{"id":69259,"date":"2023-10-05T22:41:59","date_gmt":"2023-10-06T02:41:59","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/women-just-hit-a-c-suite-record-but-it-may-be-harder-for-the-next-generation\/"},"modified":"2023-10-05T22:42:02","modified_gmt":"2023-10-06T02:42:02","slug":"women-just-hit-a-c-suite-record-but-it-may-be-harder-for-the-next-generation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69259","title":{"rendered":"Women Just Hit a C-Suite Record. But it May Be Harder for the Next Generation."},"content":{"rendered":"
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While women account for a record 28% of top positions at U.S. companies, there\u2019s trouble lower down the corporate ladder that jeopardizes women\u2019s career trajectories\u2014and companies\u2019 abilities to build the diverse senior leadership they say they want, according to an annual report on women in the workplace by McKinsey and LeanIn.org released on Thursday.<\/p>\n

As companies have paid more attention to gender and racial diversity, progress has been fastest in the most visible areas\u2014like the board and the C-suite. But the pipeline to those posts hasn\u2019t seen as much improvement.<\/p>\n

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In the nine years that McKinsey and LeanIn.org have looked at women in the workplace, the share of women in the C-suite has risen 11 percentage points, from 17% in 2015, to the current record of 28%, up from 26% in last year\u2019s report. Progress at the board level, though, is slowing, with women accounting for 29% of board seats on
\n Russell 3000
\n companies, up just 1 percentage point from a year prior and representing the smallest gain in five years, according to a separate report from nonprofit 50\/50 Women on Boards.<\/p>\n

More worrying is the lack of progress at the manager and director levels, where the largest share of women reside within U.S. companies. That creates a weak middle in the pipeline for future leadership posts. Women, for example, are getting stuck on lower rungs of the ladder for longer than male peers, impacting their career trajectories in a way that means they never catch up, according to the report, which looked at more than 270 companies employing over 10 million. For every 100 men promoted from entry level to manager, only 87 women\u2014and only 54 Black women and 76 Latina women\u2014are similarly promoted. Progress here is stalling on many fronts, with the number of women overall being promoted stuck at the same level as the prior year and barely moving since 2019.<\/p>\n

\u201cThe broken rung is the single biggest barrier in advancement on the corporate path,\u201d <\/strong>Alexis Krivkovich, senior partner at McKinsey & Company tells Barron\u2019s<\/em>.\u00a0<\/strong>\u201cIt\u2019s an incredibly fixable problem but doesn\u2019t get the attention it deserves and as a result it lingers.\u201d<\/p>\n

Indeed, the last couple of years offered examples on how the needle can move quickly. Companies made a concerted effort toward improving diversity in the wake of the murder of George Floyd, Krivkovich says. That showed up in the numbers: In 2020, 82 Black women were promoted to manager for every 100 men. The following year was even closer parity, with 96 Black women promoted for every 100 men\u2014a marked improvement from just 58 per every 100 men in 2019.<\/p>\n

However, those improvements have slipped away, with only 54 Black women promoted for every 100 men last year, according to the report. That leaves women of color losing even more ground than white women and Black men\u2014and feeds into the low numbers in the C-suite, where they account for just 6% of the positions.<\/p>\n

Companies can grab a generation of diverse talent and pull it forward, but will find themselves with a vacuum if they don\u2019t bring in a constant flow of new recruits. \u201cThey make a one-time effort but haven\u2019t created sustained progression underneath,\u201d Krivkovich says. \u201cCompanies just need conviction to not make these programs a check-the-box, or once-and-done exercise.\u201d<\/p>\n

Further clouding the outlook is a trend that took root in the pandemic and has continued: the women who do get to\u00a0<\/strong>director level\u00a0<\/strong>are leaving their companies at a higher rate than they did before 2020\u2014and at a much higher rate than their male counterparts. \u201cThat\u2019s the farm team for senior leadership. We need to shore up middle of the pipeline if we want to see progress in two, five or 10 years,\u201d says
<\/strong>Rachel\u00a0Thomas, co-founder and chief executive of Lean In.<\/p>\n

That includes addressing some of the factors leading to the departures, including burnout. Women who experience microaggressions\u2014colleagues taking credit for their work, questioning their competence and abilities, commenting on their emotional state or interrupting them\u2014and as a result, adjust the way they look or act to protect themselves are more than three and half times as likely to think about quitting their jobs or struggle with burnout, the report found.<\/p>\n

One thing helping keep women on their career paths is the move toward flexibility, a top benefits priority for all employees, not just women. As more than half of companies formalize return to office policies, it will be important to ensure that those who work remotely aren\u2019t disadvantaged when it comes to mentorship, sponsorship, and promotions, and that companies think about the daily experiences of employees.<\/p>\n

These conversations come against a pushback against diversity, equity, and inclusion efforts in some corners. The authors said they asked companies directly if they were pulling back on their efforts to advance women and got a resounding no. <\/p>\n

\u201cWhat I worry most about is that companies who are achieving progress and have seen gains over the last couple of years will take the foot off the gas and will feel either lack of courage or a sense their job now is done or they have done enough,\u201d <\/strong>Krivkovich says. <\/p>\n

Write to Reshma Kapadia at reshma.kapadia@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While women account for a record 28% of top positions at U.S. companies, there\u2019s trouble lower down the corporate ladder that jeopardizes women\u2019s career trajectories\u2014and companies\u2019 abilities to build the diverse senior leadership they say they want, according to an annual report on women in the workplace by McKinsey and LeanIn.org released on Thursday. As […]<\/p>\n","protected":false},"author":1,"featured_media":69260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-69259","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nWomen Just Hit a C-Suite Record. 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