Women are disproportionately affected by the epidemic since they are the ones who be in the most vulnerable sectors to job loss. It’s not only financial; the emotional burden on women is unimaginable and it’s high time that employers take action and provide better assistance. At the beginning of the pandemic, IFS forecasted that there will be certain populations of people who are more vulnerable due to a Covid-19 related recession.
They believed that, even if the disease affected every person equally, the economic consequences of the epidemic would fall heavily on women, particularly mothers who work.
At the beginning of this year, UN Secretary-General Antonio Guterres said that the virus “could reverse the limited progress that has been made on gender equality and women’s rights”.
Although the overall split of people who have been diagnosed with Coronavirus does not show an imbalance between genders however the effect the disease has on our lives do.
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Emotional Wellbeing
In the last 10 months, researchers have observed that women as well as mothers with children, tend to be the most vulnerable to mental anxiety. The psychological health effects of the pandemic is an impact that is greater on women than on men.
Despite an overall increase in mental health issues and mental health issues, the rise in anxiety and stress is seen more often among women than males.
In August of this year, Aviva discovered that nearly 60 percent of females experienced greater stress levels as a result of the lockdown. This is nearly 20% more than men.
As women make up the majority of the key workers are women, they are feeling overwhelmed, stressed and unsafe. They are also requesting employers to provide more women-specific emotional well-being assistance.
How Can Employers Assist?
Employers must try to concentrate on the employees with the highest risk. Young women are the group with the highest risk in the UK in terms of mental health, and their mental health has deteriorated since the current crisis.
Understanding the specific issues women face today will assist employers to create a focused and specific strategy for well-being.
Based on the World Health Organisation depression, anxiety and mental distress is a problems for women more than men from various nations. Being female is a strong indicator of the likelihood of receiving medications that alter the mood.
The reality is that despite a lot of organizations taking pledges to improve and enhance emotional well-being due to the pandemic more than half claim that they aren’t doing anything more than they did prior to the outbreak. The majority blame budgetary constraints as the reason for not doing more.
A cost-effective approach to help women at work is to establish dedicated emotional wellness hubs for emotional well-being. With just one-third of managers being able to inform employees of where wellness support is available within the company and the majority of employees claiming they don’t know where the workplace wellbeing initiatives stand making a place will help better support women at no cost.
When they know where they can go and what help is available, about half of the employees say they are more likely to openly discuss an issue with their mental health at work.
Financial Wellness
In contrast to previous recessions, this one caused by the pandemic led to a much greater loss of jobs for women than men.
The recession of this year has resulted in that, at its height (so far) women’s unemployment increased by 2.9 percent more than men’s. While men’s unemployment has decreased only slightly in the last month, however, women’s unemployment has not improved.
But the effects could be much more extensive. We know that there exists an income gap in pensions between men and women. And since women are more likely to be forced to quit working or forced to reduce hours due to the disease, the gap will only grow.
Financial literacy
I’ve written extensively about the positive effect of financial education and enhancing the financial literacy of employees. It could be the case that the effect is greater in the event that these programs are made available for women employees.
A new report entitled “Advancing women’s Digital Financial Integration’ prepared for the G20 by the World Bank found a number of options to help us advance women’s financial inclusion through digital technology.
One of the principal suggestions was that more needs to be done to improve financial literacy among women. The OECD recognizes the fact that women have a higher requirement for women to have access to financial education.
Employers must think about ways they can assist their female employees increase their understanding of financial issues and products, as well as their skills.
