The 3 things successful women are doing to beat the Shecession

Women — entrepreneurs and corporate workers alike — have been disproportionately affected by the pandemic. A mere 12 months after momentously surpassing men in workforce presence, as we crossed over the threshold of 2021, 5 million fewer women were employed in the workforce. With more women enrolled in colleges and higher education around the world, it doesn’t seem logical that it took so long for there to be more paying opportunities assessed to women than men.

1. Successful women are acknowledging their struggle

The fact that women outnumber men overall should be enough to help bridge the gap, as of January 2021, women account for 51.1% of the world’s population, but it never has. In fact, female payroll is now at a staggering 33-year low.

The female labor force has declined 3.1% in the past year over male labor’s 2.2% decrease, and 69% of female-founded brands experienced a decrease in revenue.

Freshbooks executives have put some harsh realities into focus and perspective with their latest statistics update on the future of women in the labor force. The report, aptly titled “Women-Owned Businesses In The U.S. Facing Slower Recovery” highlights exactly that.

Not only were industries championed by women negatively impacted at a higher level, but female-led companies and entrepreneurial ambitions were abandoned, de-funded, or experienced a halt in growth more often than those led by men.

The report suggests something we have all witnessed, that women had added duties of caring for children and the elderly when the pandemic took a turn for the worse. Single mothers, especially, were impacted significantly, given that many had to quit or were fired due to new schooling restrictions for their children.

Women who are experiencing any level of success during the pandemic have been acknowledging the areas where they may have experienced shortcomings and accepting themselves where they are at.

Even those whose careers have been overwhelmingly changed or who have lost their jobs have been bouncing back in not only work but other areas of their lives. Silver linings are still existent, which is why successful women aren’t afraid to acknowledge their struggle.

2. Successful women are booting imposter syndrome

What Freshbooks gleans insight into better than other recent reports? Growth possibility. Once an owner, founder, or worker acknowledges their struggle and gets over the mental blocks and obstacles they have been saddled with over the course of their life and career, then growth — within their position and industry — can truly take place. Women are often predisposed to imposter syndrome because of the roles they are taught growing up.

Research suggests that there are still far more male entrepreneurs than female entrepreneurs because of overconfidence. Pre-pandemic, as many as 60% of women reported putting off their business ventures because of imposter syndrome. It has even affected Oprah.

Currently, women-owned businesses in the United States are taking up to three times longer than male-owned businesses to recover from the COVID-19-related wealth setback. According to the U.S. Chamber of Commerce, last summer less than half of the female owners reported positive revenue projections for 2021. Take the reigns, boot whatever imposter syndrome might be holding you back, and get creative with your projections. (And set yourself up for success when facing any doubts.)

3. Successful women are investing in themselves

Whether it be with their time, sweat equity in their talent, or financially, successful women have continued to invest in themselves during the pandemic.

Admittedly, financial investments have been a little more difficult. However, working women who have been cutting down on meals and evenings out with friends, new clothing for work and events, and other social costs have had the ability to continue to set money aside. Some have even been lucky enough to put more away than normal, especially without added stressors of dependents.

Some successful women have been investing more time in their families, committing themselves to hobbies, and learning more about themselves during this time. Many of us have experienced overwhelm of some sort and, most likely, a change in a job situation.

Taking time to step back, breathe, practice grace with yourself, and set boundaries with others is also a courageous investment in yourself. (And a highly popular pandemic pastime.)

Whether you’re looking for your next career opportunity or setting out alone, female-led companies are still actively recruiting in several hotspot regions and remotely.