Are women getting promoted? Are businesses really tapping into their strengths to drive results and grow?
No, according to When Women Thrive, the research effort by global consulting leader Mercer.
Are women getting promoted? Are businesses really tapping into their strengths to drive results and grow?
No, according to When Women Thrive, the research effort by global consulting leader Mercer.
In fact, the recently released report forecasts what our future female workforce will look like based on the actual hiring, promotion and retention rates of more than 3.2 million employees in almost 600 organizations globally.
Here are some of the findings:
Perhaps the biggest risk uncovered by the research is the failure to build strong female talent pipelines.
While women are making some progress at the top, making up about 20 percent of those in executive roles, this progress is due largely to the ad hoc hiring of senior women rather than attention to women at all levels of the hierarchy. This is resulting in a revolving door — while women are 1.5 times more likely than men to be hired in at the top, they are also leaving organizations from the highest rank at 1.3 times the rate of men, undermining those very gains.
Women are an untapped market. Smart companies like Johnson & Johnson, eBay, Salesforce.com and UBS are truly leveraging them — not just for their unique strengths but also to drive their business in areas like innovation and R&D.
So what should companies be doing to drive their growth through women and, ultimately, create a thriving workforce? Here are five moves:
The bottom line: If you want a thriving workforce, think about how to help women thrive. A successful gender diversity strategy will both further your growth goals while also paying important dividends to families, communities and the economy.
Jennifer Openshaw is a partner of the consulting firm Mercer and its When Women Thrive research platform. She founded and later sold Women's Financial Network in Silicon Valley, served as host of ABC Radio's "Winning Advice" and has become a frequent guest on CNBC, CNN, Oprah and many other programs. She is the author of "The Socially Savvy Advisor" and "The Millionaire Zone" about the networking strategies of the wealthy.
NOTE: This commentary piece was originally published on Feb. 18, 2015, but has been republished with the permission of the author.