International Women's Day is a great opportunity to see the real progress women have made in the employment market and share Precognize’s take on this important issue.
Written by Neta Vizel, HR & OD Managerial Consultant for Global Growing Companies
According to a study conducted in 2018 by McKinsey & Company, companies report that they are highly committed to gender diversity. But that commitment has not translated into meaningful progress. The proportion of women at every level has hardly changed. Progress isn’t just slow. It’s stalled.
Based on four years of data from 462 companies employing more than 19.6 million people, including the 279 companies participating in the 2018 study, two things are clear: one, women remain underrepresented. Two, companies need to change the way they hire and promote entry- and manager-level employees to make real progress.
The two biggest drivers of representation are hiring and promotions, and according to the report, companies are putting women at a disadvantage in these areas from the start. Although women earn more bachelor degrees than men, and have done so for decades, they are less likely to be hired for entry-level jobs. At the first critical step up to manager level, the disparity widens further. Women are less likely to be hired into manager-level jobs, and they are far less likely to be promoted into them—for every 100 men promoted to management, 79 women are. Largely because of these gender gaps, men end up holding 62 percent of manager positions, while women hold only 38 percent.
In this current and sad reality, Precognize is a young fast-growing company, intentionally putting effort on gender diversity. We aim to be a role model in this regard, and set a high standard for ourselves.
60% of our new hires in 2018 were women.
Out of the overall employees in our company today, 50% are women!
55% of the women working in Precognize hold a managerial position in the company.
These achievements don’t happen by accident but thanks to our clear goals for hiring and retaining 50%-female representation.
There are five actions companies should take to make progress on gender diversity. Without action on these fronts, the numbers will not move:
Get the basics right- create a well-diverse hiring pipeline
Ensure that hiring and promotions are fair
Make senior leadership supportive in gender diversity- the best way to do it is to make sure to scale the number of women in senior managerial roles at the company.
Foster an inclusive and respectful culture.
Offer employees the flexibility to fit work into their lives.