How Employers Can Step up for Women During COVID

Raffa Financial ServicesRaffa Financial Services on 04/08/2021

While the pandemic has highlighted many staggering inequalities in our economic and social system, one of the most significant is its disproportionate effect on women in the workforce. To get a broad idea of the affect coronavirus has had on women, let’s look at some numbers.

So what does this mean for employers? It’s time to lean into strategies designed to empower, educate, and support women in the workforce.

Start teaching


A critical factor in working against the inequalities exacerbated by the pandemic is to build awareness within your company and your community about the effects that recessions have on women, BIPOC, and people with disabilities.

The more awareness you build, the more effectively you can push your community towards working against those detrimental consequences.

Prioritize financial wellness


One significant way employers can affect positive change is by developing wellness programs that focus on financially empowering their employees. The 2020 Workforce Benefits Report by Bank of America determined that because women and men have different financial goals, they also have varying challenges and needs.

According to that report, women are less likely to feel they have control over their credit card debt, citing it as one of their top three financial concerns. It found women are twice as likely not to have money left over after paying their monthly expenses, and saving for retirement was a top financial goal.

As employers develop wellness programs and benefits packages over the next few years, these are critical components to keep in mind.

Consider implementing debt management support. As women are much more likely to have credit card and student loan debt than men, offering services to help them address their debt would be a targeted way to enable them to become financially stable.

Your employees may also greatly appreciate the ability to talk to an expert who can help them plan for their financial goals and mitigate challenges. Partnering up with a financial consultant who offers this type of support, enabling employees to become more financially literate, can help them gain long-term stability.

Approach it from all angles


The pandemic hasn’t just taken a toll on financial situations—it also puts people’s mental and physical health at risk. To support your employees as they navigate the pandemic, consider offering assistance programs such as an EAP or virtual mental healthcare services.

Remember, wellness isn’t just financial, or mental, or physical. It’s a combination of everything. Employers who focus on supporting their employees in each category see increased engagement, loyalty, and productivity. Plus, it’s just the right thing to do. In times like these, businesses, employees, organizations, and communities all must work together to protect and support one another. Together, we’re strong.


Looking to enhance your employee benefits package? Want to be a coveted employer of choice in the greater Maryland, Virginia and Washington, DC area? Get in touch with Raffa. We love this stuff! And it’s what we do for our clients every single day.  

Photo by rawpixel

Want our business blogs delivered to you?

Enter your email address below to start receiving updates in your inbox!