The Key to Unlocking U.S. GDP Growth: Women
Below is an article originally written by Beth Ann Bovino and Jason Gold at PowerToFly Partner S&P Global. Go to S&P Global's page on PowerToFly to see their open positions and learn more.
A dual-pronged effort of increasing entry and retention of more women to the American workforce, particularly those professions traditionally filled by men, represents a substantial opportunity for growth of the world's principal economy, with the potential to add 5%-10% to nominal GDP in just a few decades.
One option to consider is a Congressional Budget Office (CBO)- like "score" on the impact legislation would have on the economic feasibility and accessibility to the workforce for women. A simple, objective, nonpartisan measure that would equip lawmakers with the requisite tools to assess appropriate proposed legislation and its impact on women in the workforce. A score that evaluates the impact of a bill on how many female workers would choose to remain in the workforce, one that helps measure how the cost of working compares with the income from that job.
While gender plays a significant role in workers' vulnerability, the biggest determinant is education—an area that S&P Global believes is the springboard for women's progress. Specifically, promoting higher education in STEM (science, technology, engineering, and math) fields and other areas conducive to careers traditionally pursued by men is the key that could unlock the earning power of American women.
How many Alberta Einsteins or Carla Sagans in STEM (science, technology, engineering, and math) research have we missed because we didn't offer opportunities for them to develop their skills? A concerted effort to create such openings for girls to explore fields normally considered to be the boys' domain would help not only further narrow the gender wage gap, but would move the needle on productivity growth, which today is seen as painfully slow.
Many women are all too familiar with the "glass ceiling" that keeps them looking up at similarly (or less-) qualified men in positions above them. Add to this a wage gap that, while narrowing, stubbornly persists.
But maybe the most important benefit is the economic freedom enjoyed by women in the workforce. To be sure, many women (and a growing number of men) make the admirable decision to stay at home, raising children and running households. Still, others may feel they have no choice, given the often high hurdles they must clear to do so—not the least of which is societal pressure.
On top of giving the U.S. economy a sorely needed shot in the arm, increased labor participation among women would have knock-on effects that, while perhaps not quantifiable, are no less significant. For example, women are more likely than men to invest a large proportion of their household income in their children's education—and so, as those children grow up, their improved status benefits society and the economy.
Looking beyond the part-time, and the short-term.
But we should not simply charge ahead without due consideration. As Yellen pointed out in her May 5 speech at Brown University, policies often entail tradeoffs. In other advanced economies, she noted, women are more likely than American women to be employed part-time—and while this may reflect their ability to arrange more flexible schedules and spend more time with their families, it comes at the cost of unbridgeable wage disparity and limited opportunities for advancement. This raises the question of whether policies designed to help women work can have unintended consequences.
Nonetheless, there must be change, and all indications certainly suggest that society recognizes this time in history as ripe for a serious overhaul in relation to gender accessibility to the workforce. This journey begins with a fundamental rethinking of policy (and policy tools) that must break through the structural short-termism of politics and look beyond simply supporting women with family obligations—a cultural privilege in a wealthy country such as the U.S. Pursuing short-term, temporary measures—especially those that leave ideas, innovation, productivity, and perspective on the sidelines—is simply a shortcut to stimulus, not a roadmap for change. If we want to spur the pace of growth in the world's biggest economy to its potential, underutilization of our greatest economic resource is no longer a viable option.
Working at Relativity—the global tech company that equips legal and compliance professionals with a powerful data-organizing and discovery platform—looked different in 2020. The highly collaborative environment of their Chicago headquarters transitioned to a virtual setting, and just like companies around the country, Relativity adapted their goals and major projects to a completely remote environment.
Diversity Reboot 2021: The One Hundred Day Kickoff<p><strong>When</strong>: February 1-5, 2021</p><p><strong>Where</strong>: Virtual</p><p><strong>Price to register:</strong> Free!</p><p><strong>Where to register: </strong><a href="https://summit.powertofly.com/" target="_blank">Here</a></p><p>We had to include our own Diversity Reboot on our list of the best diversity and inclusion events to attend in 2021 because we know firsthand how the quality of 100+ expert speakers, the enthusiasm of 10,000 participants, and the cutting-edge tech that enables meaningful virtual networking and job fairs combine to create a truly epic five-day experience. This year, the theme 100 Day Kickoff harnesses the energy of the new government's first 100 days in office to help jump-start personal and professional plans to build more diverse and inclusive workplaces. </p><p>Following the February summit, we'll have a monthly series of smaller virtual summits on topics spanning everything from returnships to LGBTQ+ advocacy, so be sure to stay tuned for updates!<br></p>
The Future of Diversity, Equity and Inclusion 2021<p><strong>When</strong>: February 3-4, 2021</p><p><strong>Where</strong>: Virtual</p><p><strong>Price to register:</strong> Free</p><p><strong>Where to register:</strong> <a href="https://www.hr.com/en/webcasts_events/virtual_events/upcoming_virtual_events/the-future-of-diversity-equity-and-inclusion-2021_kcxf8glq.html#detail" target="_blank">Here</a></p><p>This virtual conference put on by HR.com focuses on how social movements like #MeToo and Black Lives Matter have pushed DEI at work beyond legal compliance and into a major factor of any company or brand's culture, employee engagement, and performance. Topics include how to uncover and resolve pay gaps across your team and hire top-level diverse talent.</p>
Workplace Revolution: From Talk to Collective Action<p><strong>When</strong>: March 8-12, 2021</p><p><strong>Where</strong>: Virtual</p><p><strong>Price to register: </strong>$820</p><p><strong>Where to register:</strong> <a href="https://cvent.me/ZQ4BbE" target="_blank">Here</a></p><p>The Forum on Workplace Inclusion's 33rd annual conference includes 12 session tracks, from DEI Strategy to Social Responsibility, along with 59 workshops and daily networking sessions. This year's theme focuses on one question: "What will it take to start a workplace revolution that moves us from talk to action?"</p>
Diversity: How Employers Can Match Words With Deeds<p><strong>When</strong><strong>: </strong>May 19, 2021</p><p><strong>Where:</strong> Virtual</p><p><strong>Price to register</strong><strong>: </strong>Early bird registration is $49 and general admission is $149</p><p><strong>Where to register:</strong> <a href="https://hopin.com/events/may-virtual-conference-diversity-how-employers-can-match-words-with-deeds" target="_blank" rel="noopener noreferrer">Here</a></p><p>From Day One is hosting monthly conferences in 2021 focused on different ways for companies to foster strong relationships with their customers, communities, and employees. May's half-day virtual event is focused specifically on how companies can make diversity promises that don't fall flat and features workshops, panels, and a fireside chat.</p>
Hire with Diversity, Equity, and Inclusion<p><strong>When:</strong> August 18, 2021</p><p><strong>Where: </strong>Virtual</p><p><strong>Price to register: </strong>$195</p><p><strong>Where to register:</strong> <a href="https://www.hci.org/conferences/2021-virtual-conference-hire-diversity-equity-and-inclusion-august-18-2021" target="_blank">Here</a></p><p>This conference put on by the Human Capital Institute is one of 12 virtual conferences that HCI has planned for 2021. This one focuses on fair and inclusive talent acquisition, including how to attract diverse talent, implement inclusive hiring practices, and addressing bias in employee selection. Other conferences will focus on optimizing talent strategy, engaging employees, and developing your workforce.</p>
Virtual Grace Hopper Celebration 2021<p><strong>When:</strong> September 26-29, 2021</p><p><strong>Where:</strong> Virtual, broadcast from Chicago, Illinois</p><p><strong>Price to register:</strong> Was $799 for regular access to the virtual conference in 2020; 2021 pricing hasn't yet been announced</p><p><strong>Where to register:</strong> <a href="https://ghc.anitab.org/attend/registration/" target="_blank">Here</a>, though 2021 registration wasn't live at the time of writing</p><p>Grace Hopper might be the best-known conference for women in tech. Through keynote presentations, networking sessions, job fairs, and community-building activities, vGHC reached over 30,000 women for their 2020 conference and are expecting even more in 2021! While not a conference focused exclusively on diversity and inclusion, many speakers plan to focus their talks on creating environments for women to thrive in the male-dominated tech field.</p>
Inclusion 2021<p><strong>When:</strong> October 25-27, 2021</p><p><strong>Where:</strong> Virtual and in person in Austin, Texas as of now</p><p><strong>Price to register:</strong> Hasn't yet been announced</p><p><strong>Where to register: </strong><a href="https://conferences.shrm.org/inclusion" target="_blank">Here</a>, though 2021 registration wasn't live at the time of writing</p><p>The Society for Human Resource Management's biggest conference of the year saw 1,200 DEI leaders participate last year; SHRM hopes to see even more come to learn, be inspired, and to walk away with a playbook of implementable strategies to create truly inclusive workplace cultures.</p>
AfroTech 2021<p><strong></strong><strong>When:</strong> November 8-13, 2021</p><p><strong>Where:</strong> Virtual</p><p><strong>Price to register:</strong> Early bird pricing is $149 for individuals and $249 for corporate attendees; regular pricing hasn't yet been announced</p><p><strong>Where to register:</strong> <a href="https://experience.afrotech.com/" target="_blank">Here</a></p><p>AfroTech is a conference hosted by Blavity, a tech media platform for Black millennials. It focuses on emerging tech trends, connecting Black talent with top tech recruiters, and providing networking and educational opportunities, with an overall goal of building a strong Black tech community. Over 10,000 people participated in 2020. While the conference isn't focused specifically on DEI, its main audience of Black tech talent is an important one to understand and to engage at work and beyond, and several speakers plan to focus on issues of race and inclusion at work. </p>
A Conversation with Vouch's Lead Designer Carrie Phillips
Nina Unger, Talent Acquisition Specialist at SoftwareONE gave us a behind-the-scenes look at SoftwareONE's Application process, culture, and values.
Learn about the company and how you can make your application stand out!
To learn more about SoftwareONE and their open roles, click here.