Women in Revenue conducts an annual report on the challenges facing women in business today. For 2023 we’ve identified improvements that employers can make to improve on a “successful but not equal” system.
In our report, “Bridging the Salary Gap: The Paradox of Successful but Unequal,” three key themes emerged: (1) compensation challenges, (2) a demand for workplace flexibility, and (3) the need for mentorship. These challenges have led to dissatisfaction for many women. Nearly half of respondents in this year’s survey said they considered quitting their job in 2022, and 20 percent actually did. That translates into a big price tag for companies who now have to hire in a competitive job market.
Compensation challenges among this group of successful women with seemingly well-paying careers shows a lack of progress. More than 25% said they made less than their male counterparts, and even more alarmingly, 52% said they had no idea! Pay transparency laws have been enacted across the country to address this issue, but they clearly have a long way to go.
Flexibility is Queen
Workplace flexibility was ranked the number one benefit by a landslide. More than 80 percent of women named working from home as the must-have perk in job offers, and it’s easy to see why. This is a group of high-functioning multitaskers who have emerged from a pandemic with a keen ability to thrive in a modern, flexible workplace.
This group values this benefit most when considering a job offer or whether to stay at their current job. And the number is up 30 percent from previous years. The number two ranked benefit? Flexible work hours.
Need for Mentorship
Along with the desire for a flexible workplace, women also cited the need for mentorship as a key challenge that can be exacerbated by the more virtual nature of work from home settings. Nearly 30 percent of women reported lack of training/coaching, lack of mentorship, and equal seat at the table as challenges in their organizations.
Employers need to take these gaps seriously as they can be nearly insurmountable blockers in harassment situations.
We love supporting our community with the same statistical and fact-based reasoning that makes us all successful sales and marketing leaders. Identifying the top career blockers and most valued workplace benefits is the type of knowledge that companies need to build strong, productive teams.
Checkout the full report HERE!