Women in the Workplace 2024: Progress, challenges and how GAIN is helping to close the gap

In this article we reflect on the 10th anniversary edition of the Women in the Workplace report by McKinsey, which highlights progress and setbacks in gender equality in corporate America. The survey report summarises findings from several hundred US based firms and does not necessarily represent the investment industry or the perspectives of global or UK firms. Yet the trends and challenges are relevant to workplaces universally –  such as slow progress, lower focus on women’s advancement through specific programs, and particular challenges for women of colour. 

At GAIN we are committed to empowering women from all backgrounds to succeed in the UK investment industry. As champions of diversity in leadership, much of our work is designed to ensure that young women have the educational and relational resources and opportunities to thrive. We do this through our online training programs, in person events and internships, and large scale mentoring. The McKinsey report report shows that much work and progress is needed for the next decade.

A positive shift for women in senior leadership roles 

The report brings encouraging news that women, including those from minority backgrounds, are graduating from university with degrees (59% of bachelor degrees in the US are awarded to women!) and achieving senior leadership positions at a higher rate than ever before. We are so encouraged to see this, as one of our key goals is to increase the number of women*, in asset allocation decision-making investment roles.  

Charts taken from the 2024 Women in the Workplace Report showing a 12% overall rise in Women in C-Suite positions, +6% in SVP roles, +7% in VP roles and +5% at Director level.

“It’s encouraging to see so much progress in the  C-Suite for women leaders! The glass ceiling was always the toughest to break though at the Chief Executive level and often sets the tone for the firm” - Natasha Braginsky Mounier, GAIN Trustee and Co-Chair 

Although it is worth taking a moment to celebrate the incredibly resilient women who break through barriers to rise to the top, progress is still not as fast as we would like. There are many women facing obstacles that prevent them from achieving their full potential. Our student programmes, such as our internship programme, are designed to give young women the tools they need to excel in the workplace, and we will continue to advocate for more meaningful change in the investment industry in particular.  

We also offer an alumni programme for those in the first 5 years of their career, supporting them at this crucial stage where they might be preparing to step into a more senior position with mentoring, networking, and training. 

The decline of leadership and career development programmes 

One of the more troubling findings from McKinsey’s 2024 report is the decline in programmes designed to advance women’s careers, and the decline in targeted internship and recruitment programmes. 

Charts showing a decline in % of companies that offer programs for women and women of colour

Career development programmes are crucial for breaking the glass ceiling and ensuring that women not only make it to leadership positions but have the skills to lead confidently when they get there. 

At GAIN we strongly believe that gender parity at the very top of organisations will lead to better outcomes for everyone, which is why we are so passionate about offering supportive programmes that focus on leadership skills, mentorship and equipping young women with the tools they’ll need to tackle the unique challenges they may face in the workplace.  

The reduction in these programmes feels like a step back and without them the next generation of female leaders may struggle to emerge.  

The decline in women entering the talent pipeline 

Another concerning trend highlighted in the report is the decline in women entering the talent pipeline at junior levels. This could partly be down to women not applying for roles in professional industries where they have been historically underrepresented and is compounded by the fact that women remain less likely to be hired than men, even when they do apply. 

GAIN’s work with Schools and Universities aims to combat the first problem, by educating young women on the range of career options open to them and instilling in them the confidence that they could enter a male-dominated field and succeed. To inspire and empower are two of our core values and we will continue to do this through our outreach programmes.  

Chart showing that while women hold 59% of bachelor's degrees in the US they only make up 48% of entry-level employees

We are proud to partner with many firms that see the value in investing in diverse talent pipelines.  

There is a need to support women from all backgrounds 

Throughout the report you will notice that white women, whilst still not making as much progress as white men, often have better outcomes than women of colour and those from other marginalised communities. Diversity in leadership is not just about having more women at the table but ensuring that women from all backgrounds have an equal chance to lead.  

We’re proud that our programmes are completely inclusive and 80% of our internship cohort in 2024 came from minority ethnic backgrounds. These women are often underrepresented in the industry, so a big part of our role is ensuring that they have the support network to help them rise through the ranks. Our mission is to ensure every young woman, and non-binary individual, has the opportunity to succeed regardless of their background.  

“This report illustrates the ongoing critical need for diversity, equity and inclusion initiatives; any diminution of which will result in the investment industry moving backwards rather than forwards in terms of access and participation.” - Tilly Franklin, GAIN Co-Founder and Trustee. 

The findings from McKinsey’s Women in the Workplace 2024 report provides us with a brief moment to recognise that progress has been made but a stark reminder that there is lots of work to be done.  

To read the full report click here, and to find out more about the work that GAIN does to invest in the future of young women explore our website or reach out to a member of the team on GAINteam@gainuk.org 

*and non binary students