The following blog post is the final post of a three-part series based on the results of the SheSpeaks/Lippe Taylor Affordable Care Act: Impact on Women Survey, which polled more than 1,000 women about their understanding and opinions about “Obamacare” and the government shutdown.
Stop working just because you don't get your way? Can you shutdown at work if someone doesn't like your idea? Would your boss respect you? Would the company still invest in you?
The government shutdown may be over, but the effects will be felt for months to come. Lippe Taylor conducted a poll during the shutdown with SheSpeaks to understand women's perspectives on the situation. We found that the shutdown had a significant impact on the confidence women have in the government and the economy. Alarmingly, almost half of women in our poll said they will spend less because of their concerns about the shutdown. If women stop spending, there could be far-reaching and long-lasting repercussions. Unfortunately, the damage to confidence in the financial stability of the country may have already been done.
In fact, the conversation has already started online, with 26% of women surveyed saying they have voiced their concerns on Facebook. “As women control more than 80% of the spending in the US, the combination of their spending power, their lack of confidence in the government, and their ability to broadcast their concerns via social media is alarming and noteworthy,” said Aliza Freud, CEO of SheSpeaks.
With women's confidence in the government and economy low, it is going to take some work to regain their trust and get them to feel good about spending. With women controlling 80% of spending in the US, what can companies do to help build confidence with this important group of consumers?
Businesses should report positive and relevant news, for instance, announce continued support for women's causes, strong sales, new products, and expansion plans. One of the most important things a company can do is continue to deliver quality products and services. Let her know that a brand she trusts is not a casualty of government actions.
While the survey showed that women feel the government should have figured out a compromise, they are not willing to compromise on getting the most for their money. Corporations can help shutdown their fears about spending, because after all, we can't afford to have women close their wallets.
Elise Titan is EVP leading the health and wellness practice at Lippe Taylor.