MReport September 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 19 of 66

18 | M R EP O RT FEATURE 14 15 16 17 18 19, MWBEs Are Most Represented In Industries At Immediate Risk From COVID-19 Share of ownership by risk levels from COVID-19 from Community Development Financial Institutions, which focus on lending in poor areas: 17% compared to 3% for Latinos and 3% for whites. 14 Pandemic Impact on Female Professionals P ast economic downturns prompted higher male un- employment in industries like manufacturing and construc- tion. Unemployment among men reached 11.1% in 2009, compared with a peak of 9% for women in 2010. In May 2020, unemploy- ment among women was 16.2% compared to 13.5% for men, and 14.7% overall compared to 4.4% pre-pandemic, according the U.S. Department of Labor. The pandemic varies from other downturns since women and minority unemployment rates, concentrated in service industries, are higher than men. Women tend to be in public facing positions and therefore more apt to be furloughed or laid off. For example, about 11% of healthcare workers are women compared to 3% of men. 15 Remote work and closed schools combine to exacerbate the impact of COVID-19 on female professionals. As they dominate service industries, they dispropor- tionately handle household and childcare responsibilities. Jobless women spend more than eight hours a day on unpaid household and care work, compared with less than three hours for men, ac- cording to a study by the Institute for Women's Policy Research. 16 During the pandemic, a survey conducted by the Boston Consulting Group found that on average women were spending 15 hours more a week on domestic labor than men were, at 65 hours versus 50 hours, compared with a pre-pandemic balance of 35 hours and 25 hours. 17 Opening economies with- out schooling and childcare MALE WHITE FEMALE ASIAN AMERICAN EQUALLY OWNED BLACK 60.9% 20.5% 18.6% 70.6% 15.5% 13.9% 64.3% 24.5% 11.3% IMMEDIATE NEAR-TERM LONG-TERM 80.1% 18.0% 1.9% 87.9% 8.8% 3.3% 93.1% 1.6% 5.3% IMMEDIATE NEAR-TERM LONG-TERM 0.9% 91.9% 7.2% 0.9% 92.3% 6.9% 0.8% 94.1 5.1% IMMEDIATE NEAR-TERM LONG-TERM NON-LATINO OR HISPANIC LATINO OR HISPANIC EQUALLY OWNED NOTE: BASED ON THE U.S. CENSUS BUREAU'S CLASSIFICATION OF BUSINESS OWNERSHIP, PEOPLE OF LATINO OR HISPANIC ORIGIN MAY BE OF ANY RACE is a "recipe for a generational wipeout of mothers' careers," said Joan Williams, a professor at the University of California Hastings College of the Law and the founder of the Center for WorkLife Law. 18 U.S. employers tradition- ally consider childcare to be a personal responsibility, typically handled by mothers. According to the U.S. Census bureau, in 2018, about 70% of husbands in dual-income hetero- sexual couples earned more than their wives, which causes women to sacrifice their careers. Things won't change anytime soon—schools are either hybrid or 100% remote, so businesses should adapt to this new reality. The Boston Consulting Group had four suggestions: communicate, priori- tize, and be flexible; give work- ing parents the accommodations they need; factor caregiver status into talent evaluations and track impact; and lead with empathy. Women and minority busi- ness owners and professionals face worse conditions during the pandemic compared to previous recessions. Initiatives aimed at helping them include the in- creased use of technology, policy changes regarding work and edu- cational environments, and social justice changes affecting minorities and women. There also is a silver lining in the form of additional financial relief from the federal govern- ment, including another round of PPP, SBA EIDL loans, and temporary cancellation of payroll taxes. There are private resources to assist MWBEs. 19 Will history repeat itself? Like the recovery after the recession of 2009, will small businesses grow again? We now wait and see if the mightiest of smallish businesses survive, and develop, and if MWBEs lead the economic recovery post-pandemic. . MICHELLE GARCIA GILBERT, ESQ. is President and CEO of Gilbert Garcia Group, P.A. She has been admitted to the following practices and courts: Florida Bar, 1986; Middle District of Florida, 1988; Northern District of Florida, 2005; Southern District of Florida, 2006; U.S. Supreme Court, 2000; U.S. Court of Appeals, Eleventh Circuit, 2003. She matriculated at the University of South Florida (B.A., 1982, cum laude), and the University of Notre Dame (J.D., 1985).

Articles in this issue

Links on this page

Archives of this issue

view archives of TheMReport - MReport September 2020