Creating Workplaces That Invite And Retain Women In 2023
On Women's International Day, we want to celebrate women's contributions to society, corporate settings, and the impact women-owned businesses and brands have in the global economy.
Unfortunately, McKinsey's Women in the Workplace 2022 Survey shows that employers are struggling to retain women in the workplace. Record-high burnout rates, continuous salary gaps, limited flexibility, lack of work-life balance and an absence of growth opportunities are encouraging women to quit their jobs.
There is a general discontent in the air: women don't feel happy or stable in their current positions and employers are suffering with high turnover rates and workloads that are not being met.
In what ways do women make an impact in businesses today?
McKinsey's survey findings stated that organizations that have at least 30% female population outperformed companies that have less female executives. It also shows that women leaders are more likely to advocate for gender and racial equity at work, mentor and sponsor women.
What do employers need to focus on in order to increase the retention of female talent in their organizations?
1. Flexible work arrangements: For women, flexibility is key. Women have many roles in their life; from primary caregivers, partners, childcare and home obligations, and outside of office commitments. Employers need to consider offering more alternative work options, for example: flexible scheduling, permanent remote work, part-time work and temporary job opportunities. Not only will this help increase productivity, this will help businesses manage their workloads and decrease turnover.
2. Promoting a work-life balance: Women are definitely feeling more burned out in 2023 then at the beginning of the pandemic. The 2022 McKinsey survey mentions that 1 out of 3 women have considered downshifting their career or leaving the workforce in 2023, and 4 out of 10 women have considered leaving or switching jobs. Organizations can think about more employee-friendly policies that may include: paid time off, respecting offline and outside of work hours and providing stress management resources.
3. Investing in Professional Development: A lack of career growth opportunities for women in the workplace limits their potential. Consequently, they are more likely to seek out new opportunities. According to a Global Workforce of the Future report, 77% of workers think that they have skills gaps that impede them to compete for higher roles or salaries; and 36% of non-managers say their company actually invests in their skills. This includes women and men. It is important that organizations invest more into skills development, mentorship in order for female talent to have an opportunity to grow in their chosen careers.
Investing in supportive and inclusive workplace environments is essential for employers.
At Eliasan, we support our female colleagues in the most meaningful way: by helping them to become the leaders of tomorrow.
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