As inflation rates continue to rise, women experience the brunt of the impact. Is your organization prioritizing efforts that make a real difference for workplace equity?
The past two years have brought about several economic shifts, from a shaky market to the Great Resignation. Alongside that, more employees are prioritizing better working conditions—from benefits to pay—for their professional livelihoods.
Even as women have historically experienced career and compensation gaps compared to their male colleagues, this issue is still ongoing. The pandemic saw many women exit the workforce to care for their family, resulting in a “women’s recession” across the globe.
Now further complicated by today’s inflation concerns, there are new opportunities for employers to further equity in their organization. how HR professionals can create more equitable spaces for women.
How does inflation affect women in the workplace?
The gender pay gap is no secret: Women typically earn 83 cents to every dollar their male colleagues earn. Women are also often held to double standards and are assigned a disproportionate amount of administrative and other soft tasks like organization.
This gap in pay is just one part of the issue, though. Women also hold nearly 70% of U.S. student debt and pay 7% more for personal care and wellness products compared to men. Commonly known as the “pink tax.”
These inequities are only exacerbated when financial stress strikes at a national or global level.
What does workforce equity look like?
Creating equity starts with understanding what your employees need and assessing what discrepancies exist. The last two years have highlighted the imbalance of responsibilities and stressors between women and men in the workplace, from pay to supporting the family.
As you assess the needs of your organization, make sure to consider all your workers, desk and deskless, so that you can implement support and resources for a variety of needs across your diverse workforce.
Here are a few launch points for HR professionals to consider:
- Assess your pay equity across the organization—and work to close the gender pay equity gaps when you find them.
- Build in resources and voluntary benefits into your plan design to help offset costs, like HSA-matching or reimbursement accounts.
- Incorporate flexible policies and attitudes into your workplace culture, like flexible hours or on-site childcare.
Check out this clip from our webinar, “Where Have All the Women Gone?” where Wendy Rentschler from BMC Software discusses how HR professionals can create more equitable spaces for women.
Each year, Forbes and Statista survey over 50,000 U.S. employees to identify organizations leading the way for more equitable workplaces. The list assesses the gender gap, looking at pay, leave policies, and more. This year, there’s a familiar face on the list. Check it out!