NEW YORK & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Citi and LinkedIn today released results from their second annual Today’s Professional Woman Report, a national survey inspired by Connect: Professional Women’s Network — the fast-growing LinkedIn group of more than 120,000 professional women powered by Citi — exploring women’s biggest obstacles to career advancement, financial success and work satisfaction. The 2013 Today’s Professional Woman Report survey was conducted by LinkedIn in March 2013 among a nationally representative sample of 954 Professional Women LinkedIn members.
Results found that women’s financial power is on the rise — 97% are either the primary financial decision-makers or share financial decision-making equally in the home, and 75% are either the primary breadwinners or earn an income equal to their partners. But despite steady progress, professional women report that their financial futures and career advancement are the two areas of their lives where they feel the least control.
“The survey results illustrate how women aren’t just looking up towards senior leadership roles at their current employers — they’re looking out for themselves, their families and their careers by exploring new options to enable their own progress,” said Linda Descano, CFA®, Managing Director and Head of Digital Partnerships, Content and Social at Citi, and President and CEO of Women & Co., Citi’s personal finance resource for women. “Whether they need advice on how to ask for a raise, or support from other women who understand their career concerns, we’re thrilled that so many women are using the Connect group for the ideas and inspiration they need to take control of their professional and financial futures.”
“This survey absolutely reinforces what we’ve been hearing for the past year on Connect,” said Jacky Carter, LinkedIn Community Manager for Connect: Professional Women’s Network. “We know professional women are passionate about their work, their families and their personal growth, and it’s rewarding to see the transparency of our group trickle into this truly revealing study.”
On the roadblocks to career advancement:
- Lack of opportunity, time, and loyalty hold them back: Only 38% of professional women think they will rise to a more senior leadership position in their companies. Those who do not cite lack of opportunities to be promoted (41%), reluctance to take time away from their families or personal lives (30%), and not being interested in staying at their companies long enough to advance (20%) as the top three reasons they are unlikely to advance.
- Women’s reluctance to ask for a raise may be keeping them from getting what they want: Only 1 in 4 professional women have asked for a raise in the past year. Yet 75% of those respondents who asked for a raise received one, and nearly half received equal to or more than they expected.
- Women breadwinners are not immune to the gender wage gap: Female breadwinners make less money than their male counterparts. When a woman is the breadwinner in her household, she makes an average of $35,000 more than her partner. When the man is the breadwinner, the gap is 42% wider – he makes an average of $49,000 more.
- Mentorship is not a priority for most: More than half of women do not mentor others, but the trend may be turning. Gen Y respondents reported that they feel more supported by senior female executives at their company (60% vs. 46% of those 35-54) and they’re also more likely to seek out a mentor: 67% of women 22-34 have had a mentor or sponsor, compared with only 49% of those over 45.
On work-life balance and flexibility:
- The majority of women feel they have it: 63% of professional women say they have a good sense of balance between work and life. And 95% of women think that “having it all” is attainable.
- Yet there is still a desire for more flexibility, with the option to telecommute at the top of their list: 42% wish they could work from home more. Of those that work from home at least once a week, 90% say they’re equally or more productive than when they’re in the office.
- However, working from home impacts women’s perception of their “promotability”: 26% of women who telecommute think they’ll get promoted, in comparison to 40% who work in the office full time.
- Female breadwinners report one of the highest levels of work-life imbalance: Additionally, nearly half of female breadwinners report that their work causes tension at home – due to feeling pressure as the primary earner and wishing their partner did more around the house.
On the factors affecting their career paths:
- Women’s three biggest work frustrations: Not getting paid enough, office politics, and being underutilized.
- Women who work from home are more likely to get the entrepreneurial bug: Those who work from home are almost twice as likely as those who do not to see themselves running their own companies in 10 years.
- Women who work in the office full-time are more likely to have their eyes set elsewhere: Those women who work in an office full-time are more than twice as likely as those who telecommute to see themselves at a different company or in a different industry in 10 years.
- Gen Y is even more likely to jump ship: More than half of Gen Y respondents see themselves working at a different company or in a totally different industry in 10 years, compared with only 24% of those 35+ who see themselves moving on.
On their top financial concerns:
- Worries over their retirement savings are on the rise: 56% of professional women cited “having enough money saved for retirement” as their #1 financial concern, in comparison to only 40% of those surveyed in 2012.
- Education costs also cause financial worries: After retirement savings, having enough money saved to fund their children’s education and paying off student loan debt were the #2 and #3 financial concerns.
For more detailed results from the 2013 Today’s Professional Woman Report, visit the Women & Co. blog. To become a member of the Connect: Professional Women’s Network, visit www.linkedin.com/womenconnect and join for free. To continue the conversation, join Citi and LinkedIn for a Google+ Hangout on Thursday, May 30th at 3pm ET. RSVP at http://citi.us/13BBIem.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Connect: Professional Women’s Network is a forum featuring curated content and moderated discussions to help women become savvier professional networkers and share workplace best practices. Founded in April 2012, the group features 120,000 professional women and growing. To join the community for free, visit www.linkedin.com/womenconnect.
Founded in 2003, LinkedIn connects the world’s professionals to make them more productive and successful. With 225 million members worldwide, including executives from every Fortune 500 company, LinkedIn is the world’s largest professional network on the Internet. The company has a diversified business model with revenue coming from Talent Solutions, Marketing Solutions and Premium Subscriptions products. Headquartered in Silicon Valley, LinkedIn has offices across the globe.