Rapid Response: What the pandemic has cost women, w/Ellevest's Sallie Krawcheck
Masters of Scale
WaitWhat
4.6 • 4.4K Ratings
🗓️ 14 January 2021
⏱️ 38 minutes
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Summary
Amidst the devastating effects of the pandemic, one in five women has left the workforce, and the gender pay gap and wealth gap are expanding. There's a long-term cost to that inequity, says Sallie Krawcheck, co-founder and CEO of Ellevest, a fintech platform dedicated to serving women investors – and businesses can help to address that cost. A long-time C-suite leader at financial behemoths like Citi and Bank of America, Krawcheck knows firsthand the obstacles women face as well as the struggles big institutions can have in reconfiguring their practices to help. Today, she says, we can no longer look away from the harsh numbers. She believes the agility of startups provides a key part of the solution, demonstrating the impact that entrepreneurship can have, for all of us.
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Transcript
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| 0:00.0 | Hey listeners, this is Jordan McLeod, executive producer of Masters of Scale. |
| 0:04.6 | If you've ever wished you could hear insights from Reed in real time, well then listen up. |
| 0:09.2 | We're hosting a live virtual strategy session in alliance with Capital One Business on January 26th, |
| 0:15.2 | and you're invited. During this event, you'll hear Reed and other business leaders explore |
| 0:19.4 | some of the most timely questions entrepreneurs are facing right now. |
| 0:23.7 | When you register, you'll also have a chance to submit your own question to Reed, |
| 0:27.4 | and he just might answer it live. So go to MastersofScale.com slash strategy session to register for free. |
| 0:35.5 | Again, that's MastersofScale.com slash strategy session. Now onto the show. |
| 0:45.0 | Going into March, we were pulling together an investment round, the investor pulled away, |
| 0:52.1 | and so I am looking at this uncertainty, knowing that we have a limited amount of runway. |
| 1:02.1 | Having discussions and debates at the leadership team, saying the business may be imploding, |
| 1:08.4 | should we lay off 25% of the company or 30% of the company? I don't think I've ever been |
| 1:14.4 | lonelyer in my life, winded up in the course of the year taking things back up and avoiding what |
| 1:22.9 | in hindsight would have been a fatal error for the business. |
| 1:30.6 | One thing I just can't believe we're not talking about every minute of every day, sitting here |
| 1:35.6 | looking at 2020, is that one in five women have left the workforce this year. What? Women are |
| 1:44.8 | recognizing they're getting disproportionately hit. Women are recognizing no one's coming to save us. |
| 1:51.6 | We've got a long way to go in terms of getting past venture funding and being a profitable company, |
| 1:57.7 | but the impact we're having today given the size of the community and the message we've got |
| 2:02.4 | is something. Money's women's number one source of stress, taking action around us, the number one |
| 2:08.3 | driver, their confidence in their future, where we're doing is so much bigger than just money. It's |
| 2:12.8 | really life changing. That's Sally Crock check, CEO of LVEST, a Fintech platform dedicated to serving |
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