What does the future of work look like for women? 

Not as bright as we’d like! Lagging flexible work options, inequities in domestic and caregiving responsibilities and persistent (and often unfounded) differences in their confidence levels are hampering women’s ability to thrive at work. We studied three populations of women to see how their participation in the future of work might look and considered what we need to do to fully unlock their participation and help them realize their potential. The headline underscores that without a concerted effort to change the trajectory, we will fail to embrace equity in the future of work for women. We will neglect to bring those lost to the workforce back into productive roles, we will struggle to ensure decision makers are not sitting in male-dominated offices, and we will fail to extend their working life in sustainable ways – critical to ensuringe their financial future and closing pay and retirement gaps. With talent shortages and the rising importance of empathy and creativity (skills women bring in abundance), the enormous benefits that an equitable workplace brings for all are a clear call for change.

I recently had the pleasure of chatting with Dr. Sian Beilock, a leading consultant on the brain science behind human performance, who shared that: “Women tend to think that if they got the middle mark in the class, they can't go on to the next class; whereas a man will tend to think he can. We're losing out on women who would potentially raise their hand to go on to that next role or be considered.” This bias in self-perception also shows in Mercer’s research, with women less likely to believe that the skills they have today could be relevant for a job they’ve never done. This is a critical issue as we embrace more remote working (so others have less of a view around capabilities) and move towards more skills-based organizations.

Sian suggests that “now we have to think about a system that doesn't require someone to raise their hand to go into a role. But a system of managers and talent recruiters who are actually going out and finding these people. So understanding there's this gap in confidence, I'd be willing to argue that it's not based on a gap in ability, right? Then, it's really up to the organization – to the system – to start changing how they find people. Otherwise, they're just missing human capital.” Technology is no doubt part of the solution: Talent intelligence platforms like Gloat and Eightfold offer a broader and more equitable view of people’s skills. But biases are slow to change and even slower to eradicate, and can be amplified by technology if left unchecked.

Change is long overdue. Interventions need to look different in a post-pandemic environment, and I believe progress can be made if we act now.

Pay, workload and career prospects weigh heavy on women’s minds today. Consider these numbers from Mercer’s 2022-2023 Global Talent Trends and 2023 Inside Employees’ Minds research:

We know that women bear the brunt of childcare, eldercare and domestic support – which is often the reason why women prefer remote/hybrid more than men (52% vs. 45%). There are real concerns about how this will play out in terms of pay and promotion (which too often are driven by presenteeism and social networks nurtured “after hours,”) as well as the long-term impact on financial security.

In North America and Europe, women held 29% of director positions in 2022 and helped their companies to outperform by a significant margin. Further, women now hold 32% of top leadership positions — the highest ever. Obviously, these numbers are a long way from achieving gender equity. To secure sustainable parity, women need to step into leadership roles and gain vital commercial responsibility earlier in their careers as well as be afforded exposure to different businesses and markets. Companies must re-think what’s needed for large P&L, office and functional leadership roles, and make them compatible with people who value work/life integration and prefer to stay closer to home.    

One example where more women can add value is in furthering diversity, equity and inclusion (DEI). We know this continues to be a critical success factor for companies this year (in the top three, according to HR leaders). Male executives are more likely to say their company has made slow progress on DEI, but they see less of a need for a designated DEI leader. Women are more focused on building networked organizations and prioritizing empathetic leadership – two critical areas not just for DEI but also for upholding Good Work standards and resetting of the future of work agenda.

New research by Oliver Wyman  reveals that Gen Z women (born between 1997 and 2012) are leaving their jobs at higher rates than their male counterparts. They are also more likely to have “side hustles” and having lived through some tough times, are convinced there is a better way. The Gen X “work hard, play hard” mantra falls on deaf ears for Gen Zs. They are not prepared to sacrifice today for benefits tomorrow – preferring the phrase YOLO (you only live once). Leaders looking to future-proof their business will be smart to take advantage of what Gen Z brings to the table, and again we see alignment with female leadership approaches and Gen Z values. According to the research, Gen Z value equity and transparency and expect their company to measure success beyond just shareholder return. They also aspire to move roles quicker than any generation, creating networked organizations with democratized opportunities to build skills will be important to keep Gen Zs focused and engaged.

Women are far from a homogenous group, but there are specific actions that organizations and managers can implement now to help them thrive for the future of work.

The above strategies are not just good for those who identify as women; these benefit all workers and are vital to building a sustainable people model fit for the future of work. When people thrive, societies thrive. While the Covid years accelerated many of the aspects of the future of work that are positive for women (such as flexible/remote working, empathy and human-centric leadership), they also exposed gaps in the ways in which companies care for their employees’ social, mental, financial and physical health.  Issues that weigh heavy on the minds of our female workforce. 

If we leave the future of work to evolve without paying attention to the unique factors that help women thrive, we will fail to fully #EmbraceEquity. To ensure equal representation and participation, women across generations must have a leading role in co-creating the future of work.