The Great Breakup is Here – The REAL Reason Women are Leaving Their Jobs
Over the past few years, the pandemic (and the now looming recession) has highlighted and brought on new challenges for women in the workplace – especially those in leadership positions or those trying to climb the ladder to get there. It’s clear as day when we look at some statistics we’ve shared prior in our Executive Women’s Toolkit:
67% of high-performing executive women said that they needed more support building confidence to feel like they could be leaders in their industry.
Women are only applying to roles when they recognize they’re 100% qualified for it, in comparison to men who apply when they have 60% of the qualifications for a role.
Women also experience fear of breaking into executive leadership and c-suite positions with studies finding that 75% of female executives across industries have experienced imposter syndrome in their careers, making it hard for them to believe in themselves enough to have the career they dream of.
Many of these statistics increase as well when it comes to marginalized groups like women of colour, women with disabilities, and those a part of the LGBTQIA2S+. With the above shedding a light on women’s current struggles (and there are more), a 2022 study done by Mckinsey & Co. suggests that we are actually amidst “The Great Breakup”.
What is The Great Breakup, you might ask?
The study states that, “Women are demanding more from work, and they’re leaving their companies in unprecedented numbers to get it.”, and that “Women leaders are switching jobs at the highest rates we’ve ever seen—and at higher rates than men in leadership.” This information is extremely interesting in light of the current economic market, all while companies are desperately trying to hold onto women in the workplace in the name of diversity, equity & inclusion. What’s even more surprising is that women are not only considering switching companies, but 29% of women are thinking about reducing their hours, taking a less demanding job, or leaving the workforce altogether, although far fewer have actually taken these actions.
The driving factors behind women’s departure from their current company or the workforce altogether stem from continued experience of microagressions from coworkers, being overworked and undervalued, poor working culture, amongst many others. Ensuring that women and other marginalized groups feel happy, fulfilled, and supported in the workplace will be key here as we move through 2023 and beyond. Thankfully, a separate study run by the Center for Creative Leadership asked women what they want from their careers. Here were their three key takeaways:
Women Want a Career with Purpose
Women want their jobs to fit in well with the other areas of their life, to enjoy the work that they do, and for their work to help them feel they’re making a difference. The study also stated that, “many women talked about having personally meaningful work that connects to their values, purpose, and work-life balance.”
Flexible Work is a Must
PTO, healthcare benefits, paid leadership development, flexible schedules, and remote or hybrid work opportunities are top of the list for women. “Flexibility might be particularly critical when it comes to retaining talented women who also want to raise families — women with children rated having a flexible schedule and being able to work from home as more important compared to women who didn’t have children.”
Women Want to LEAD… With Adequate Support
It’s true – women want to step into leadership positions just as much as men do, however, the Confidence Gap is real and holding women back. Unfortunately, research suggests that these concerns among women are valid. Studies show that organizations expect women to be more qualified than men for the same positions, and that leadership opportunities for men often come with more resources compared to women’s leadership opportunities.
The Center for Creative Leadership states that “many women said that the single most important thing organizations can do to attract and retain talented women is to admonish sexism and offer gender parity in pay, experiences, and opportunities for success.”
Business Leaders & Organizations – it’s time to open your eyes to the stark reality that is The Great Breakup. Regroup and ask yourselves what you’re doing to truly support women during this time and create an effective action plan for the future (read: NOW).
We’d love to hear your thoughts on this – send us a message on Instagram to get the conversation started!