The Shecession Silver Lining: Changing the Course of History

A toast to the female visionaries helping to close the gaps and change the equation

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January’s jobs report from the U.S. Bureau of Labor Statistics provided somber news: 275,000 women left the workforce, placing women’s workplace participation rate at 57%—the lowest it’s been since 1988. An entire generation of progress has been erased in just two years.

The aptly named Shecession has affected more than 4.5 million women who have left the workforce since the start of the pandemic. It has cut deeply, especially impacting the “messy middle:” women in middle management who have just begun to really accelerate in their careers while also encountering life stage responsibilities that may include children, elder care and a mortgage.

The pandemic didn’t create new problems—it exacerbated existing ones. It also pushed both men and women to take a hard look at the details and minutiae that encompass their daily lives and cut out the clutter.

We have become more self-aware, digging deeper into what has been holding us back and doubling down on making the future of work more sustainable—and rewarding. We are living in an exciting time, watching the course of history change before our eyes and rewriting the rules of the workplace that aren’t working anymore.

This silver lining has inspired a new flight of female entrepreneurs, women who are taking their lightbulb moments and turning them into businesses because the barriers to entry have never been lower. Hybrid models and flexible scheduling are providing the opportunity for a better balance between career, caregiving and pursuing one’s passion.

Today, as we celebrate International Women’s Day, let’s toast a few of the female visionaries who are helping us close the gaps and change the equation.

Rent the Runway became the first company to go public with an all-female CEO, COO and CFO team. Whitney Wolfe Herd, the CEO of Bumble and Adweek 2020 Trailblazer, became the youngest woman to take a company public. Amani Duncan has been promoted from president to CEO of BBH USA, making her the first CEO at the agency.

In sports, Elana Meyers Taylor became the oldest American woman to win a medal at the Winter Olympics—the silver for the monobob at age 37. Erin Jackson also made history as the first Black woman to win a speed skating medal. The 29-year-old Floridian finished in a mere 37.04 seconds, earning Team USA’s first gold in the women’s 500-meter speed skate in decades.

Other notable accomplishments include those made by teen pilot Zara Rutherford, who became the youngest woman to fly around the world solo in January, and Preet Chandi, who became the first woman of color to ski solo to the South Pole in February.

These wins are for all of us.

The U.S. Women’s soccer team settled their equal pay lawsuit for $24 million in a landmark agreement, inspiring many female athletes to throw a fist pump in the air in solidarity. “For us, this is just a huge win in ensuring that we not only right the wrongs of the past but set the next generation up for something we only dreamed of,” said Megan Rapinoe during an interview with NBC’s Today Show.

In entertainment, the hilarious female trio of Regina Hall, Amy Schumer and Wanda Sykes will be the first Academy Awards hosts since 2018, and Jane Campion made Oscars history as the first woman with two Best Director nominations, including her most recent for The Power of the Dog.

Jessica Watkins has become the first Black woman to join the International Space Station crew, and Ketanji Brown Jackson is the first Black woman to ever be nominated to the U.S. Supreme Court. And the U.S. Mint will begin circulating quarters honoring five American women as part of a four-year series celebrating women’s contributions. It’s about time!

These wins are for all of us, inspiring every generation—especially the young women watching us now. It’s never too late to make your mark.

As we move from Shecession to Shecovery, remember to lead with empathy and truly listen. Get more women back to work and embrace flexibility and hybrid models. Together, we’ll keep making history.

This article is part of a special Voice series, Voices of Tomorrow: A More Equitable Working World for Women in Advertising, intended to educate marketers on how to continue making advances toward equity and supporting women in the workplace, business ventures and male-dominated industries.