, US Department of Labor, US Dept of Education, World Bank, Women is Business Collaborative, World Health Organization, Women on Boards, 50/50 Women on Boards, Women CEOs in America, UN Women, University World News, Women’s Power Gap.
The WILL Program is the Foundation’s flagship leadership development initiative. It combines the Women Leaders: Advancing Together course delivered by Harvard Division of Continuing Education with an intensive development program in Hungary, executive mentoring, individual coaching and a strong peer community. We believe that the WILL Program can help you and your organization in several ways.
1. Talent Pipeline Development
The WILL Program is designed to create a robust pipeline of women ready to step into board positions. This not only helps companies comply with gender balance directives but also brings diverse leadership perspectives to the table.
2. Skill Enhancement
Our program focuses on enhancing key skills valued in board members, such as strategic thinking, governance, financial acumen, and risk management. This comprehensive training prepares women to effectively meet the criteria for board positions.
3. Networking and Visibility
The WILL Program offers invaluable networking opportunities, increasing participants’ visibility among senior executives and board members. This helps women overcome the “visibility gap” often faced in the corporate hierarchy, paving the way for board nominations.
4. Cultural Change
By promoting women’s leadership and supporting their advancement into senior roles, the WILL Program contributes to a cultural shift within organizations. This shift makes companies more inclusive and better aligned with the latest trends regarding a more balanced corporate leadership.
5. Compliance and Reputation
Participation in the WILL Program demonstrates a company’s commitment to complying with recent requirements like the Women on Boards Directive. Also, participation enhances the company’s reputation among stakeholders, including investors who increasingly consider ESG (Environmental, Social, and Governance) criteria in their investment decisions. Increasing the number of female
managers in an organization where they are underrepresented will show the company’s strong commitment to improve the social element of the ESG spectrum.
Contact us at
office@willfoundation.eu.
