3 ways to empower women through the workplace

Organizations need to continue to refine how we help attract, retain and support women in the workplace. While women have made significant strides — accounting for 51% of the college educated workforce today, according to Pew Research  — our research shows that 78% of female employees think employers should do more to help them get through specific financial troubles. 

Helping all your employees better engage with their financial future can be an influential driver in attracting and retaining female talent. As women continue to level up in their personal and professional lives, workplace benefits are an important resource to help support them along the way. Below are three ways to empower your female employees through workplace benefits — and in turn, foster a more robust and engaged workforce: 

Painting the picture: Understanding opportunity gaps
While it's important to consider the varying needs of all employees, women face a unique set of challenges in the workplace. They often lead the charge on household duties such as child care or elder care — and the fastest growing employee segment, the sandwich generation, are caring for aging parents and growing children simultaneously. And for working mothers, a Deloitte report shows fewer than half feel supported by their employers in balancing their work responsibilities with commitments outside work.

Since women are more likely to step up to the plate to care for their loved ones, life occurrences like caretaking, divorce or losing a partner can easily disrupt their careers and financial lives even further. Research from the World Economic Forum shows that nearly all women (95%) believe that requesting or taking advantage of flexible work opportunities will negatively affect their chances of promotion; notably, a lack of flexible working hours is among the top reasons women have changed jobs over the past year.

Along with caregiving challenges, women are underrepresented in the workplace — they are less likely than their male counterparts to get hired into entry level roles or receive their first promotion, and currently make up just 37% of middle management and 29% of C-suite positions, according to McKinsey. What's more, the American Association of University Women finds women still aren't compensated equally, earning an average of $0.80 to the dollar compared to men ($0.71 to the dollar for working moms). 

Taken together, these factors can have long-term effects on women's career trajectories and long-term savings (on average, women live five years longer than men, according to ourworldindata.org, which means they should save more for retirement). By considering the varying needs of your female employee population, you can help ensure they receive the support and guidance they need to financially thrive in the long-term. 

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Addressing barriers: Creating a robust benefits education program for women
Implementing an effective benefits education program can help make a difference in how your employees engage with their benefits, but many women may not be aware of or tapping into these resources. According to our research, 58% of female employees feel that financial stress is negatively affecting their life — however, 39% have never thought to reach out to their employer for help. And 83% believe that their employer needs to do a better job helping employees maximize their benefits. 

A robust benefits education program can help female employees connect the dots between their workplace benefits and their individual financial needs. Adjust your benefits communications strategy to address women's concerns — for example, providing tailored financial education and information for families about external support like community- and government-based programs, after-school programs, or local backup care. 

Check in with your employees and gather feedback throughout the year. By answering their questions and taking account of what is working versus what isn't, you can adjust your education strategy. Pay attention to job exits, 401(k) loans and pay advances and take note of any trends, such as more job exits by female workers than their male peers.

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Meet them where they are: Support through specific life challenges 
Recent research shows that employees are currently disengaged from their jobs and employee engagement is at a 11-year low, coined "The Great Detachment." When it comes to building impactful workplace benefits programs, knowledge is power — and support is key. However, our research finds that only 31% of companies gather information on employees' caregiving needs and only 9% track financial wellness by gender. 

Collecting feedback from your employees can help prevent holes in benefit packages and ensure you're able to help support them through financial challenges. Check in with your female employees about their emotional and financial health to better understand what workplace benefits they would use to address their needs. Use this knowledge to tailor wellness resources toward your female employees such as emergency savings vehicles, tuition reimbursement programs and retirement planning. 

Providing women with a voice in benefits decision-making processes fosters a sense of inclusivity and demonstrates a commitment to their well-being. And by listening to their perspectives and understanding their needs, your company can implement and adjust initiatives to better support women in the workplace.

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Talk to your benefits providers to see what additional resources may be available for your company. For example, our research shows that nearly 9 in 10 HR leaders offer financial wellness programs to help counterbalance work-life stressors, and three in four HR leaders (76%) reported that their companies are offering some form of equity compensation. 

For more complex financial situations or questions, consider connecting your female employees with a financial coach or advisor. By supporting female talent, we can make a difference for our companies and our employees — and all thrive together.