New data from LinkedIn brings to light a troubling trend—the economic slowdown has triggered a setback in women’s advancement into leadership positions, reverting to levels reminiscent of 2021.
This regression is not only damaging to gender equality but is also indicative of a collective amnesia towards the lessons that were to be learned during the pandemic.
According to LinkedIn’s data, published in the World Economic Forum’s 2023 Global Gender Gap Report, women’s hiring into leadership roles had been improving, albeit slowly, by about 1% annually for nearly eight years. However, the pandemic adversely impacted this progress, with women bearing the brunt of the economic shocks.
In the first quarter of 2023, the percentage of women in senior leadership receded to a paltry 32%, akin to levels seen in 2020 during the height of the pandemic. Alarmingly, industries such as Consumer Services, Healthcare, and Real Estate have exhibited the most significant drops in female representation in leadership positions. In tandem with these drops, there has also been a reduction in the hiring of women into senior roles, particularly in the Technology, Information and Media sector and Professional Services sector.
The disheartening decline is further emphasized in the “Drop to the Top” phenomenon, where female representation diminishes as one moves up the corporate ladder. Globally, women comprise nearly half of all entry-level positions but only a quarter of C-Suite roles. Particularly in the STEM (Science, Technology, Engineering, and Mathematics) fields, a mere 12% of C-Suite positions are held by women.
Sue Duke, head of global public policy at LinkedIn, said by way of a representative, “The rate at which women are being hired into senior leadership roles has fallen to 32%, the same low bar that was set during the pandemic in 2020.” Duke continued, “This makes for sobering reading, and as the world experiences a period of continued economic volatility, women are once again bearing the brunt of labour market shocks. In the last year, not only has the representation of women lost momentum, it has actually started to decline across major economies, including in America, Brazil, Britain, and India.”
According to Duke, “Economic uncertainty is not going away, so if we want to reverse the current trend before it gets any worse, we must have a systemic response to address the widening gender gap impacting women’s careers and livelihoods.”
Given the severity of the situation, systemic change is urgently needed. But, in what form?
In an interview, Nir Bashan, author of The Creator Mindset and host of McGraw Hill’s Coffee Break said: “Just getting creative about how we choose our language for a job post can yield applications from women who would otherwise not apply simply by moving from a traditional list of credentials and bullet points to more skill-based attributes.”
Additionally, rooting out bias in job descriptions and ensuring women are part of interview panels can cultivate more inclusive hiring. But hiring is only the beginning. Sustained support through mentoring and training programs, especially for women in early management roles and those entering male-dominated fields like STEM, is crucial.
Duke added, “There are practical solutions governments and businesses can take to help women reach their full potential, particularly within senior leadership positions. Inclusive hiring practices, visibility of women in top jobs, and upskilling and career growth opportunities for women, especially in pre- and middle-management roles, can all help. We need to embrace these best practices to ensure businesses across all industries are standing by their commitments to promote women in the workplace and that they are fostering a culture of inclusion.”
The regression in hiring women into leadership roles is, evidently, a wake-up call. It’s a reminder that progress can be fragile and easily reversed if not actively sustained. after all, we have a collective responsibility to empower women and invest in their potential. This is not just a moral imperative but an economic necessity.
And so, as we find ourselves at a crossroads, we must make choices to build a more inclusive and resilient future. Otherwise, we risk not just turning back the clock on gender equality but also stifling the innovation and growth that diverse leadership brings.
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