A new report by Mayo Clinic has found that managing menopause symptoms is costing the US economy $26.6 billion per year, due to lost productivity and increased health expenses. The report surveyed over 4,400 women aged 45 to 60 and discovered that almost 11% of them had missed work in the previous year due to symptoms like hot flashes and sleep disturbances, costing an annual $1.8 billion.
The survey also revealed that at least 13% of women had left employment or experienced reduced work hours or early retirement due to menopause symptoms. In addition, direct medical costs associated with menopause were found to cost this age group $24.8 billion each year. The report underscores the need to improve medical treatment for women experiencing menopause and to create more supportive work environments during this crucial life stage, especially considering that a survey of 2,500 women conducted by telehealth company Gennev showed that 99% of women don't have access to menopause benefits at work in 2021.
According to a report, women aged 45 to 54 comprise 20% of the female workforce in the US; however, women of color are disproportionately affected, with Black women experiencing adverse work outcomes three times more often than their White counterparts. The report highlights that many women in this age group are achieving career success and leadership roles, and their decision to opt out of employment could be a reason for the lack of women in senior leadership positions.
Unfortunately, the trend of women leaving top-ranking positions is increasing. For every female director who gets promoted, two female directors are leaving their company, according to a report by McKinsey & Co. and LeanIn.org. A survey of US women aged 40 to 55 found that almost a third of respondents considered switching to part-time work, and 22% thought about retiring early. Another survey in the UK revealed that 18% of women going through menopause were considering quitting their jobs altogether.