Only about 6% of Fortune 500 CEOs and 2% of S.P.500 CEOs are women (and lately there are no black women at the helm of a Fortune 500 CEO company). And the numbers are low around the world, according to the Harvard Business Review. Achieving overall gender equality by 2025 can rise to global GDP by up to $12 trillion, according to a McKinsey and Co report.
This simply won’t happen, as COVID’s economy is driving more women away due to lack of childcare and school closures. Although knowledge shows that most leaders remain white and male, knowledge also shows that most care responsibilities continue to be on women.
We cannot go back to gender equality; The effect on our economy will be enormous. According to the Center for American Progress, the rule is that two employees are the norm, not the exception in the United States, and 40% of mothers are the main sources of income in their household. Black moms are twice as likely as white moms to be the number one breadwinner of their families.
Women are already inconsequential with a “maternity sentence” that contributes to the gender pay gap: studies show that men’s earnings average more than 6% on average when they have had children, while women’s wages have fallen by 4% according to their child.
With the closure of childcare centres and uncertainty about whether schools will be opened in much of the country, the lack of childcare not only brings women and families back, but also reduces the economy. Forbes spoke to women leaders about women, COVID’s economy.
In a workforce without a mother
“This is going to be a primary setback for women. Women are still the ones who still do the percentage of lion paintings at home. I have a control team that is made up of older women who have young people at home, and it’s wreaked havoc.” Havoc. If you don’t care for children, or if you want to send your children to day care or a babysitter, or if it’s not affordable, women will simply retire. I think we’ll see a lot of them coming in the fall. »»
Reshma Saujani, founder, Girls Who Code and Brave Not Perfect
In the vacuum of childcare
“At best, maximum child care providers were paid the minimum wage and many had no benefit. Then COVID occurs and, due to the pandemic, the systems were absolutely closed, cutting off the revenue. Systems have the ability to reopen, many vendors consider that they cannot do so financially because their prices would possibly be higher because they want to purchase a security appliance or modify the site. At the same time, they continue to see a decrease in enrollment due to parental considerations about exposure to COVID-19. We expect particularly low capacity in the child care sector.
Lauren Kennedy, co-founder, Neighborhood Villages
Focus on women’s retention.
“It will be key for employers to ensure that they continue to provide opportunities for employees to stay engaged, productive, and innovative while working from home. More specifically, it will be critical for employers to be intentional in ensuring they continue to provide career pathways for working parents amidst the increased child care pressures at home.”
Yvonne Garcia, Chief of Staff, State Street CEO and Chief of Staff, Small Business Strong
On the rescue of child care providers, only giant companies
“Delta Airlines has secured more federal investment than the CARES Act than the entire child care industry across the country. Not the entire airline industry, but a single airline. When we communicate about monetary investment [for childcare], that’s what we oppose.
Lauren Kennedy
About using your voice
“If you’re a parent right now, you should be really angry. Working mothers are suffering the most in terms of not having adequate solutions coming from policymakers. This is the moment to scream loud, to mobilize, to protest, to do a petition, and to really ask for what you need. I don’t think we’re in the middle of a pause; this is life for a while. As women, we shouldn’t be grinning and bearing it right now; we should be using this moment to speak loud to change structures and models.”
Reshma Saujani
On The Empathy Advantage
“I also think it’s a great opportunity for women in leadership, who typically score high on empathy. When you look at differentiating factors of companies out there and how they’ve responded to COVID, there is a high correlation of success with leading with empathy.”
Yvonne Garcia
As Director of Content at Conscfully Unbias, my project is to encourage storytelling to create a passionate network and create reports within.
As Director of Content at Conscfully Unbias, my project is to encourage inclusion through storytelling to create a passionate network and create delegations within organizations to reshape office culture. Before joining Conscfully Unbeased, I oversaw the communications of The Female Quotient, which works with Fortune 500 corporations to promote gender equality in all sectors. My other professional delight includes being an editor and in national media ranging from USA Today to TravelChannel.com through Forbes. I earned my master’s degree in journalism from Syracuse University, S.I. Newhouse School of Public Communications.