Women in the workplace are breaking up to break through - The McKinsey Podcast Recap
Podcast: The McKinsey Podcast
Published: 2023-02-23
Duration: 1707
Guests: Alexis Krivkovich, Lareina Yee
What Happened
Women leaders are increasingly leaving their jobs in pursuit of better opportunities, as explained by McKinsey senior partners Alexis Krivkovich and Lareina Yee. They describe this trend as 'the great breakup,' driven by women seeking environments that reward their loyalty and efforts, especially when they feel stalled by artificial ceilings in their current roles.
The research reveals that 37% of women leaders have had coworkers take credit for their ideas, and they are twice as likely to be mistaken for someone junior. This contributes to their decision to seek better opportunities. Women are notably investing in diversity, equity, and inclusion (DEI) work, doing twice as much as their male counterparts, yet only a quarter of companies recognize this in performance evaluations.
Despite doing more DEI work, women leaders remain unrecognized in performance reviews, leading to feelings of burnout. The data shows that 43% of women in corporate America report being burnt out. A striking statistic is that for every managerial promotion, two women leave, indicating dissatisfaction with the workplace culture.
Flexibility and hybrid working environments are crucial for women, who cite them as top criteria when evaluating job opportunities. Women of color and those with disabilities particularly benefit from remote work, which reduces instances of bias and microaggressions they face in traditional office settings.
The role of managers is crucial in fostering a supportive workplace culture. However, many managers report receiving inadequate support and training, which hinders their ability to manage hybrid teams effectively. Companies that are thriving are those investing in developing great managers who can create inclusive and productive teams.
There is optimism among women under 30, with two-thirds aspiring to be senior leaders. However, they demand authentic commitment to DEI and flexibility from their employers. The broken rung in the corporate ladder remains a challenge, with only 87 women advancing for every 100 men.
Key Insights
- Women leaders are leaving their jobs in search of better opportunities due to unrecognized efforts and lack of advancement, a phenomenon termed as 'the great breakup.'
- Despite women leaders doing twice the DEI work of their male peers, only 25% of companies formally recognize these efforts in performance evaluations, contributing to burnout.
- Hybrid work environments reduce bias and microaggressions for women, particularly for women of color and those with disabilities, making flexibility a top priority in job selection.
- Young women are increasingly ambitious, with 66% aiming for senior leadership positions, but they expect genuine DEI commitment and workplace flexibility from their employers.