In Pursuit of Balance: An Analysis of Female Leadership in Romanian Business

On March 8th, International Women’s Day, we celebrate women’s achievements and advocate for gender equality, shining a light on the ongoing challenges. MKOR focuses on highlighting the role of women in business and their impact on shaping the economy. We’ve concentrated on the progression of Romanian women, tracking local developments over the last three years.

Here are some of the insights we’ve discovered:

• Over three-quarters of active firms in the local market have women as shareholders or associates, while the percentage of female entrepreneurs is 28% less than their male counterparts leading startups.
• The desire to make a positive change is the main motivation for women who start their own business.
• Women are still underrepresented in company boards and CEO/President positions, yet their representation in strategic roles (CMO, CTO, COO, etc.) exceeds the European average.
• Even though Romania is among the last in the EU regarding gender equality, women have access to various initiatives and communities that can powerfully support their financial journey, networking, and business knowledge, examples being potent platforms for business success.

Discover more detailed analysis regarding the main benefits of improving women’s access to leadership roles, their representation in Romania’s leadership, and the main opportunities for developing an inclusive business environment.

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Did You Know MKOR Was Founded by a Woman?

In celebration of International Women’s Day, here’s a spotlight on MKOR’s founder, Corina Cimpoca (Cori). With over 16 years of expertise in marketing and market research, Cori established MKOR Consulting in 2013. Her vision was to create an agency rooted in data-driven insights, offering comprehensive marketing services that empower brands to succeed.

This year, we wanted to celebrate International Women’s Day in the way we know best: by sharing data that highlights the importance and impact of gender equality in business.

As a woman entrepreneur with over 10 years of experience, I know firsthand the role that societal biases and imposed limitations play in holding women back from fully developing their businesses. The worst part is that we often internalize these biases without realizing it, which leads to self-imposed limitations.

For example, when I was pregnant with my first child, I was terrified that clients might find out—I feared they would stop working with me, and that MKOR would suffer simply because I was about to become a mother. Looking back, I realize those fears were baseless, but at the time, I had to push myself hard to overcome them. Fortunately, I was lucky to have an extraordinary partner in life and business who supported me every step of the way.

This year, together with the MKOR team, we conducted an analysis based on relevant data that shows how the role of women in business has evolved over the past three years, a period marked by the pandemic, war, and widespread uncertainty. While this is a broad topic, we chose to focus on the positive impact that we, as women, bring to this side of life.

I hope our analysis reaches all women in business across Romania, empowering and inspiring them!

History shows us that inequalities tend to deepen when society faces major crises.

A recent example is the COVID-19 pandemic, which disproportionately impacted women in the professional sphere:

• Across Europe, pandemic-related measures led to a larger drop in female employees’ salaries compared to their male counterparts (8.1% vs. 5.4%).
• The volume of unpaid work doubled for women, who spent an additional 15 hours per week managing household and family care duties during the pandemic.
• More women lost their jobs, especially younger women and immigrants.

When women are in leadership positions, however, they tend to perform better, especially in crisis situations. A comparative analysis by the Harvard Business Review highlighted that female leaders were rated more effective by employees in handling crises than their male counterparts in similar roles.

In the context of recent global events over the past three years, women in leadership roles have demonstrated a closer connection to their teams, offering both emotional support and practical guidance in managing challenges.

Interpersonal Skills—often more pronounced in women—have made a significant difference for employees, especially during uncertain times. Leaders who have these qualities are particularly valued for:

• Inspiring and motivating, with the flexibility to pivot and a willingness to learn new skills
• Communicating effectively, with honesty and integrity
• Encouraging collaboration and emphasizing team development
• Building relationships and paying attention to the emotional well-being of their teams (addressing stress, anxiety, and frustration)

Moreover, women are more engaged than men in promoting diversity and inclusion within companies, often at an informal level.

Beyond the cultural benefits, achieving gender balance in leadership has direct financial implications.

According to McKinsey & Company, companies with at least 3 out of 10 top managers being women can achieve financial results up to 48% better than those with minimal or no female representation at the top.

These are just a few of the positive effects of women’s participation in the business world. Yet, despite the evidence, gender disparities remain a current issue, one that requires time and sustained effort across society to achieve balance.

According to the latest Global Gender Gap report, if the current rate of progress continues, it will take 132 years to reach full gender equality globally—assuming no further macro-level disruptions occur.

Although Romania scores above the global average in the Gender Equality Index, progress over the past three years has been negative (-0.3% in 2023 compared to 2021). Additionally, within the region, Romania ranks among the lowest, alongside Greece, Hungary, the Czech Republic, and Cyprus.

The areas where the gender gap between women and men remains most pronounced, not only in Romania but worldwide, are:

• participation in economic life and the opportunities available in this regard
• access to political power

Since we aim to analyze the role of women in business, we will further detail the main aspects regarding women’s involvement in economic life, especially as decision-makers.

Just over a third of company shareholders on the local market are women

In Romania, companies have an average of 1.4 shareholders or associates. Among them, only 36.6% are women.

Although the Romanian business environment grew by 11% between 2021 and 2023, the proportion of women holding shareholder or associate roles has not experienced significant fluctuations.

Additionally, according to World Economic Forum data (WEF), in 2023, only 1 in 10 Romanian companies had majority female ownership (holding 50%+ of the shares). This percentage remains similar to that of 2022, following a high of over 32% in 2021.

When it comes to startups (companies less than three and a half years old), the situation is more balanced, although entrepreneurial initiatives have declined locally in the past year.

Although male entrepreneurs still outnumber their female counterparts, the gender gap has slightly narrowed in 2023 compared to 2022. For every 100 men who started a new business, there were 72 women doing the same, up from 66 the previous year.

Romanian women entrepreneurs are primarily motivated by the desire to make a positive impact

When deciding to start their own business, Romanian women aim first and foremost to generate social value (making a difference). This orientation towards social entrepreneurship is commonly observed across Europe, according to the Women’s Entrepreneurship Report (GEM 2022/2023).

Women entrepreneurs also choose this path as a means of earning a livelihood, often due to limited job opportunities.

Men, on the other hand, are more motivated by continuing family traditions and financial factors (high income, wealth accumulation).

Nearly 1 in 10 CEOs in large companies are women

Top leadership positions in large companies are predominantly held by men, a trend that is common across the European Union.

In Romania, the percentage of women in decision-making roles within companies has even decreased over the past three years.

According to data from the European Institute for Gender Equality (EIGE), the number of women CEOs dropped by over 7% in 2023 compared to 2021, reaching a mere 5.9%.

An even smaller number of women hold positions as Chairwomen (such as Chair of the Board of Directors): only 5.6% of these roles are occupied by women in Romanian companies.

Women are better represented on boards of directors, though gender inequality persists

Gender disparities at the management level are less pronounced in the case of board members or senior executive positions (CFO, COO, CMO, etc.).

Between 2021 and 2023, the percentage of women securing a seat on the boards of Romanian companies increased by 4.2%. However, in 2023, women’s representation on boards remains below the European average, lagging by 12.5%.

The percentage of women in Senior Executive roles in Romanian companies exceeds the European average

Romania performs better than other countries in the region when it comes to women holding strategic positions in companies (CFO, COO, CMO, etc.). Specifically, 1 in 4 Senior Executive roles are held by women, which is 6.4% higher than the average for EU companies.

However, the national trend has been declining during the analyzed period, with a decrease of 3.1% in 2023 compared to 2021.

Companies in Technology, Energy, and Distribution have accelerated hiring women in leadership

The gender imbalance in leadership roles must be analyzed while considering the specific characteristics of each industry.

Education, healthcare, the public sector, and non-governmental organizations are generally dominated by women. Conversely, construction, manufacturing, energy, and distribution are industries where men are the majority.

Even so, globally, less than half of leaders are women, including in sectors where women represent the majority of the workforce, according to the World Economic Forum.

This is happening despite a general perception that large companies offer equal opportunities for advancement into leadership roles. The same applies to Romania, where opportunities provided by local companies for women in leadership are perceived as relatively fair (4.97/7, though down by 0.26 points in 2022 compared to 2020).

A trend that may suggest a shift in paradigm concerns the increasing rate of women being hired into leadership roles in sectors not traditionally associated with women:

• Technology (~+25% in 2022 compared to 2016)
• Distribution and energy (~+20% in 2022 compared to 2016)

Women continue to be paid less than men

In Romania, the gender pay gap widened by over 6% in favor of men between 2021 and 2022, according to statistics from the National Institute of Statistics (INS).

Although in 2022, the average net salary for women increased overall by 10.2% compared to the previous year, the gap between women’s and men’s earnings also grew (-1.7%).

In 2022, the average net salary earned by women exceeded 3,000 RON across all regions of the country. The largest salary gaps between men and women were recorded in the South-Muntenia and South-East regions, which are generally areas with the lowest earnings.

The situation is different in the Bucharest-Ilfov region, which boasts the highest salaries nationwide. Here, men earn an average of over 5,200 RON net, while women’s salaries approach the 5,000 RON mark.

Nearly half of Romanians believe gender impacts success in life

According to the latest Eurobarometer on equity and equality issues, 43% of Romanians consider gender an important factor when it comes to achieving success in life.

Moreover, for 14% of Romanians, being born male or female is seen as essential for success.

When it comes to the workplace, gender equality is perceived differently by decision-makers and employees. Diversity and Inclusion studies conducted by MKOR in partnership with the Diversity Charter reveal a much more optimistic perspective from companies.

Specifically, although most organizations claim that their main focus regarding D&I is gender equality (86%), only 31% of employees perceive this to be true.

Additionally, there are notable differences in perception between women, men, and employees in general:

• Women (and employees in lower hierarchical positions) tend to perceive gender inequality in career opportunities more acutely compared to other employees.
• Women feel significantly less appreciated, less comfortable sharing their opinions, or being their authentic selves at work compared to men.

The contribution of over half of Romania’s population to the economy and society can no longer be overlooked. Women create inclusive organizational cultures, address pressing issues such as environmental protection, and prioritize the well-being of their peers.

Encouraging women’s access to leadership positions means fostering innovation and creating space for collaborative solutions that care for the communities involved.

Access to leadership roles can be achieved by raising awareness of existing barriers and stereotypes and eliminating them through collective effort. This is why MKOR Consulting’s analysis contributes to this goal by highlighting data and promoting existing initiatives.

Government Programs Supporting Women’s Entrepreneurial Initiatives

The Romanian government has introduced several relatively new programs and projects dedicated to women. The most notable is:

• The national program “Femeia Antreprenor” (or Woman Manager), launched in 2018, which allows Romanian SMEs with majority female shareholders or associates to access funding of up to €40,000.

Additionally, women looking to start a business can apply for funding under the Start-Up Nation program:

• Initially launched in 2017 and relaunched in 2020 with modifications, this program encourages entrepreneurial initiatives and offers funding of up to 200,000 RON per SME.

These national initiatives are complemented by European-level programs aimed at supporting women, such as:

• EU Prize for Women Innovators, a competition organized by the European Innovation Council to reward innovative female entrepreneurs.
• Empowering Women in Agrifood (EWA), a program developed by the European Institute of Innovation and Technology (EIT) that supports women entrepreneurs in the agrifood sector.

European Strategies and Platforms for Diversity and Inclusion

European social policies prioritize non-discrimination and equal opportunities. Since 2010, the European Commission has established the European Platform of Diversity Charters.

Today, the charter is present in 26 countries, including Romania, with over 200 signatories committed to its principles. MKOR is one of the first signatories of the Diversity Charter of Romania and serves as its research partner.

Moreover, a dedicated Gender Equality Strategy was developed for 2020-2025. One of its first measures was the requirement to ensure pay transparency.

Although 4 in 10 Romanian employers claim they are not ready to provide pay transparency, it plays a significant role in attracting candidates, according to the latest eJobs report.

Private Initiatives Supporting Women’s Entrepreneurial and Managerial Activities

Romanian women looking to start or grow their businesses can also receive financial support from private organizations, such as investment funds, investor communities, or financial institutions. These programs often include education and mentorship components.

Some initiatives, created by women for women, include:

• Bravva Angels, a Business Angels investor community established in 2022, supporting startups founded by women or mixed teams (where a female founder holds at least 20% of the business and a management position).
• WIT Angels Club, also founded in 2022, an Angel Investors community targeting tech startups founded by women at early stages.
• ELITE Business Women Investment Fund, a funding program dedicated to Romanian women entrepreneurs, launched in 2019 by the Elite Business Women business club.

Romanian women can also benefit from investments or grants offered by international organizations, such as:

• Women in Business, a program funded by the European Bank for Reconstruction and Development (EBRD) dedicated to women-led SMEs.
• Female Founders Fund, an investment fund established in 2014 that supports women-founded companies in areas such as fintech, healthcare, and B2B tech solutions.

Communities/Associations for Women in Entrepreneurship and Leadership

Romanian women also have access to associations dedicated to developing entrepreneurial skills and knowledge among women. These communities aim to connect businesswomen in Romania and provide inspiring success stories.

Here are some female leadership communities in Romania:

• ASK 3 Women, founded in 2022 to encourage collaboration and share best practices among women entrepreneurs.
• Chapters by Cristina Bâtlan, an initiative launched in 2022 that offers development opportunities for talented women in Romania and helps build social and business connections.
• Antreprenoare.ro, a portal launched in 2020 that promotes businesses owned or led by women entrepreneurs and creates online communities for women entrepreneurs.
• Comunitatea Cuib, established in 2020, offering free consultancy and support for small and medium-sized businesses affected by Covid-19.
• Organizația Femeilor Antreprenor (OFA UGIR), an organization promoting and supporting women entrepreneurs and their business initiatives nationwide.
• Confederația Națională Pentru Antreprenoriat Feminin (CONAF), founded in 2018, actively contributing to the development of the Romanian business environment through national and international initiatives. In 2019, CONAF organized its first event in the European Parliament.
• Mamprenoare, a business hub & accelerator founded in 2016 for women entrepreneurs in Romania and the diaspora.
• Asociația Happy Moms, established in 2014, focuses on entrepreneurial and financial education for mothers, children, and families.
• Femei în Afaceri, a female business community founded in 2009 that organizes business networking events under the name “Meet the WOMAN.”

Romanian women can also access resources provided by international organizations and initiatives with a local presence, such as:

• Women in Tech, an international organization promoting education, inclusion, and the participation of girls and women in business since 2018.
• Business Women Forum Romania (BWFR), an NGO supporting women in leadership positions, business owners, NGO leaders, corporate managers, and entrepreneurs.

Events and Conferences for Women in Business

Another opportunity to promote female entrepreneurship and recognize the achievements of women in business is through events.

Here are some examples of events, many of which have become traditions:

• Forbes Woman Summit, an annual event organized since 2018.
• Gala Forbes Woman, an annual event held since 2012.
• Extraordinary Women, a conference organized by BIZ Magazine.
• The The Woman conference, an annual event in Cluj-Napoca.
• Gala Women in Economy, organized annually since 2019 by the National Confederation for Female Entrepreneurship (CONAF).
• 10 Femei de 10, the first edition scheduled to take place in 2023 in Cluj-Napoca.

MKOR Thanks Its Partners for Promoting the Analysis

Carta Diversității

The Diversity Charter of Romania helps its signatory companies develop and implement effective policies for diversity and inclusion. The charter is based on a set of general principles voluntarily adopted by signatories to promote diversity, non-discrimination, inclusion, and equal opportunities in the workplace.

The Diversity Charter of Romania continues its successful collaboration with MKOR Consulting, promoting the latest analysis conducted by the MKOR team, focused on equal opportunities at the management level.

The report explores the role of women in entrepreneurship, the challenges they face as entrepreneurs, the representation of women in leadership positions, gender pay gaps, and perceptions of gender inequality. Thank you to the MKOR team for this valuable effort!

The Woman

The Woman Association promotes female leadership, business education, and best practices in business through its campaigns, interviews, and events.

Its most notable projects include The Woman magazine, available in print, and The Woman Conference—a flagship event in the field of female entrepreneurship, held annually in Cluj-Napoca since 2012.

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