Women's advancement at work: Sheryl Sandberg warns that progress is 'easily reversible'

The annual Women in the Workplace Report by LeanIn and McKinsey shows progress, but women still face significant challenges.

The percentage of Fortune 500 CEOs who are women has doubled from 5% a decade ago to 10% today. Additionally, companies now offer significantly more work-life benefits than they did even five years ago. In 2024, 92% of companies offered paid maternity leave and 86% offered paid paternity leave, up from 2018, when only 78% of companies offered paid maternity leave and 70% offered paid paternity leave.

Sheryl Sandberg, the founder and board chair of LeanIn, states that while there is some progress, it is fragile. According to a report, it will take 22 years for white women and 48 years for women of color to achieve parity in the workforce at the current rate of change.

The main issue that Sandberg has expressed, as shown in the LeanIn and McKinsey report, is the scarcity of women who are qualified to be promoted into leadership positions. Although there has been an increase in the number of women in senior leadership roles, the lack of women in CEO positions remains a concern.

Women are increasingly present in the C-suite, but they often oversee staff functions such as legal and HR, rather than roles directly linked to a company's output, like head of product, which are more likely to lead to promotion to CEO.

The Women in the Workplace Report highlights the problem of "broken rungs" and how women, particularly Black women, are often passed over for the first promotion to manager. For every 100 men who are promoted, only 81 women are. This disparity is even more pronounced for Latinas and Black women, with 65 and 54 promotions respectively for every 100 men.

In recent years, the gap between men and women in manager roles has widened to levels not seen since 2019, when 79 women were promoted for every 100 men. Additionally, less than half of women of color receive the support they need to succeed as managers, with women of color receiving even less.

The decline in commitment to programs that advance women, particularly women of color, is a challenge facing the entire DEI field. Companies are cutting their DEI programs, and there is more politics surrounding this issue, according to Sandberg. However, she emphasizes that investing in diversity is not only the right thing to do but also the smart thing to do.

""Your results will improve because of this," she explains."

Sign up for CNBC's online course to master your money this fall. Our practical strategies will help you hack your budget, reduce your debt, and grow your wealth. Start today to feel more confident and successful. Use code EARLYBIRD for a 30% introductory discount, extended through September 30, 2024, for the back-to-school season.

Sign up for CNBC Make It's newsletter to receive tips and tricks for success at work, with money and in life.