Women are reentering the workforce at a record pace. Here’s why

Female Labor Force Participation Surges, Driven by Sustainable Development Goals

Female participation rates in the US and European labor forces have surged past pre-pandemic levels. RGP CEO Kate Duchene (RGP) discusses the record pace of women, particularly women with college degrees, reentering the workforce, a driving economic force she has been very vocal and supportive of.

The want for overall worker diversity is “driven by what’s good for business,” Duchene stipulates, adding that “bringing women back [into the workforce], especially women with college degrees that move into financial management positions, project management positions, HR-related [positions]… all of those skill sets are really needed because of retirement pressures and professional choices that incoming talent is making, especially, say, in the finance and accounting arena, where we can’t get enough new college graduates into those professions right now.”

Duchene points out that DEI initiatives (Diversity, equity, and inclusion) by corporations are constantly under pressure and face criticism, as well as the nature of hybrid work models in the modern employment environment.

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Editor’s note: This article was written by Luke Carberry Mogan.

Video Transcript

JULIE HYMAN: Women are coming back to work in a big way. According to the Bureau of Labor Statistics, female labor force participation hit an all-time high last year, recovering major ground after a pandemic-era pullback. While they still make up less than half of the total US workforce, women’s participation is broadening out to bigger roles and new industries.

And joining us now to discuss, Kate Duchene, the CEO of consulting firm, RGP. Thanks so much for joining us, Kate. So what do you think are the major factors that have been fueling this return to work?

KATE DUCHENE: Well, I think the biggest factor is that there’s more flexibility in how work can be accomplished, meaning either remote work or more flexible schedules. And certainly, the use of technology and digital tools has helped create more flexibility in the delivery of work. And women benefit from that, especially having left the workforce during the pandemic when they needed to care for others in the home many times. And now that we have new tools and new hybrid work policies, it’s really encouraged women to come back.

JOSH LIPTON: And, Kate, when we say women are re-entering the workforce at this record clip, which women, Kate? What are the demos in terms of age, race, socioeconomics?

KATE DUCHENE: So it’s educated women. So let’s talk about that for a minute. I think, Julie, you just shared that women still are below 50% in overall participation. But when you look at the stat of 25-year-old women and above with college degrees, women actually make up 51% of the workforce in the US. Certain demographics and disadvantaged populations are seeing less growth than that but still showing improvement.

JULIE HYMAN: And Kate, what effect are we seeing on the backlash against DEI programs on female and minority for that matter workforce participation? Is that having an impact? Is that pushing things down at all?

KATE DUCHENE: We’re not seeing it yet you did reference that female participation was at an all-time high last month. This latest month has only dipped down by a very small degree. So I don’t think we’re seeing that yet. But that is a risk factor that I think we have to pay attention to.

In more conservative economic environments, some of those programs tend to receive pressure. But they’re still so important to ensuring that we have the talent and the skill sets we need in today’s very disrupted market.

JULIE HYMAN: Well, and Kate, I’m curious what you’re hearing from your clients on that front. Are they– is there still that appetite for diverse workforces whether it be– whether it be gender or other types of diversity?

KATE DUCHENE: I think the answer is yes. And it’s really driven by what’s good for business and aligning what’s

SDGs, Targets, and Indicators Analysis

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 5: Gender Equality
• SDG 8: Decent Work and Economic Growth
• SDG 10: Reduced Inequalities

The article discusses the surge in female participation rates in the labor force, particularly women with college degrees. This addresses the goal of achieving gender equality (SDG 5) by promoting women’s economic empowerment and equal opportunities in the workforce. It also relates to SDG 8, which focuses on promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. Additionally, the article mentions certain demographics and disadvantaged populations that are seeing less growth, indicating the need to address reduced inequalities (SDG 10) in workforce participation.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 5.5: Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic, and public life.
• Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.
• Target 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.

Based on the article’s content, the targets mentioned above align with the issues discussed. The surge in female participation rates and the focus on women with college degrees entering the workforce address the need for equal opportunities and leadership positions for women (Target 5.5). The article also emphasizes the importance of creating decent work and economic opportunities for women, which aligns with Target 8.5. Lastly, the mention of certain demographics and disadvantaged populations highlights the need to promote social and economic inclusion for all individuals, irrespective of various factors, as stated in Target 10.2.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Female labor force participation rates
• Percentage of women with college degrees in the workforce
• Changes in workforce diversity
• Impact of DEI initiatives on female and minority workforce participation

The article mentions indicators that can be used to measure progress towards the identified targets. Female labor force participation rates serve as an indicator to track progress towards achieving equal opportunities for women in the workforce. The percentage of women with college degrees in the workforce can also be measured to assess progress in promoting higher education and employment for women. Changes in workforce diversity, including the representation of women in leadership positions and underrepresented populations, can be monitored to evaluate progress towards inclusive and diverse work environments. Additionally, the impact of DEI initiatives on female and minority workforce participation can be assessed to determine their effectiveness in promoting equal opportunities.

Table: SDGs, Targets, and Indicators

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Source: finance.yahoo.com

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