Over the past year, the COVID-19 pandemic has caused many women to drop out of the workforce. Some were furloughed or laid off, while others left because of increased childcare responsibilities with the closing of schools or due to burnout trying to balance the impact of a global health crisis with their family’s health and finances. According to a 2020 Women in the Workplace study authored by McKinsey and LeanIn.org, one in four women contemplated downshifting their careers or leaving the workforce because of the pandemic.
This challenging time that everybody in the world is collectively enduring has stalled recent progress women have made in terms of career trajectory, pay and representation in the workplace. And these troubling statistics point to a greater need to better support women’s development and staying power in the workforce—or risk losing more colleagues, associates, women in leadership and future leaders.
So how can credit unions make sure that this population that makes up almost half of the workforce is supported, such that they can continue to offer their talents and skills to the industry? We first have to ask ourselves whether the environment is conducive to women in the workplace and become aware of any gaps.
continue reading »