Do You Have the Benefits Women in the Workplace Want?

Estimated Read Time: 3:00

Executive Summary: Women leaders are leaving the workplace in higher numbers than men. Find out why and learn what your organization can do to help retain them, including:

  • Prioritizing inclusivity
  • Ensuring your benefits are caregiver- and family-friendly
  • Offering benefits that cover all life stages, including menopause

Historically, women have been underrepresented in company leadership, especially women of color. During the pandemic, 54 million women left the workforce globally. And a new report from McKinsey & Company, surveying over 40,000 employers and 12 million people, revealed that today women leaders are switching their jobs at rates higher than ever seen before.

Here we explore why women leaders are moving on and how your organization can better support their health – and the health of the next generation of women leaders in the coming year.

Prioritize company-wide inclusivity and well-being

According to the McKinsey study, 43% of women leaders are burned out compared to only 31% of men at the same level. It was noted that this is in part due to the extra work women typically do that goes unrecognized, such as supporting well-being and fostering diversity, equity and inclusion (DE&I) efforts within their organizations. A different McKinsey report even showed that when it came to people-centered actions during the pandemic, women managers scored higher than men at providing emotional support (12% more), checking in on overall well-being (7% more) and taking action to help manage burnout (5% more).

To retain and better support women leaders in 2023, organizations will need to prioritize and take action in favor of well-being and DE&I at every level to foster a culture of compassion.

Build benefits with whole-family health in mind

For women, their professional job is just one of many responsibilities they might have in addition to taking care of their home, family and even caring for elderly parents. According to a 2020 report, of the 9.5 million Americans physically, emotionally and financially caring for both elderly parents and dependent children, 61% were women. Having health benefits that support individual and family health can help reduce the stress and burden that comes with caring for the whole family. For instance, consider benefits like child- and elder-care reimbursements and concierge caregiver support.

Flexible paid time off (PTO) policies are also helpful for women juggling many caregiver responsibilities. In a recent survey, 57% of women reported wanting flexible working hours. Women were also more interested in hybrid and full remote working options compared to men.

Offer support for all life stages

When it comes to supporting women’s health, reproductive health is often top of mind. Another stage that’s often under-supported is menopause, which occurs on average at age 51 (the average age of senior leaders in the workplace is 42). In a recent survey, 46% of female respondents reported that their 50s have been the most difficult time in their career, concealing and dealing with menopause symptoms and having concerns over credibility, respect and perception in the workplace.

As employers think about family planning, pregnancy and postpartum support, benefits and resources for menopause should also be part of the conversation. Consider menopause mentoring, mental health support, flexible schedules and even career coaching to support your female employees as they navigate these stages of life.

As women have been historically underrepresented in company leadership, many have left the workforce or switched jobs during the pandemic. Here we’ll explore how your organization can better support women in the workplace.

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