This means companies risk losing current and future women in leadership and unwinding years of progress towards gender diversity.
Despite these challenges, women want to advance and are growing increasingly willing to leave their employer for a new one that helps them attain that.
Representation by corporate role, by gender and race, 2022, % of employees
White women
Women of color
Men of color
White men
61%
13%
5%
21%
C-Suite
58%
13%
23%
6%
Sr. Vice President
Vice President
54%
14%
8%
24%
Manager
41%
19%
14%
27%
Sr. Manager/ Director
47%
16%
10%
26%
Entry
level
33%
19%
19%
29%
Why the numbers matter
Gender parity took a huge setback over the past few years. In 2020, it was forecast that the global gender gap would close in 100 years. Now, that has increased by over 30 years.
Although a significant number of women left the workforce in recent years, the number of women in the labor force has recovered to pre-pandemic levels and — in some cases — reached new highs.
Despite this rebound, there’s still progress to be made when it comes to gender equality in the workplace. New data shows that women leaders are leaving their companies at record-high rates – and at much higher rates than their male counterparts.
And although companies talk about a stronger focus on gender diversity and equity, there’s still limited progress being made. The dire need for skilled talent makes it even more important to heighten the focus on uplifting working women, especially in leadership where they are still markedly underrepresented.
+
Left unaddressed, COVID-19’s impact on workplace gender inequality could shrink the global economy by a trillion dollars by 2030.
1 trillion dollars
$13 trillion
The amount that could be added to the global GDP by 2030 if action is taken to improve gender parity.
Highly qualified, but overlooked
Studies show that companies benefit from women in leadership roles, often bringing greater profitability and lower turnover rates. Even so, they are often constrained by what’s termed the "broken rung.”
While men move up the ladder, women are often overlooked for promotion opportunities, leading to fewer women holding positions in higher levels of leadership. These dynamics are more pronounced for women belonging to underrepresented groups.
Source: McKinsey 2022
Source: Leanin.org/McKinsey 2022
48%
of women would switch jobs if they don’t see a clear path to advancement
This emerging trend of women leaders switching jobs, along with the lingering problem of the “broken rung”, makes building a leadership pipeline of gender diverse talent an even greater obstacle for businesses.
Source: Leanin.org/McKinsey 2022
Women are more affected by caregiving responsibilities
For the women who do make it into leadership, burnout comes quickly.
43%
of women leaders are burned out, compared to only 31% of men at their level.
Source: Leanin.org/McKinsey 2022
Working women who also carry the weight of family responsibilities may find that the combination is unsustainable, resulting in complete burnout or even a desire to leave the workforce altogether.
Women are 5-8x more likely than men to have their employment affected by caregiving responsibilities.
Source: The Center for American Progress 2023
5-8x
When women do leave the labor force temporarily or reduce their hours, they face significant consequences. These include lost earnings in the short-term, as well as reduced Social Security benefits and retirement savings over time.
What women look for in an employer
In a labor environment characterized by talent shortages and low unemployment rates, it’s critical to understand what women look for in an employer.
An inclusive work environment
A positive work environment fosters a sense of belonging that allows women to thrive and reach their potential. In contrast, when women feel marginalized in the workplace, this often leads to decreased job satisfaction and burnout.
Women are twice as likely to get mistaken for someone more junior.
2x
Source: Leanin.org/McKinsey 2022
Source: Perceptyx 2022
women report getting talked over in meetings frequently.
1
out of
every
5
Over time, these microaggressions can hinder career advancement and lead to higher turnover rates among female employees.
Other influential factors include:
+
of women cite lack of opportunities for advancement as their main reason for leaving their employers.
+
Women leaders are nearly two times as likely as men to have left a previous employer because they lacked a commitment to DEI.
1.5x
+
of women leaders say flexibility is one of the top things they consider when deciding whether to join or stay with a company, compared to 34% of men.
49%
Source: Deloitte 2022
Source: Leanin.org/McKinsey 2022
Source: YouGov 2022
(Hover over for more information)
Flexibility
Advancement
Commitment to DEI
22%
Failure to prioritize the factors that matter most to women puts companies at risk of losing out on talent.
To continue making real, lasting strides toward gender equality, businesses should lean into two key objectives:
Breaking new ground
Pave clear paths to leadership roles for women
Take steps to retain and support the women who are already part of your workforce
Employer-sponsored education opportunities can serve as a powerful incentive for women to stay and grow with their companies. Not only do these opportunities provide a clear path towards career advancement, but also equip women with the skills, confidence and knowledge needed to thrive in leadership.
For the highest impact, these learning opportunities should deliver:
Work with people managers to foster a safe and inclusive environment where women feel comfortable discussing career aspirations, setting learning goals and reaching their full potential.
Develop career paths that are clearly aligned to learning options. This way, companies can actively repair the “broken rungs” of their organization, fill employment gaps and prepare women to rise to leadership positions.
Defined career paths
A successful education solution must offer flexible online learning options to fit the busy personal and professional schedules of working women, no matter the location or time of day.
Flexibility
Continuous support
Ready to learn more about how your organization can support women in the workforce?
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Get the guide
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Navigating gender diversity in the workplace
Breaking down barriers and building opportunities for women in the workforce through education.
From setbacks to success:
2020
2025
2030
+
Work with people managers to foster a safe and inclusive environment where women feel comfortable discussing career aspirations, setting learning goals and reaching their full potential.
Continuous support
+
Develop career paths that are clearly aligned to learning options. This way, companies can actively repair the “broken rungs” of their organization, fill employment gaps and prepare women to rise to leadership positions.
Defined career paths
+
A successful education solution must offer flexible online learning options to fit the busy personal and professional schedules of working women, no matter the location or time of day.
Flexible learning
2023
2030
$5T
$10T
(Hover over for more information)