Women in corporate leadership: Study shows slow but steady progress
The 10th annual study by LeanIn.org and McKinsey & Company, released on September 17, 2024, shows a gradual increase in women's progress in corporate America since 2015. However, women still encounter significant barriers to advancing in the workplace. The report estimates that true gender parity—where women hold leadership roles from senior vice president to C-suite positions in proportion to their share of the U.S. population—remains many years away, underscoring the ongoing challenges in achieving workplace equality.
Women's leadership roles: A closer look at the gains
The 2024 analysis, drawing from interviews with HR leaders, insights from women employees, data from 281 companies employing 10 million people, and a survey of 15,000 employees across 27 companies, shows that women now occupy 29% of C-suite roles. This is a significant increase from the reported 17% in 2015. However, the report notes that these gains are primarily in "staff" roles such as chief HR officer rather than "line" roles directly related to profits and loss like CEO.
Improvements in hiring practices and performance reviews
The report also highlights improvements in hiring procedure and performance reviews to promote fairness. It states that 69% of employers now offer bias training for evaluators, a significant increase from the 53% reported in 2015. Furthermore, the majority of companies are emphasizing manager training and focusing on employees' well-being, promoting greater inclusion on their teams, and taking an interest in their employees' career advancement.
Employee perceptions and benefits: A positive shift
The study reveals a positive shift in employee perceptions, with 60% of women surveyed stating that growth and development prospects for women have improved over the past decade. Furthermore, 73% reported seeing more emphasis on "building respective and inclusive workplaces." The report also notes that almost all companies now provide critical assistance for employees who are parents, caregivers or facing health challenges, which has led to higher rates of happiness and better employee retention.
Enhanced support for employees: A noteworthy improvement
The report highlights that half of the companies surveyed now provide emergency back-up child care services, a significant increase from one-third in 2016. Additionally, the same proportion of companies offer support for employees caring for sick family members or elderly parents. These benefits are particularly beneficial to women, who are more likely to have caregiving responsibilities, according to the report.
The road to parity: A long journey ahead
Despite the progress made in the past decade, the report identifies areas where significant improvement is needed for women to achieve equal footing with men in leadership roles. For instance, early career advancement rates have seen little change, with only 81 women receiving their first managerial opportunity for every 100 men. This disparity is even more pronounced for women of color, with only 54 Black women and 65 Latina women receiving their first managerial opportunity for every 100 men.
Decline in programs fostering women's hiring
The report also highlights a decline in programs that foster the hiring of women, particularly women of color. Currently, only 18% of companies offer recruiting programs focused on women of color, and just 8% offer internship programs. These figures represent a decrease from the 30% and 14%, respectively, reported in 2022. This decline could potentially hinder progress toward achieving gender parity in leadership roles.
