March is Women’s History Month. And many women who’ve changed history will deservingly be honored. But where do women in the workforce stand today? A joint study conducted by management consultant McKinsey & Company and LeanIn.org found that gender diversity programs are falling short.
According to the research, it will take women more than a hundred years to be equally represented in the C-Suite. That conclusion was based on HR data combined with 34,000 employee surveys from 132 companies. Researchers Eric Kutcher and Alexis Krivokovic say the news is not only bad for women, but for businesses as well.
Why? Because diversity of thought and approach to problem-solving has proven to lead to better business outcomes. Companies also lose when they don’t pull from the largest possible pool of talent. And, strategically, they perform better when they reflect the people they seek to serve.