I have noted in my blog that the coronavirus pandemic has wiped out a decade’s worth of progress for women in the workforce and now the numbers are in. While the US unemployment rate dropped to 7.9% in September from 15%, a large part of that drop was due to hundreds of thousands of people leaving the workforce. “Of the 1.1 million people ages 20 and over who left the work force (neither working nor looking for work) between August and September, over 800,000 were women, according to an analysis by the National Women’s Law Center. That figure includes 324,000 Latinas and 58,000 Black women. For comparison, 216,000 men left the job market in the same time period.” The article cites the persistent gender wage gap coupled with the caregiving burden.
The question is, if a family can afford for the wife to stay at home, why does this matter? At some point during a woman’s lifetime, she is statistically likely to be single either through death or divorce, and once women step out of the workforce it is hard to get back in, and it is even more difficult to get a comparable job with commensurate pay, so from an economic perspective, women pay a high price for stepping away. The full article can be found here.
The issue this article highlights is exactly why we have Lissa Gangjee, CEO of Sentinel Trust speaking tomorrow. The majority of Sentinel’s staff are working parents and her approach to managing during COVID helped her staff to not only survive but thrive. She will be sharing the materials she created for her team that helped them navigate the work-from-home pitfalls. By both creating boundaries and allowing flexibility, Sentinel was able to support its staff allowing the firm and the team to grow. Whether you are a manager or an employee, you will benefit from their lessons learned.
Kudos to TXWSW’s very own Cheryl Alston for the great article in D Magazine, Taking Steps Forward and Addressing Inequalities. Cheryl has been a TXWSW Advisory Board Member since our founding, and in addition to being a great investor, Cheryl has been a great advocate for women and minorities in our industry. I am glad she is getting the recognition she deserves because she has done so much for so many.
We have moved our usual raffle to Rally Up this year. We have some wonderful items and of course the proceeds go to benefit YWPN. The link to the raffle items can he found here. We have amazing prizes this year including executive coaching and the crafting of a board resume. Those prizes alone are valued at over $1500 each! Raffle tickets are just $25 for 10 so some lucky folks are going to get amazing prizes!
I would ask each of you to consider corporate sponsorship of TXWSW. Benefits include attendance at our flagship events and recognition for your firm. And most importantly, you help us support the life-changing work of the Young Women’s Preparatory Network. To learn more about YWPN, you can find a short video here.To learn more and sponsorship, you may find our sponsor information here. Additionally, we would be happy to create a custom sponsorship for you. Please contact Bianca King at email@example.com
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