The 10th annual analysis by LeanIn.org and McKinsey & Company shows that while there have been gains in women’s advancement in corporate America since 2015, achieving true parity with men at work is still a long way off. Women currently hold 29% of C-suite positions, up from 17% in 2015, but mostly in staff roles rather than core business operations. In addition, improvements have been made in hiring practices and performance reviews to make them fairer, with more employers offering bias training for evaluators.
There has been an overall sense that the workplace is better for women than it was a decade ago, with more focus on growth and development opportunities as well as building respectful and inclusive workplaces. Companies now offer a range of benefits that support employees in balancing their work and home responsibilities, such as emergency back-up child care services and support for caregivers of sick family members or elderly parents. These benefits are particularly helpful for women who are more likely to have caregiving responsibilities.
Despite the progress made, there are still significant areas where more work is needed for women to achieve equality in leadership roles with men in the workplace. For example, the rate of advancement early in one’s career has not improved much, and women of color face even greater challenges in terms of representation at managerial levels. The report also highlights a decline in corporate commitment to gender and racial diversity, with fewer companies prioritizing diversity initiatives.
The lack of consistent support from managers is also a concern, particularly for women of color who are more likely to report experiencing a lack of support. Women with consistent manager support are more likely to be promoted, highlighting the impact of this issue on women’s career progression. More efforts are needed to address the broken rung in the career ladder that prevents women from advancing to more senior roles.
Based on a decade’s worth of talent pipeline data, McKinsey and LeanIn.org predict that achieving parity in leadership roles for women may still take decades, with estimates of more than two decades for White women and nearly five decades for women of color. Progress in this area is crucial for companies, as research shows that greater gender diversity in leadership leads to greater innovation, healthier cultures, and stronger performance, inspiring the next generation of women to make their mark in the corporate world.
