Addressing Menopause, Ageism and Bias in the Workplace

By Yvonne Sonsino, Global Co-Leader Next Stage at Mercer and Azka Ali, Actuarial consultant at Mercer UK

It’s 2023. To be writing this piece for Women’s History Month and still finding so many gender gaps and systematic shortcomings depresses me. Bringing more awareness?to these issues is the least any of us can do.?Active campaigning with governments, employers, family, friends, in fact everyone is needed. Even my grand-daughters know the size of the gender pensions gap in the UK (in excess of 40%, seeing that you ask). It’s even higher in Japan, Mexico and Austria.?

In the next ten years, women over 55 will increase by 13% in the US workforce alone, driven by the need for additional income to make up the gender pensions gap and a desire to stay active. Mercer’s Global Talent Trends data shows that 84% of people expect to work beyond retirement age for the same reasons – up from 74% three years ago.

Against the backdrop of longer lives – average life expectancy increased by more than six years between 2000 and 2019* – it is essential for leaders to understand the unique needs and challenges that women face as they remain in the workforce including menopause, a greater share of caregiving as well as longer life expectancy. Women tend to live 5 years longer, on average, than men, which means they need to save more money for retirement. Adding to these saving pressures, women are also more likely to have gaps in their employment history and are at the losing end of pay inequity. These factors contribute to the gender pension gap which in real terms equates to a shortfall of $8,400 per annum compared to men in the US for someone on average earnings. You can read our article on actions that can be taken, such as offering targeted financial wellbeing solutions for women but also deep rooted cultural and systemic changes are still needed. Mercer's Next Stage paper offers a complete narrative on the issues at stake and interventions being made by forward thinking employers.

The number of women who will experience menopause whilst in employment is increasing. Employers and leaders need to be aware of the physical and emotional challenges that women face during this phase of life. In one study, women who reported at least one problematic menopausal symptom at the age of 50 were 43% more likely to have left their jobs by the age of 55?and 23% more likely to have reduced their hours**. There are costs to women themselves, employers and the wider economy of failing to support women though menopause. Employers can provide support such as flexible work hours, access to private spaces for rest and relaxation, menopause leave and medical benefits such as subsidized HRT.

Older women still face barriers in the workplace including ageism, discrimination, and bias. To #EmbraceEquity for older women, employers need to foster an inclusive workplace culture that values diversity and encourages collaboration across all generations.

This includes creating opportunities for mentoring, training, and career development for older women, as well as ensuring that their voices are heard and valued.?There should also be recognition for the unpaid work carried out by women, valued at around 10–39% of GDP.?

As we celebrate Women's History Month, it's vital to acknowledge the unique needs and challenges that women face as they age and remain in the workforce. Government, employers and leaders need to be proactive in creating policies and cultures that adequately address the needs and ambitions of older women. Women themselves also need to take charge and ask for support, invest in their learning and health, and understand their financial matters better. Start with our grand-daughters – give them the tools and knowledge to rewrite history.

*https://www.oecd-forum.org/posts/redefining-reality-the-truth-behind-the-unpaid-care-economy#:~:text=The%20International%20Labour%20Organization%20(ILO,manufacturing%2C%20commerce%20or%20transportation%20sectors.

** Menopause and the workplace - Women and Equalities Committee (parliament.uk)