Many leaders sounded the alarm throughout the pandemic about the barrage of women forced to leave their professional jobs. Reasons varied from being disproportionately employed by and thus severely affected by service sector closings to shouldering greater caregiving responsibilities at home. Data shows that women of color were hit hardest.

A new report from S&P Global reaffirms that these recent setbacks stand on top of decades of income inequality for Black women. Wage gaps have slowed household income growth for families of color and make them less able to weather significant economic downturns like the one we're currently experiencing. Looking at the big picture, the report estimates wage gaps and other barriers to economic mobility for Black women have depressed the US economy by about $507 billion over the past 60 years.

As we start to reopen and rebuild, we need all hands on deck — and that means a strong presence of women, especially women of color, in the workforce. To achieve this, we need to implement structures and support systems from private and public sectors that enable their continued contributions and success.