Research has shown that the pandemic set women in the workforce back half a decade. Caregiving responsibilities at home threaten women’s ability to remain and progress in the workplace, with women of color feeling the brunt of this challenge. While the U.S. government lags behind on policies to help working families, companies can and should be acting sooner. Employees value flexible work arrangements, and companies need to get serious about offering them. Create an environment that acknowledges the role of parents to reduce the need for parents to have to hide their childcare challenges from work. In order to be successful at keeping more women in the workforce, companies need to make women a central part of the team — from the C-suite on down. Include women in strategic management conversations, and make changes together. The success of women, families, future generations, and our global economy depend upon our corporate executives choosing to take on this kind of bold leadership.
Buckling under the burden of childcare during the pandemic, more than 800,000 women left the work force between August and September 2020, according to The New York Times. According to McKinsey, the pandemic has set women back half a decade. At its peak, women’s unemployment had risen by 2.9 percentage points more than men’s unemployment. Not only does this matter for gender equality, it will also reduce families’ abilities to offset income losses, resulting in a deeper and more persistent economic recession as a whole. Leaders of all genders need to not only empathize, but also step up and actively find ways to keep women in the workforce.
Caregiving responsibilities at home and work could threaten women’s ability to remain and progress in the workplace: Up to 2 million women are considering leaving the workforce, according to the 2020 Women in the Workplace study from McKinsey and LeanIn.Org. Women of color are particularly challenged and are also trying to maintain career progression. Women could suffer the most in the 2021 recovery, too, according to McKinsey and Oxford Economics. The return to pre-pandemic employment levels for women will take 18 months longer than it will for men. This is why investing in caregiving is investing in women, and in the future of our global economy.
Source: HBR
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