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What brands need to know about the ‘Shecovery’
To combat the ‘shecession’ global workplaces are stepping up initiatives that optimise the workplace for women, according to Wunderman Thompson’s annual trend report ‘The Future 100’
Nicola Kemp
Editorial Director CreativebriefOf all the covid related economic indicators; the worldwide drop of women in the workforce is an alarming trend that is yet to be reversed. This ‘shecession’ presents a significant challenge for business and society. Yet according to Wunderman Thompson’s annual trend report ‘The Future 100’ which predicts the ‘shecovery’ will be a key focus for progressive businesses, it is a decline that is set to be targeted and acted upon by a host of industries.
According to the report, a host of industries from financial services to hospitality, face an unprecedented battle for talent making the ‘shecovery’ is a vital shift. “Workplaces that optimise for women will build relevance, not to mention significant competitive advantage,” explains the report.
Normalising flexible work options in company culture will be imperative to mitigate inequity
Wunderman Thompson’s trend report ‘The Future 100'
Wunderman Thompson points to the ways in which a range of workplaces are driving the ‘shecovery’ The report explains: “The biggest transition, of course, is the shift to flexible working, adopted by businesses from Spotify to Facebook to American Express. Flexible options are appealing for women juggling work and home life.” While the report notes the fact that some commentators, including Bank of England economist Catherine Mann, have warned of the work-from-home stigma that could ultimately end up costing women if men don’t take up remote work in equal numbers which underlines the vital role flexible working will have in the ‘shecovery’.
“Looking ahead, normalising flexible work options in company culture will be imperative to mitigate inequity,” explains the report. It points to the example set by British construction firm Multiplex which introduced a new formal flexible working policy in October 2021 aimed at making its workplace more attractive for women. The Multiplex Flex initiative offers a range of options including four-day weeks, remote working, and time off in lieu of overtime pay.
PwC is another employer highlighted by the report for its commitment to ensuring remote workers don’t lose out. The Big Four accounting firm announced in fall 2021 that not only is it embracing permanent remote work, it also pledges to monitor raises, pay and bonuses for remote staff compared to their office-based counterparts, and act wherever it sees a lag.
Women who remained in the workforce throughout the pandemic have faced a different challenge. The “Women in the Workplace 2021” report from McKinsey & Co and LeanIn.org found the gap between women and men who report feeling burned out has doubled since 2020. The survey of 65,000 workers in North America also reports that one in three women has thought about downsizing her career or leaving work altogether, compared to one in four earlier in the pandemic.
Those companies that choose to adopt policies that value the work of women and caregivers, as well as employee wellbeing, will be best placed to weather the storm.
Wunderman Thompson’s trend report ‘The Future 100’
The report also notes that female leaders spend more time on employee wellbeing, but such efforts are often overlooked. Further, while women are statistically more likely to devote time to diversity, equality and inclusion initiatives than their male equivalents, less than a quarter of companies surveyed formally recognise this work. Bucking that trend is LinkedIn, which has pledged to pay the chairs of its employee resource groups $10,000 annually, as well as developing a non-financial rewards system to recognise contributions. This follows a similar commitment by Twitter in 2020.
The report concludes that there is no quick fix and the shecession is likely to affect businesses for years to come, highlighting the urgent need for employers to act now. It explains: “Those companies that choose to adopt policies that value the work of women and caregivers, as well as employee wellbeing, will be best placed to weather the storm.”
The trend is part of Wunderman Thompson’s annual trend report ‘The Future 100’. The report, now in its eighth year, surfaces 100 original trend predictions from across 10 different sectors including culture, tech, travel and hospitality, brands and marketing, food and drink, beauty, retail and commerce, luxury, health and work.
Emma Chiu, Global Director of Wunderman Thompson Intelligence, said: In 2021, cautious optimism set the pace as the world reflected on the challenges of 2020 and looked to a year of societal healing. This year ushers in a resolute positivity that encourages playfulness and creativity.
She added: "This optimistic outlook will take us on a journey into the near future, where a new digital era is on the horizon as the metaverse shifts from a sci-fi concept into reality. Lifestyles and businesses will shift to become climate-friendly as being sustainable is no longer enough, while the physical and emotional tax of the last two years is forging a holistic, sensitive, and nuanced approach to wellbeing.”
Other key trends identified in the annual report include the rise of ‘Metaverse Recruits’ with companies hiring for a metaverse workforce and the growing impact of the Generation Z workforce; a cohort which are challenging brands to refocus and revolutionise their recruitment and retention strategies in the wake of ‘the great resignation’.
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