Women are crucial to US economic growth. Indeed, since women’s participation in the workforce took off, in the 1970s, their productivity has accounted for about a quarter of current GDP. But women still aren’t reaching their full economic potential. One important reason is that far too many highly skilled women simply don’t progress up the ladder in corporate America.
A new McKinsey report, Unlocking the full potential of women in the US economy, delves into the details of this well-known phenomenon. The problem isn’t simply a lack of flexible working conditions or support for working mothers. Nor is it an inability to get women into the workforce or women’s desire to opt out; most can’t afford to. Instead, entrenched mind-sets and behaviors—at companies and among women themselves—are two of the biggest culprits in preventing women from advancing. The issue is particularly acute at the transition from middle manager to senior manager, a point when women have proven themselves professionally yet a disproportionate share leave corporate careers. For many, invisible biases become impassable.
How women can contribute more to the US economy