Many CEOs who make gender diversity a priority—by setting aspirational goals for the proportion of women in leadership roles, insisting on diverse slates of candidates for senior positions, and developing mentoring and training programs—are frustrated. They and their companies spend time, money, and good intentions on efforts to build a more robust pipeline of upwardly mobile women, and then not much happens.

A version of this article appeared in the September 2013 issue of Harvard Business Review.