Why this recession may be a ‘she-cession’
Ingrid Macintosh, Executive Sponsor of TD Wealth’s Women and Wealth Strategy, speaks with Kim Parlee about why women are getting hit hardest during this recession and what it may take to drive a she-covery.
During the 2008 financial crisis, 79% of jobs lost belonged to men, as manufacturing and goods sectors were among the hardest hit. This time around, the numbers are reversed: In March, the first month of lockdown in Canada, 62% of the 1.1 million jobs lost belonged to women.1 When states of emergency were declared across the country, brick and mortar shops and restaurants were forced to close. Service-sector employees and part-time workers — disproportionately women — felt the effects most acutely.
While many women have been laid-off, others are putting in overtime, transitioning to home offices and increasing the share of unpaid work involved in managing their households, especially as schools, daycares and camps remain closed. According to Ingrid Macintosh, executive sponsor of the Women and Wealth Strategy at TD Wealth, the notion that women are expected to be equal earners, but also do the lioness’s share at home has far-reaching consequences.
“The increased burden at home has added an additional six hours to a typical workday,” she says. “Women may be taking this on disproportionately, and it’s creating an unsustainable dynamic that may force women to opt out of the workforce. The damage to the economy and the progress we’ve made, could be devastating.”
As the economy begins to slowly reopen, Macintosh says it’s become clear things need to change at a system-wide level in order to encourage women’s full economic participation. If this is indeed a she-cession, she says, any she-covery will rely on these factors:
1. Flexible work arrangements
Flexibility is the foundation of an inclusive work culture and a central tool to achieve diversity, equity, and inclusion. According to Macintosh, it’s what enables women and others who have caregiving responsibilities to fully participate in their work environment and succeed. “We need to move away from a language of accommodation and talk about transformation of the workplace,” says Macintosh. “Research shows that flexibility can increase retention, boost career aspirations and productivity, and decrease absenteeism.” Ideally, we can look back at the COVID-19 experience and take the best learnings and innovation in support of creating a better landscape for women going forward.
2. Psychologically safe environments
While many employers have moved technological mountains to enable their workforces to work from home, Macintosh says employers must also focus on creating safe places for women to share and enlighten each other about the challenges they may still face: “Leaders need to create psychological safe places so that we can truly reach women, engaging in open dialogues to understand what they’re experiencing. As the very infrastructures that have historically supported women in their careers have been removed, we need to ensure we are supporting them in working differently, or that the burden is not too heavy.” If we don’t, she says we risk having women opt out of the workforce.
3. Learning from history
This conversation is not just about improving women’s lives, says Macintosh: We know that the differences in thinking and leadership skills that women bring are vital to the success of organizations and the economy. When looking back on this time, she says, we should ensure that we are observing through the right lens; taking the best lessons surrounding innovation and flexible work arrangements, without measuring the performance of women, and their decisions made, due to the disproportionate pressures they faced during COVID-19. “Organizations and women will both lose if we don’t come out of this stronger and sustain the gains that we’ve made,” says Macintosh.
– Denise O’Connell, MoneyTalk Life
- Statistics Canada. Labour Force Survey. March 2020. https://www150.statcan.gc.ca/n1/daily-quotidien/200409/dq200409a-eng.htm. Accesed June 17, 2020 ↩
DISCLAIMER: The information contained herein has been provided by TD Wealth and is for information purposes only. The information has been drawn from sources believed to be reliable. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance.
TD Wealth represents the products and services offered by TD Waterhouse Canada Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).
All trademarks are the property of their respective owners.
® The TD logo and other trade-marks are the property of The Toronto-Dominion Bank.
MENTIONS JURIDIQUES : Les renseignements aux présentes ont été fournis par Gestion de patrimoine TD aux fins d’information seulement. Les renseignements proviennent de sources jugées fiables. Les graphiques et les tableaux sont utilisés à des fins d’illustration et ne reflètent pas des valeurs ou des rendements futurs. Ces renseignements ne fournissent pas de conseils financiers, juridiques, fiscaux ou de placement. Les stratégies fiscales, de placement ou de négociation devraient être étudiées en fonction des objectifs et de la tolérance au risque de chacun. Gestion de patrimoine TD représente les produits et services offerts par TD Waterhouse Canada Inc., Gestion privée TD Waterhouse Inc., Services bancaires privés, Gestion de patrimoine TD (offerts par La Banque Toronto-Dominion) et Services fiduciaires, Gestion de patrimoine TD (offerts par La Société Canada Trust). Toutes les marques de commerce appartiennent à leurs propriétaires respectifs.
ᴹᴰ Le logo TD et les autres marques de commerce sont la propriété de La Banque Toronto-Dominion.
免責聲明：本文內之陳述由道明財富 (TD Wealth) 提供，僅供資料說明之用。本文根據相信為可靠的資料匯編而成。圖表僅供解說之用，並不反映任何投資的未來 價值或未來回報。本文資料並不旨在提供財務、法律、稅務或投資建議，衡量個別投資、交易或稅務策略時，應考慮個別人士的目標和風險承受能力。道明財富、道明銀行 (The Toronto-Dominion Bank) 與其聯屬及相關實體對任何資料錯漏或導致的損失或傷害概不負責。道明財富是代表由道明宏達理財加拿大有限公司 (TD Waterhouse Canada Inc.)、道明宏達理財私人全權託管投資有限公司 (TD Waterhouse Private Investment Counsel Inc.) 以及透過道明銀行提供之道明財富 私人銀行 (TD Wealth Private Banking) 和透過加拿大信託公司 (The Canada Trust Company) 提供之道明財富私人信託 (TD Wealth Private Trust) 所提供的 產品與服務。TD Waterhouse Canada Inc. － Member of the Canadian Investor Protection Fund。
® 道明 (TD) 標誌和其他商標是道明銀行的產權。
免责声明：本文内之陈述由道明财富 (TD Wealth) 提供，仅供资料说明之用。本文根据相信为可靠的资料汇编而成。图表仅供解说之用，并不反映任何投资的未来 价值或未来回报。本文资料并不旨在提供财务、法律、税务或投资建议，衡量个别投资、交易或税务策略时，应考虑个别人士的目标和风险承受能力。道明财富、道明 银行 (The Toronto-Dominion Bank) 与其联属机构及相关实体对本文中任何资料错漏或导致的损失或伤害概不负责。道明财富是代表由道明宏达理财加拿大有限公司 (TD Waterhouse Canada Inc.)、道明宏达理财私人全权托管投资有限公司 (TD Waterhouse Private Investment Counsel Inc.)、以及透过道明银行提供之道明财富私人 银行 (TD Wealth Private Banking) 和透过加拿大信托公司 (The Canada Trust Company) 提供之道明财富私人信托 (TD Wealth Private Trust) 所提供的产品与 服务。TD Waterhouse Canada Inc. — Member of the Canadian Investor Protection Fund。
® 道明 (TD) 标志和其他商标是道明银行的产权。