When it comes to women’s advancement in corporate America, there have been notable gains since 2015, according to the 10th annual analysis by LeanIn.org and McKinsey & Company. However, the report released on Tuesday reveals that despite these advances, women still face significant obstacles in reaching leadership parity with men. Achieving this parity, defined as women holding leadership roles proportional to their representation in the U.S. population, could still take decades.
Where Women Have Gained Ground
The 2024 analysis drew from a variety of data sources, including interviews with HR leaders, materials from 281 corporations employing 10 million people, and a non-scientific survey of 15,000 employees from 27 companies. Companies participated by responding to invitations or through an open public site.
The report found that women now hold 29% of C-suite positions, up from 17% in 2015. However, most of these increases have been in “staff” roles, such as chief HR officer, rather than “line” roles that directly drive profits and core business operations, such as CEO positions. Since 2018, women have also made gains in becoming vice president and senior vice president, although predominantly in staff roles.
In response to these developments, more companies have implemented fairer hiring practices and performance reviews. The percentage offering bias training for evaluators has risen to 69%, up from 53% in 2015.
Companies have also increased manager training, recognizing the importance of manager support in advancing women’s careers. Most employers now emphasize well-being, inclusion, and career advancement, leading to an improvement in workplace culture. A majority of women surveyed (60%) believe growth opportunities for women have improved, while 73% reported a stronger focus on creating inclusive work environments.
Additionally, companies have bolstered employee benefits aimed at helping parents and caregivers balance their work and home responsibilities. Today, nearly half of the surveyed companies offer emergency back-up childcare, up from one-third in 2016, and support for employees caring for sick family members or elderly parents has become more widespread.
Decades to Parity Remain
Despite progress, the report highlights several areas where advancement for women remains insufficient. One major concern is the lack of improvement in early-career promotion rates. For every 100 men promoted to their first managerial role, only 81 women receive the same opportunity, a figure that has barely changed from 2018.
The disparity is even greater for women of color. For every 100 men promoted, only 54 Black women and 65 Latina women receive similar opportunities. Although promotion rates for Black women improved in 2021 and 2022, they have since returned to 2020 levels.
This early-career “broken rung” makes it difficult for companies to achieve sustained progress in promoting women to higher-level positions. Furthermore, corporate programs aimed at recruiting women, especially women of color, have seen declines. Only 18% of companies offer recruitment programs for women of color, down from 30% in 2022, while internship programs for these women dropped to 8% from 14% last year.
Corporate commitment to gender and racial diversity also appears to be waning. In 2024, 78% of companies reported that gender diversity is a high priority, compared to 87% in 2019. Similarly, the emphasis on racial diversity has dropped from 77% to 69%.
Additionally, less than half of the women surveyed feel they receive adequate support from their managers, with women of color being more likely than White women to report a lack of support. Given that consistent managerial support is linked to promotions, this disparity can severely limit advancement opportunities for women, particularly those of color.
Conclusion: The Road Ahead
According to the McKinsey and LeanIn.org report, at the current pace of progress, it could take more than two decades for White women to achieve parity in leadership roles and nearly five decades for women of color. The authors stress that progress is critical, not only for women but also for companies. Research consistently shows that companies with more women in leadership experience greater innovation, stronger performance, and healthier cultures. Women leaders also play a crucial role in inspiring future generations of women to pursue leadership positions, creating a cycle of empowerment and progress.
