The pandemic’s negative impact on women in the workforce will not be reversed for a very long time. In the first year of the pandemic alone, 54 million women around the world left the workforce, almost 90 percent of whom exited the labor force completely. The participation rate for women in the global labor force is now under 47%, drastically lower than men at 72%.
When Women Leaders Leave, the Losses Multiply
Tens of millions of women have left the workforce since the start of the pandemic, many permanently. This has lowered women’s participation in the global labor force to a crisis level, but the impact goes even deeper. Since women leaders have more engaged teams and drive better job performance, the collateral damage includes loss of engagement and productivity from every employee who now won’t be working for a woman. Research by Potential Project confirms this impact, documenting that on the crucial leadership qualities of wisdom and compassion, women leaders rank substantially higher than their male counterparts and this translates to business and financial results. To leverage these findings towards more beneficial outcomes for all their employees, organizations should promote principles and practices that: promote gender equity, develop compassionate leadership, and increase learning through intentional peer coaching and advisory circles for men and women.