As the Coronavirus pandemic continues to spread around the world, individuals have had to grapple with job insecurity and many families have had to make difficult employment decisions due to increased family demands. Unfortunately, the pandemic has disproportionately affected female employment as women have accounted for 54% of overall job loss since March, despite comprising only 39% of global employment. Researchers of female employment trends have also repeatedly raised concerns that the impact of the pandemic could have long-term negative consequences for the future of female employment and workplace equality.
This decline in women’s employment is partly attributed to the increased need for women’s presence within the home during the pandemic, as babysitters and house cleaners are no longer an option. Although women are increasingly present in the professional world, they continue to shoulder the bulk of domestic work and childcare responsibilities. Fortune magazine reported that 14% of American women who were surveyed considered leaving their job as a result of “family demands created by the pandemic”. These findings were even more significant for women of colour, as 26% of Hispanic women reported considering leaving their job for the same reason.
It is imperative that governments and businesses recognize the disproportionate impact of the pandemic on women and enact policies that will support the re-entry of women into the workforce.
As a result of increased demands at home, women who have chosen to remain employed are more likely to experience increased stress and a taxing work-life balance. What's more, a large portion of women are employed in the service sector. This is a contributing factor to the decline in female employment as this sector was one of the hardest hit by the pandemic--making such jobs even more vulnerable for women.
While the pandemic has taken a toll on global employment, it is imperative that governments and businesses recognize the disproportionate impact of the pandemic on women and enact policies that will support the re-entry of women into the workforce. What follows is an explanation of the benefits of a gender diverse workforce, highlighting the importance of supporting female workers throughout the pandemic and fostering equality.
The benefits of gender equality in the workforce have been proven through countless studies and many firms have seen first-hand the importance of integrating female employees at all levels of a business. A study conducted by McKinsey over the course of several years repeatedly found a positive correlation between gender diversity on executive teams and financial performance. Not surprisingly, 87% of the time gender diverse work teams consistently produce more diverse ways of thinking and make better business decisions than less diverse teams. According to a different study conducted by McKinsey, advancing women’s equality in the workforce could represent a $12 trillion addition to global GDP.
Both governments and business can reap the benefits of increasing female workforce participation. To do so, it is vital that they take strides to support women workers during the pandemic and thereby promote gender diversity in the professional world.
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