As a woman owned business, nextSource loves to see women conquering the working world. In the past few years, we have seen working women on the rise. We witnessed Kamala Harris become the vice president of the United States. She is the United States’ first elected female vice president and the highest-ranking female elected official in U.S. history. As of June, there were 41 female CEOs employed at America’s Fortune 500 companies, a record number.
The World Economic Forum reports that, for 9th year in a row, more than half (53%) of the 79,000 doctoral degrees handed out in the United States last year went to women. Women also outpaced men in attainment of bachelor’s and master’s degrees.
But even as women are making progress, according to a McKinsey article, they “continue to face a broken rung at the first step up to manager: for every 100 men promoted to manager, only 86 women are promoted. As a result, men outnumber women significantly at the manager level, which means that there are far fewer women to promote to higher levels. The broken rung likely explains why representation of women at the senior-manager, director, and vice-president levels has improved more slowly than the pipeline overall.” This is an issue that needs to be addressed.
According to the Bureau of Labor Statistics, in 2020, women’s annual earnings were 82.3% of men’s, and the gap is even wider for women of color. Though there has been improvement (women only made 57 cents per dollar earned by men in 1973 when this Department of Labor PSA was made) progress has stalled and we’re still far from closing the pay gap.
To exacerbate the problem, COVID-19 Dealt a Significant Setback for Women in the Workplace. McKinsey reports that while women account for 39% of the global workforce, they are over-represented in three of the four most in-decline parts of the global economy: accommodation and food services (54%); retail and wholesale trade (43%); and services such as arts, recreation, and public administration (46%). These industries are among those with the highest levels of lay offs.
The Great Resignation
According to a CBS News article, Americans are quitting their jobs in record numbers – and women are leading “the Great Resignation.” The overall resignation rate in August was 3%, and a study of small to medium size businesses found that 5.5% of women quit their jobs in August, compared with 4.4% of men.
Studies indicate that one in four women are considering leaving the workforce or downshifting their careers versus one in five men. The gap widens when evaluating working mothers, women in senior management positions and women of color. Economists warn that the U.S. economy may not regain its footing until women return to the job market.
Bringing Women Back to Work
The gig economy is offering a path forward for many women. It provides opportunities that allow more flexibility, autonomy, and higher wages than traditional employment. As a gig worker, women can continue to advance their careers, update their skills, and build relevant experience while also balancing the demands of care-giving.
As a leader in contingent workforce management, nextSource is committed to aiding clients in achieving higher levels of performance by extending their labor force to include high performing temporary workers. We know that men and women inevitably have different experiences and backgrounds. Collaboration within a gender diverse workforce fosters creativity and promotes the innovative ideas that push organizations forward.
To learn more, contact a nextSource representative.