Women Are Winning in the Workplace

By: Jenny Montoya · May 15, 2024 · Reading Time: 2 minutes

April Jobs Report

There are more women in the U.S. workforce today than ever before. More than 3 in 4 American women between ages 25 and 54 work part-time or full-time today, according to the Bureau of Labor Statistics’ April jobs report .

What’s Going On

The rise in the number of women in the workforce is likely due to two factors: the sustained strength of the U.S. job market and greater work flexibility.

After skyrocketing during the pandemic, America’s unemployment rate has hovered under 4% since 2022, indicating a strong labor market. In April, that figure was even lower for women, at just 3.1%.

Meanwhile, the increase in remote and hybrid work models has granted today’s workers greater flexibility in terms of their work schedules and locations. This shift has opened up opportunities for many parents, and particularly women, who are looking to balance career growth with raising a family.

Looking Ahead

Although these changes in the workforce have advantages, there are still hurdles to overcome.

In particular, the rising cost of childcare poses a challenge for many working parents. The median cost of daycare for a single child can be as high as $15,000 a year, per Census Bureau data. In fact, childcare in the U.S. now costs more than some colleges.

Companies are beginning to address this through childcare benefits, which studies have shown improve employee productivity and retention. But only a fraction of employers currently offer these perks. More measures like these could help keep women’s workforce participation at its record level or propel it to new highs.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

Communication of SoFi Wealth LLC an SEC Registered Investment Advisor.

SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

TLS 1.2 Encrypted
Equal Housing Lender