Research by the London School of Economics reveals that 70% of women are very anxious about taking career breaks be it for childbirth, parenting, or traveling. The Harvard Business Review says that 43% of highly-qualified women are taking breaks or even leaving their careers to take care of their children.
Women who are returning to work after a career break earn 29% less than their male colleagues, making a salary difference of about $16,000 per year. Even before taking such a leap, women had to work a full month longer than men to earn equal pay.
The ugly truth of the corporate world is that the companies do not realize the talent pool they’re missing. It is up to the women to act smartly and stay connected to the professional world through their distinct insight.
Seeking Professional Financial Advice
A research was released by REST Industry Super in Australia that made some sad revelations. It is unfortunate that only 6% of women would take financial advice before taking a jump in their startups career, and a mere 16% would make an effort for superannuation contribution during the break. What would this mean? A major blow to the retirement balance, especially if you don’t have a strong insurance policy from a good company.
There are already many structural issues within the corporate system that contribute to the gender disparity. But, lack of financial planning is enough to let your career, future opportunities, and a safe and peaceful retirement plan go down the drain. Even a short call with the financial planner would be enough to shake you to work towards your betterment.
Use the Break Time for Your Benefit
Build a professional network and cultivate a strong portfolio before you take a career break. This will help you in grabbing the opportunities once you’re back in the game. A lot of people believe that a gap in their CV is not going to let them be considered for worthwhile positions. But, you can use this break for the benefit of your career.
Instead of giving up on your professional life entirely, use this time to harness new skills that can contribute towards career growth. Try to polish yourself and build a strong professional network to ensure that your learning and potential do not become stagnant during this period.
The Bottom Line: Redefine the Corporate Policies by Starting Your Own Business!
A 2013 survey by the Pew Research Center found that mothers are three times more likely to quit a job at any point in their career just to take care of their children. Being the primary caregiver, choosing family over care is inevitable for most women. They have to compromise either by reducing their working hours or entirely giving up on their lucrative jobs.
The best way out is to work on your terms and come up with a strong business idea that can be run while taking care of the family. No one else can empower women but themselves, so it is high time now that they realize their potential and up their game.