'Women should socialise with bosses if they want to get ahead'

"Women have to make adjustments as well, but sometimes it's not easy when they have a family at home and various other commitments," she said.

Ridout spoke out after a group of Australia's most powerful male bosses pledged to promote women into top jobs and fight for higher wages.

She said it was extremely difficult for women to get to the top.

"It's much harder when women are in the vast minority in a lot of companies, especially in the senior ranks," she said.

Women's Bill centre of Congress' 125th year celebrations: Sonia

The Male Champions of Change, a group of 10 men which includes CEOs from some of the nation's largest employers such as Woolworths, Telstra and Westpac, will work together on strategies to lift the representation of women at the corporate level.

They will meet regularly to discuss pay equity, flexible work arrangements and boosting women in management roles.

Minister for the Status of Women Tanya Plibersek said the initiative was the first of its kind in Australia.

"This level of co-operation between senior executives setting out an agenda for reform is certainly unprecedented. We haven't seen this kind of leadership from business in the past and it's a very welcome reform," she said.

Women better at managing family finances

The group's formation was prompted by the Australian Stock Exchange's recent call on the top-200 ASX listed companies to lift their game on the issue.

The companies will be required to adopt gender equality policies and disclose the number of women in senior management positions.

Currently only about eight percent have female board members.