
This summer, I spent a captivating afternoon at the Phoenix Art Museum where I viewed the “Barbie: A Cultural Icon Exhibition.” Touring through Barbie’s history, from her inception to her massive influence worldwide, was immensely intriguing. Before any real woman could, Barbie traversed to the moon and assumed the position of U.S. president, and has journeyed through a variety of roles from scientific research to executive suites. Intriguingly, in the 2023 “Barbieā movie, the plot delved into corporate males trying to confine her to preset limitations.
Regrettably, in reality, while substantial headway has been made in enhancing gender equality in the U.S. corporate leadership over the last decade, the Women in the Workplace 2024 report from LeanIn.org and McKinsey & Company exposes unfortunate patterns. Both individuals and organizations appear to be resisting this positive shift.
Firstly, the management pipeline issue demands attention. According to McKinsey, growth remains unchanged at the entry-level (48%) and manager level (39%). For every 100 men promoted to manager, only 81 women receive the same opportunity, creating a representation disparity from the outset that hampers sustained advancement. Moreover, most progress at higher leadership levels is due to the concentration of line roles. Notably, strides in the C-suite have been mostly in staff roles such as chief human resources officer or chief legal officer.
More worryingly, corporate commitment to diversity seems to be on the decline. By 2024, the number of companies deeming gender diversity a top priority had decreased to 78% from 87% in 2019. Similarly, formal aid for women is also dwindling, with only 37% of companies offering formal mentorship programs for women, a drop from 48% just two years earlier. Despite being urged to consider staff well-being and inclusivity, managers’ assessments often hinge solely on business objectives, encouraging less of a focus on fostering an inclusive culture.
The March 2024 report from S&P Global echoed these findings, highlighting a reduction in the emphasis on diversity initiatives during earnings calls. During the 2020 S&P 500 earnings calls, the words “diversity” and “inclusion” were uttered 1,367 times; but, by the fiscal year of 2023, the mentions were the fewest since 2012. Additionally, it projected that achieving gender parity in the C-suite could be delayed by around 6 to 7 years, compared to 2022 predictions.
These insights align with recent data from the U.S. Census Bureau, revealing a widening gender wage gap for full-time workers between 2022 and 2023, the initial expansion after 20 stagnant years. Female full-time employees earned only 83 cents to every dollar earned by male counterparts. Median 2023 incomes of employed men grew by 2.6% from 2022, while women’s median earnings declined by 2.0%. These findings surfaced a few weeks after the U.N.’s International Equal Pay Day; with global data showing women earn only 77 cents for every dollar men earn for an equal value of work, a discrepancy that widens for women with children.
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