Career prospects for women during the economy of the past couple of years show significant disillusionment. By the end of 2020, 140,000 jobs in the U.S. which had been held by women were lost in female-dominant industries like education, hospitality, and retail according to Business Insider. The National Women’s Law Center reported in 2021 that about two-thirds of all minimum wage jobs are held by women. Unemployment rates remain high for women of color and women with disabilities.
The past years have also not been encouraging for professional women seeking to secure leadership positions, particularly in highly capitalized businesses. Julia Boorstin of CNBC reported in 2020 that of the 500 largest American companies only 6% of CEOs were women. Not only that, but there is this occurrence of women being placed in CEO positions of troubled companies struggling to hang on. The phenomenon is known as the “Glass Cliff” problem. If the ship cannot be quickly righted to profitability, then it can be easier for some to say how a woman was given a chance to show leadership, but it just did not work out.
McKinsey reveals another stunning circumstance. The proportion of women in jobs declines as the amount of responsibility embedded within these jobs increases. Women make up 50.8% of the American population, but account for 47% of entry-level positions, 38% of management assignments, and 33% of senior management occupations. For every 100 men who move into management roles, there are 85 women who do so.
The history of women in the workforce facing discrimination, unequal pay, and harassment in one form or another is a painfully long one. However, there are some other statistics which curiously suggest more positive changes may be coming for women in the workforce.
The writer David French points to some recent education stats showing men are slipping in acquiring the schooling necessary to stay highly qualified and competitive for the good jobs, and for leadership roles particularly. For example, at the end of the 2020-2021 college academic year women comprised 59.5% of the overall student body, the highest ever, and men only 40.5%. This data is from the National Student Clearinghouse, a nonprofit research group.
Furthermore, the 2020-2021 school year showed a decline of 1.5 million students relative to five years earlier. 71% of that drop was in men leaving U.S. colleges and universities! For a reason I cannot explain, men’s attendance has fallen such that they have become a minority cohort in higher education. Can a drop in men’s career prospects relative to women, including in leadership, be far behind?
One does not have to look far to notice an unmistakable correlation between levels of education and career success. Acquisition of knowledge, skill, experience, contacts, and confidence are all derived from furthering one’s education. The U.S. Bureau of Labor Statistics most recent data concerning earnings and unemployment rates by educational attainment show median weekly earnings for those holding only a high school diploma to be $781, but with an unemployment rate of 9%. The bachelor’s degree college graduate in comparison earns on average $1305 per week with an unemployment rate of 5.5%.
To be sure, the traditional four-year college degree program model is under serious review, as it should be, by those who foot the high cost. More targeted and lower cost education and credentialing options are providing increasing competition to legacy college and university programs. That’s fine. But if men think the good jobs and leadership positions will always be waiting for them as in the past, while women are actively preparing to compete and hold those occupations for themselves at rates superior to males, then men may be in for a rude awakening soon.
As women gain more of the good jobs and leadership roles, they are likely to open more doors for other women to participate more fully in quality education and work opportunities. As education attainment shifts more to women, so too will their employment and leadership strength.
