Each year, International Women’s Day offers a moment for corporates, governments and individuals globally to take stock. It provides the opportunity to celebrate progress but also reflect on challenges that still lie ahead.

The pace of change remains gradual. In the UK, women who work full-time still earn on average 6.9% less than men working the same number of hours, although the gap has narrowed by over a quarter over the past decade. In the United States, according to the Pew Research Center, women earn roughly 85 cents for every dollar earned by men, compared with 81 cents in 2003. These trends highlight that while we are moving in the right direction, meaningful progress requires sustained effort.

This year’s theme, Give to Gain, captured that dynamic clearly: meaningful progress comes when organisations actively invest in inclusion, opportunity and leadership development. When businesses create conditions for women to thrive, the benefits extend far beyond individuals; it shapes culture and supports long-term growth.

Against this backdrop, Hayfin’s Global Women’s Initiative hosted its third annual International Women’s Day event, From Retention to Leadership: An International Women’s Day Conversation. Bringing together senior leaders from across the industry, the panel discussion and Q&A explored how organisations can move beyond recognition towards action, such as removing bias in decision-making to expanding opportunities and building stronger leadership pipelines for women.

I was delighted to moderate this discussion, and would like to extend a huge thank you to our panellists: Sharon Bell, Senior Strategist in Goldman Sachs Research; Sabrina Fox, Founder, Fox Legal Training & Good Girl to Goddess; and Maria Johannessen, Head of UK Investment, Aon. Here are some of the key takeaways from the conversation:

Progress demands energy

Driving societal change does not happen overnight, and while systemic issues such as pay gaps are still evident, there has been progress. Representation is gradually improving: women now hold roughly 40% of board roles in FTSE 350 companies, up from 9.5% in 2011, reflecting sustained efforts to strengthen diversity in leadership.

The growing presence of women in senior roles sends an important signal to the next generation that leadership pathways are widening. However, accelerating progress will require continued energy and commitment from businesses and policymakers alike. For corporates, this means moving beyond intent to action – not just actively celebrating initiatives such as International Women’s Day, but also championing female leaders and implementing policies that develop and retain the next generation of talent.

Government also has an important role to play. While legislation such as the Equal Pay Act established an essential foundation, further progress will depend on policies that better support career continuity, including more balanced approaches to parental leave and greater recognition of the realities of time spent out of the workforce.

Sponsorship matters

Another theme that emerged from the discussion was the importance of sponsorship. Having someone advocate for you in meaningful ways when you are not in the room can be transformative. Unlike mentorship, which typically focuses on guidance and advice, sponsorship involves advocacy. A sponsor not only helps individuals clarify their goals and build confidence, but also uses their own influence to create opportunities, promote achievements and support progression into more senior roles.

For many women, a persistent challenge in the workplace is navigating expectations around leadership style. They are often encouraged to be more assertive, more vocal or more confident – yet when those behaviours are demonstrated, they can sometimes be interpreted differently than they would be for male counterparts. Sponsorship can help bridge this gap. By advocating for talent and ensuring contributions are recognised in decision-making forums, sponsors can help counter bias and ensure capability is evaluated fairly.

Models make a difference

Leadership is not only about setting strategy. It is about modelling the behaviours that shape workplace culture. That includes demonstrating that balance and boundaries are both respected and realistic. When senior leaders, both men and women, visibly prioritise responsibilities outside of work, such as leaving the office to pick up children or avoiding a culture of late-night emails and instant responses, it sends a powerful signal about what is truly prioritised within an organisation.

This is particularly important when considering the unequal distribution of unpaid work. Data from the Organisation for Economic Co-operation and Development (OECD) shows that women globally do almost 50% more unpaid domestic and care work than men. When a significant proportion of time outside the workplace is already committed, expectations around constant availability can disproportionately affect women’s ability to progress.

Respecting professional boundaries is therefore essential to building a more equitable environment. Clear boundaries help sustain long-term performance and allow talent to remain and progress within the workforce.

At the same time, the discussion also highlighted the importance of agency. Several speakers noted that actively putting oneself forward, be that asking for opportunities or seeking added responsibility, often opened the door to the most meaningful professional development.

The theme of our discussion was clear. Progress is evident, but the pace of change reminds us that there is still more to do. Businesses have a critical role to play in accelerating that momentum by championing sponsorship, modelling inclusive leadership behaviours and creating environments where talented individuals can thrive at every stage of their careers.