Caregiving reform must be a priority if more working women are to reach the C-suite
Having spent nearly my entire career in the finance industry, where the gender composition skews predominantly male, I was regularly reminded of the failing structural support system that is provided to working women.
According to a 2022 McKinsey study, men occupying C-suite positions were 2.0x more than women, and 2.25x more at the senior vice president level. Those statistics unfortunately have been woefully evident to me in my nearly 30 years in banking. The corporate system that I have observed seemingly suits those individuals that have flexible choices which allow them to prioritize time spent at after-hour client events, last minute meeting or travel commitments, and 10–12-hour uninterrupted days in the office – generally individuals that don’t have competing commitments in raising children, or managing a household, ie: women. This flawed system was even more exposed during the pandemic, when women were forced and expected to be the active (24-hour) primary caregivers to their children, educators, and mental and physical health providers to their children and loved ones, while still maintaining the daily demands of their respective careers.
Despite the US’s economic, healthcare and technological advancements during the past 30 years, those advancements have not found their way to meaningfully improving the workforce participation gender gap. The US Chamber of Commerce statistics cite that from 1989 to 2021, the percent of women leaving the workforce due to home and family needs improved by only 7 percentage points to 79% from 86%. A critical call to action to address these discouraging statistics needs to come through childcare support for working parents. Businesses and corporations could offer more flexibility within the daily work schedules, onsite childcare, subsidies and vouchers, while communities could contribute through more expansive programming. Childcare reform could be a critical first step to improving the system that has prevented so many working women from achieving their career ambitions of potentially occupying that C-suite, or senior leadership position.
