End the duopoly

Women leaving the workforce could cause a huge burden to the economy — and your business

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Photo by Ketut Subiyanto from Pexels Labor participation for women has cratered to the lowest level in a decade, as rehiring rates lag behind their male counterparts — the latest key indicator to limit womens’ career gains in the workplace.

The so-called “she-cession” is notable as key sectors such as hospitality and healthcare are dominated by women , and those industries are seeing a slower rebound than those populated by men, like tech and construction.

“This isn’t just an issue for women. It’s an issue for families and it’s an issue for the government and economies because it drives GDP,” says Jennifer Reynolds, a former investment banker and CEO of Toronto Finance International.

In August, the U.S. unemployment rate dropped to 8.4%, down from a pandemic-high of 14.7% in April. Women account for 55% of unemployed Americans, according to the Bureau of Labor Statistics.

While women earned significant gains in workplace participation over the last decade, that progress is at risk of being eliminated, Reynolds says.

“The longer women are out of the workforce, the harder it is to actually get back in,” she says. “Every month and year you’re out of the workforce contributes to increasing the wage gap between others who have […]

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