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“Taken together, the scorecard for corporate America is mixed—and though there are bright spots that suggest many companies have momentum, we also see that company commitment to diversity is declining. As we look ahead to the next ten years, the path forward for corporate America is simple: keep going. Over the past decade, women have remained ambitious and committed to their jobs. Now, we need companies to stay ambitious and committed to the important work they have started.”
The corporate pipeline: Progress is not parity
Over the past decade, women’s representation has increased at every level of corporate management (Exhibit 1). Most notably, women today make up 29 percent of C-suite positions, compared with just 17 percent in 2015. But progress has been much slower earlier in the pipeline, at the entry and manager levels.3
The employee experience: Women’s experiences at work have not improved
Despite an increase in representation at work, as well as expanded company efforts, the workplace has not gotten much better for women. Women today are no more optimistic than in the past about their gender’s impact on career advancement, even as they remain highly ambitious—and just as ambitious as men. For women of color, the obstacles feel even more insurmountable. Compared with six years ago, Asian, Black, and Latina women are more likely in 2024 to perceive their race as an obstacle to advancement.”
Recommendations for companies: The next phase of work will require a bigger playbook
Below are the highlights of our recommendations for companies, and you can refer to the full report for more details.
Over the past decade, companies have invested more energy and resources in women’s advancement. But the fragility of the progress in the pipeline highlights the need to do more. Despite companies’ efforts to activate managers and employees, the culture of work appears to be stuck. If one thing is clear, it’s that deep, systemic change—which requires reshaping people’s mindsets and behaviors—is hard to achieve and does not follow a linear path.
The next phase of change will require even more tenacity, creativity, and optimism, which starts with companies rekindling their commitments to equity and fairness that have gotten us this far. For senior leaders, this means continuing to champion this important work and challenging themselves and their organizations to do better.
Read the full report summary: https://www.mckinsey.com/featured-insights/diversity-and-inclusion/women-in-the-workplace
