Parenting in a Pandemic

1 in 4 women are considering leaving the workforce, survey finds

Meghan McCarty Carino Oct 2, 2020
Heard on:
HTML EMBED:
COPY
Brothers91/Getty Images
Parenting in a Pandemic

1 in 4 women are considering leaving the workforce, survey finds

Meghan McCarty Carino Oct 2, 2020
Heard on:
Brothers91/Getty Images
HTML EMBED:
COPY

The unemployment report for September comes out Friday. We already know that this downturn has hit women particularly hard, with job losses and increased challenges for those still employed. A report from McKinsey & Co. and LeanIn.org found some troubling trends for women in the workforce during the pandemic.

The survey of 40,000 workers found 1 in 4 women are considering downshifting their careers or dropping out of the workforce. 

“We have women that were job searching that reached back out to us and said, ‘I’ve got to put this on pause, because I can’t manage a new job and my kids at home and all of that,'” said Michelle Keefe, who runs MomUp, a staffing firm that focuses on placing working mothers.

The share of women in senior management grew from 23% to 28% between 2015 and the start of 2020, according to the survey. But those advances could be lost, said Rachel Thomas, the CEO of Lean In.

“If companies don’t take action, this could wipe out all the hard-earned gains we’ve seen for women in management in a single year,” Thomas said.

The report estimates lost earnings for women could total as much as $180 billion this year.

Are you stuck at home with kids right now?

Host Jed Kim with the Million Bazillion logo

Check out our brand-new podcast “Million Bazillion.” We help dollars make more sense with lessons about money for the whole family.

Each week we answer a new question from a kid, like where money comes from, how to negotiate with parents, why things cost what they do and how to save up for something you want.

Listen here or subscribe wherever you get podcasts!

Read More

Collapse

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.