CHICAGO–(BUSINESS WIRE)–Vaya Group, a global leadership development consultancy, announced the key findings of the second annual Vaya Vision Survey of more than 1,000 professionals in the US. It revealed disparities in leadership opportunities between men and women and minority groups that are leaving organizations without diverse leadership pipelines.
The Vaya Vision 2022 survey explored how companies are approaching Leadership Development (LD) programs, as well as how businesses are doing with their Diversity, Equity and Inclusion (DE&I) initiatives. This year, the survey also looked at the differences between key industries (IT, healthcare, professional services, banking/finance) in these categories.
As the long-term effects of the Great Recession unfold, organizations are challenged with developing a diverse set of leaders who understand how to cultivate a work culture that values and empowers employees. The problem becomes even more acute as companies try to fill vacancies while simultaneously trying to grow leaders and secure DE&I.
Organizations are not cultivating diverse pipelines
White men still make up the largest percentage of LD participants, as they did in 2021 when the survey was first conducted. Organizations rely largely on subjective measures to select candidates with high potential for leadership development, and they are heavily focused on employees in their 30s and 40s. This often leaves emerging, high-potential (HiPo) leaders behind and allows managers’ unconscious biases to slip in when making choices. For example, this year’s Vaya Vision survey found:
Women are 49% less likely to participate in LD programs than men. Additionally, women are 26% less likely to receive mentoring and coaching opportunities after training and are less likely to receive any support at all.
Black men are 40% more likely to self-select into leadership opportunities than white men.
45% of white men believe there is equal access to training and development, while only 32% of women and 33% of non-white men believe the same.
Younger employees (those under 50) generally report involvement in more LD programs and receive more peer mentoring.
“The Great Resignation has revealed many hard truths about work culture for many organizations. It also belies the need to invest in a more diverse leadership pipeline. Leaders need to think more intentionally about who they want to lead tomorrow’s workforce, starting now,” said Paul Eccher, PhD, co-founder, president and CEO, Vaya Group. “They can start by creating objective and fair leadership programs and prioritizing employee development.”
Industries show varying levels of LD & DEI adoption
To assess how different industries compare in preparing future leaders and cultivating greater diversity, this year’s Vaya Vision survey included professionals in IT, healthcare, professional services and banking/finance.
Healthcare was found to be far behind others in the areas of LD, DE & I, as well as employee engagement and engagement. Meanwhile, growing industries such as IT and professional services are investing in these measures. Key findings revealed:
- Leadership Development: IT has the highest training participation rate in LD at 61%. The healthcare industry has the lowest with only 40% participating in LD programs.
- Employee engagement: Healthcare workers feel significantly less engaged and connected to their work compared to other industries. Only 31% feel engaged, compared to 38% in finance, 39% in IT and 42% in professional services.
- D&I: At 64%, banks and financial services are most likely to have a DE&I program.
“The healthcare industry is still reeling from the impact of COVID, burnout and workforce shortages. Limited resources, budget and talent will further strain the leadership pipeline if left unaddressed. Other industries, even as they are challenged by one of the largest labor shortages in history, are investing in retaining and developing emerging leaders and focusing on diversity. We still have a way to go, but progress is being made,” Eccher continued.
Employees agree that flexibility is most important
Despite the differences in how men, women, and minority groups view their workplaces, they agree wholeheartedly about the kinds of things they want from their organizations. Overall, employees prioritize their desires very similarly:
Workers mostly want flexible work hours (42%), the ability to work remotely (39%), wellness benefits (39%) and opportunities for advancement (34%).
Company social functions (both in-person and virtual) landed at the bottom of the list.
“Interestingly, the number one benefit here—flexibility—isn’t something tangible that organizations have to invest money in. Instead, it’s a cultural perspective that organizations can implement now, derived from their leaders and managers. front line,” Eccher added.
Vaya Group is committed to helping businesses empower their HiPo employees to be future leaders with proven assessments, professional coaching and highly individualized virtual LD solutions like VayabilityTM.
For more information on the Vaya Vision survey, please visit: https://www.vayapath.com/vayavision-0-0.
About Vaya Group
Vaya Group helps the world’s leading companies identify, assess, cultivate and promote the talent needed to thrive in a competitive marketplace. Trusted by Fortune 1000 organizations spanning the globe and industries, Vaya Group has provided assessment and training services to senior C-suite executives as well as managers and employees at all levels. Vaya Group is recognized in the annual Inc. list. 5000 of America’s Fastest Growing Companies. To learn more, visit www.vayapath.com.