The events of 2020 have turned the workplace upside down. And women, in particular, have been negatively impacted. Women make up 39% of global employment, but they’ve accounted for 54% of overall job losses during the COVID-19 crisis.
Without the support that makes it possible for women to balance their work and home lives, working women are burning out due to the increased workload from housework and caregiving.
Because of the challenges created by COVID-19, women are feeling less ambitious when it comes to their careers and as many as two million women are considering leaving the workforce, and experts predict the pandemic could set women back half a decade.
At our recent Money Moves Digital Summit, we tapped four driven and ambitious women to dive into a thoughtful conversation on the state of women in the workplace and how we can combat these staggering stats and get back to business.
ICYMI, we’re sharing some of the highlights below–– keep reading for some sage advice.
On Boundaries...
“My advice to any working mom is to approach the idea of work/life boundaries with zero expectations–– I mean, we're in a constantly changing environment with our kids and with the state of the world, and we’re doing our best to adopt––and well, that’s doing enough.”
–Stephanie Liu Hjelmeseth, Blogger
On Creativity…
“To women in the creative field, try not to let the stagnant experience of last year infiltrate your mind––especially if you live off of your art. It’s part of the artist’s job to depict the times, so continue to seek inspiration and maintain your passion, regardless of what’s going on in the world.”
–Mirtha Michelle Castro Mármol, Poet, Author, Actress, and Entrepreneur
On Resilience…
“Really keep your foundation strong––which is your own store and your own platform––because that is really the only thing you can control while the industry ebbs and flows.”
–Lindsay Albanese | Founder and Inventor
On Managing Financial Anxiety…
“I know people talk about money mindset a lot, but there is truth to that––the way you think about money matters...don’t be afraid to look at your finances head on. Getting comfortable with your money will be one of the biggest things to help you move forward.”
–Natalie Ellis, Co-Founder and CEO, BossBabe
On Diversifying Your Revenue Stream…
“While I do believe it is smart to diversify your promotional channels––to have strong social media, to implement mass marketing, to have a strong ad strategy––I think that retail should be secondary and there should only be a few key retailers. I think the breakdown of 80% DTC to 20% retail is a smart split for your revenue channels.”
–Lindsay Albanese, Founder and Inventor
“Diversifying as a whole is so incredibly important as an entrepreneur. As it applies, think about where you are monetizing directly––where the revenue is not reliant on another brand, person, or partnership––and lean into this area of your business as a source of security.”
–Natalie Ellis, Co-Founder and CEO, BossBabe
On Collaboration…
“There are two factors I consider before I agree to collaborate with a brand: First, is if I’m already using the brand or how much I really admire the brand, and if their values align with mine. Secondly, and equally as important for a successful partnership, is really approaching the project with mutual respect from both sides. I expect the brand to respect my work and my worth––and in that way, I believe that the results will be mutually beneficial and successful.”
–Stephanie Liu Hjelmeseth, Blogger