How can we curb the economic fallout of the......... "She-Cession"?
With the pandemic beginning to ease and many businesses reopening or calling workers back to work, many are optimistic about the future.
We are still going to have to figure out how can we curb the economic fallout of the "She-Cession"?
The fact remains, women have lost jobs at a higher rate than men, and have been more impacted by the pandemic than men, according to data compiled by the U.S. Census Bureau.
This is why they are calling it the "She-Cession", not a recession.
Researchers confirm what many women already know: many women bear the brunt of childcare responsibilities and, even now, less than half of the students in America are back in school full time. Moreover, the industries most impacted by the pandemic -- hospitality, travel, beauty, and foodservice industries -- employ a disproportionate number of women. These factors -- along with the closing of child care centers and schools -- have halted the careers of many women, and created tremendous stress.
The most recent Women in the Workplace Report by management consultants McKinsey & Company found, for the first time, that 1 in 4 women was considering stepping out of the workforce or downshifting their careers. This study of 40,000 employees concluded that if every woman who was considering quitting her job or reducing her workload actually did so, two million women would exit the US workforce. Women in senior roles, working mothers, and women of color were most at risk.
Such a ‘she-cession’ would not only undo the strides made toward gender diversity and equality in recent years but may jeopardize future progress as well. Senior female leaders are more likely to sponsor other women (particularly women of color), give credit to other women for their work, and act as role models for younger women.
So, what should business owners consider doing to help curb the economic fallout from the 'she-cession'?
Here are a few tips:
- --companies need to prioritize efforts to support women in staying in the workforce through these difficult times and to keep moving up the managerial hierarchy
- -- Get the men on board so they play an important role in creating a more inclusive and gender-equitable workplace
- -- Invest in yourself by building your skills and growing your range of talents through professional development.
- -- Make flexible work options the norm so that all employees of all genders can balance their professional and personal responsibilities.
- --Consider keeping work from home options that are working for both the business and the team members
- -- Consider creating mentorship and training programs for women who have been out of the workforce for an extended period, allowing you to tap into a great reservoir of talent.
Finally, these ideas are not an act of benevolence by business owners, because studies have confirmed that women with children are more productive at work -- https://www.washingtonpost.com/news/wonk/wp/2014/10/30/study-women-with-more-children-are-more-productive-at-work/?arc404=true
Honestly most women I know just really know how to get shit done. So let’s give them the opportunity to do what they do best!
If you would like a hand creating or further developing a mentorship or training program within your business, please let me know! I love inspiring and empowering women to have the confidence to look and feel their BEST while making more money & improving their overall quality of life. With my proven process, I help women business owners gain more confidence and have a greater impact in the World! Check out my latest trainings. Beyond Common Coaching and training.
You can do good and do well at the same time. That's my take on how women business owners should address the "she-cession" but I'd love to know what you think about this. Comment below and let me know your take on this.
Thanks for being here!
Tracey Watts Cirino