Mind the Gap!
Minimising the decline of women in peak years in the workforce
The Bureau of Labor Statistics recently reported that the labour participation rate of women in the U.S was 56.7%[1], the lowest it has been since 1988. From leaving employment to care for children or elderly relatives, or deciding not to return from maternity leave, there are various factors which are contributing to this dip in the female workforce.
This overarching absence of women in the workforce is particularly high when it comes to women approaching their peak earning years. Employment amongst women aged between 45 and 54 has dropped more than 3.5 %[2] since the end of 2009, equating to over one million less women in the labour force.
Organisations of all sizes and industries may be affected by this gap in talent.but there are some top tips to help businesses to prepare for and act on these considerations in order to minimise the impact of this growing trend.
1. Recognising the changes in the average workforce age
By the year 2020 around 25% of the U.S workforce is expected to be composed of older workers, defined as aged 55 and over[3]. As the 45 and 54 age group is at the cusp of this demographic, employers must ensure these individuals are kept engaged and developed to prevent gaps in the workforce. The progression of staff at any age can often be overlooked and underfunded, leading to employees turning to roles outside of the organisation or not returning from gaps in employment. HR departments need to implement suitable career development strategies and ensure training schemes are in place. Investing time and funds into these areas will allow older workers to continue to progress throughout their career and not be threatened by the younger workforce.
2. Embracing flexible working options
Recent statistics have highlighted an increase in stay at home mothers, with 29 % choosing to remain at home in 2012 compared to 23 % in 1999[4]. These changes to parenting preferences can be accommodated through flexible working options. Whilst building the infrastructure to cope with a dispersed workforce can be daunting, the technologies available today make it easier than ever for companies to make this a reality. ‘Bring Your Own Device’ changes the way businesses work and interact, with the cloud enabling employees take their office with them, working wherever they need to and removing the need to be in the office 9-5. Flexible working can help key members of the team to effectively achieve a healthy work/ life balance, enhancing employee engagement whilst attracting and retaining a more diverse workforce.
3. Devoting time into re-integration
It can be challenging for employees to return from maternity leave or extended periods of absence. Often they are expected to hit the ground running without any formal transition process back into the workplace. The HR department must dedicate time and energy into ensuring employees feel comfortable returning to full or part time employment.
It is vital that organisations address the gap of women aged 45 to 54 in the workforce; ensuring strategies are in place to retain, and attract members of this demographic. Women may need support returning to work and it’s an employer’s responsibility to provide an inclusive environment so female employees don’t feel like quitting is their only option. Ensuring the right procedures are in place will help align the workforce, leading to employers retaining vital experienced talent within their organisation.
References:
[1] The Bureau of Labor Statistics, Employment Situation Summary, October 2014, http://www.bls.gov/news.release/empsit.nr0.htm
[2] Labor Department data, http://www.dispatch.com/content/stories/business/2014/06/25/middle-aged-women-dropping-out-of-workforce.html
[3] Chosewood, L. Casey (July 19, 2012). "CDC - NIOSH Science Blog - Safer and Healthier at Any Age: Strategies for an Aging Workforce". National Institute for Occupational Safety and Health
[4] The Bureau of Labor Statistics, Employment Situation Summary, October 2014, http://www.bls.gov/news.release/empsit.nr0.htm
