Power-seeking women incur social penalties known as backlash, yet research has identified two motive bases for leadership: power and status. Across five studies (N = 1683) using samples of working professionals, MBA students, undergraduates, and online participants, we investigate perceptions of individuals with varying motives for power and status. We uncover the motive for status is more congruent with feminine stereotypes compared to the power motive (Study 1), and that women who desire status are less likely to incur backlash compared to women who desire power (Study 2). We find that women who desire power appear to have greater perceived leadership potential compared to women who desire only status. However, women who desire both power and status benefit, as they are perceived as highly leaderlike but incur less backlash than women who only desire power (Study 3). We detect support for the novel “Status Compensation Effect” in experimental (Studies 1–3) and naturalistic settings (Studies 4–5), such that the negative social consequences typically incurred by power-seeking women (i.e., backlash) are reduced for women who simultaneously desire status. The current research highlights how women's desires for power and status serve competing functions in impacting their likelihood of incurring backlash.