Explaining The Paradox Of Progress In Women’s History Month 2024

As we close out Women’s History Month, do we have reason to celebrate women’s social and economic advancement?

Having worked in the corporate world for over 30 years in professional services and hospitality, and as the founder of the Quorum Initiative, an organization focused on accelerating the advancement of women, I have had a front row seat to the changes and lack thereof for women. And I can only conclude that, across multiple measures, changes in support of women remain insignificant. The loss to everyone is enormous.

Ironically for Women’s History Month, March also marks the month in which the average U.S. woman finally catches up to the previous year’s earnings of the average U.S. man. This year, reports the National Committee on Pay Equity, women had to work until March 12th just to catch up to what male counterparts had already earned by December 31st of last year. For women of color, the time to catch up stretches even later into the year. This is just one, obvious measure of trailing progress for women.

Paradoxically, this stagnation and even backsliding in some measures is taking place at a time of increased dialog and visibility around women’s issues. Many important programs, including Dr. Jill Biden’s White House initiative on women’s health research (White House), have been introduced. Increasing numbers of men have become involved in helping create change.

How do we explain this paradox, and more importantly, what can we do to resolve it?

Raising Female Voices

Major media outlets have worked hard at including women’s perspectives and insights in news coverage since the “Me Too” movement started in 2006. There was also a push to ensure “manels” (panels with men only) were abolished and “mansplaining” (where men condescendingly explain a topic, usually to a woman) was called out.

But we need to put these highly visible changes in context. In 2020, women only had 25% of the public voice (people who are interviewed or are the subject of the story), a mere 8% increase in 25 years (Global Media Monitoring Project). More importantly, when women make the news, the focus is more about them being celebrities, everyday people, or victims rather than authority figures. Despite the amazing female talent we find in the workplace today, women’s voices as experts and leaders have not proliferated.

How can we change this picture? By encouraging every woman to raise her public voice. That means consciously providing women with opportunities to lead and occupy more space. This includes opportunities for women to share the podium, exposure for their thought leadership, and making space for critical topics to be covered in strategic meetings.

Women have important opinions and points of view, as well as the necessary experience. And we’re ready to express ourselves and be heard.

Women’s Health

In addition to the paradox of slow-moving social and economic progress despite increased visibility for individual women, women are experiencing an increase in systemic healthcare challenges. The Dobbs decision overturning Roe v. Wade is only the most visible manifestation of this trend. In fact, one problem is just how much of the reality of women’s healthcare issues is kept invisible.

Women’s health has continued to be wildly underfunded, under-researched and under-distributed. There is not enough research or data and there remains little accessibility for treatments of health issues that can be decisive for physical and mental health, like menstruation, maternity, menopause and caregiving. Additionally, research and education need to take place in brain health, heart health, immune and autoimmune health, mental health and cancer—diseases that impact women differently and differentially (Women’s Health Access Matters). Women are also often over-medicated because most drug dosage trials are conducted on men (University of Chicago).

Working women in the U.S. spend 18% more on healthcare annually than men (World Economic Forum). Women live longer than men but spend 25% more time in poor health compared to men. Less than 2% of healthcare research and innovation is contributed to female-specific conditions beyond cancer.

McKinsey believes there is a $1 trillion opportunity to add money to our economy if we improve women’s healthcare. Sounds like a greenfield investment opportunity to me (McKinsey).

The Bottom Line: Women and Money

In 2022, 47% of new businesses were started by women (Bizwomen), however, these businesses remain severely underfunded. In the first half of 2023, American venture capitalists invested 2.1% of total dollars in female founders, the same as in 2022 (Forbes). Investors overlook these opportunities even though women entrepreneurs outperform men and often have business ideas with important social impact (PwC, Wild Network).

Capital needs to start flowing differently. And women need to understand their agency around money. As key decision makers of family spending, imagine the impact if women invested with their values. Women need to talk to each other about money to remove the stigma and fear around it. Women need to ask for increased pay at their jobs, and become more active investors (only 15% of VC dollars came from women, World Economic Forum). The more we can break down these barriers and create opportunities for women to get into the flow of capital, the better off we will all be. Women earning and investing more money will grow our economy, a win-win for everyone.

It’s time for all leaders to adopt intentional, innovative action around advancing women. Equal pay and equity in opportunities need to be priorities. Improving healthcare for women and making it accessible is critical. Helping women become an integral part of our public dialog provides the necessary diversity of perspectives to help all workers succeed.

Women have already proven their talent. They have demonstrated their worth and are ready for the challenge.

McKinsey believes advancing women’s equity is a $12–28 trillion opportunity. So, what are we waiting for? Everyone from families to firms benefit when women are given the opportunities and credit they deserve.

And then we’d all have a reason to celebrate.