A new report by the McKinsey Global Institute finds that women are more likely to lose their jobs than men due to the rise of artificial intelligence and automation. Industries that are expected to shrink the most due to automation, such as food services, customer service, and sales, are overrepresented by women. The report also notes that workers earning less than $38,200 could account for almost 80 percent of all potential career transitions by 2030, making low-wage workers particularly vulnerable, among whom a larger proportion are women.
Despite fears of a “she-cession” during the pandemic, women are now driving a surprisingly strong labor market, with full-time working women earning the narrowest pay gap on record compared to their male counterparts. Women have entered the workforce in droves, and higher employment rates paired with early signs of more significant strides in shrinking the pay gap may set this economic cycle apart from others.
Yet at the same time, women in leadership roles face ageism regardless of their age, which can hold them back from promotions and leadership positions. A study of US women leaders across four industries found that women were often viewed as “never quite right” due to various traits, including age, with women under 40 being patronized and women over 60 being seen as outdated and ignored. This “double-whammy” age-gender bias can significantly affect women’s careers.
Why do we care?
In organizations, it’s crucial not only to think about recruiting. The second part is retention. There’s a difficult balance to consider. First, organizations need to ensure that they are welcoming to all people. This does not just happen. You’ll actively be working on retention.
Yet as the recent interview with Peter Kujawa exposed, top-performing organizations are like college athletics. They constantly consider that staff is temporary and will be recruiting for a rolling talent window, with an expectation that they will move on. You want to make sure they move on for the right reasons.
Tactical consideration – reskilling and upskilling plans for staff, pay audits to correct disparities, deliberate investments in family-friendly policies, and equal opportunities for advancement. Again, these don’t just happen.