Challenges are still on the horizon as businesses take their first steps toward financial and economic recovery. Nobody can underestimate the impact of the COVID-19 pandemic and the new variants.
Of course, there’s also “The Great Resignation,” which industry analysts predict will continue into 2022. Turnover may not spike as high as the record-high rates in the previous year, but recovery will not be overnight for companies.
With COVID-19 variants still lingering and “The Great Resignation” wave showing no sign of stopping, there is one strategy that businesses can employ to their advantage: actively seeking women to join the workforce.
In this article, we’ll look at why investing in the female workforce can be beneficial to companies during these uncertain times. Then, we’ll cover how you can attract and retain more women employees!
Why Should Companies Invest in the Female Workforce Amid ‘The Great Resignation’?
#1: More women are returning to work despite Omicron’s risks.
In September of 2021, “The Great Resignation” peaked, with over 4.4 million people quitting their jobs. During this month of record-high mass resignations, women were leading the charge, with the quit rate for female employees being one percentage point higher than their male counterparts.
Observers attribute the gender difference in quit rates to the fact that women are often expected to step back from their careers to focus on their families. In fact, one McKinsey report found that working mothers spent about 20 hours a week on caregiving and housework during the pandemic. Even when both parents were in the workforce, women still took up the brunt of childcare responsibilities.
Now that schools are reopening, more women are returning to the workforce despite the threat of the Omicron variant. According to the U.S. Bureau of Labor Statistics, 321,000 women joined the labor force in December 2021, bumping their labor participation rate to 57.8%.
#2: Women are half of the American workforce, but over a third of them are still unemployed.
Before the COVID-19 outbreak, women consisted more than 50% of the U.S. workforce, underlining their value in the labor market and overall economy. However, during “The Great Resignation,” nearly 3 million American women quit their jobs, while some lost work due to the pandemic restrictions.
Early in the pandemic, male workers who lost their jobs were able to regain employment. But the same cannot be said for female employees. Out of the 3 million women who left the workforce, 1.1 million of them still have yet to return. That number represented the lowest labor force participation rate for women since the late 1980s and early ‘90s.
Now, imagine what the labor market would look if even a fraction of these unemployed women returned to the workforce. Businesses could significantly broaden their talent pool and grow their operations amid the “Great Resignation” wave by actively seeking out women.
#3: Women embrace the hybrid work model.
Remote work is here to stay in the post-pandemic world. It may have started as a necessity brought about by quarantine measures. But many employees have begun preferring this more flexible work arrangement. To stay competitive amid “The Great Resignation,” many businesses are choosing to offer hybrid work as a benefit for their employees.
According to Forbes, the gender difference is also apparent for people choosing the work-from-home option. In one survey asking whether workers are willing to return to the office, 19% of women stated their preference for remote work, compared to only 7% of men.
A LinkedIn survey found that women are 26% more likely than men to apply to job positions that offer remote work. Meanwhile, according to other research studies, among people with young children, women want to work from home 50% more than men.
If remote work is the norm in the post-pandemic world, companies should hire and retain workers who embrace the WFH set up with all the benefits and challenges it entails. Offering hybrid work may allow more female employees to participate in the labor force and contribute to your business’s overall growth and productivity.
Read More: The Future of Recruitment Process Outsourcing: 2021 Hiring Trends That Address the Hybrid Work Model
#4: Women leaders can help drive better business outcomes.
Having a wealth of female employees can add value to a company, but having women in leadership positions can be even more essential. According to Forbes, female CEOs illustrate greater empathy, adaptability, and diversity than their male counterparts. Women show empathetic leadership styles to build trust within their teams, leading to greater cooperation and productivity.
In a business environment that’s still dealing with the effects of “The Great Resignation,” leaders who display compassion and empathy can have a significant competitive advantage. Workers want to feel that their employers care about their health and well-being and want to see them succeed.
A different study found that organizations with female CEOs and CFOs achieve positive stock prices, profitability, and greater board diversity. Women leaders were more likely to balance empathy with hard data, helping companies achieve better business results.
#5: Women leaders prioritize diversity and inclusion.
Diversity and inclusion initiatives contribute significantly to the growth and success of a company. Studies have found that most gender-diverse companies are 21% more profitable than less diverse organizations. The diversity of perspectives and thoughts breeds innovation and fuels a company’s growth.
In a McKinsey report, women leaders prioritized DEI more than their male counterparts, even when the work may fall outside of their formal job responsibilities. Senior-level women were twice as likely as men to dedicate time to diversity initiatives. Women are more supportive to employee resource groups and more likely to recruit workers from underrepresented groups.
How to Recruit and Retain Female Employees Amid the ‘Great Resignation’ Wave
Level the playing field for remote work.
As we’ve discussed previously, women are more likely to apply for job positions that offer work-from-home arrangements. The problem is that this flexible working model can be both a blessing and a disadvantage for female employees.
In one study, 97% of C-suite professionals said that women benefit from remote work. However, 70% said that employees who worked remotely were more likely to get passed over for a promotion because of decreased visibility in the office. This data shows us how gender inequality can sometimes be subtly reinforced in the workplace.
Moreover, companies that want to attract and retain more female employees need to step up their strategies to ensure that all workers are treated equally. For instance, both in-office and WFH employees should be considered for special projects or promotions.
Be a company that advocates for women in the workforce.
A business environment that promotes gender equality helps organizations more easily attract and retain the best talent. To achieve this, companies must recognize and change the unconscious biases that maintain the status quo at the expense of women and minorities.
Change can start at the recruitment stage by utilizing software that detects and removes biased language in job descriptions and switching to neutral descriptors. Businesses can also implement standardized interviews and assessment tests to reduce gender bias and focus on merits, skills, and achievements.
Tap Into the Female Workforce and Empower Your Business During ‘The Great Resignation’
Are you ready to start establishing a company culture that prioritizes gender equality? SuperStaff is here to help! Just like you, SuperStaff cares about building exceptional teams that welcome and embrace diversity and inclusion. We are a people-centered company, taking care of our employees so that they take care of your business.
Apart from offices in the U.S., SuperStaff has locations in major business and outsourcing hotspots in the Philippines. We strategically established a presence in the cosmopolitan districts of Makati, Clark, and Angeles—where diversified talents abound—to help our partners build a well-rounded workforce.
Work with us, and we’ll help you navigate “The Great Resignation.” We’ll be your reliable outsourcing partner, helping your business turn challenges into opportunities!
