Sallie Krawcheck, CEO of Ellevest, joined TheStreet's Katherine Ross in an episode of Coffee With Katherine to discuss how the she-cession is impacting women and how we can prevent decades of progress from being wiped out.
But, let's first take a step back and go through some data points.
"Women—especially women of color—are more likely to have been laid off or furloughed during the Covid-19 crisis,1 stalling their careers and jeopardizing their financial security," McKinsey wrote in its 2020 Women in the Workplace study.
"At the beginning of 2020, before the Covid-19 pandemic began in the United States, the representation of women in corporate America was slowly trending in the right direction. This was most pronounced in senior management: Between 2015 and 2020, the share of women grew from 23 to 28 percent in SVP roles—and from 17 to 21 percent in the C-suite. Women remained dramatically underrepresented, particularly women of color, but the numbers were slowly improving," the report continues.
Watch the video above to see what Krawcheck says about the she-cession.
During Women's History Month, TheStreet is celebrating female leadership and milestones on and off Wall Street. Explore these video offerings: The First Female Stock Broker, The First Female President of an Exchange, and The Witch of Wall Street.