Magazine

Women Supporting Women in 2021

By Sallie Krawcheck

I know it’s been almost a week. But I’m not over the sheer power of the women at last week’s inauguration.

Yes, the outfits. Omg, the outfits. Coat game strong.

But it was really about how they owned the moment.

About how Kamala Harris, our first woman vice president, was sworn in by a woman Supreme Court Justice. About the strength of Michelle Obama and how she supported Black fashion and makeup designers. About Rep. Barbara Lee wearing Shirley Chisholm’s pearls. About three powerful women as “entertainment” — Lady Gaga, J. Lo, and the woman I now want to be when I grow up: Amanda Gorman.

Coming out of a year when women just took it on the chin — wow. What symbolism for 2021.

It’s just the mindset we need as we take on how to recover from this she-cession, which is still impacting BIPOC women and moms every day. It’s going to take a lot of our energy to recover.

We’ll need governmental support, of course.

I’m glad to see that in the first week of the new administration, we have a new White House Gender Policy Council — co-chaired by Jennifer Klein of TIME’S UP and Julissa Reynoso, the incoming assistant to the president and chief of staff to Dr. Jill Biden. They have a lot to tackle, starting (I hope) with mandatory paid parental leave and how to fix the broken care system that forces moms to be this country’s safety net.

You may have also seen the ad in the New York Times today demanding a “Marshall Plan for Moms.” It was led by Girls Who Code founder Reshma Saujani, and calls on President Biden to unroll a plan for financial rebuilding for parents in the first 100 days of the administration. I signed the ad, and you can add your signature to the plan, too.

And the Equal Rights Amendment — first proposed in 1923 — is back under serious consideration. Can’t hurt to pass it in 2021.

That’s not enough, though. We’re going to need to support one another.

By supporting women-owned businesses — which have always faced less support, even before the pandemic, and are struggling now. (Even as more and more women, faced with a bleak job market, are choosing to launch their own.)

By talking about money and career with our friends, and by speaking up for one another at work.

By working toward racial equity.

And by supporting each other in the workplace:

A new study about what it takes to network successfully — and thus what it takes to get ahead at work — really struck me. Men just need to “schmooze,” but women also have to “scout” — that is, talk to other women to get private info on gender equality within a company. That builds on an earlier study that said that women need a wide network of contacts but also an inner circle of other women to network with. Turns out, it seems, that we should be “scouting” with each other.

In other words, women supporting women is the key.

And we’d love to know how you’re doing as we head into this new phase. Please take a few minutes to take our short survey to tell us about your financial wellness — it’s quick, and if you complete it by February 2, 2021, you’ll be entered to win a free Ellevest Executive membership for a year.*


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Sallie Krawcheck

Sallie Krawcheck is the Founder & CEO of Ellevest.