If Las Vegas doesn't wake up and get with the times or pay a little more attention, one of its most valuable resources at work is ready to leave. According to recent research of Las Vegas workers, female employees have had enough and are ready to walk in 2023. Only 54% of women surveyed by SGE International were satisfied at work and more importantly, 65% were ready to make a change this year.
Shane Green
Before I get into the details, a quick word to those who may have laughed at the phrase “most valuable resource.” Women are hard workers, even better leaders, and extremely loyal (as long as they are treated with respect). The McKinsey & Company Women in the Workplace 2022 report asserted that “Women are ambitious and hardworking. They are more inclusive and empathetic leaders.” Those traits pretty much tick some of the most important worker and manager qualities needed today. However, if we are going to continue to overwork, underpay, disrespect and ignore what women want, we better be ready to lose this important and valuable resource.
The bottom line is that having a more gender-diverse workforce is important and advantageous in today's business world. If companies want to take advantage of this underutilized and underappreciated talent, they better have a strategy in place to attract, engage and retain them.
Here are some of the most critical steps in your strategy to retain your female talent in 2023.
First, pay them what they deserve. Ninety-two percent of survey respondents indicated that a competitive wage and meaningful benefits are critical in their decision of where to work in 2023. Competitive pay does not mean the highest pay, but rather ensuring there is no disparity between wages for men and women with the same expertise and experience. While wages for women continue to rise, a March 2021 Wall Street Journal article still noted a significant pay gap with the median weekly earnings in 2021 for full-time female workers: only 83.1% of men’s earnings. Companies can make an impact by clarifying how they establish wage rates and showing no disparity or differences based on gender. Regarding benefits, McKinsey’s 2022 research showed that mental health care, child care services, extended leave for caregivers and parental leave are all key practices companies can implement to attract and retain women.
A quick note about flexibility with work schedules and environments. This benefit means a lot, so whenever possible, consider how you can create opportunities for employees to work from home or have some variability in their schedule to align better with personal and family priorities.
Next, 83% of Las Vegas women are seeking work with a trusted company and owner. To be considered a trusted company, the women in your workplace need to experience honest and transparent communication as well as be able to rely on owners and managers to keep their word.
Eighty-two percent of female workers in Las Vegas want to work with a caring, respectful and supportive manager. This should be easy, but unfortunately, too many managers in this town still think they are in the television show "Mad Men," set in the 1960s. Managers need to be approachable and empathetic, and need to recognize the talents and needs of all their workers, but our research suggests it matters more to women.
Eighty-two percent of Las Vegas women are also seeking work environments with reduced stress and improved well-being. Our research suggests that this is more important to women than any other gender, age or industry group surveyed. Consider that women placed significantly higher importance (82%) on reducing stress and improving well-being when compared with men (72%). This finding is unsurprising, especially since McKinsey’s study highlighted that women were more burned out in 2022, with 1 in 3 considering leaving the workforce or downgrading their careers.
While there have been important strides made in terms of understanding and acknowledging the impact of mental health in the workplace, there is still a long way to go. It all starts with the willingness of owners and managers to recognize the need for better mental health with themselves and then apply some simple rules to themselves and those they manage; take breaks, show gratitude, have fun and stop expecting people to respond to emails at all hours of the night.
An interesting point from our research is that a focus on performance is even more important for women than men. This means they want co-workers who do not perform to be held accountable because they are frustrated at having to constantly pick up the slack. Also, note that recognition is especially important for women. Many women feel they must go above and beyond their job requirements to even be seen by their managers, adding to feelings of being underappreciated and taken advantage of. Taking a moment to acknowledge someone’s efforts or achievements in a personal and meaningful manner goes a long way to keeping workers engaged and in place.
Hopefully, none of these ideas is unique or surprising, yet it is important to note that women rated each of the areas we have highlighted as being more important than men and are more likely to be looking for other opportunities in 2023. Yes, treating everyone equally should not be a headline, and yet it is clear that women are still having to work harder to get their fair share. Don’t take them for granted because as I have said, if you do, a very valuable and important asset and talent is likely to be working elsewhere this year.
Shane Green is a Las Vegas resident, business owner and culture expert. He wrote the book "Culture Hacker" and has been involved in some of the largest service culture transformations globally and in this town.