Yahoo Finance 5 Things Preventing Women of All Ages From Progressing in Their Career Paths
One of the biggest barriers women face when it comes to progressing in their careers comes down to gender bias.
Women often face discrimination, wage gaps, limited access to promotions and gender-based financial disparities — all of which create the perfect hurricane that keeps them from advancing in the workplace.
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“The wage gap isn’t just a statistic; it’s a barrier that holds back generations of women from reaching their full potential,” said Gloria Garcia Cisneros, Latina wealth manager at LourdMurray with a certified financial planner license.
“It is crucial to address this because it still isn’t spoken about enough. In 2022, American women typically earned 82 cents for every dollar earned by men, and the disparities are larger when we delve into race.
“When we live in a world where 40%-50% of marriages end in divorce and women tend to have longer life spans, we have to make sure that women can stand on their own two feet financially,” she said. “Because of this, losing out on thousands early on in their career can compound over time.”
While there are many systemic barriers, below, experts share their insights on what’s keeping women of all ages from progressing in their careers and ways they can navigate and overcome these challenges.
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Lack of Confidence in Speaking Up
“Women often get underestimated, even in their areas of expertise. We might be interrupted, talked over, or not taken seriously,” said Echo Wang, CEO and co-founder at EpicBooks. “This can be incredibly discouraging. But dwelling on the unfairness won’t get us ahead. So, it’s important to be confident and assertive.
“Speak up in meetings, highlight your accomplishments, and don’t be afraid to advocate for yourself,” Wang added. “Building a strong network of mentors and allies can also be a huge help.”
Kolby Goodman, career coach and candidate experience expert at The Job Huntr, equally noted that this lack of speaking up often hinders women at work.
“Over the last decade as a career coach, so many women that I’ve worked with have prevented themselves from achieving greater financial success in their careers because of the fear and the anxiety they have about talking about money, but most importantly, asserting the value that they bring. Many women look at the impacts they’ve made on the role and tend to quickly dismiss it as a team effort,” he explained.
“But if more women become more self confident and take better ownership of not only the work that they’ve done, but the impact that they’ve made, they’ll be able to secure higher salaries and achieve faster financial freedom.”
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Lack of Work-Life Balance Options
“Many women take on more child care responsibilities, making it hard to climb the career ladder,” Wang said. “Fortunately, many companies now offer flexible hours or child care options, which can make a significant difference.”
They Give Away Their Power
“Whether we are in a face-to-face meeting, on a video call, or at a conference with 5,000 people, one thing remains consistent: Power is at play in every situation,” said Gail Rudolph, CEO at Gail Rudolph Collaborative. “Success at its very core relies on the effective and ethical use of power dynamics.
“The ability to harness that mysterious energy that ebbs and flows in every interaction is what creates a culture of mutual empowerment. And, let’s face it, that is how great things get accomplished,” she said. “Stepping into power is both a form of verbal and nonverbal communication and typically there are two ways to respond.
“Powering up is the choice you make to step into a fuller presence, such as making direct eye contact and taking up space.”
On the other hand, Rudolph said powering down is intentionally changing your stance, expressing empathy, giving others a chance to talk/interrupt and using a softer volume when speaking.
“‘Powering Down’ is an intentional way to hold power while making people feel more at ease. There is a misconception that power means you must always have the upper hand, or what I call ‘Powering Up.’
“But power is also present when you make a conscious, intentional choice to retract, or ‘Power Down.’ Knowing which type of power to employ to be most effective and achieve a win/win outcome is how to maximize true personal power,” she said. “And, it can be taught and learned.”
They Don’t Negotiate Their Salaries
“The lifetime benefits of negotiating your salary are the biggest motivator,” Cisneros said. “I don’t think people realize the impact the gender wealth gap can have on our lifetime earnings. When you start with a lower base for your starting salary, it means that for all the subsequent pay increases, you are getting less than someone who is getting the same percentage increase but has negotiated higher pay from the beginning.
“Even a couple thousand at the beginning of your career can cost hundreds of thousands over your lifetime,” she added. “If you start at $50,000 out of college and receive a 4% increase every year after 20 years, you are making about $76,000.
“For example, if you start at $65,000 and have the same increases after 10 years, you are at about $99,000,” she explained. “The growth of the $50,000 is about $15,000 vs. $30,000 of growth on the $60,000 base salary.
“This doesn’t include possible years of large income bumps for large promotions or leaving for a new company.”
She said these increases can be anywhere from 10%-30% depending on the roles you are looking at.
“This is why the starting point is so important, this affects how much you can put away towards retirement, towards saving for your first home, or how fast you can pay off debts.”
The earlier the better, she said.
“Make sure you start negotiating in your 20s and 30s to take advantage of the exponential growth. When addressing this topic, I like to make sure people understand that companies expect you to negotiate,” Cisneros highlighted.
“They rarely offer the top end of the salary range the first time around. Now for the actual negotiating: You can negotiate at your current job for a raise, for a promotion, or when looking at new jobs. The key here is to come prepared with data and metrics that show how you are providing value to the company.”
They Forget the Importance of Advocating for Themselves
“As you move up in your career, make sure to pay it forward to the next generations,” Cisneros advised. “This means we have to advocate for ourselves and others more now than ever!
“You can foster mentorships with those ahead in their careers and those just starting,” she noted. “This community and sounding board are invaluable. When it comes to policies, you can speak up for pay equity, inclusive training/education opportunities, and fair performance review practices that are the same across the board.
“I’ve witnessed firsthand the impact of financial disparity on women’s lives. It’s not just about the numbers on a paycheck,” she said. “True empowerment goes beyond individual success — it’s about dismantling barriers and leveling the playing field for all.”
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