We’ve got to stop the drop

Saturday morning, I followed my usual routine, sitting down with my coffee to read the news. The Globe and Mail, a Canadian newspaper, published their comprehensive investigation into the Power Gap – the gap in power between women and men across all industries and sectors. The further I read, the more I wanted something stiffer to drink than coffee! Findings included:

• Of the Toronto Stock Exchange’s 223 listed companies, only nine had female CEOs. In fact, there were more CEOs named Michael than female CEOs! Almost 19% had boards with only men. (In the U.S., Spencer Stuart reports that on the S&P 500, women represent only 6% of CEOs)
• Further, last spring saw a significant drop in women’s participation in the workforce. In fact, it was a 30-year low - with women in their late thirties exiting in large numbers. As corroborating evidence, McKinsey’s 2020 study in partnership with Lean In showed that 25% of women in the workforce were considering downshifting their careers or leaving altogether.

Beyond well-documented challenges to gender equality, the pandemic now threatens the last thirty years of progress for women. Women considering an exit often cite burnout, anxiety, and necessities of care for others – coupled with workplace inflexibility.

As a mother of three school-aged children, I am fortunate to have a strong support network, including a spouse who, despite his own career as a law partner, steps up when I need to lean in. The McKinsey study shows I’m in the minority. While 70% of fathers report sharing unpaid labour equally, only 44% of mothers agree. Just like we need to “walk the talk” in our workplaces as we advocate on platforms like this for gender equality, we need to do same when we cross the threshold of our own homes.

Earlier this week, we learned that BMO made the Bloomberg Gender Equality Index for the sixth year in a row. I am proud to be part of a company that works hard to create an inclusive environment for our people and clients. I also recognize there’s more we all can do, myself included. This weekend was a revived call to action for me – and I’m personally going to double down to ensure women aren’t falling behind wherever we can help it. Here are a few starting thoughts on a call to action that we can all pursue:

1. Don’t create a reason to leave. Create an environment to broach the subject of workplace and personal pressures more openly. Get a pulse on where more flexibility is needed, where stress points need to be reduced, and how to help talented women continue their progression without having to step back. And create a smoother on-ramp when women are ready to lean back in.
2. Check our own blind spots. While tackling #1, make sure our own personal experience isn’t inadvertently creating an environment that isn’t inclusive or empathetic. Don’t assume our own experience is universal – for example, those who have more home support or older children. Find trusted sources within the organization who can speak up safely when we’re not walking the walk. Also look beyond more traditional measures of success or potential when assessing talent or hiring for new roles.
3.  Walk the talk, all the way home! Whether it’s caring for elderly parents, dealing with school challenges, or even just folding the laundry, don’t leave the burden at home on one parent. Create an open space to discuss the sharing of personal duties, particularly during the pandemic. Sometimes it’s the cumulative small things that add up.  

The pandemic hasn’t brought all negative. Many things we thought impossible became possible, almost overnight. Globally, millions of employees moved to work-from-home, without missing a beat. Digital capabilities and engagement have accelerated exponentially. Sustainability and racial equality are getting deep and well-deserved focus. More emphasis on mental well-being, coupled with more humanity exposed during work-at-home video calls, have made more employees bring their whole selves to the workplace. Now we need to extend the “silver linings” ledger to more seismic moves on gender equality. And “stop the drop” in workforce participation!  

I welcome your ideas as we do – it’s going to take all of us. In the comments, share how you’re thinking about stopping the drop and creating an environment of career momentum.