Studies have shown that businesses with strong corporate CSR programs can build deeper connections with employees, customers, and other key stakeholders.
The UN General Assembly invited all its member states in the year 1977 to observe 8th March every year as a day dedicated to women’s rights and world peace. Since then, women’s representation has come a long way. We have seen women thrive in their workplaces and make giant strides in their careers. In Spite of the persistence of the pandemic, we have seen women rise to the occasion by shouldering the responsibilities of a good leader to get through these trying times.
Despite the enormous amount of growth, we still have a long way to go as not all women face the same challenges. Let us look at some of the challenges women across different spectrums are facing in the corporate world and what changes can help them.
Women are promoted to manager at a far lower rate than men
The first step up to manager is still a challenge for women. The trend of women being promoted to manager comes at a way lower rate than men. This has continued since 2015, making it nearly impossible for companies to lay the groundwork for long-term success at higher levels. Furthermore, representation for women, in general, doesn’t include women of color and different ethnicities.
Women of color continue to face setbacks at every stage of the pipeline. their representation between the entry-level and the C-suite has dropped by more than 75%. As a result, women of color make up only 4% of C-suite executives, a figure that hasn't significantly changed in the last three years.
Women have lesser interaction with senior executives
According to the study, 27% of men "never have a meaningful interaction with a senior leader" about their work, whereas 33% of women—and 41% of black women—say the same. And 49% of women, including 54% of Latina women and 59% of black women, "never have an informal interaction with a senior executive”.
At first glance, this may not appear to be a significant difference, but interactions with senior leaders can be a deciding factor in who stays and who can successfully negotiate promotions. Fewer interactions can lead to fewer opportunities.
Women are facing a higher burnout rate
Representation of women is only one aspect of the whole picture. Employees, particularly women, continue to bear the brunt of the pandemic's toll in the form of burnouts. The women in the workplace 2021 report show that women are more burned out than they were a year ago. One in every three women has considered changing careers or leaving the workforce this year, compared to one in every four a few months into the pandemic. Furthermore, four out of ten women have considered leaving their company or changing jobs. Paired with the high employee turnover in recent months it appears that many women are acting on their plans.
What can we do to change this?
Accenture in its "better to belong" research discovered that women of all sects (Ethnic minorities, racial minorities, and the LGBTQA+ community) have the toughest path cut out for them to have an unbiased workplace. Women leaders are trying their best to support female employees but the ratio of women at C-suite levels is still disproportionate. Women leaders also devote more time than men for DEI work outside of their official job responsibilities, such as assisting employee representative groups and hiring employees from underrepresented teams.
By giving women
Sharing Her thoughts on gender equity, Leadership advisor, coach, and DEI Champion, Diya Kapur Misra remarked - "Organizations need to build diversity through a relentless focus on the ‘right’ metrics AND develop an inclusive culture by leadership role modeling. The power is in the combination of achieving the metrics and building the mindset. Neither is adequate alone."
This women’s day let's all unite together and strive to make the corporate world more inclusive and one that celebrates diversity and equality.
Chezuba has partnered with numerous nonprofits that are working relentlessly to empower women and give them a chance to make a difference. By partnering with us, you can also be a part of the change-makers. Book a free demo with us to learn more.