Encouraging more Utah women to stay in the workforce
An unintended affect of the coronavirus response has been an exodus of women leaving the workforce. Called “the first female recession” by some, the statistics that call attention to this concern are startling. According to the national Bureau of Labor Statistics, 865,000 women were not working in September, compared to 216,000 men.
With a particular strain in the workforce on industries such as hospitality and retail – two which have women as a majority of leaders and employees – and with family needs at home becoming more paramount, it points to the challenges that women face in times of economic crisis.
One person who is proposing that something be done is Misty Frost. She is the CEO of Carrus, a Utah company which trains healthcare workers. She recently proposed some ideas to help bring more women back into the workforce, as well as provide more encouragement to women still working who are struggling with the effects of the pandemic.
Providing support is something that First Utah Bank is also well versed in, and that includes finding the right lending solution for any type of business when stability in finances is needed.
Flexibility is one of the keys to success
Frost also points out in her article that women of color are particularly feeling the effects of the COVID-19 response. She cites Bloomberg’s report that unemployment for Hispanic women surged to 20.2 percent in April, while black women had a jobless rate of 16.5 in May, the worst since the economic downturns of the 1980s.
She writes that many of the women currently using her company’s services are women who had backgrounds in predominately female roles that have been hit hard by the pandemic.
“Many are working mothers and they come to us because they see a better future by taking a new path,” Frost said. “So, as we see the devastating effects of this pandemic on jobs, I’d like to offer some much-needed words of encouragement and propose a new path forward to them.”
Frost’s first suggestion is for women to not give up and leave the workforce entirely. Instead, they can seek out companies that are adjusting for roles along with the pandemic’s challenges. Companies are investing in ways to make work more flexible to fit women’s needs, and they often provide clearly equal opportunities for women to advance in the long term despite economic challenges.
Preventing being overwhelmed by crisis
Another technique that Frost is recommending deals with the outside world’s intrusion onto the workforce. She suggests that it’s important to follow the news cycle and social media – as harrowing as it can be – but to be judicious about where and when to access that information.
“For me, this meant giving myself specific times of day that I’d check in on the news and social media,” Frost said. “When it comes to getting back to work, a job search can be a long, grueling process, so take the breaks you need, but ensure what you are doing with your time is helping you reach your goals.”
Lastly, Frost suggests that networking is more important than ever, especially if you are having to seek a new career pathway. “Sites like LinkedIn and even personal social media sites, like Instagram and Twitter, can help you re-establish connections and start a conversation that could lead to a new career,” Frost wrote. “If you are in a place to mentor, be the best mentor possible. If you need a mentor, don’t hesitate to reach out to someone and ask. Develop the relationship and invest in the time it takes to learn.”
Overall, it’s support that is needed the most for women who are trying to balance an ongoing career with all that a crisis can throw their way. “(It’s) also a call to action to reach out to each other, provide support, and to re-imagine what our work-life balance can look like with a new career path,” she added.
How the right kind of lending can boost your Utah business
Being ready for a sudden emergency with finances has become a high priority for any business owner in the Beehive State. First Utah Bank knows and understands how to provide funding solutions that also create security for a business that’s just starting to get off the ground.
We know about the needs of small businesses and can help with our series of term loans. They are a good way to have a specific amount of money available to fit your needs as they become present. This type of business lending gives Salt Lake City businesses the option to meet distinctive needs or purchase assets. It’s on a predetermined schedule based on monthly principal and interest payments. Loan rates are usually fixed but they can be variable depending on your business needs.
Among the uses for these type of loans are for long-term working capital, investment in commercial real estate, commercial vehicle purchases or business debt consolidation, among other options.
Talk to your home state business loan officers to see how term loans might benefit your small business. Learn more at our term loans website, or call First Utah Bank at 801-308-2265.