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Knowledge at Wharton: Why Corporate Gender Equality Could Take 100 Years

Source: Knowledge at Wharton

“It will take more than a century to reach gender parity in the C-suite, and a quarter-century to achieve equality even at the senior VP level, according to a report by McKinsey & Company. “We’re moving at a glacial pace,” said McKinsey associate Rachel Valentino. “We need to be doing more to address this issue faster.” Among the 50 new CEOs hired by Fortune 500 companies over the past year, not one is female.These and other surprising statistics can be found in the report “Women in the Workplace 2015,” which Valentino presented at this year’s Wharton Women’s Summit. The report concluded that “corporate America is not on a path to gender equality” and revealed that “women are still underrepresented at every level in the corporate pipeline.”

The study is part of a long-term partnership between McKinsey and LeanIn.Org, the nonprofit founded by Facebook COO Sheryl Sandberg in 2013. The research analyzed 118 companies and nearly 30,000 employees.

Valentino asserted that advancing women up the corporate ladder, besides being the ethical thing to do, would boost the U.S. economy by $2.1 trillion. Forty percent of the economic gain would come from increased workforce participation, 30% from increased full-time employment, and 30% from a changing sector mix. Gender parity in business would represent 10% more U.S. GDP growth through 2025 than business as usual.”

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