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3 Ways To Retain The Women In Your Workforce

3 Ways To Retain The Women In Your Workforce
by Nicole McCabe

It is no secret that there is a gender issue in business. Women continue to be vastly underrepresented in the workforce, especially when holding leadership positions. According to research from LeanIn.Org and McKinsey & Co. for every 100 U.S. women promoted to manager, 130 men are promoted – leaving far fewer opportunities for women to be on the path to leadership without the access and avenues for growth to accelerate their careers. As a result, only 14% of U.S. women serve on executive committees and only 3% serve as CEOs, according to research from McKinsey & Co.

Several of these recent studies have shed light on this industry-wide problem, prompting organizations to restructure their recruiting and hiring practices to increase women in the workforce. However, one area that is often given less focus is retention – understanding the reasons why women are leaving by career levels. For women who have “shattered the glass ceiling,” are the reasons the same as those starting out in their careers?

The more we talk about the lack of female leaders, the more competitive the market gets for them. Organizations will continue to be a revolving door for female employees unless HR managers prioritize and offer programs and initiatives to retain these employees throughout their career. The generational influences become a major factor in the retention of employees, requiring organizations to think about best practices as employees grow their career with one organization.

Different needs at different stages

Take for example, a young female employee entering the workforce. After several years, as she reaches her mid- to late 20s, she may be faced with a series of life events (marriage, pregnancy, childcare decisions, etc.), creating a crossroads between her personal and professional lives. Does she need greater flexibility? Does she need a role that provides less travel?

And it does not stop there. Think about Generation X, sometimes called the “sandwich generation” – those individuals who are not only raising families but also caring for elder adults. And for those that have made it through the glass ceiling, perhaps they desire greater career development opportunities. When openings at the top are few and far between, is your organization prepared to offer both conventional and non-conventional career development options?

For companies that do not identify and create ways to support their female workforce throughout these stages, they will face the consequences of declining female retention rates – especially as the competition increases for executive women. And I will point out that while we focus on women, there is increasing desire from men as well for work flexibility.

Read full article on TLNT.