Women in the Workplace - A Critical Crossroads
As many of you know, I've been an advocate for Women in Tech for over 20 years. I was largely inspired to found Couragion (a mash-up of 'courageous champions') to inspire underrepresented individuals to pursue high demand careers in STEM. In 2015 (the same year we launched Couragion), McKinsey & Company and LeanIn.Org introduced the largest comprehensive study of the state of women in corporate America. The Women in the Workplace 2020 study was just released. The good news is that between 2015 and 2020 the share of women grew from 23 to 28 percent in SVP roles—and from 17 to 21 percent in the C-suite. The bad news is that COVID-19 could ultimately reverse all the progress we've made in the last 5 years. Below are a few of takeaways about the impact of the pandemic:
Senior-level women are nearly twice as likely as women overall to be “Onlys”—the only or one of the only women in the room at work. They are also 1.5 times more likely than senior-level men to think about downshifting their careers or leaving the workforce because of COVID-19.
More than one in four women overall are currently contemplating reducing their work hours, switching to a less demanding job, taking a leave of absence, or leaving the workforce completely.
Over 50 percent of senior-level women say they consistently take a public stand for gender and racial equity at work, compared to roughly 40 percent of senior-level men.
Companies are at risk of losing women from the workforce generally and in leadership specifically. And with that loss comes a loss of allyship and empathy that is so critical in addressing bias, mental health, and wellbeing—especially during a pandemic. The dynamics created by COVID-19 could “unwind years of painstaking progress toward gender diversity” states the study. The Women in the Workplace 2020 study thankfully provides hope with a ‘Framework for Action’ that is both practical and insightful. Below are six key areas where companies should focus or expand their efforts:
Share ‘state of the business’ updates so employees feel valued and understood.
Reset norms about flexibility to combat the feeling of being “always on”.
Evaluate productivity and performance expectations in order to make work more sustainable.
Reassess performance review criteria to ensure goals are attainable in order to prevent burnout and anxiety.
Reallocate resources to the most valuable employee support programs and communicate their availability.
Speak publicly about the potential impact of bias during COVID-19 and take steps to minimize it.
Companies have the opportunity to take bold actions addressing the challenges induced by the pandemic to create a more empathetic, sustainable workplace. Read the full Women in the Workplace 2020 study here.