Future-casting Work: Creating Companies that Attract, Retain & Empower Women

The pandemic has added uncertainty to the future of work. You’ve undoubtedly read or participated in debates about what the new normal will look like. Will there be a single archetype again? As we continue to navigate the pandemic’s wake (and the ensuing disruptions that were once distant possibilities accelerated into realities), it’s imperative to consider the role of women in the workplace.

The pandemic had an outsized impact on working women. As of July 2022, there are still an estimated 579,000 fewer women in the labor force compared to before the pandemic began (February 2020)

Early into the public health crisis, more women left the workforce than men. This is largely because women are disproportionately represented in sectors that experienced the greatest impact of the pandemic, such as retail and hospitality.

Moreover, despite the broadening expectations about parental roles, the responsibility for managing childcare and the educational needs of children excessively falls on female shoulders. Studies indicate women citing this phenomenon when voluntarily leaving the workforce, even before the pandemic hit. As a corporate leader, when COVID-era Zoom meetings took me into employees’ homes, I couldn’t help but notice how female colleagues seemed to juggle much more than their male partners.

Caregiving disparity isn’t just a working mother issue either. Women, in general, are more likely to be the caregivers for ailing or aging family members. According to Pew Research , women more than men adjust their careers for family life. But, honestly, did we need the pandemic to discover that working women are stressed and carry a more significant mental load than their male counterparts?

How to Brighten the Future of Working Women

So, as we project what the future of work might look like, what can companies do to support working women, whether returning to the workforce or continuing an uninterrupted career climb? Despite the pandemic’s devastation on so many lives, there have been silver linings that benefit women now and for the long term. And although the labor participation continues to lag,?

Here are meaningful actions companies can take and emerging trends they can capitalize on if they seek to brighten the female future of work:

1. Genuinely commit to DEIB (Diversity, Equity, Inclusion, Belonging)

The social unrest of the last few years has elevated the importance for companies to sincerely place DEIB at the center of corporate culture and business strategy. The most visionary companies have embraced the idea that the future is more diverse (and particularly female). These business leaders will continue to sincerely increase diversity and pay equity at all levels within the organization – because it’s the right thing to do. It does help that it’s a smart business strategy, too.

Studies have shown that companies with gender-diverse leadership teams fare better when business conditions get tough. I can personally attest to the rocket fuel female talent is, having founded and led a fast-growing successful company comprising 90% women employees at one point. Diversity in all its forms is healthy for a company, culturally and financially. Recent data directly links diverse, equitable, and inclusive workplaces and profitability.

One would think that findings like these should be reason enough to get businesses to pursue DEIB meaningfully. But for the companies who haven’t embraced DEIB as policy, they, at a minimum, must adhere to laws that govern equal rights and discourage discrimination. However, the striking down of Roe v. Wade signals that nothing is legally sacred (SCOTUS has two affirmative action cases scheduled when the new session begins in October). This volatile climate that may threaten DEIB protections is an opportunity for human-rights-led companies to rise as a homing beacon for diverse, profit-driving talent. Regardless of what SCOTUS does, women and upcoming generations of workers particularly value employers who champion DEIB.

2. Offer flexible full-time working arrangements

The ‘nine to five/5 days’ paradigm will continue to shift. Technological advances have made flexible, life-accommodating working arrangements a reality, which will only help women stay and grow in their careers. One approach companies are implementing involves setting’ core work hours’, a collaboration and availability window to which employees adapt their work and personal attention. Another idea is to provide choices of when workdays begin and end (for example, seven a.m. to three p.m., eight to four, or nine to five). In contrast, other employers (and some countries ) are experimenting with four-day work weeks, freeing up an entire day that was once a traditional work one. These examples should include plans to support asynchronous or offline work (and not penalize employees who choose to work when it is most convenient for them).

3. Create opportunities for remote work

Perennially, employees would put remote work at the top of the most coveted workplace perks in research studies my company, 24 Seven, would sponsor pre-pandemic. But, for years, employers resisted “work from anywhere” as a productive working model. The pandemic became a collective proof of concept as so many employers went – and continue to stay – remote. There’s no un-cracking the egg – remote work has proven to be a viable workplace alternative, giving women access to career opportunities regardless of location.

4. Rethink what careers look like

Companies that reimagine work and offer alternate career paths will attract women looking to take a different or renewed professional route. Employers can signal a female-friendly workplace by enabling job sharing, breaking up full-time roles into part-time ones, and creating seasonal positions. Relying on freelancers and contractors also creates opportunities for women. The gig economy was already rising before COVID, and the pandemic accelerated the trend . Gig work is particularly empowering for women – they can earn more on average as ‘solopreneurs,’ they can choose how much and for whom to work, and they have their pick of location-independent project engagements.

5. Increase focus on personal-professional balance & mental health

The pandemic shined a light on balance – or perhaps more accurately, imbalance . More than ever, employees of all identities, ages, and stages seek to recalibrate as technology and always-on connectivity blur personal and professional boundaries. In addition to flexible and remote work, supporting emotional wellness is another component of helping workers restore balance. One public health crisis (the pandemic) has ushered in another (mental health ). Companies that offer comprehensive emotional wellness benefits, normalize mental health conversations, and destigmatize seeking support will be preferred career destinations for women, regardless of career journey phase.

6. Double down on the investment in female talent

Women have ambition. Plans. Dreams. Professional. Financial. Inextricably tied to the personal. Growth and development will become increasingly important. According to McKinsey Global Institute , an estimated 40-160 million women may need further education and upskilling to transition into roles requiring advanced skills. They will flock to organizations with an established track record for investing in and cultivating female employees, demonstrated through formalized career paths; well-funded learning programs; policies for women that are empathetic to every age and stage; or fair and transparent compensation. And they will stay where they feel supported and successful, professionally challenged and growing.?

The future of work is developing before our eyes. The pandemic that’s changed our world for good also opened up new possibilities in the workforce, with technology and society continuing to shape it at an accelerating rate - redefining the what, how, why, and where of employment. Companies that take advantage of the changes and trends that have the most significant benefit for women (without career advancement penalty) will be seen as future-focused, Fem-powering organizations that attract, retain, and elevate the brightest female talent.

Originally posted to www.celestegudas.com .?