The report is a fascinating look at how diversity efforts have stalled at many companies. Women still report being talked over, having their judgment questioned, and getting less support from their managers. Women of color, in particular, report that they are still getting fewer opportunities. 

But all of that underscores one of the biggest takeaways from the survey, Sandberg tells me: just how fragile the corporate pipeline is. Too few women—particularly women of color—are making it into management. For every 100 men promoted to manager, just 81 women made the same leap. For Black women, the number falls to 54. 

“The first promotion to manager is so critical,” says Sandberg, the former Meta COO. “We really need to pay attention there.”

That “broken rung” on the corporate ladder is a big deal, adds Rachel Thomas, LeanIn.org cofounder and CEO, because it limits what women can do for the rest of their careers. And though women have made gains higher up in organizations, they come with an asterisk. The share of women in VP and SVP roles is increasing, but not because more women are being elevated; rather, it’s because companies are eliminating other roles held mainly by men. 

And at the C-Suite level, many of the gains are coming from newly created “staff” roles like chief human resources officer, not necessarily from more women assuming operating roles that are launching pads for future CEOs. Sandberg and Thomas say that’s an unsustainable way to increase diversity and equality going forward. (And it’s not the first time companies have simply added seats to increase diversity.)

“You can’t just keep adding roles and putting women in them,” says Thomas. “The fragility of that progress is really concerning.”

Still, there’s plenty to celebrate in the report, Sandberg and Thomas say, including that women have made gains at every level of the corporate pipeline over the past 10 years, particularly in senior leadership. In fact, 29% of C-Suite leaders are women, according to this year’s report, compared to 17% in 2015. Thomas says the organization has long considered hitting the 30% mark a “tipping point” when women typically stop feeling the negative effects of being the “only” one in a room, based on research of similar findings. Sandberg and Thomas hope it means better things in the future.

“The more women in corporate America who look up and see women in the C-Suite, the more likely they are to try for themselves,” says Thomas.

The results of the survey highlight how companies have to take real action via mentoring and promoting women for workplaces to near or someday reach parity. In 2020, companies made commitments to diversity and inclusion initiatives, and those paid off. But since then, the share of companies pledging gender and racial diversity has declined, and with it, some of women’s workplace gains.

“Commitment to DEI programs really matters,” says Sandberg. “We know that companies and teams that are more inclusive and take advantage of the full workforce perform better. Making sure that we continue to remind ourselves of that is really important.”

Alicia Adamczyk
alicia.adamczyk@fortune.com

The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Nina Ajemian. Subscribe here.

ALSO IN THE HEADLINES

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- A whole new world. Fei-Fei Li, the “Godmother of AI,” raised $230 million for her fresh-out-of-stealth startup World Labs, which was valued at over $1 billion in August. Investors include Andreessen Horowitz, NEA, and Radical Ventures. World Labs develops “large world models” and is aiming to have a product ready in 2025. TechCrunch

- Leaning liberal. A new study shows an increase in women ages 18 to 29 identifying as liberal. From 2017-2024, an average of 40% of this demographic identified as liberal, compared to 32% from 2008-2016 and 28% from 2001-2007. Young men’s political affiliations (which lean more conservative) have not shifted all that much. New York Times

- Bonus bungle. A new lawsuit claims that Frederic Zorzi, global head of primary markets at French bank BNP Paribas, told staff to cut female employees' bonuses and distribute the money to male employees. Zorzi did not respond to requests for comment. The bank said it did not find any wrongdoing in the previously investigated allegations. The plaintiff in the case is Stacey Macken, a prime brokerage product manager, who in 2019 won a $2.6 million gender pay discrimination case against BNP. Bloomberg

MOVERS AND SHAKERS

Microsoft named Carolina Dybeck Happe executive vice president and chief operating officer. Most recently, she was SVP and CFO at GE.

Cassandra Grey, partnered with a private equity investor, bought back beauty company Violet Grey, which she founded in 2013; Violet Grey was acquired in 2022 by Farfetch for $50 million. Grey will be co-owner of the company, as well as chairman and artistic director of the newly launched Violet Lab. She will also sit on the company’s executive board.

The Center on Budget and Policy Priorities hired Nikki Drevich as chief development officer. Most recently, Drevich was Feeding America’s vice president, foundation relations.

BlueWind Medical, a neuromodulation therapy company, appointed Lori Chmura as chair of its board of directors. She serves as CEO and board director at Nyra Medical.

ON MY RADAR

Elon Musk’s new hire has an impossible job Wall Street Journal

Demi Moore is done with the male gaze New York Times

'Lashed for a social media photo' in Iran BBC

PARTING WORDS

“Everyone can come in and say, 'Oh, I want to win a championship.' But what are the little things you're going to do to get to that point? That's what I want to be great in.”

—A'ja Wilson, forward for the Las Vegas Aces, who just became the first WNBA player to score 1,000 points in one season