What impact did Covid-19 have on equality in the workplace?

We have all seen the impact that the Covid Pandemic has had on life as we know it, yet more information about the extent of this impact is still only now becoming apparent, specifically in regards to equality in the workplace. It is estimated that we have moved backwards in gender equality by the equivalent of 10 years. Men are four times more likely than women to be amongst the top earners in the country, with women only making up 19.4% of the top 1% of incomes. 

The UK's gender pay gap stands at 14.3% and is projected to persist for another 20 years without significant action. Early speculation in July 2020 warned the pandemic could set progress back by half a century. So, what actions have been taken, and how are we coping?

The gender seniority gap widens as careers advance, highlighting the inadequacy of current corporate actions. Contributing factors include career penalties for mothers, biases, and the greater burden of household responsibilities. While hybrid working was expected to benefit working mothers, evidence shows that fully remote work can disadvantage women’s careers. Conversely, the push for a return-to-office has forced many mothers out of the workplace.

For real progress, businesses must recognize the positive impact of equality and diversity. Equal representation is essential for successful business outcomes.

At EMEC, we are proud champions of Women in Tech & Finance. We understand the unique challenges women face in male-dominated sectors like banking and finance, and we strive to create meaningful solutions.