The Shecession of 2020 represented more than 2.3 million women leaving the labor force bringing participation to a 33-year low. According to the Bureau of Labor Statistics, in December alone, women accounted for 196,000 (86.3%) of the 227,000 jobs that were lost. Black, Latina, Asian and other women of color held some of the highest rates of unemployment during this exodus.
With nearly half of all Americans fully vaccinated, the economy has restarted and there are now over 9.3 million job openings. With such a historic and strong job candidate market, concerns of the Great Resignation are coming to fruition. Data shows that resignations are rising most frequently among mid-career workers with female managers more likely to leave the workplace altogether to take care of their families.
Gender diversity in the workplace fosters more innovation, boosts productivity, and improves profitability. Therefore, companies must be intentional in creating cultures where women can thrive and advance their careers while balancing, and at times prioritizing, their personal lives. Here are three strategies to retain female talent:
- Pay women what the job is worth. The 2021 Equal Pay Day Calendar represents how far into the year different communities of women must work to be paid what men were paid the previous year. Evaluate what gender pay gaps may exist in your company and create a roadmap to remediate these instances. Promote pay transparency in job postings, promotion processes, and other internal mobility career paths. Women who earn less tend to be the ones who scale back to provide care for children or aging relatives. Transform economic discrimination into economic empowerment by paying women what the job is worth.
- Provide quality employee benefits programs. According to the Center for Talent Innovation, 94% of women make healthcare decisions for themselves and 59% make healthcare decisions for others. However 58% of women who make healthcare decisions lack confidence in their ability to do so. To increase support for the wellbeing of female employees and those under their care, design benefits plans which encourage easy access to healthcare providers at reasonable rates. Benefits communications should be year round, easily understandable, and tailored to meet key life milestones such as aging off a parent’s health plan or having a baby.
- Allow flexibility in where work gets done. Throughout the pandemic the shift to remote work successfully kept many organizations afloat and in some instances created better efficiencies and profitability. As companies navigate which mode of workplace to adopt, it’s critical to note that women prefer remote work at a higher rate than men. According to a FlexJobs survey, “69% of men and 65% of women said that having increased remote work policies will improve gender equality for women in the workplace.” By mandating a full return to office, women could lose out on salary increases and promotions which would further widen the gender wage gap. In addition to remote work decreasing employee turnover and increasing employee satisfaction, it can also keep your organization on track for achieving gender parity from junior roles to executive levels.