Professional women are achieving advancements in leadership positions, yet analysts forecast that attaining gender parity with males might require several decades.
The recent findings, disclosed on Tuesday, show that women are still encountering numerous hindrances in ascending the professional ladder. As a result, the experts predict that achieving parity with men in the workplace could take several more years. They define parity as women occupying leadership roles at a proportion comparable to their representation in the US population, from senior vice president positions to the C-suite.
Areas where women have made strides
The study, conducted in 2024, utilized various resources such as interviews with HR heads and employees, data from 281 corporations with a combined workforce of 10 million people, and a survey of 15,000 employees from 27 companies. Participating companies were those that responded to invitations from McKinsey & Company and LeanIn.Org or expressed interest through their websites.
The outcome of the research reveals that women presently hold 29% of C-suite positions, marking a rise from 17% in 2015. The increase, however, primarily occurred in support roles (such as the chief HR officer) and not in line roles tied directly to revenues and business operations (for instance, the CEO). Women also made advancements in becoming vice presidents and senior vice presidents since 2018, although again, mainly in support roles.
Moreover, companies have begun to revamp their recruitment processes and performance evaluations for a fairer approach. For example, 69% of companies now provide unbiased training for evaluators, an increase from 53% in 2015.
The report also highlights the significance of direct managers in women's career progression. Consequently, an extensive majority of companies now offer more managerial training and stress the importance of focusing on employees' well-being, promoting team inclusivity, and taking interest in employees' career growth.
The analysis suggests that women perceive the workplace as more conducive to their advancement compared to a decade ago. Around 60% of women participating in the survey indicated improved growth and development opportunities, and over 70% sensed an emphasis on generating respectful and inclusive workplaces.
Employees now enjoy a wider range of benefits customized to their needs for balancing domestic responsibilities and professional duties. As the report points out, such assistance contributes to better employee satisfaction and retention.
For instance, 50% of the surveyed companies offer emergency childcare backup services, which is a significant increase from 2016's one-third of companies providing this service. Moreover, companies now offer support services for employees taking care of sick family members or elderly parents, according to the study.
Systemic changes needed for substantial progress
Although the report acknowledges the positive developments for women in the workplace, it emphasizes that significant improvements are required for women to achieve equal standing in leadership roles alongside men.
For example, the pace of early career advancement remains stagnant. The study reveals that for every 100 men offered their first management role, only 81 women receive a similar opportunity. This gender disparity stems from an unevenly distributed 'broken rung,' making it challenging for companies to support headway at high-level positions.
The report further reveals that the situation is even worse for women of color. For every 100 men offered their initial management role, only 54 Black women and 65 Latina women gain such an opportunity. Despite a slight improvement in 2021 and 2022 promotion rates for Black women, their progress has unfortunately regressed to 2020 levels.
Moreover, the number of companies implementing programs aiming at recruiting women, particularly women of color, has decreased. Only 18% of companies now offer recruiting programs focused on them, a sharp drop from 30% in 2022. Similarly, internship programs for women of color have decreased, from 14% in 2022 to 8%.
Corporate commitment to gender and racial diversity seems to be waning. For example, 78% of examined companies listed gender diversity as a top priority, which is a decrease from 87% in 2019. A similar decline is observed in companies placing high importance on racial diversity (69% now vs 77% in 2019).
Finally, the analysis reveals that fewer than half of the women surveyed report receiving proper support from their managers, with women of color being considerably more disadvantaged. As effective managers are crucial for employee advancement, a lack of support can have a negative impact on women's career prospects.
Based on a 10-year analysis of talent pipeline data and findings from the report, McKinsey and LeanIn.org estimate that achieving true parity in leadership roles for women may require several more decades: more than two for White women (22 years) and nearly five (48 years) for women of color.
They conclude that progress towards gender equality in the workplace is essential, as companies with a higher proportion of women in leadership positions benefit from enhanced innovation, better work cultures, and improved overall performance. Additionally, women leaders serve as role models for the next generation of female professionals, inspiring them to break new ground in their careers.
The study also found that women are making progress in certain business areas, such as holding 29% of C-suite positions, a significant increase from 17% in 2015. However, this advancement is mainly in support roles rather than line roles directly tied to revenues and business operations.
To achieve substantial progress and true parity in leadership roles for women, McKinsey and LeanIn.Org estimate that it may take more than two decades for White women (22 years) and nearly five decades for women of color (48 years).
