World of Work Outlook for Women in 2024
Although women are increasing their global economic power and entering the workforce in greater numbers, true gender parity is still far from a reality. In 2023, for every 100 men promoted from entry level to manager, just 87 women were promoted. Coupled with the fact that they often desire more flexibility than leaders are willing to give, 60% of women are considering leaving their current roles in 2024.
The ManpowerGroup Employment Outlook Survey sheds light on the world’s progress toward gender equality, with the goal of closing gaps and increasing productivity and engagement of global workforces. The 2024 data illustrated that, across the globe, gender equality initiatives are on track for less than half of roles. One-third of respondent organizations said that while Diversity, Equity, Inclusion and Belonging (DEIB) initiatives have been set, slow or little progress toward goals has been achieved.
Women have long been considered an underrepresented minority group in the workforce. In 2023, the situation looked dramatically different, and it started with the economy. In May, the kickoff of Beyonce’s Renaissance tour led to a rise in inflation in Sweden, as attendees scrambled for housing and food. A single lyric in Taylor Swift’s song, “You’re on Your Own, Kid,” encouraged fans to make friendship bracelets for The Eras Tour, which sent bead sales skyrocketing by 500% in some cities.
According to economists at Duke University, the total economic impact of Swift’s tour is an astonishing $75 billion — by far the most profitable in music history. The workforce is experiencing changes, too, albeit more subtle ones. In 2023, Pew Research found that, among U.S. workers ages 25 to 64, 49% of women have a four-year college degree, compared to 41% of men.
Women now make up 47% of employed U.S. adults ages 25 to 64, up from 44% in 1987 and 33% in 1964. Global importance is also growing, with women now representing more than 46% of the workforce in Europe and nearly 40% worldwide.
