At Aneuvia, we believe in democratizing financial wellness and investment advice for the betterment of companies, communities and individuals. Here we share our insights, point of view and advice on global impact investing, corporate diversity and inclusion, new financial market trends, impact investment funds and more.
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It’s becoming clear that the effects of COVID-19 are here to stay long-term. Add to that the continuing issues of racial inequality, the increasing polarization of American culture in the run-up to the upcoming presidential election and the most recent wave of climate-change driven natural disasters, and it’s becoming increasingly clear that America’s road to recovery will be a circuitous path versus a straight line.
COVID-19 has turned into an inflection point. Not only is the crisis reshaping the ways we live, work, and socialize; but it’s also leading us to reevaluate fundamental issues of economic, social and racial equality – and the role of corporations in shaping progress on those issues.
83% of executives today feel an urgency for business to be a critical part of driving solutions to some of today's most pressing issues — including COVID-19, racial injustice and economic resurgence, according to the 2020 Porter Novelli Executive Purpose Study.
One particular example is the Black Lives Matter movement, which propelled many companies to step up and voice support for justice, reform and equity. This would have been considered a risky business move many years ago. But, today, due to the increased polarization of our country, even the most apolitical household companies have taken an explicit stand on issues like human justice, gun control, immigration, and women’s rights. Corporations that used to stay publicly silent, out of fear of alienating their customer base, now have a business, moral and financial imperative to speak up.
In our latest whitepaper, we discuss the importance of businesses having a positive impact on society and taking an inclusive approach in order to avoid reputational risk, but also to venture into unexplored business domains. The adverse effects of material issues such as climate change, gender inequality, financial exclusion, and resource scarcity are a wake-up call to stakeholders and shareholders, alike. Our view at Aneuvia is that sustainable, equitable investing not only increases intrinsic value, but also produces greater financial returns. In today’s competitive landscape, diversity and inclusion isn’t an option, but an imperative.
View our latest whitepaper for more on sustainable and impact investing.
COVID-19 is not only a test to our global economy, health and wellness, but also our human spirit.
The pandemic is deepening pre-existing inequalities and exposing vulnerabilities in social, political and economic systems, particularly for women.
One example of unemployment data shows that 55 percent of people who have lost their job during this time are women.
Adding fuel to the fire: according to PayScale, the median salary for men is roughly 19 percent higher than the median salary for women in 2020. This is just a 7% percent improvement from 2019, when the median salary for men was roughly 26 percent higher than the median salary for women.
We have work to do - both men and women - to close this gap.
Women now effectively have to work four jobs: their day job, homeschooler, housekeeper and cook. Rarely are their effective corporate programs that help women - particularly working women - balance their responsibilities at home so they can continue to stay and thrive in the workforce.
Our team at Aneuvia commissioned a recent survey of 150+ corporate mothers with one or more children under 18 years old, and found an increase in primary caretaker responsibilities for corporate mothers (63%) and growing unavailability of third-party childcare (from 94% to 29%). When asked what employers can do to support corporate mothers, 44% respondents confirmed, greater flexibility with working hours - such as four-day work weeks.
Women need advocates now more than ever to feel supported, elevated and valued.
Harvard Business Review reveals that both men and women undervalue or fail to nurture a network of professional sponsors, yet women are 54 percent less likely than men to have a sponsor.
Without mentors, advocates and sponsors, women often decide to leave the workforce, experience burnout due to work-life imbalance and continue to suffer pay inequalities.
On the other hand, seventy percent of men and 68 percent of women who have a sponsor reported being satisfied with their career advancement. Women with sponsors are 27 percent more likely than their unsponsored female peers to ask for a raise and 22 percent more likely to ask for “stretch assignments” that go on to build their leadership reputation.
People invest in people who look like them.
Diversity is not a buzzword. By having a diverse workforce, we are more likely to learn about the concerns and preferences of various population segments, increase profit potential and create a more engaged workforce.
When we put women in leadership positions, we create a domino effect. They have power in an organization and can use their social influence, capital and credibility to advocate for other women, who are then elevated to positions of power.
Finally, putting women at the center of policy planning, workforce leadership development and financial program development will drive better and more sustainable development outcomes for all and support a more rapid recovery.