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Empowering Women: How COVID-19 has Affected the Gender Gap

Courtesy of GSAM SAS Market Strategy 

Executive Summary 

This paper examines the progress of womenomics in the face of the COVID-19 pandemic. Specifically, we review the implications of the U.S. gender gap through the lens of labor participation and pay, and evaluate the economic benefits for all of us that closing the gap may bring. 

Our findings suggest that: 

  • The female labor force has been disproportionately affected by the pandemic due to women’s high representation in the service industry and challenging childcare options. 
  • A 20% wage gap still exists, with the majority unexplained by traditional factors. Over a 45-year career, the pay gap could lead to a 15% shortfall in retirement savings for women. 
  • Closing the employment-population ratio and pay gaps can directly add $1.5 trillion (7.3%) to the U.S. GDP. Indirectly, global equity markets may also see benefits in the magnitude of 3-9% on the back of stronger U.S. growth. 
  • Corporations and governments that employ a collection of programs targeting pay, workplace satisfaction, and workforce access can help foster an inclusive environment for women at various career stages.

Women’s History Month is an opportune time to reflect on the global progress toward achieving gender parity. Despite a rocky start to this new decade from the COVID-19 pandemic, there is still a lot to celebrate. For the first time ever, there is at least one woman on every S&P 500 company’s Board of Directors. Female CEOs in the U.S. are represented across industries – automotive, healthcare, info tech, energy, and financials. And globally, countries with at least 50% female labor participation rates account for 62% of world GDP, underscoring ways in which women continue to have a significant influence on the economy.

To read the full report, click here.

This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Information and opinions provided herein are as of the date of this material only and are subject to change without notice. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein. Information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. Information and opinions are as of the date of the event and are subject to change without notice.

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