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Women’s Executive Roundtable presentation
The 'Women in the Workplace 2020' report by McKinsey & Company and LeanIn.org presents a comprehensive study on the current status of women in corporate America, involving insights from over 12 million employees and 40,000 interviews. The report highlights that remote work has potential benefits for flexibility and diversity, yet the COVID-19 pandemic poses significant challenges that could jeopardize progress made over the past six years. To retain diverse talent, companies are urged to implement tactical actions addressing core challenges, particularly for women and Black women.
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Women’s Executive Roundtable presentation
- 1. Copyright © 2020McKinsey & Company. All Right Reserved. Women in the Workplace 2020 Welcome Executive Women’s Roundtable
- 2. McKinsey & Company2 Six years of Women in the Workplace Women in the Workplace is a multi-year joint research effort by McKinsey & Company and LeanIn.org and the largest comprehensive study of the state of women in corporate America This year… Participating companies 317 Employees in participating companies 12 million+ Employees surveyed on their workplace experiences +40,000 In-depth 1-on-1 interviews +45
- 3. McKinsey & Company3Source: 2020 Women in the Workplace research Optimism that remote work can improve flexibility and diversity… … but big challenges that put at risk the progress earned COVID-19 placed us at a cross roads In 2019 flexibility was the top challenge raised by employees#1 Progress over last 6 years could be erased in one year Potential number of women who could exit the workforce2M+69% Employees say remote work can provide the flexibility they need to have work/life balance 70% Companies agree that remote work will help hire and retain more diverse employees Women who are considering leaving the workforce or downshifting their careers 1 in 4
- 4. McKinsey & Company4McKinsey & Company 4 COVID-19 surfaced and exacerbated new challenges for employees Since the start of the COVID-19 crisis, the biggest challenges for employees have been: % Employees rating in top 3 challenges Source: 2020 Women in the Workplace research Anxiety over layoffs or furloughs Burnout Mental health Childcare and/or home-schooling Physical/ mental health of loved ones 31% 28% 23% 21% 20%
- 5. McKinsey & Company5 Companies need to take tactical actions to ensure they can retain their diverse talent Adjust policies to better support employees Reset norms around flexibility Strengthen employee communication Take a close look at performance reviews Take an intersectional approach to address the challenges Black women face Foster a culture that supports and values Black women Make work more sustainable Take steps to minimize gender bias To support Black women:To address core challenges women are facing:
- 6. McKinsey & Company6 Thank you Read the full report: www.womenintheworkplace.com