In the wake of Women’s Heritage Month, CNBC and SurveyMonkey have released their joint “Women at Work” survey, shedding light on the evolving landscape of work-life balance, salary increases, promotional opportunities, and more for working women in the United States over the past year.
Decline in Salary Increases
The survey reveals a concerning trend of fewer women securing pay raises compared to previous years. Only 39% of women reported an increase in their salary over the last year, down from 44% in the preceding year. Conversely, 17% of women experienced a decrease in their salary, marking a rise from the 15% reported in the previous survey.
Challenges in Career Advancement
Women are also encountering obstacles in career advancement, with 18% experiencing setbacks, mirroring last year’s figures. Meanwhile, 20% reported advancement in their careers, consistent with the previous year. Despite high levels of ambition—48% identifying as very ambitious and 40% as somewhat ambitious—progress remains elusive for many women in the workforce.
Job Quitting Trends
The survey indicates a decline in the number of women leaving their jobs over the past year. Only 9% reported quitting their jobs, down from 11% in the previous two years. However, 22% contemplated leaving their jobs, citing stress and burnout as primary reasons.
Improvements in Work-Life Balance
While challenges persist, there are modest improvements in certain areas. Approximately 24% of working women noted an improvement in their work-life balance over the past year, with 20% reporting a deterioration. Moreover, there is a slight decrease in work-related stress, with 25% feeling overwhelmed compared to the previous year’s 28%.
Call for Comprehensive Strategies
Lara Belonogoff, Senior Director of Brand Management and Research at SurveyMonkey, emphasizes the need for comprehensive strategies to address gender pay disparities. The sluggish progress in salary increases for women underscores the urgency of implementing effective measures to tackle existing inequalities in the workplace.
Key Reasons for Considering Job Quitting
Among the reasons cited for contemplating quitting their jobs, higher salary prospects, stress reduction, improved work-life balance, career advancement, and flexibility feature prominently. These factors underscore the multifaceted challenges faced by women in the workforce and the need for responsive policies.
Challenges in Job-seeking
Women seeking job opportunities encounter hurdles, with remote or hybrid job options becoming increasingly scarce. Among those not actively seeking employment, difficulties in finding remote or hybrid job opportunities are cited as a major barrier, highlighting the shifting dynamics of job market demands.
Ongoing Challenges And Disparities
In conclusion, the findings of the “Women at Work” survey underscore the ongoing challenges and disparities faced by women in the workforce. Despite high levels of ambition and dedication, many women continue to encounter barriers in securing pay raises, advancing their careers, and achieving optimal work-life balance. While there are signs of improvement in certain areas, such as a decline in job quitting rates and modest enhancements in work-life balance, the persistence of gender pay disparities and limited career advancement opportunities highlights the urgent need for comprehensive strategies to address systemic inequalities.
The Gender Pay Gap
How can companies proactively address the gender pay gap and ensure equitable compensation for women? What steps can organizations take to provide better support for working mothers and caregivers, thereby promoting a more balanced work-life dynamic?
Fostering A Culture Of Mentorship
In what ways can workplaces foster a culture of mentorship and sponsorship to facilitate career advancement opportunities for women? How might remote and hybrid work arrangements impact gender disparities in the workforce, and what strategies can be implemented to mitigate any negative effects?
