WEBVTT - Stagnating Progress for Women in the Workplace

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>This is Bloomberg Business Week with Carol Messer and Tim

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<v Speaker 2>Stenebek on Bloomberg Radio.

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<v Speaker 3>Here's a kind of startling statistic, Tim, Oh, more than

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<v Speaker 3>one in ten women changed employers over the last year.

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<v Speaker 3>And maybe that's not surprising, but most only plan to

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<v Speaker 3>stay with their employer for about two and a half years.

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<v Speaker 3>It turns out that poor work life balance, a lack

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<v Speaker 3>of flexibility, and inadequate pay and benefits are driving women

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<v Speaker 3>to say goodbye and leave their employers.

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<v Speaker 2>This has serious implications because when it comes to tracking

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<v Speaker 2>and retaining talent, it's very expensive, and you want people

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<v Speaker 2>to stay at a company. If you're running a company

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<v Speaker 2>for a long period.

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<v Speaker 3>It was to begin to better. I mean I've only

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<v Speaker 3>been saying that for twenty five thirty years.

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<v Speaker 2>Everything that Carol just read was from some of the

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<v Speaker 2>findings of Deloitte's annual Women at Work Report, which just

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<v Speaker 2>came out today. We have with us Emma cod a

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<v Speaker 2>Deloitte Global DEI officer. She joins us here in the

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<v Speaker 2>Bloomberg Interactive at Broker's Studio. As Carol mentioned, Emma, it's

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<v Speaker 2>it's you know, this is the type of stuff that's

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<v Speaker 2>supposed to be getting better. Is it getting better?

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<v Speaker 1>Sadly not every year. This is the fourth year that

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<v Speaker 1>we've won't run this piece of research. We speak to

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<v Speaker 1>five thousand women across workplaces, across ten countries, and every

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<v Speaker 1>year when I do the analysis and start writing the report,

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<v Speaker 1>I glimpses of hope and look, some things are improving.

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<v Speaker 1>So burnout is down. It really reached a peak just

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<v Speaker 1>after the pandemic when we started to come back, and

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<v Speaker 1>I think for many of us it was this you know,

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<v Speaker 1>always on, always on is still there, unfortunately, but burn

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<v Speaker 1>outstand but stresses up real concerns about women's health menopause.

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<v Speaker 1>This year, the data on that deeply concerning. And then

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<v Speaker 1>we've got the sort of return to the office policies

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<v Speaker 1>that are kicking in non inclusive behaviors. There's a lot

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<v Speaker 1>of similar trends and I don't think we're just not

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<v Speaker 1>seeing enough.

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<v Speaker 3>Tim knows this. I say this all the time, that

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<v Speaker 3>we have a great policy here for parents, whatever sex,

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<v Speaker 3>to take six months off yeah primary CA and so

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<v Speaker 3>I'm saying you guys need to do this. Amazing we

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<v Speaker 3>have other colleagues because that's what to me, helps level

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<v Speaker 3>the playing field of it's not just women out of

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<v Speaker 3>the workforce for a long period of time, but it's

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<v Speaker 3>also their partners and men also out of their workforce.

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<v Speaker 3>And I feel like things like that might help, but

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<v Speaker 3>help me out here to understand how do we really

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<v Speaker 3>change the needle and a lot more of these things.

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<v Speaker 1>So, by the way, commendable with those that policy. It's

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<v Speaker 1>great because it really does make a difference. And if

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<v Speaker 1>you look at some of the responses. So last year

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<v Speaker 1>we started asking about household responsibilities and who takes the

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<v Speaker 1>majority takes all the majority of the domestic unpaid workload,

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<v Speaker 1>and it was unfortunately the data was women. This year,

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<v Speaker 1>we are seeing that far higher. You know, so around

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<v Speaker 1>half of women are taking on the majority of childcare

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<v Speaker 1>responsibility and these are women and most of my working

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<v Speaker 1>full time, so doing a full dose work. And then

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<v Speaker 1>going back and we saw a lessening of those that

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<v Speaker 1>split it with their partner. And then the adult care

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<v Speaker 1>care for other adults is deeply concerning that that's gone

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<v Speaker 1>up to six and ten from forty percent.

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<v Speaker 2>Okay, I gotta tell you a parent of two young

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<v Speaker 2>kids here, I was thinking, Carol, I was thinking last night.

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<v Speaker 2>As I'm like picking up toys, doing the dishes. My

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<v Speaker 2>wife is doing laundry, like she's the one who cooked

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<v Speaker 2>last night. I did bad time. I was like, I

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<v Speaker 2>need another person here to help. We only have one kid,

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<v Speaker 2>but it's like I need I need another kids. No,

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<v Speaker 2>I'm sorry, Oh sorry, just say yeah sorry, live, I

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<v Speaker 2>love you.

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<v Speaker 4>I met this.

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<v Speaker 2>What I meant is like, we're not out numbered. We

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<v Speaker 2>have one each live our Fortunately they're playing out. Fortunately

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<v Speaker 2>they're playing outside right now and not listening, but one

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<v Speaker 2>to eat right Like it's like, great, we're not out

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<v Speaker 2>We're not out numbered at this point. That's what I mean.

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<v Speaker 2>We're not out numbered yet. Yeah I know their names. Hey,

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<v Speaker 2>this is not an interview about me.

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<v Speaker 3>No, but it's interesting. And I'm going to say when

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<v Speaker 3>my daughter was kid, when my daughter was little and

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<v Speaker 3>I had aging parents, like you get that squeeze like

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<v Speaker 3>there's a lot going on, but emma help us, Like, yeah,

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<v Speaker 3>how how do we do things better? Because we all

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<v Speaker 3>thought after the pandemic, Oh, everybody gets it, we need

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<v Speaker 3>to have much more balanced like it's got a way

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<v Speaker 3>r Yeah.

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<v Speaker 1>So look, how do we do things better? How do

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<v Speaker 1>what do organizations need to do so, so you know,

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<v Speaker 1>you look at some of the data, around half of

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<v Speaker 1>women are concerned about their personal safety at work when

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<v Speaker 1>traveling for work.

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<v Speaker 3>What does that mean?

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<v Speaker 1>So so you know when you're traveling, when you're I mean,

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<v Speaker 1>that's deeply concerning. We've seen women say that their rights

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<v Speaker 1>are being eroded around the world, and actually this is

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<v Speaker 1>personally impacting some women, including in fact most notably the

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<v Speaker 1>rights are an equal wage and also the rights are

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<v Speaker 1>to live free of violence.

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<v Speaker 3>So this survey is global source, it's developing world as well,

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<v Speaker 3>so yeah, and its ten countries, so it's got to

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<v Speaker 3>se really good balance.

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<v Speaker 1>So so you see these issues, you see mental health,

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<v Speaker 1>you see you know, two thirds of women saying I'm sorry,

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<v Speaker 1>I'm not going to disclose and I don't want to

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<v Speaker 1>discuss this in the workplace. Why not because I'm worried

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<v Speaker 1>it might make me vulnerable to layoffs, worried I might

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<v Speaker 1>be stereotype discrimination.

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<v Speaker 3>I think it would be really hard. I think it

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<v Speaker 3>is hard for women to call and say I'm having

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<v Speaker 3>a bad day, whether it's you name it, Yeah, and

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<v Speaker 3>I don't know if I should go there. I mean,

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<v Speaker 3>it's it's life, but it's just and these are real

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<v Speaker 3>things that affect a woman's health. And I think that

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<v Speaker 3>I don't know that you.

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<v Speaker 1>Are right and ready for this because I'm my embarrassed.

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<v Speaker 1>My daughters have twin daughters, and I embarrass them. So

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<v Speaker 1>we have to talk about people to talk about menopause.

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<v Speaker 1>I suffer from meendemutosis chronically. Did I disclose no?

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<v Speaker 3>Back?

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<v Speaker 1>Then? Would I disclose now? Yes? And so I think,

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<v Speaker 1>you know, there is an evolution that we're seeing. But

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<v Speaker 1>look at much of this comes down to policies. The

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<v Speaker 1>great policies that you've talked about, so equalizing, paranal leave

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<v Speaker 1>all of those great things. But honestly, you will only

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<v Speaker 1>avail yourself with policies if your leader actually gets it

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<v Speaker 1>understand So you know, yet again, every year we come

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<v Speaker 1>back to inclusive leadership, we come back to the importance

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<v Speaker 1>of modernizing the workplace. You know some BUSI right, and

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<v Speaker 1>it's just seeing role models all of those things, because

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<v Speaker 1>I can't have another year where we see data as

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<v Speaker 1>concerning as this, and there.

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<v Speaker 3>Is We've gaming, like I agree with things we can do,

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<v Speaker 3>and we.

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<v Speaker 2>Only have thirty seconds left. But I'm afraid you are

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<v Speaker 2>going to see another year where you come back and

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<v Speaker 2>talk to us in a year and you're going to

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<v Speaker 2>say the same thing.

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<v Speaker 1>I really hope we don't. I think as we see

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<v Speaker 1>legislation coming in around the world, so we look at

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<v Speaker 1>the EU, the Pay Directive there, the Pay Transparency Directive.

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<v Speaker 1>I really believe that's going to start driving change. We

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<v Speaker 1>need to see more of that around the world. And

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<v Speaker 1>then the reality you talked earlier at the start, it's

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<v Speaker 1>extremely expensive. Why would we invest in these brilliant future

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<v Speaker 1>leaders only for them to have them turn around? And

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<v Speaker 1>so I'm sorry, but you five years time, only seven

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<v Speaker 1>percent of us are going to be with you.

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<v Speaker 3>Just wanted to do that, right, We all talk about that.

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<v Speaker 3>Right at the early levels, it's all the same, there's

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<v Speaker 3>more parody, and then as it gets goes along and

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<v Speaker 3>by the way, Steve, Steve, Tim your mother.

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<v Speaker 4>In law, I'm just going to already see the therapy.

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<v Speaker 3>Emma, thank you so much, really appreciated this conversation. Fingers

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<v Speaker 3>crossed that the next year survey changes. Emma cod She's

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<v Speaker 3>over at Deloitte Global, their DEI officer