First Midwest BankFirst Midwest Bank logoArrow DownIcon of an arrow pointing downwardsArrow LeftIcon of an arrow pointing to the leftArrow RightIcon of an arrow pointing to the rightArrow UpIcon of an arrow pointing upwardsBank IconIcon of a bank buildingCheck IconIcon of a bank checkCheckmark IconIcon of a checkmarkCredit-Card IconIcon of a credit-cardFunds IconIcon of hands holding a bag of moneyAlert IconIcon of an exclaimation markIdea IconIcon of a bright light bulbKey IconIcon of a keyLock IconIcon of a padlockMail IconIcon of an envelopeMobile Banking IconIcon of a mobile phone with a dollar sign in a speech bubbleMoney in Home IconIcon of a dollar sign inside of a housePhone IconIcon of a phone handsetPlanning IconIcon of a compassReload IconIcon of two arrows pointing head to tail in a circleSearch IconIcon of a magnifying glassFacebook IconIcon of the Facebook logoLinkedIn IconIcon of the LinkedIn LogoXX Symbol, typically used to close a menu
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
The Growth Of The Female Business Owner
Get Insights

Get monthly ideas delivered right to your inbox.

Subscribe for Insights

For Your Business November 1, 2021

3 critical incentives to keep women engaged in the workforce

Women have been stepping up in workplaces all over the country to meet the extra challenges brought by the pandemic. But this "business-critical" work isn't part of their formal job descriptions and may not be recognized or compensated, according to Lean In and McKinsey's sixth annual "Women in the Workplace" report. Drawn from the most extensive study of professional women in corporate America, their findings paint a picture of women having to stretch further than their male colleagues to accommodate workplace expectations, leading to damaging, widespread burnout. 

Burnout is just one reason the pandemic has taken a devastating toll on women in the workforce, with 275,000 women leaving in January 2021 alone. Another is the layoffs and closures of specific service industries. Plus, many women voluntarily left the workforce or were forced to manage distance learning, care for young children or step in as caregivers to elderly loved ones.

The pandemic has set women's participation in the labor force back thirty years. Since last February, almost 2.4 million women have left the workforce—a disproportionately high number compared with the 1.8 million men—levels last seen in 1988. 

How does leadership address the growing divide? 

As the attrition continues, the significance of these well-known and common deficits is laid bare again in glaring relief. If a policy overhaul is needed but not in the short-term cards, it's time to start the conversation and allow small changes to plant the seeds for growth:

1) Pay women the same as men for the same work

Although women's pay has increased by 60 percent since the 1980s, the gap is still there. Women still earn 82.3 percent less than men (82 cents for every dollar a man earns). When you look at women of color, immigrants and women with children, that gap becomes even wider. This stubborn issue persists despite improvements in women's education and participation in the labor market. 

2) Provide 12-weeks minimum paid maternity leave 

The US is just one of 11 countries that do not guarantee this benefit. In perhaps, one of the few silver linings of Covid-19, and legislation for implementing 12 weeks paid maternity leave by June 2023 is finally making its way through Congress, potentially moving us closer to the other 180 nations that have offered it for years. 

When women are empowered through paid leave, they can plan their pregnancies to dovetail comfortably with their careers, free from the stresses and uncertainty that may impact them before and after birth. Forward-looking companies won't wait for the leave to become law. You have an opportunity to demonstrate your investment in your employees. 

And in addition to being on the right side of history, it can really pay off for your bottom line in the long term. I've coached a significantly increasing number of professional women this year, many of who expect to remain with their companies, at least partly influenced by the generosity of their organization's maternity leave policy. In the US, paid maternity leave recently reduced the number of women leaving their jobs the first year after having a child by 20 percent. And the number of women leaving their jobs within five years of giving birth reduced by 50 percent.  

3) Expand career development opportunities 

Forward-looking career programs are holistic in design and function, boosting engagement, innovation and productivity. When an employee leaves, it means they realize they can be in better alignment with their goals elsewhere. To promote career progression for women in the workplace, offer agile growth opportunities. Supporting employees through employee resource groups (ERGs) can also provide at-risk groups like women of color and working mothers opportunities to learn about topics crucial to retention, like preventing burnout.

We need fewer women impacted by the toll of the pandemic and chronic workplace stress. Equitable pay, compassionate maternity leave and holistic career development opportunities are three ways to get there. But, it's going to take what it takes to raise a child: a village.

 

This article was written by Rachel Montañez from Forbes and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to legal@industrydive.com.

Subscribe for Insights

Subscribe