Sep 25, 2024
(KRON) – McKinsey & Company's tenth annual “Women in the Workplace” report has been released. A common theme of the report was finding the ‘path to parity.’ According to the study, more than 1,000 companies were surveyed including more than 15,000 employees and more than 280 HR leaders. McKinsey & Company said the study takes into consideration intersectional biases and barriers that are commonly faced by Asian, Black, Latina, and LGBTQ+ women and differently-abled people. Here are a few of the study’s findings:  In 2024, for every 100 men promoted to managerial roles, only 81 women did the same.  In 2015, women occupied only 17% of C-suite positions, which is the organization’s top senior executives. Now, women are 29% of the senior executive positions, however, the increase has been slower for entry and managerial levels.  The study shows women are less likely to be hired in entry-level positions. There has been a 3% decline in women in entry-level positions since 2015. The study calls the phenomenon the “broken rung” in the corporate ladder. 2 Bay Area cities ranked best for women: study Black and Latina women have seen the greatest disparity in the broken rung in 2024. In the last two years, only 54 Black women were promoted to be a manager, in comparison to 100 men. This is a deep regression from 2022, where the ratio of 99 Black women to 100 men being promoted. According to the study, 11 fewer Latina women have been promoted per 100 men in the last year. Per the study, Asian women have experienced the most improvements.  McKinsey & Company's senior partner Alexis Krivkovich and one of the founders of the study told KRON4 the most staggering revelation of the study, which was the ageism for female workers. “The most surprising thing for me was our findings on ageism…half of women under 30 think their age is getting in the way of opportunity for them…When you look at the data on their progression, and that first step up to manager, the data would suggest, sadly, that that's absolutely right,”  Krivkovich told KRON4.com.  It will take almost 50 years to achieve gender equality for all women, per the study. For white women, the gap could potentially be closed in 22 years. For women of color, it will take another 26 years to bridge the gap, according to the study.  Krivkovich moderated a panel discussing the report with the CEO of Xero Sukhinder Singh Cassidy and the Founder of artificial intelligence app Fable Padmasree Warrior.  Both Warrior and Cassidy believe a way to bridge the gap is male allyship.  In many instances, women have to express wanting a leadership role as opposed to the roles being presented. Removing unconscious bias, Warriors says, can aid in women’s growth.  “It's not our responsibility as women to always say, ‘Yeah, I'm ready for that job,’” said Warrior. She suggests people in managerial roles inquire about next-step positions to all the employees who have the potential and skills to perform the duties.  Cassidy said the path to parity is not “men versus women,” but “a group of people who grow together.”  Here is a link to the full review on McKinsey & Company's website.
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