Redefining Success: What Can We Learn from the Many Women Leaving Corporate Leadership?

Today's professional landscape is changing rapidly, leaving employers and female employees alike wondering what the future holds. The traditional ideas around success in corporate leadership are being challenged as more and more women take the plunge and leave their high-ranking roles to pursue other interests—choices that don't necessarily involve staying in a 9:00-5:00 job or climbing up the ladder within one company.

Since the Pandemic, women have been leaving their corporate leadership positions in higher numbers than ever before. During the height of the Pandemic, there was a lot of discussion about wages, how our jobs affect mental health, and the rise of remote work. Women and men alike began to evaluate their employers, but women have been the ones to take the most action. After assessing their values and priorities, many have left their jobs searching for opportunities that they feel are more aligned with their needs. This massive change has been named the "Great Breakup." This phenomenon has led to an important question: what can we learn from these brave women who have chosen to redefine success on their own terms?  

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Why Are Women Leaving Corporate Leadership Positions?

Women have been making the transition away from corporate America for various reasons. By understanding why so many women are leaving traditional leadership roles and exploring how they're redefining success, companies can create workplace environments that empower all employees–regardless of gender–to pursue an optimal career path. Here are some of the top reasons why:

Inadequate/Unequal Wages 

For many years, women have been receiving unequal pay in the workforce. Research shows that in 2022, women were paid 82% of what men were paid. Over the last three years since the Pandemic, wages have been a huge topic. With the workforce being severely underpaid overall and women experiencing wage discrimination, there has been a shift toward entrepreneurship. Women have found that owning their own businesses provides greater returns over time.

 Flexibility

Remote work became a necessity during the Pandemic, and the flexibility of it was very beneficial to women. Women could now work while also caring for their children and household. However, a lot of companies are refusing to offer remote positions, and even when they do, women have reported that it negatively impacts their chances for advancement.

Burnout

Work-life balance has become one of the top benefits women look for in a job. In 2022, 53% of women reported higher stress levels than the year before. Burnout is one of the most cited reasons for women leaving their jobs.

Being Discredited

 Women in leadership often experience being discredited in the workplace. People automatically assume they are lower ranking, and their authority gets undermined. Women are also likely to see their co-workers get credit for their work or ideas.

What Can Companies Do to Retain These Valuable Employees

Some companies are struggling as a result of so many women leaving their corporate jobs. Fortunately, there are steps that companies can take to retain their female talent. Two key factors that need to be addressed are wages and advancement opportunities. Women need to feel that their compensation is equitable and that they have the opportunity for growth within the company. Additionally, companies should offer flexibility in scheduling and work arrangements to ensure a better work-life balance. Beyond these steps, it is necessary to broaden the conversation to touch upon rising stress and burnout levels amongst working women by pushing organizations to consider offering mental health support services. By prioritizing these factors, companies can retain female workers and create a more diverse and inclusive workplace culture.

The Takeaway

All in all, it's clear that society needs to make great strides in finding solutions to the issue of women leaving the corporate workforce. We must strive for better wages, work-life balance, and flexibility in order for more women to have a stable career path. Additionally, organizational HR departments should prioritize the retention efforts of female employees to keep them engaged, empowered, and motivated. Upper management must also be held accountable for failings in this area. It's vitally important for women to have access to resources when they become burnt out or overwhelmed. If you are feeling any symptoms of burnout, exhaustion, or stress, don't hesitate to reach out and contact LunaJoy for mental health support and resources. Don't let a challenging workplace affect your self-care—take control of your job search and stand up for your rightful place at the table. It's time for companies to step up and make necessary changes to support their female employees.