guest column

Houston experts discuss the toll the pandemic has taken on women in the workplace

Women in the work place have been hit the hardest by the pandemic. Houston experts discuss the effect in a guest column and a panel hosted by Sesh Coworking on Oct. 14. Photo via Pexels

The shutdown of our economy, schools and childcare systems has created a wildfire that is raging across our nation, disproportionately impacting women, radically shifting social values, and compromising our nation's post-pandemic recovery.

While women have made great gains in the last few decades towards gender equality, the pandemic has exacerbated some of the larger remaining issues — time spent in unpaid work or "invisible labor," political under-representation, violence against women, limited access to capital and the gender pay gap) — and, according to a recent analysis by McKinsey, without serious intervention, is at risk of wiping $1 trillion off global GDP by 2030.

While everyone has suffered during the pandemic, women have found themselves under disproportionate pressure — women's jobs have become more vulnerable (women are 1.8 times more likely to lose their jobs than men), female dominated industries (restaurants, child-care, leisure and hospitality, health care, and education) have been hardest hit, and women of color in particular are more likely to be laid off or furloughed (leanin.org - women in workplace study).

These inequities, coupled with the increased stress and labor of child-care while "working from home" have placed an overwhelming strain on the working parents, and in particular mothers, of America. The mental and emotional health loads of working parents have been pushed to their limits and with that working families are re-prioritizing their values and spending habits faster than ever before.

Is it any surprise that during the pandemic the need for families to quickly adapt to the new economy plus the inequity of women's wages versus men is driving more and more women to sacrifice their careers and dreams to ease the increased burdens the pandemic has inflamed?

Leanin.org and McKinsey's Women in the Workplace study polled over 40,000 employees across 317 companies between May and Aug 2020, and found that more than 1 in 4 women are considering downshifting their careers or leaving the workforce entirely, according Leanin.org and McKinsey.

Labor Department statistics show that this inclination is already in action: In August and September 1.1 million people left the workforce, and of that 800,000 were women. According to a recent analysis by the National Women's Law Center of those 800,000 women — 324,000 were Latinas and 58,000 were Black women. Now compare that to the 216,000 men who left the job market during August and September.

This exodus of women leaving the workforce has broad reaching and long-lasting effects on not just female-owned businesses and women in the workplace – it is an issue that impacts every person at every level of business. Women's rise in participation in the labor force is not just good for women, it is good for business: directly impacting our GDP and a rise in wages for everyone, not just women.

A decline of women in the labor force, on teams, in leadership positions and in decision-making roles compromises not just our economy's recovery and productivity, but also the innovation and effectiveness in industry, competitiveness on a global scale, aspirations of future generations of women, and society as a whole.

If "women hold up half the sky" you could certainly argue that the sky is now falling. So, the question is – what can we do about it? And that is a question we intend to tackle in depth on Wednesday, October 14, at 1 pm in a virtual town hall with inspiring women who are already paving the road to our recovery: Elizabeth Gore of Hello Alice, Cate Luzio of Luminary; Cathy Mchorse of United Way of Greater Austin; Lucie Green of Light Years.Click here to register.

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Maggie Segrich is co-founder and CFO of Sesh Coworking and Courtney Sikes Longmore is the founder at Pure Palate. The two female innovators will be on the panel of the online event.

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Building Houston

 
 

A recent real estate report found that, following healthy gains, Houston's medical office market might see less action in the near future. Photo via Getty Images

Houston’s medical office market is on a roll.

A report from commercial real estate services company JLL shows net absorption and transaction volume saw healthy gains in 2022:

  • The annual absorption total of 289,215 square feet was 50.5 percent higher than the five-year average.
  • Transaction volume notched a 31.7 percent year-over-year increase.

Meanwhile, net rents held steady at $26.92 per square foot, up 1.3 percent from the previous year. The fourth-quarter 2022 vacancy rate stood at 15.9 percent.

Despite those numbers, the report suggests a slowdown in medical office rentals may be underway.

“Tenants who may have previously considered building out or expanding their lease agreements are now in a holding pattern due to increased construction costs and higher interest rates,” the report says. “These factors are having a direct impact on financial decisions when it comes to lease renewals, making it more likely that tenants will remain in their existing location for the foreseeable future.”

Still, the report notes “a number of bright spots for the future of healthcare in Houston.” Aside from last year’s record-high jump in sales volume, the report indicates an aging population coupled with a growing preference for community-based treatment “will lift demand even higher in coming years.”

The report shows that in last year’s fourth quarter, 527,083 square of medical office space was under construction in the Houston area, including:

  • 152,871 square feet in the Clear Lake area.
  • 104,665 square feet in the South submarket.
  • 103,647 square feet in Sugar Land.
Last fall, JLL recognized Houston as a top city for life sciences. According to that report, the Bayou City lands at No. 13 in JLL’s 2022 ranking of the country’s top 15 metro areas for life sciences. JLL says Houston “is poised for further growth” in life sciences.

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