The Resignation Rate for Women Leaders has Increased - Here’s Why

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Why Women Leaders Are Resigning at a Higher Rate
Than Ever

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A new report from McKinsey Co. and LeanIn.org
paints a discouraging picture Women remain
underrepresented in leadership roles and are
increasingly exiting the corporate world at an
alarming rate. In fact, according to the study,
when a woman is promoted to a director-level
position, two other female directors choose to
leave their company. As a result, womens
representation within corporations is declining
significantly. It indicates a need for improved
gender diversity among employees in upper
management positions.
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Its evident that companies must do more to
ensure that women have greater access to
advancement opportunities in business. They
should also be able to fulfil their aspirations
without fear of stagnation or discrimination. Thi
s trend of women leaving the top ranks of
organisations at increasing rates reflects an
absence of workplace support and culture to
advance women into leadership roles. This
unfortunate trend also means that companies are
losing out on invaluable contributions from
female talent. These employees may be leaving due
to a lack of opportunity or difficulty in the
workplace.
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To ensure equal access to leadership roles,
companies should evaluate their promotion
policies. They need to consider changes that
encourage diverse outlooks and backgrounds to
reflect the demographics of their workforces
better. Additionally, they should explore
mentorship opportunities. Thats because it is a
great way to provide guidance and coaching to
help capable women reach their leadership
potential. Companies must invest in providing
equal opportunities and career development paths.
They should enable female employees to achieve
their goals without feeling like they have
reached a glass ceiling of advancement or have no
support system they can tap into to gain new
skills. Organisations must strive to ensure women
of all backgrounds can reach their potential if
they desire.
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Women in the Workplace Post-Pandemic

• Women have long faced unique challenges in the
  workplace due to their gender. But the Covid-19
  pandemic has resulted in a situation where these
  disadvantages are worse than ever. As access to
  quality and affordable child care became
  increasingly difficult during the pandemic, a
  disproportionate number of women had no choice
  but to leave the workforce.

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At the same time, any progress made on closing
the gender pay gap also stalled. It left women
struggling even more financially. With changes
needed on both fronts to ensure that the current
economic downturn does not unduly hurt women, we
must take steps now to ensure these issues dont
become further entrenched. In recent years, the
female labour market has undergone a
transformative shift. It happened because more
and more women are leaning away from traditional
roles that dont offer true fulfilment. Women in
command posts have revealed a desire to break out
of the expectations set upon them. It triggers a
dramatic uptick in job switches as they pursue
happiness and purpose elsewhere.
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This movement illustrates that women are no
longer going to accept jobs simply because they
meet societys requirements of what success is
supposed to look like. Instead, theyre looking
for meaningful work that offers them joy and
supports their ideals for personal growth.
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The Curse of the Broken Rung

• Women face a unique set of challenges in the
  workplace, especially regarding promotions and
  receiving monetary bonuses. The study shows they
  often face discrimination, sexual harassment and
  additional unpaid work that goes unrecognised or
  unrewarded.
• No one should be overlooked for promotions or
  expected to do extra duties without appropriate
  compensation. Unfortunately, such issues are
  pervasive and can lead to poor morale and
  decreased productivity. While businesses have put
  in place initiatives such as gender equality and
  diversity programs to ensure greater fairness,
  they need to do more to tackle these ongoing
  problems effectively.

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The statistics on womens promotion to managerial
positions paint a stark picture of gender
inequality in the workplace. Women continually
face an uphill battle when trying to break
through male-dominated workplaces. Its even much
less when waiting for their chance to be
promoted. With almost 15 fewer women and a
further 13 fewer women of colour being promoted
from entry-level positions compared to men, its
no wonder why men outnumber women at manager
levels. This lopsidedness has been established
for years, making it much harder for even
well-qualified women to catch up.
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Making Progress in Careers

• Without more equitable representation amongst
  senior leadership teams and executive boards,
  women will always start from behind. They fight
  against overwhelming odds to make progress in
  their careers.
• The broken rung that has long prevented women
  from taking the first step up to manager is one
  of the main factors contributing to the current
  scarcity of female leaders in many companies.
  This broken rung is hard for many of these
  organisations to overcome. It gets harder
  especially when there are often even fewer women
  of colour in these positions than white women.

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To add further complexity, companies are now
having to work harder than ever to retain those
relatively few already-established female leaders
they do have. Navigating these multilayered
dynamics requires outside-the-box thinking and
creative solutions. It also needs dedication and
persistence from the relevant businesses if true
progress is to be made.
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Why Women Leaders are Leaving the Workplace

• There are seemingly countless reasons that stem
  from generations of injustices. They all lead to
  women facing discrepancies in the workplace
  today. And with the shifting times, new issues
  have risen. They make leaving more appealing for
  both women leaders and the younger generation of
  workers. Below are a few of the major reasons
  women are leaving the workplace.

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Lack of Diversity

• The lack of diversity at the highest levels of
  organisations adversely affects women of colour.
  It happens in ways that may not be immediately
  apparent. With fewer people in senior positions
  who share these professionals experiences, they
  often dont feel as supported or understood as
  their white peers do. It can make it difficult to
  strive for and succeed in leadership roles.

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Companies must take a proactive approach to
promote gender diversity in their ranks if they
wish to combat this imbalance. Diversity
initiatives should focus on creating more
supportive and inclusive environments. Also, its
necessary to provide development programs
tailored to women of colour that provide tangible
benefits and career advancement opportunities.
Doing so will help close the current gender gap
at the top. It also creates organisations that
actively embrace healthy workplace diversity.
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Insufficient DEI Efforts

• More and more female executives today are vocal
  about voicing their needs to advance company
  policies that promote greater equity. Women in
  leadership roles are no longer content to accept
  the status quo. They are increasingly insisting
  that their employers reflect their values,
  including a commitment to creating flexible and
  supportive work arrangements. They consider
  employee well-being when making decisions, and
  investing in DEI initiatives.
• As women continue to break the glass ceiling and
  ascend into leadership roles in the corporate
  world, they are looking for employers who share
  their values and life priorities. Instead of
  passively accepting what a company offers, many
  female leaders recognise that they have greater
  power to shape and determine the terms of their
  employment when applying for jobs.

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They now actively look for organisations that
provide flexible work arrangements and attend to
employee well-being. They also look for
environments that promote DEI initiatives like
incremental progress at all levels. As these
standards move from optional to required among
modern-day job seekers, more corporate
establishments are compelled to meet progressive
women leaders expectations. Women leaders have
a unique understanding of the need for a better
work culture. They know that its essential to
create an environment that is productive and
successful. The environment should also
prioritise employee well-being, diversity,
equity, and inclusion.
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This has become even more important over the past
two years. Thats because women leaders are
increasingly likely to leave their jobs. They do
so if they do not believe their values are being
respected or reflected in their working
environment. Women leaders are making a clear
statement they want workplace cultures that
embody fairness and inclusivity.
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Decreased Recognition

• Women have been found to go the extra mile when
  it comes to supporting employee well-being and
  fostering DEI in the workplace.

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From providing company-wide mentorship for
professional growth and creating continuous
learning opportunities to ensuring a culture of
inclusion, understanding, and acceptance within
their teams, women leaders are changing the
corporate culture in ways men at their level may
not be doing. People dont acknowledge the
effects of this leadership as often as they
should without recognition and reward, an
employees motivation to work towards these goals
can plummet. This situation leads to low
retention rates and decreased job satisfaction
levels.
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It is disheartening to learn that 40 of women
leaders feel their work in diversity, equity, and
inclusion is going unrecognised when it comes
time for their performance review. It can be even
more discouraging when the same women feel that
extra effort has gone into making progress with
DEI initiatives. Unfortunately, this sort of
unacknowledged hard work could lead to an
employee feeling undervalued. It creates
demotivation around progressing their career any
further. This serves as an important reminder to
organisations that a strong DEI culture must go
beyond words. Its highly important if they want
to attract and retain talent. Its imperative we
recognise and reward female leadership skills to
foster meaningful change.
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The Disconnect in the Tech Industry

• Despite strides in gender equality, it is clear
  that the engineering and technical fields remain
  heavily male-dominated. According to statistics,
  women are far less likely to be employed in these
  types of jobs when compared to their male
  counterparts, with the ratio of womens
  representation in these roles lower than it was
  even two years ago.
• To make matters worse, this has resulted in a
  situation where female professionals who do
  manage to break into the field are twice as
  likely as the average woman to find themselves
  working in a room full of men. An initiative
  aimed at promoting greater diversity and
  inclusion amongst engineers and technical
  personnel should be reinforced to close this gap
  between men and women in this field.

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Women in technical roles often face
disproportionately higher rates of bias. That
happens due to their gender because their
expertise and professional accomplishments are
more often challenged and dismissed. This
phenomenon can also have an impact on future
opportunities for these women. It creates
additional roadblocks as they strive for career
advancement based purely on merit and skill.
Such an uneven playing field makes it more
difficult for the industry as a whole to identify
and embrace strong potential candidates,
regardless of gender.
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What to Expect in the Future

• The factors that drive female leaders away from
  their companies are of serious concern to young
  women. Many jump at the chance to advance, with
  two-thirds of those under 30 hoping to become
  senior leaders. Moreover, many young women have
  recently reported that advancement has become
  even more important in the last couple of years,
  according to the McKinsey study.

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This serves as a reminder that it is increasingly
important for companies to create an environment
where young women feel valued and appreciated.
They should be able to make progress within their
chosen fields. By creating such an atmosphere,
employers stand to benefit from the passion and
dedication these ambitious young women can bring
to their businesses. With young women
increasingly becoming focused on work-life
balance and commitment to diversity, equity, and
inclusion from their future employers, companies
needing to address these issues may face
difficulty recruiting and retaining these new
generations of female leaders.
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For organisations already dealing with a broken
rung in their leadership pipeline, this lack of
action towards creating a more inclusive and
equitable environment could have catastrophic
implications. Employers need to recognise the
changing mindset among younger women. They should
prioritise creating the best possible working
atmosphere that leaves no room for inequality or
discrimination. The Future of Women in the
Workplace Highly Depends on the Employees to
Recognise the New Mindset Among Younger
Women Image Source Pexels.Com As we welcome a
new year and chapter in our society, its
important to reflect on the impact of gender
equality and women in the workplace to truly make
a change in the future.
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One of the most important aspects to consider is
implementing an impactful CSR strategy and
looking at companies that are making those
strides already. Goodman Lantern offers
professional and effective DEI strategy services
to help your company achieve gender equity and
reap the rewards.
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