96 The shecovery

The shecovery

To combat the shecession, global workplaces are stepping up initiatives that optimize the workplace for women.

The shecession saw women worldwide drop out of the workforce in significant numbers; a loss which has not yet been reversed. Now a host of industries, from financial services to hospitality, are also facing an unprecedented battle for talent. Workplaces that optimize for women will build relevance, not to mention significant competitive advantage. So, one year on, what are workplaces doing to build the shecovery?

The biggest transition, of course, is the shift to flexible working, adopted by businesses from Spotify to Facebook to American Express. Flexible options are appealing for women juggling work and home life, though some commentators, including Bank of England economist Catherine Mann, have warned of workfrom-home stigma that could ultimately end up costing women if men don’t take up remote work in equal numbers.

Looking ahead, normalizing flexible work options in company culture will be imperative to mitigate inequity. To that end, British construction firm Multiplex introduced a new formal flexible working policy in October 2021 aimed at making its workplace more attractive for women. The Multiplex Flex initiative

Workplaces that optimize for women will build relevance, not to mention significant competitive advantage.

offers a range of options including four-day weeks, remote working, and time off in lieu of overtime pay. PwC is also committed to ensuring remote workers don’t lose out. The Big Four accounting firm announced in fall 2021 that not only is it embracing permanent remote work, it also pledges to monitor raises, pay and bonuses for remote staff compared to their office-based counterparts, and act wherever it sees a lag.

Women who remained in the workforce throughout the pandemic have faced a different challenge. The “Women in the Workplace 2021” report from McKinsey & Co and LeanIn.org found the gap between women and men who report feeling burned out has doubled since 2020. The survey of 65,000 workers in North America also reports that one in three women has thought about downsizing her career or leaving work altogether, compared to one in four earlier in the pandemic. The report also notes that female leaders spend more time on employee wellbeing, but such efforts are often overlooked. Further, while women are statistically more likely to devote time to diversity, equality and inclusion initiatives than their male equivalents, less than a quarter of companies surveyed formally recognize this work. Bucking that trend is LinkedIn, which has pledged to pay the chairs of its employee resource groups $10,000 annually, as well as developing a non-financial rewards system to recognize contributions. This follows a similar commitment by Twitter in 2020.

Why it’s interesting The shecession is likely to affect businesses for years to come, highlighting the urgent need for employers to act now. Those companies that choose to adopt policies that value the work of women and caregivers as well as employee wellbeing will be best placed to weather the storm.