Women Jumping Back Into the Workforce After Raising Family
Studies show that 74 percent of professional women return to the workforce after taking a break to raise children.1 Very often, this re-entry into the working world isn’t with a previous employer or even in the same profession; this may happen for a variety of reasons, though typically it’s because of a desire to change careers or to manage the demands of raising a family.
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Women Jumping Back Into the Workforce After Raising Family
Studies show that 74 percent of professional women return to the workforce after taking a break to raise children.1 Very often, this re-entry into the working world isn’t with a previous employer or even in the same profession; this may happen for a variety of reasons, though typically it’s because of a desire to change careers or to manage the demands of raising a family.
The Challenges of Re-Entry
After a long absence away from working, many women re-entering the workforce face a number of challenges, both internal to themselves and from the biases of prospective employers. Chief amongst the internal challenges are a natural apprehension of returning to work, as well as self-doubt about their abilities, rooted in a fear of skill deterioration.
Unfortunately, many employers harbor biases about mothers returning to work, adopting the stereotype of diminished ability and commitment to work, which they associated with their break for raising children.
Looking to Hire?
The fact is women returning to work are extremely valuable workers. In one study by the Federal Reserve Bank of St. Louis, mothers outperformed women without children over a 30-year career at almost every stage of that period.2
Employers are noticing the untapped potential of this hard-working and experienced subset of workers. Many companies—including such big names like Walmart, Netflix and Goldman Sachs—have instituted “Returnship” programs that help women re-enter the workforce after an extended hiatus raising children.
For advisors looking to add staff and access serious, experienced workers, they may want to check out the Financial Planner Reentry Initiative.
The Financial Planner Re-entry Initiative was developed by the CFP Board Center for Financial Planning, in concert with iRelaunch, a career re-entry organization, to connect individuals with interested employers. The program is modeled after the STEM Re-entry Task Force, an iRelaunch program partnership with the Society of Women Engineers.
With the hunt for knowledgeable and committed workers the most acute in decades, women re-entering the workforce represent a welcome infusion of talent for employers to tap. To read more about women and fostering workplace collaboration, click here.
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