COVID-19 has hit women especially hard, having a broad impact on female-dominated industries. One in three women caregivers remaining employed thought about leaving their jobs to prioritize their families; and millions actually did. They quit working en masse to take care of aging parents, home school the children, and otherwise manage life during the shutdown.
The economic shock of the “shecession” is considerable. It’s been estimated that women lost over $800 million in earnings during the pandemic. Research also shows that women will lose 39% in annual income, after just one year out of work.
“Most troubling is that less than 57% of women are currently participating in the labor force, the lowest rate since 1988. In just one year, the gains of an entire generation of women have been lost,” writes Kimberly Fahey, senior vice president, global client delivery at Randstad Sourceright. “We must all take actions now to better support working women and get them back into the labor force.”
As a working mother herself, Fahey manages a global team that includes many other moms. She makes sure they don’t “lose ground” in their careers when they need to prioritize family for a few days or weeks. She also encourages the women in her own life to address imbalance and inequity at home and work.
“Not only do organizations need to do everything possible to support working women in achieving equality in the workplace,” Fahey continues. “We, as a society, must all strive to achieve meaningful change so that women don’t feel the pressure to choose between their careers or their families.”
Read Fahey’s article in Thrive Global to get inspired and learn what you can do to support the hiring and retention of women. You can also visit Randstad Sourceright’s diversity and inclusion Insights stream for more resources and ideas.
About the AuthorMore Content by Kim Fahey