A report in The Australian in April, 2009 showed that the GFC had helped to make history in Australia with the number of working women in full and part-time jobs surpassing the number of men in full-time work by 5000 jobs. In the last recession of 1990-91 male employment sank while female employment trod water. The end result was that women lifted their share of total jobs from 41.1% to 42.5%. The recovery that followed did nothing to restore the balance because women snapped up part-time positions.
Another emerging trend seen from Australia to Europe is that older women are a fast growing (and in Canada the fastest growing) demographic in the job market. The women, cited in a recent New York Times article, who had returned to work were amongst the affluent minority who had sufficient resources to be able to stop working initially because of their partners’ incomes. According to some economists these women… are now collateral damage of the recession – not forced out of work but back into it. The study showed the women face a difficulty beyond rusty skills, namely a 10% pay penalty for every two years they are out of work. Of course not all women are forced back into the workforce because of financial necessity, many return to work because their children are grown up and the walls are closing in.
The return by women to the workforce is having an impact on wealth and their spending habits have significant sales and marketing value. Cunningham & Roberts (2006) quote some interesting statistics:
- Women make 80% consumer goods purchasing decisions in the US
- Women start 70% new business start-ups in Canada
- In the UK women are expected to own 60% of all personal wealth by 2025
Some cynics may attribute this last statistic to good divorce lawyers or asset protection models.
It may be noted that Australia does not feature in the above statistics. According to BRW, Australian business is amongst the worst performers in recognising female talent ranking behind the USA, UK, South Africa and New Zealand on every key indicator for women’s participation. In the ASX200 the proportion of women executives fell to 10.7% in 2008 from 12% in 2006. Executive recruitment is potentially a more even playing field but a quick headcount of the Sydney office shows 33% women and the business heads are all men. Mind you they do say behind every successful man there stands a woman so perhaps all is not lost.
Sources: New York Times report reprinted in www.20-first.com ; The Australian, April 11, 2009; BRW, May 20 – 26 2010; Inside Her Pretty Little Head, Cunningham and Roberts, 2006.
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