Additionally, around 740 million women globally work in the informal economy, which was detrimentally affected by the lockdowns. Furthermore, women remain underrepresented in formal employment – particularly at more senior levels.

The decline in women’s economic empowerment could have a significant long-term impact. Experience of pandemics like Ebola and Zika suggest that women take longer than men to recover from the impact of a financial crisis. Women are less likely to have significant savings or have put money away for retirement, leaving them at higher risk following periods of unemployment or restricted income.

The drive for more physical distancing in the workplace could also accelerate automation trends. This is a concern given that 11% of the female workforce is at a high risk of automation, compared with 9% of their male peers.

The erosion of female empowerment and poverty reduction programmes also threatens not only progress made towards implementing the Sustainable Development Goals (SDGs), but also the development agenda in countries across the world.

According to Ntombi Mhangwani, Experience Architect & Lead Women’s Forum at Accenture Interactive Africa, “the impact of COVID-19 will continue to allow societies to be less equal, more divided and poorer if they are left unattended.

It is therefore important to recognise women as equal partners and key actors in the economy, and in the process increase the possibilities for a quicker socio-economic recovery.”

“We need to act now. It is important that we adopt gender-responsive budgeting informed by gender impact assessments to ensure that pandemic recovery measures foster a gender-inclusive workforce.

We need to ensure equal representation of women at all levels of decision-making platforms, and develop as well as fund action plans to stimulate women’s participation in entrepreneurship and innovation ecosystems by supporting the start-up, scale-up and sustainability of women-owned businesses, particularly in e-commerce and the digital economy,” says Mhangwani.

At Accenture, we are continuously striving to become a more inclusive and diverse company across all levels.

The Accenture Women’s Network – an employee group across more than 150 locations globally – serves as an in-person and online resource for our women to network, learn and grow. We take inclusion and diversity very serious,” concludes Mhangwani.

The challenge COVID-19 poses to gender equality is extensive. It is therefore important that leaders turn this test into an opportunity – an opportunity to reset the economy by planning a recovery based on the principle of inclusiveness, and acknowledging that the full and equitable participation of women in economic activity is critical to a faster socio-economic recovery.

By Anele Gcwabe