Monday, 23 August 2021 13:32

UN says it takes 10 years to reverse the economic impact on women in the workplace

Written by Evelyn Alas

The Covid 19 pandemic has exposed its impact on women and exacerbates inequality in the female labor force. This is reflected in recent data from the International Labor Organization (ILO), which states that only 46.8% of women of working age in the American region will have a job by 2021.

According to the report, employment of women in the Americas fell by 9.4% as a result of the pandemic. This not only represents the largest decline in women's employment in all regions of the world, but also affects the progress that has been observed in the last 15 years, as a result of improvements in educational opportunities and in the availability of formal jobs in sectors such as services, among others.

Although United Nations (UN) projections predict that it will take at least 10 years to reverse the economic impact of the pandemic on women, EY believes there are some ways to help level the playing field for women in leadership positions:

Ensure that management is gender-balanced and has a diverse composition. This plurality of perspectives will create better opportunities to mitigate unconscious bias and evaluate leaders.

Recognize where stereotypes exist within the organization and use data analytics to reveal unconscious bias in hiring, promotion decisions, performance evaluation and pay.

The situation poses significant challenges. For Marina Abal, leader of People Advisory Services (PAS) at EY, building a better business world implies ensuring the inclusion of women in decision-making at all levels of society, business and public policy, especially in times of pandemic.

"Without gender equality, the world cannot recover from the COVID-19 pandemic in a sustainable and inclusive way. A study we conducted at EY, in conjunction with the Instituto Peterson, revealed that an organization with 30% women leaders could add up to 6% to its net margin. This confirms that when we make sure that women are part of it, we create a better world for everyone", she said.