The Women in the Workplace 2023 report, presented by McKinsey in partnership with LeanIn.Org, offers valuable insights into the current state of gender equality in the corporate world. The report, in its ninth year, is based on data collected from 276 organizations employing over ten million individuals.
To make things easy for you, we sifted through the 50+ page report and pulled out some key findings. Let’s start with the state of the pipeline, according to Mckinsey’s findings.
State of the pipeline:
Progress for women, especially women of color, remains limited in the corporate world, with slower advancement in middle management and a “Great Breakup” trend where female directors are leaving at a higher rate. Women of color are falling behind in representation, but companies are increasing investments in diversity and inclusion efforts to tackle these challenges.
- Companies that have increased their financial investments in DEI60%
- HR leaders who say DEI is critical to their companies’ future success80%
- mothers with young children who say that without workplace flexibility, they would have had to leave their company or reduce their work hours70%
Recommendations for companies:
- Track outcomes: Companies should consistently track outcomes for women’s representation and experiences, analyze the data, and use it to drive change.
- Empower managers: Managers should be supported and rewarded as key drivers of organizational change, with clear priorities and training.
- Address microaggressions: Companies should make it clear that microaggressions are not acceptable, provide training to avoid and challenge them, and create a culture that encourages employees to speak up.
- Fine-tune flexible work: Establish clear expectations and norms around flexible work, measure the impact of new initiatives, and ensure a level playing field for employees in all work arrangements.
- Fix the broken rung: Companies should track promotions, work to de-bias performance evaluations, and invest in career advancement for women, especially women of color.