Are you in this 5%? I was shocked.

When I wrote my book, Closing The Confidence Gap, I didn't want it to read like an empty list of platitudes about feeling more confident at work. There are already too many of those - just scroll social media and you'll find them easily.

I wanted it to provide practical strategies to also address the real changes that women face as they advance in the corporate workplace. Because the modern workplace hasn't changed much from the time that men created it decades ago at a time when most women stayed home, women frequently find themselves rising the ladder in a place that wasn't built by them and it definitely wasn't built for them. 

Let me be clear, this is no one's fault - it's just the way the world worked for decades. Now that society has changed, the pain of the mismatch is more evident now than ever. 

Enter the annual Deloitte Women @ Work Global Outlook report. While I read this report every year, something on this year's report leapt out to me. 

Just FIVE PERCENT of women plan to stay at their current employer for more than five years. 39% are planning to stay only 1-2 more years. 

As a former HR leader, this type of statistic would terrify me for three reasons: 

1. Turnover is incredibly expensive, often costing 1.5x the person's annual salary to replace them.

2. Succession planning is always a challenge in finding ready-now leaders to step into the most senior roles as retirements loom.

3. Gender balance is good for everyone in the workplace. Bloomberg and Deloitte research has shown that organizations benefit revenue-wise with more gender diverse leadership teams.

   
   

The report listed the following reasons as to why so many women are planning to leave:

• The inability to get work/life balance is the most cited reason (~30%).

• Pay not high enough (~28%).

• Lack of flexibility around when they work (~27%).

• Lack of advancement opportunities (~18%).

• Mental health / burnout (~16%).

• Additional factor: for ~5%, caring/family responsibilities (or lack of “family-friendly” employer) impact their decision.

So, what's to be done about it? As I write in my book, we can't change the systems overnight, although leader's like Melinda Gates are investing billions to attempt this. However, we can lead in the the places we find ourselves right now and challenge the systems and norms that have endured for decades. We can get curious about the status quo, ask for what we need and lead our teams in ways that align with our values. 

🔥 A confident woman changes policy. She inspires others to do the same. This doesn't just benefit women, it benefits every employee who desires to create a different kind of workplace.

PUT THIS IDEA INTO ACTION

As you advance at work, it's tempting to fall into the same routines and systems as the leader before you. However, you have more power than you think to craft a more sane working culture. I've seen this realized with the hundreds of leaders I've personally coached over the last 7 years.

According to the Deloitte report, here are the top reasons why women choose to stay at their current employer, along with some strategies you can use to influence your current workplace. 

1: Opportunities for career development/growth (over 40%).

What my clients have successfully advocated for themselves and others to achieve this:

• Professional development stipends (money to cover coaching, conferences, certifications, etc)

• Special projects or strategic visibility opportunities

• Crafting their own new role or job description based on their strengths and results

• Applying for more senior roles before they feel 100% qualified

2: A workplace that supports mental health (≈ 25%).

What my clients have successfully advocated for themselves and others to achieve this:

• Professional coaching or access to mental health resources like BetterHelp.

• Normalizing the mental health conversation in check-ins

• Encouraging teams to fully utilize their vacation (and modeling this as a leader)

3: Ability to achieve work/life balance & flexibility in working hours (just over one-third).

What my clients have successfully advocated for themselves and others to achieve this:

• Allowing remote working days or adopting a hybrid schedule

• Flexible stop/start times

• Logging off at night and weekends and remaining logged off (leading by example also)

4: Access to competitive pay/benefits (≈ 30%).

What my clients have successfully advocated for themselves and others to achieve this:

• Influencing leadership and HR to adopt supplemental benefit insurances like fertility coverage or add on perks employees can choose to opt in to at enrollment time

• Documenting results and successes and using this information to negotiate above market raises

• Keeping their eye on market pay data and using this information to ask for market based pay adjustments (along with performance data)

TRY THIS NEXT: This may feel like an overwhelming number of changes, but it all starts with ONE. What is the first tiny change you could advocate for that would make a big difference for you and your colleagues one year from today?

Kelli Thompson is an award-winning author, keynote speaker, and executive coach who specializes in helping high achievers advance to influential leaders in their organizations. She is the author of the critically acclaimed book, Closing The Confidence Gap: Boost Your Peace, Your Potential & Your Paycheck.

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