The global wealth gap has been wedged even further apart.
Over the last year, we have seen certain demographics and communities bear the brunt of the economic fallout driven by Covid:
People with disabilities: have suffered a greater financial loss because of employment and financial security.The University of Sydney found that 7% of those with disabilities had to use a food bank in 2020, compared with 1.7% of those without disabilities.
Women: represent39% of global employment but account for 54% of overall job losses. In addition, nearlyone in four women are considering putting their careers on hold or leaving the workforce entirely because of the impact of the pandemic.
Ethnicities: some groups have been hardest hit with more job losses or salary reductions, exacerbating existing wealth gaps in many countries. In the US,86% of Latino households are reporting severe financial deficits because of the pandemic.
Gen Z: is the worst financially hit generation,63% say they saw a reduction in their incomes. Conversely, only 42% of Baby Boomers said their incomes were affected, on average across the globe.
The pandemic has amplified financial wellbeing inequalities that were already in existence.
But this injustice can be fixed.
The economy is recovering, with many organisations leading the way, uncovering a unique opportunity to level the playing field. It's you as employers who are in the best position to break down country barriers and drive change with financial inclusion.
How can you help your people?
There are three steps you can take today for your people across the globe:
Identify groups within your global workforce who have been hardest hit.
Find out from these groups the support they require and the cultural implications you’ll need to take into account. For example, debt is a criminal matter in the UAE and there is no concept of a credit score in Japan.
Look for a financial wellbeing tech solution, like nudge, that is personalised to the different needs of your people. Design a globally consistent employee benefit experience and allow local adaptation to cultural sensitivities and market differences.
What to know more?
Join our event: How can employers drive financial inclusion? Thursday 10 June 2021 | 4pm [BST], 11am [CT]
In this webinar, we will unpack the global emergency evidence and pinpoint exactly what employers can do to help. Joining us to explore this topic is a lineup of ground-breaking speakers:
David Whitfield, CEO and Founder, HR Data Hub.
Tori Berry, Global Diversity and Inclusion Lead, HSBC.