According to the 2024 report, Barely Breaking Ground, from the Canadian Chamber of Commerce’s Business Data Lab, women have yet to reach parity in employment, especially in management positions. If recent trends continue at their present pace, women in Canada won’t reach equal representation until 2129.
These findings add to “the great breakup” identified by McKinsey & Company in 2022 and the fact that women are demanding more from work, and are leaving their companies in unprecedented numbers to get it.
This is worrying as research has repeatedly shown that having more women in leadership and management roles leads to better business performance. So why is this happening, and what can small and medium size businesses do to reverse this trend?
The Reasons Behind Women Leaving the Workplace
There are a variety of reasons why women may be leaving the workplace. Some cite a lack of opportunity for career advancement or feeling as though their voices are not being heard when it comes to decision making. Others cite feeling undervalued or dismissed by their male counterparts and not having access to resources that could help them further their careers. Additionally, many women feel that they must work harder than men to achieve success, yet still receive less recognition for their efforts.
What Small and Medium Size Businesses Can Do to Reverse the Trend
Small and medium size businesses can take steps to retain top talent by creating an environment where women feel valued and appreciated and have equal access to career advancement opportunities. This starts at the recruitment stage and continues through retention and promotion stages.
Recruitment
It’s essential that business owners review their hiring practices with an eye to diversity, equity and inclusion, and ensure that job descriptions do not inadvertently discourage women from applying. Businesses can also expand candidate pools by looking beyond traditional recruitment methods such as job boards and networking events and instead actively reach out to diverse communities for potential candidates who may not otherwise consider applying for positions.
Retention and Promotion
Creating an inclusive atmosphere within your organization is paramount; this means ensuring that all staff members have equal access to resources, training opportunities and promotions, regardless of gender or other identity-based factors. It also means creating spaces where employees can bring up issues or concerns without fear of retribution or dismissal. Finally, businesses should strive to create effective mentoring and sponsorship programs to provide guidance and support for female employees throughout their careers.
Next Steps for Businesses Wanting to Empower Female Leadership
Women are increasingly demanding more from work; they want supportive environments where they can grow professionally without fear of discrimination or stagnation. As such, business owners must take steps towards creating inclusive workplaces that recognize and value the contributions of women at all levels if they want to attract top talent and ensure long-term success. By applying the tips above and tracking outcomes to identify and resolve any ongoing gaps or challenges, businesses of all sizes can help reverse the concerning women employment trends.
To learn more about how to empower female leadership in your organization and gain practical tools to drive change, register for the Canadian Chamber’s Women in Business Summit Series, being held during Gender Equality Week, September 24–26. The Summit’s three 90-minute virtual sessions are packed with insights and actionable strategies to advance gender equality in your organization. A certificate of participation will be issued to participants who attend all three sessions.
