Retaining Women in the C-Suite
The current pipeline for corporate America is largely unbalanced, with women and minorities underrepresented in every level. The average number of recent college graduates is 57 percent female, but this figure drops dramatically once a woman gets to management level. This problem is particularly acute for women of color, who account for less than one in five of the C-suite. While the statistics may look promising on paper, the reality is more complex. The reality is that companies must focus on addressing the real problem of underrepresentation in leadership, and change the culture of their workplace to reflect this.
In the modern world, women are the backbone of society, sustaining growth and shaping the future of nations. Women are no longer considered harbingers of peace, but are becoming active agents in different sectors of society. The role of women is expanding, from being seen as a symbol of peace to being seen as a source of power and progress. Here are some of the major responsibilities women have throughout their lives. And, we are just getting started!
Companies must recognize the scale of the COVID-19 problem and address its impact on employees. Companies can reinvent work practices to reduce pressures on employees and support the advancement of women. If a company’s culture fosters an environment where women feel valued and are able to succeed, it will retain and attract female talent. So, how can companies overcome this issue and retain female employees? Read on for some tips on tackling this problem. You’ll be glad you did.
Unfortunately, women are still underrepresented in the workplace. Men consistently outrank women at the entry-level of their careers, and the gender pay gap is most pronounced between entry-level and management levels. It’s hard to get a promotion for an entry-level woman. Even when women are promoted to management, the representation of women at the senior level drops by 75 percent. It’s no wonder that women are not able to catch up.
Many women of color continue to experience significant bias and discrimination in the workplace. While more companies are committed to racial equity, the reality is that women of color still face similar microaggressions and are less likely to seek out mentorship and sponsorship opportunities from managers and peers. Regardless of what the circumstances are, women of color are still faced with additional challenges in the workplace, and many black women face racial bias that makes the situation worse.
While attrition is a primary reason for underrepresentation, there are many other factors that play a role. One of the most important is gender. Women who are not considered to be as qualified for top positions as their White counterparts face higher barriers and challenges. Women of color report fewer opportunities and an unfair workplace than White women. Therefore, companies must strive to find ways to ensure that they cater to this group. But in the end, it’s the company’s success depends on the inclusion of both races, and the women who hold senior positions.