Report card on women in business: Progress in Florida, but far from parity | Opinion

Three steps forward, two-and-a-half back. That characterizes the state of women in the workplace, in Florida and in the United States as a whole.

On the positive side, the results of a major survey, “Women in the Workplace,” by McKinsey and LeanIn.Org of companies representing more than 10 million employees, found that US women’s representation in the C-suite has risen from 17% in 2015 to 28% now. There are also more women at the vice president and senior vice president levels.

In this year’s Fortune 500, a record 52 firms were led by women, up from last year’s 44. Florida is home to 23 of these — but only one is led by a woman, Stephanie L. Ferris of Fidelity National Information Services. In the boardroom, the record is better. McKinsey analysis found women accounted for 29% of directors among Florida’s 10 biggest companies (by revenue). This is the same as the national average of 29%, and a significant improvement from 2013, when it was just 13%. So, progress, but far from parity.

Beyond the top 10, though, the record isn’t as good. Among the 124 public companies in Florida that are part of the Russell 3000, women make up 25% of board members; that makes it second to last (after Nevada) among the 25 states that have at least 20 public companies.

One reason for these results is the persistent problem of the “broken rung.” For the ninth consecutive year, the survey found that women face great difficulty in making the first step up to manager. For every 100 men promoted from entry level to manager, only 87 women were — and only 73 women of color. Women of color are persistently underrepresented. White women account for more than a quarter of senior managers and vice presidents; women of color for 9% and 7%, respectively.

What are the solutions to these persistent problems? Here are three approaches that can help.

Know what is going on: What gets measured gets managed is a truism that is actually true. But fewer than half of the 270 companies surveyed keep tabs on employee advancement by race and gender. To ensure women have a fair shot, companies should track metrics such as hiring, promotions and attrition, as well as qualitative indicators like performance ratings and job satisfaction. The insights revealed should be mined to determine further action.

Fix the broken rung: Top-performing companies show that it can be done — and how. Data is essential. Ask the right questions: Where are the gaps? What does the data say about possible causes? With insights in hand, it is possible to create appropriate career development programs. By knowing where the disparities are, companies can help women prepare for the next level.

Involve and incentivize managers: The report revealed a sizable gap between company rhetoric and on-the-ground reality. Only 36% of employees surveyed say their manager treats diversity, equity and inclusion as a top priority, even though 73% of companies agreed it was important to success. To narrow the gap, organizations need to get managers actively engaged. In day-to-day work, help managers to counteract unconscious bias through organizational processes, such as programs that are orchestrated to avoid bias (such as assignment of sponsors and mentors), and automating routines that are prone to unconscious bias. Make people development and DEI a core part of performance reviews.

Florida is an economic success, with below-average unemployment, strong job growth and a burgeoning population. We have an enviable reputation as a great place to do business. And Florida women are an important part of this record, leading businesses in areas from banking to burgers to baseball.

But none of this can be taken for granted. We have to build on our strengths, the most important of which is people. It is in Florida’s interest to fix the broken rung; only by bringing to bear women’s talents to the fullest degree can we build the sustainable and inclusive growth we all want.

Sandy Gosling and Victoria Lord are both partners in McKinsey & Company’s Miami office.

This story was originally published January 3, 2024, 11:14 AM.