Corporate America Is Failing Women — 48 Years Is Far Too Long to Wait for Equality
Achievement knows no gender. — Jeremy Victor
What the McKinsey & Company “Women in the Workplace 2024 Report” Reveals About the 48-Year Wait for Gender Equality In Leadership — and Why Corporate America Must Act Now #PARITYNOW
Summary
First in 1963, and again in 1974, women were promised equality in the workplace. Yet decades later, women are still waiting. In this article, I dive into the staggering realities of gender parity and explore why corporate America continues to fail women. But this isn’t just a history lesson; it’s a call to action. I break down the structural barriers, the hidden biases, and offer tangible strategies to make #PARITYNOW more than just a hashtag. If you’re tired of waiting for change, it’s time to understand how we can accelerate it—and why the cost of inaction is too great to ignore. Let’s unlock a future where equity is not an aspiration, but a standard.
Takeaways
- 48 Years to Parity: The Women in the Workplace 2024 report reveals it will take another 48 years for women, particularly women of color, to achieve equal representation in senior leadership roles. I am starting a movement to change that: #PARITYNOW.
- The “Invisible Boys’ Network” is Real: Many men are unaware of the informal networks (of the blind bias) that continue to block women’s advancement. Acknowledging and dismantling these barriers is crucial for gender parity.
- The Broken Rung is Holding Women Back: A key barrier to gender parity lies in the transition to management, where women are promoted at significantly lower rates than men — especially women of color.
- Flexibility and Diversity Are Slipping: As companies return to office mandates post-pandemic, flexibility is decreasing, and corporate commitment to gender and racial diversity is waning at a time when it should be accelerating.
Article
Maybe it’s because I am the father of two daughters. Maybe it’s that I was raised by a single mom, abandoned by her husband, and her best friend, my Aunt Joanne. Whatever the reason, I’ve long been a proponent of women in leadership positions and would gladly debate anyone on whether men or women make better leaders today. But that’s beside the point. No matter what I personally believe, this year’s Women in the Workplace 2024 report (the 10th from McKinsey & Company) tells a story of progress mixed with persistent challenges.
On one hand, we see significant strides in women’s representation at senior levels. Since 2015, the number of women in C-suite positions has risen from 17% to 29% (page 5). This progress has helped companies benefit from greater innovation and healthier cultures. It’s encouraging to see these advancements, but it’s not enough, not nearly enough. We’re still far from true gender parity, particularly for women of color, who hold just 7% of C-suite roles compared to 22% for white women (page 6).
The Path to Parity is Far Too Long
As the report outlines,
It will take 48 years for the representation of white women and women of color in senior leadership to reflect their share of the U.S. population. (page 11).
To say we have work to do is an understatement. This prolonged timeline highlights how fragile the progress we’ve made truly is — and underscores the need for sustained, deliberate action from corporate leaders (read: men).
On a personal level, I think about my two daughters, who are 20 and 15 today. If we stay on this path, they will be 68 and 63 years old by the time we reach parity. It seems unimaginable that they’ll have to work their entire careers, reaching retirement age, before seeing equality in senior leadership roles. Looking at it through that lens, makes me want to scream! This isn’t just about statistics — it’s about a world we live in for another 50 years before women are equally represented in corporate America.
It begs the question, “What’s in the way? And why aren’t more fathers of daughters outraged?”
Challenging the “Invisible Ole Boys’ Network”
Throughout my career, I’ve had the privilege of working closely with women in leadership positions. These experiences opened my eyes to something that, as a man, I never had to think about — what many women refer to as the “invisible ole boys’ network” within organizations. Whether or not this network is something men consciously create or participate in, the perception of its existence is very real for many women. If I’m honest, it took me years to not just acknowledge it, but to accept the reality of it.
What I’ve come to understand is that it’s difficult to see from the inside. As men, we often not only don’t perceive this dynamic because it benefits us, but also our ignorance denies its existence.
But through listening to the experiences of the women who reported to me, I’ve realized that these “invisible” networks can act as significant barriers to women’s advancement, whether intentionally or not.
The challenge is for men to recognize that, even if we don’t feel or see this “invisible network,” we need to accept the very real possibility that it exists for others (and that we contribute to it knowingly or not). By listening to women’s perspectives and experiences, we can start to understand the barriers they face and take steps to dismantle them, creating a more inclusive environment for all. I found that once I did “see” it, I was able to support their advancement with much more vigor and intention.
The Broken Rung Holds Women Back
The report reveals that one of the most glaring issues continues to be the “broken rung” in the corporate pipeline. The transition from entry-level positions to management is where many women — especially women of color — lose ground. For every 100 men promoted to manager, only 81 women are promoted (page 8). This disparity is even more pronounced for women of color, who experienced the steepest drop in representation at the first step up to management.
As someone who has been in leadership for years (with two daughters soon to be entering the workforce), this concept of the broken rung was a huge eye-opener for me. I didn’t realize that this specific point in the pipeline, out of the entry level, was such a major barrier to gender parity. It certainly makes total sense, but learning about it through this report has given me a new understanding of why we continue to see disparity, even as women make it to higher levels in the workplace.
For those of us from Generation X, now occupying senior executive roles, it’s critical to be aware of these systemic barriers. We need to ensure that we’re actively working to remove them, not just for Gen Z women entering the workforce but also for women of all generations who’ve faced these challenges throughout their careers. This awareness is key to truly understanding why gender parity has been so elusive. And why we must extend our thinking beyond the frame of reference we entered the workforce with 30 years ago.
Company Commitment to Diversity is Slipping, and Less Flexibility Returns
Equally concerning is the finding that corporate commitment to diversity is waning. At a time when companies should be doubling down on their efforts, the report reveals that fewer companies are prioritizing gender and racial diversity (page 27).
Additionally, some employees are now feeling less flexibility, likely due to the return-to-office mandates in the post-pandemic world. This shift toward hybrid or in-office work is making employees feel a reduced sense of flexibility compared to the height of the pandemic, where remote work was more widespread. For more on this trend, you can read my recent articles discussing how companies should be thinking about the future of work.
The Lived Experience of Women in the Workplace
While progress has been made, the day-to-day experiences of women in the workplace reveal persistent challenges that go beyond representation in leadership roles. According to the report, women — particularly women of color — continue to face bias, microaggressions, and a lack of support from their managers (pages 31–37). These negative experiences significantly impact their ability to succeed and advance in their careers.
Additionally, issues such as ageism and sexual harassment remain prominent concerns for many women. Women are more likely than men to experience microaggressions that undermine their competence, confidence, and leadership potential (pages 32–35). This has not improved over time, and the report highlights that these experiences are a key barrier to gender equality in the workplace.
However, despite these challenges, many women — especially younger women — remain highly ambitious and eager to advance their careers. The report shows that women under 30 are just as likely as men to seek career progression, proving that women are ready to lead, but systemic barriers must be removed (page 32).
Conclusion: Taking Action for True Gender Parity
As a father, a leader, and someone who has witnessed both progress and barriers firsthand, I can’t help but feel a renewed sense of urgency after reviewing this year’s Women in the Workplace 2024 report. The data makes one thing crystal clear: while we’ve come a long way, we still have a long road ahead. Forty-eight years to reach parity is unacceptable! It’s a stark reminder that this isn’t just a women’s issue — it’s an issue for all of us.
The concept of the broken rung really stood out to me — a major stumbling block in the corporate pipeline that prevents many women, especially women of color, from advancing into management roles. Until we tackle this head-on, no amount of C-suite diversity or leadership training will create lasting change. Senior leaders like me, particularly men, need to be more aware of these barriers and work to eliminate them — not just for the next generation but for all women who have been fighting these battles for years.
Equally concerning is the notion of the “invisible boys’ network,” a barrier many men don’t even realize exists. It took me years to fully understand how pervasive and damaging these informal networks are, and it’s critical that we listen, learn, and act with intent to dismantle them.
Finally, as companies recall employees back to the office, they must be mindful of the impact on flexibility, especially for working parents. If we want to foster an inclusive workplace where everyone can thrive, we must rethink old paradigms and ensure that flexibility and diversity remain front and center, not just buzzwords on a corporate slide deck.
The report shows that women, especially young women, are ambitious and ready to lead. It’s time for us — particularly those of us in leadership — to create the pathways, remove the barriers, and make sure they get there. It’s not just the right thing to do; it’s the smart thing to do. Women leaders are the change corporate America desperately needs, and it’s our responsibility to make it happen.
Advice To Consider
- Acknowledge and Dismantle the “Invisible Boys’ Network”: Men in leadership must actively recognize the existence of informal networks that hinder women’s advancement, whether they benefit from them knowingly or not. Listening to women’s experiences is essential for breaking down these barriers.
- Address the Broken Rung: Senior leaders, particularly men, must focus on eliminating the “broken rung” in the corporate pipeline by ensuring equal opportunities for women, especially in promotions to management roles. Without tackling this barrier, progress toward gender parity will remain stalled.
- Rethink Flexibility and Diversity in the Workplace: As companies recall employees back to the office, leaders must prioritize maintaining flexibility, particularly for working parents, and recommit to gender and racial diversity efforts to foster an inclusive workplace.
Key Stats From The Report
- Women’s representation in leadership roles has improved over the past decade, with women holding 29% of C-suite roles, but women of color remain significantly underrepresented at only 7% (pages 5–6).
- It will take 48 years for gender parity in senior leadership to be achieved at current rates (page 11).
- The broken rung in the corporate pipeline, where fewer women are promoted to manager roles (only 81 women for every 100 men), is a major barrier to gender parity (page 8).
- Corporate commitment to diversity and inclusion is declining, with fewer companies prioritizing these efforts than before (page 27).
- Workplace flexibility has improved since the pandemic, but this flexibility is now being impacted by return-to-office mandates, reducing the sense of flexibility for many employees (pages 26–27).
- Bias, microaggressions, and lack of managerial support continue to undermine women’s success, particularly for women of color, impacting their ability to thrive and advance (pages 31–37).
- Despite these barriers, younger women remain highly ambitious, and women under 30 are just as likely as men to seek career progression and leadership opportunities (page 32).
Source: Women in the Workplace 2024 — McKinsey & Company.
#PARITYNOW
“It will take 48 years for the representation of white women and women of color in senior leadership to reflect their share of the U.S. population.”
#PARITYNOW is my mission to close the gender gap, fix the broken rung (the first critical step on the corporate ladder that women often miss), and create equal opportunities in leadership, work, and life. I’m committed to raising awareness and driving change for true gender parity across all industries.
This cause was born realizing my daughters will be 68 and 64 when true parity is achieved. Why aren’t more dads outraged by this? Blind bias? I’m making it my mission to fix this. Will you join me?
Achievement knows no color. — Abraham Lincoln
Achievement knows no gender. — Jeremy Victor
There is literally no difference, based on gender or race, in anyone’s ability to perform a task, make a decision, or lead in the modern workplace.