Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. You're listening to Bloomberg
Speaker 1: BusinessWeek with Carol Masser and Tim Steneveek on Bloomberg Radio.
Speaker 2: Well, US job growth studied last month, well on the
Speaker 2: unemployment rate rose. It's a mixed snapshot of a job
Speaker 2: market hanging in the balance of a quickly changing government policy.
Speaker 2: The labor market is softening, with more people permanently out
Speaker 2: of work, fewer workers on federal government payrolls Carol, and
Speaker 2: a jump in those working part time for economic reasons.
Speaker 3: That said, there are still more than seven million jobs
Speaker 3: in the United States that remain on filled. That's according
Speaker 3: to the latest Joltz data, So there's definitely some imbalance
Speaker 3: out there. Debbie Dyson is working to correct that. She
Speaker 3: is the CEO of One ten. It's a nonprofit. It
Speaker 3: works with companies and their leadership to change how they
Speaker 3: hire talent. So basically, people who don't have four year
Speaker 3: degrees but have skills are able to get hired. She
Speaker 3: joins us from Las Vegas. Debd be great to have
Speaker 3: you here with Tim and myself. Tell us a little
Speaker 3: bit more about what you folks are doing and what
Speaker 3: actually creates results.
Speaker 4: Yeah, no, thank you so much for having me. So, yeah,
Speaker 4: I mean, our movement has been really focused again on
Speaker 4: identifying organizations that are really looking to elevate their talent strategy.
Speaker 4: And if you think about, as you just noted, with
Speaker 4: seven million opportunities available and people looking for opportunity, you're
Speaker 4: able to widen your talent pool when you sort of
Speaker 4: eliminate or take away that sort of degree requirement that
Speaker 4: currently still have about sixty percent of all jobs that
Speaker 4: are asking for one. So we're really trying to just
Speaker 4: widen the pool and give opportunities in a more fair
Speaker 4: balanced manner, you know, across the various industries that exist.
Speaker 2: Which industries are most receptive to this?
Speaker 4: Yeah, I mean, so the way that we look at it,
Speaker 4: as we look at the variety of different job reports
Speaker 4: that I'm sure you've seen as well, Like manufacturing is
Speaker 4: definitely leading the pack. But this is pretty volatile. So
Speaker 4: we've seen manufacturing, you've seen healthcare. You know, we're starting
Speaker 4: to see a little bit more of a spike in
Speaker 4: the technology you know it AI as you can probably
Speaker 4: well imagine. So those are typically the three leading industries
Speaker 4: that we've seen, you know, quarter by quarter, and what
Speaker 4: I will say our coalition consistently is asking us for what.
Speaker 3: You know, if you could change something that would help
Speaker 3: your mission, what would it.
Speaker 4: Be candidly demystifying that an individual needs a four year
Speaker 4: degree in order to actually get a good job. You know,
Speaker 4: what we're finding is is that talent comes in all
Speaker 4: shapes and sizes. You have individuals that are unable to
Speaker 4: complete a four year degree, but they've been working for
Speaker 4: the last twenty years and they're trying to apply for opportunities,
Speaker 4: but the job description indicates that they need a four
Speaker 4: year degree. Well, if you can eliminate or recredential that
Speaker 4: particular job, imagine the opportunities that are able to be open.
Speaker 4: So there's a little bit of a legacy we've been
Speaker 4: you know, we've all been doing this for decades of
Speaker 4: interviewing people and looking right away. When you use AI
Speaker 4: technology to scrape resumes and say only look for people
Speaker 4: with degrees, you're leaving behind about sixty six percent of
Speaker 4: Americans that are immediate eliminated because of this requirement. So
Speaker 4: it's not to say that we're discouraging people from be
Speaker 4: dating to degree. We're just saying widen the pool and
Speaker 4: allow others to be part of the opportunity as well.
Speaker 2: W you spent a lot of your career working for corporations.
Speaker 2: You're former president of ADP National account Services, So you
Speaker 2: know that when hiring committees get together and when they
Speaker 2: look at folks for jobs, a lot of times they
Speaker 2: do look at that four year degree.
Speaker 4: Exactly exactly, Yeah, I mean I was in human capital management.
Speaker 4: I mean, you know, part of a talent strategy is
Speaker 4: making sure again that you're trying to broaden, you know,
Speaker 4: the individuals that are qualified. And so the way that
Speaker 4: you think about it is, if you really want to
Speaker 4: get to the right type of talent, what are the
Speaker 4: actual skills that you need to gain the employment and
Speaker 4: the ability to actually flourish and have a sustainable career.
Speaker 4: Most of those of us, excuse me, have learned what
Speaker 4: we've learned through on the job training. It wasn't so
Speaker 4: much my degree. It helped perhaps open a door, but
Speaker 4: most of what I was able to obtain was through
Speaker 4: on the job and skills that I gathered through the career.
Speaker 4: So that's what we're trying to educate, is to just
Speaker 4: help manage your see beyond.
Speaker 3: Well, that's to Tim's point, Debbie, though, like, tell us
Speaker 3: how many instances you know, once you're you know, kind
Speaker 3: of inside a corporate setting, you see how you know
Speaker 3: things work, how decisions are made. And I'm just curious
Speaker 3: from your time spent in corporate America how often somebody
Speaker 3: is a great candidate or but they don't have a
Speaker 3: college degree or something like, you know, what goes on
Speaker 3: internally in terms of the standards. I feel like at
Speaker 3: a lot of organizations they still want to see at
Speaker 3: least a college degree. We kind of make the comments
Speaker 3: when I graduated, college degree was enough. I didn't need
Speaker 3: a master's. Now today I have a daughter coming out
Speaker 3: of college. He's like, I'm going to need master's to
Speaker 3: do anything for anybody to look at me, you know,
Speaker 3: to really advance. Like, how do we get away from
Speaker 3: that mind thing?
Speaker 4: Yeah? I mean, look, if you think about it, the
Speaker 4: way that we try to go about it is you
Speaker 4: take a pool of say one hundred typical types of jobs,
Speaker 4: and you lay them out and say, what are the
Speaker 4: actual requirements that are needed? And you literally start with
Speaker 4: the skills that are required. Now, I'm not, by any
Speaker 4: means suggesting that one hundred percent of all jobs do
Speaker 4: not require a degree. They are absolutely jobs that you
Speaker 4: must you know, would I think we would all feel
Speaker 4: comfortable if our doctor had a degree, or a lawyer
Speaker 4: or engineer or roles like that. But there are other
Speaker 4: front entry level positions that really would not require a degree.
Speaker 4: So we try to get managers and leaders to think
Speaker 4: about the skills that are needed first. That's why it's
Speaker 4: called skills first. Think of the skills first, and then
Speaker 4: think about every other requirement. And as you go through
Speaker 4: you will find, in a sixty forty sort of situation
Speaker 4: that the skills are first of a priority rather than
Speaker 4: a degree. And that's all that we're trying to do
Speaker 4: is even the playing field so that everybody has an
Speaker 4: opportunity to hopefully get a great job.
Speaker 2: Oh Devin listening to one of the recent Azrakline podcasts.
Speaker 2: It's run like ten or fifteen minutes into it, but
Speaker 2: he's interviewing Ben Buchanan, who is an AI advisor in
Speaker 2: the Biden Whitehouse, and part of the interview, he says
Speaker 2: something along the lines of any anybody who's it's behind
Speaker 2: it or in front of a computer, their job will
Speaker 2: be at risk when it comes to AI. Debbie, how
Speaker 2: do you think about that when you think about while
Speaker 2: the employment picture changes in the coming years, and whether
Speaker 2: or not a degree is even necessary in a world
Speaker 2: where we'll have this technology with AGI.
Speaker 4: Yeah, I mean, look, I think there's a piece around AI.
Speaker 4: I mean, obviously it's real, it's here, and I do
Speaker 4: think that there's an opportunity that there are many front
Speaker 4: entry level positions that are more manual in effort that
Speaker 4: could be automated through AI that will be eliminated. But
Speaker 4: it is not every single job. We all know that
Speaker 4: in order for AI to be efficient and work, there
Speaker 4: are people behind it that have to program it. So
Speaker 4: what we've been encouraging talent and even employers to think
Speaker 4: about is who do you need in your organization to
Speaker 4: help feed the engine for AI. It doesn't just learn,
Speaker 4: even though we might think that on its own, someone
Speaker 4: has to. So we're trying to now equip learners and
Speaker 4: talent to think about how do you contribute to AI
Speaker 4: to be part of the solution, opposed to running the
Speaker 4: other direction and thinking your job's going to be eliminated.
Speaker 4: It's almost like a it's a coworker, so sit side
Speaker 4: by side and not necessarily the elimination it's just elevate.
Speaker 4: Entry level positions absolutely are probably at risk. But there's
Speaker 4: a whole other plethora of opportunities that we see beyond
Speaker 4: AI that won't be replaced but could be enhanced by
Speaker 4: human touch to some degree.
Speaker 3: Yeah, it's interesting. There's a story that is among the
Speaker 3: most read on the Bloomberg and has to do with
Speaker 3: junior bankers on Wall Street how they are anxious about
Speaker 3: the as of AI and they're worried that it's going
Speaker 3: to minimize their learning opportunities and make them weaker employees
Speaker 3: in the long run. Right, Like, you're not going to
Speaker 3: pull in a junior player to say, hey, help me
Speaker 3: with this deal. I'm the senior player. I'm going to
Speaker 3: teach you things. You know, we're not going to maybe
Speaker 3: we can just do something ourselves or use AI or
Speaker 3: what have you, especially in some of those tedious tasks.
Speaker 3: So you do wonder what the impact be. I am
Speaker 3: curious what you are looking to help individuals? Are companies create,
Speaker 3: you know, help individuals to upscale? What are the number
Speaker 3: one or two skills that need to be taught?
Speaker 4: So you have there are two skills factors that we
Speaker 4: talk about. There's technical skills, and then I would say
Speaker 4: softer or durable skills. And so on the technical side,
Speaker 4: you're hearing a lot more around sort of critical think gain.
Speaker 4: You're thinking more around that analytical just as we talked
Speaker 4: about AI. It's the analysis of it. You know, it's
Speaker 4: one thing to get data, it's a whole other thing
Speaker 4: to sort of interpret it. So we see a lot
Speaker 4: more around that. When you go to the soft skills,
Speaker 4: I think pieces that when there's hesitancy about using skills,
Speaker 4: it's where do you learn the ability to be a
Speaker 4: great collaborator, how do you think about resiliency. So part
Speaker 4: of the package more or less when you think about
Speaker 4: skills is the combination of technical skills that you need
Speaker 4: to do the technical aspects, but the ability to obviously
Speaker 4: have this off skills on verbal and presentation skills that
Speaker 4: you know. Some would argue that you do learn when
Speaker 4: you're in more of a collegiate environment. And so we're
Speaker 4: trying to fill both gaps so that there's not a
Speaker 4: shortage to say, yeah, you gave me somebody that had
Speaker 4: this piece, but they're lacking that.
Speaker 3: Hey, just to get just thirty seconds back to that
Speaker 3: story that I mentioned on the Bloomberg. I mean, what
Speaker 3: happens to the entry level? Does it go away?
Speaker 5: Though?
Speaker 3: I mean because of AI and so people don't get
Speaker 3: that opportunity.
Speaker 4: Yeah, you know, look, I think there's a reality that
Speaker 4: a good portion of it will, and so I think
Speaker 4: that is why we're trying to get learners at a
Speaker 4: little bit more of an advanced date in their career,
Speaker 4: so that it's not just starting at entry maybe you're
Speaker 4: more mid management, and that you're starting at a more
Speaker 4: seasoned and tenured But yeah, it's a risk, there's no
Speaker 4: question at all.
Speaker 3: All Right, we got a run. Hey listen, thank you
Speaker 3: so much. Good to check in with you and have
Speaker 3: a great weekend. Debbie Dyson, chief executive officer of one ten,
Speaker 3: joining us from Las Vegas.
Speaker 2: Well fair to say our audience is familiar with the
Speaker 2: glass ceiling Carol, Yes, billiar yes, ok, yeah, Okay, I
Speaker 2: heard of it.
Speaker 3: Yeah, all right, waiting for me to say like I've
Speaker 3: hit a.
Speaker 2: No no no. But you know, it's a rhetorical question
Speaker 2: that you know, I don't know. Yeah, yeah, what about
Speaker 2: the broken wrung?
Speaker 3: Uh? Not as much I.
Speaker 2: Didn't know about this.
Speaker 3: Yeah.
Speaker 2: Lorena Yee argues that it actually holds women back in
Speaker 2: their careers more so than the glass ceiling. So let's
Speaker 2: get right to it. Loraina Ye is senior partner in
Speaker 2: McKinsey and Company, also chair of the McKenzie Tech Council.
Speaker 2: For forthcoming book, it's out next week, we got a
Speaker 2: preview of it. It's called The Broken Wrong When the
Speaker 2: career ladder breaks for women and how they can succeed
Speaker 2: in spite of it. Lorena, thanks for joining us. What
Speaker 2: is the broken wrung?
Speaker 5: So much so as you're thinking about your career, imagine
Speaker 5: an actual physical ladder. Every single step is a promotion.
Speaker 3: So here's what we found.
Speaker 5: That first step is often broken for women. And here's
Speaker 5: what I mean. For every one hundred men that get
Speaker 5: that first promotion opportunity, only eighty one women in the
Speaker 5: United States will see that same opportunity. And if you're
Speaker 5: a woman of color, and if you are a black
Speaker 5: women in the United States, that number is fifty four.
Speaker 5: And that's why while we're all looking at that glass ceiling,
Speaker 5: which is real and exists, and you know there are
Speaker 5: a couple of women kind of cracking through there, the
Speaker 5: big numbers are at that first run and that's where
Speaker 5: we're losing women.
Speaker 2: So what's the solution here. It sounds like you've identified
Speaker 2: the problem. Yes, that's a big part of it, I'm guessing.
Speaker 5: I mean, part of it is identifying the problem so
Speaker 5: we can at least see it. But what's more important
Speaker 5: is what do you go do about it? So, you know,
Speaker 5: there's been a lot of programs and companies that have
Speaker 5: endeavored to make the playing field more level address it,
Speaker 5: but really what we wanted to explore is what women
Speaker 5: themselves can do and how fitting on International Women's Day,
Speaker 5: So one of the things that we uncovered is this
Speaker 5: concept of experience capital. So if you think about it,
Speaker 5: it's kind of a fancy term for the fact that
Speaker 5: fifty percent of your lifetime earnings depends on what you
Speaker 5: learn on the job. So women are exceptional students, they
Speaker 5: graduate at higher rates than men, they get better GPAs,
Speaker 5: but they don't excel per se in the workplace. And
Speaker 5: so how you strategically and tactically gain that experience capital
Speaker 5: to get the other fifty percent is a huge piece
Speaker 5: of the answer.
Speaker 3: So what's your top advice to women who are listening
Speaker 3: right now and thinking about what you're saying.
Speaker 5: Well, we have lots of advice, but I think my
Speaker 5: top one is to make big, bold moves in your career.
Speaker 5: And that's where you have a skilled distance of twenty
Speaker 5: five percent between what you did before and what you're
Speaker 5: doing going forward. And we know this has a huge effect.
Speaker 5: Think of it as like putting money into your savings
Speaker 5: account and being able to see that grow. When you
Speaker 5: make those big bold bets on yourself and on your
Speaker 5: career and stretch, that has a huge effect. I would
Speaker 5: say two other things that are really important is spend
Speaker 5: time in your career in the power alley, and what
Speaker 5: I mean by that is spend time in P and
Speaker 5: L roles or profit and loss roles, so that even
Speaker 5: if you don't want to do that permanently, you have
Speaker 5: a good understanding of the core of the business. And
Speaker 5: the last one is it's not a solo act. You're
Speaker 5: going to need a village around you, and that means
Speaker 5: that you need sponsors, not just mentors who are empathetic,
Speaker 5: but people who open the doors and windows in your career.
Speaker 2: Is that better now that it has been in recent years,
Speaker 2: given that we do see more women in positions of
Speaker 2: powers and companies.
Speaker 5: So I mean when we say, we need we see
Speaker 5: more women. Let's put a number on them.
Speaker 2: Yeah, well, in terms of CEOs, it doesn't look great.
Speaker 5: It doesn't look great. And so one layer under when
Speaker 5: I started this research a decade ago, we saw about
Speaker 5: you know, we saw about nineteen percent women at the top.
Speaker 5: Now we see twenty nine percent. Those are hard earned numbers,
Speaker 5: so that's good. But at the end of the day,
Speaker 5: what we systematically see is that women have more narrow,
Speaker 5: more junior networks. And what's really important is to have broader,
Speaker 5: more senior networks. The thing is, you can't build a
Speaker 5: network overnight. You're going to actually need to start working
Speaker 5: on it day one of your career and slowly build
Speaker 5: that out. And one of the things that's really important
Speaker 5: is don't just build a network with the people you
Speaker 5: work with and in the company you work with. Build
Speaker 5: a network beyond the company that you're in. You're going
Speaker 5: to need both internal advocates and external advocates to help
Speaker 5: you over the lifetime of your career.
Speaker 3: So when you mean men get more value from their
Speaker 3: experience than women than women do, what is what do
Speaker 3: you mean exactly?
Speaker 5: Yeah, they're able to So look, I don't know where
Speaker 5: they kind of get clued into this. This is kind
Speaker 5: of a mystery to me. And part of the reason
Speaker 5: why we did this.
Speaker 3: Mystery are men. Men are mysteries. I can just say
Speaker 3: they are mysteries.
Speaker 5: But go ahead, Paul, you might disagree, so I might
Speaker 5: just let you in there for a second.
Speaker 3: But I wanted to make it transparent. We wanted to
Speaker 3: make that transparent.
Speaker 5: And what we see is that women are not gaining
Speaker 5: that experience capital in the sort of as big as quickly.
Speaker 5: And so one of the key lessons is plan early
Speaker 5: in your career. It's not just enough to do the
Speaker 5: thing you were asked to do. You need to act,
Speaker 5: look up and around and do a bit more.
Speaker 3: So, as I remember a book, I'm trying to give
Speaker 3: it as Steve Schwartzman or something. But it's like, you know,
Speaker 3: if you're going to go go big, because it's going
Speaker 3: to take almost as much efforts as if you go small.
Speaker 3: And I think there's probably numerous iterations of this, but
Speaker 3: if you're going to do something, just go big, Just
Speaker 3: go big, Just go BIG's.
Speaker 5: Go big, Yeah, absolutely, And that's what we mean by
Speaker 5: these big bold bets. I mean, you know, think about
Speaker 5: how well women have done in school and think about
Speaker 5: that first broken rum. I mean, you haven't been in
Speaker 5: the workforce long enough for there to be a true
Speaker 5: quality difference between men and women. You've been in the
Speaker 5: workforce what two four or five years where you get
Speaker 5: that first promotion. So betting on yourself is a great bet.
Speaker 5: And you got to go big.
Speaker 3: Steve Schwartzman of course at Blackstone Fame. Oh yeah, in
Speaker 3: case you're wondering.
Speaker 2: He says, go big, Carol.
Speaker 5: Uh.
Speaker 3: Super interesting, Well that's also for you.
Speaker 5: I mean it's for men and women, but just making
Speaker 5: sure that on you know that women are doing it too.
Speaker 3: Yeah, No, it's interesting. Hey, listen, just twenty twenty five seconds.
Speaker 3: How much so of maybe getting caught up or facing
Speaker 3: a broken rung is because of having kids? Just quickly,
Speaker 3: So that's more than twenty seconds.
Speaker 5: But to cover that quickly, one of the things we
Speaker 5: know is that there are a lot of challenges in
Speaker 5: terms of motherhood and one of the things that we
Speaker 5: explore in our research is how can actually be an accelerator.
Speaker 5: And so just one story I'll leave you with is
Speaker 5: that real quick story is a woman who was a
Speaker 5: high powered lawyer in tech. She took fourteen years off
Speaker 5: and then she decided to go back and she did
Speaker 5: one of these reboarding programs back into the workplace at
Speaker 5: LinkedIn and is back and is an executive there. And
Speaker 5: so just one thing for mothers is you may make
Speaker 5: a decision, but then you can still come back to
Speaker 5: the workplace and be an executive.
Speaker 3: Cool stuff. Good to get some time with you. Lorena Yee,
Speaker 3: Senior partner at McKenzie and Company, Chair of the McKenzie
Speaker 3: Tech Counsel. Her book The Broken Rung, When the Career
Speaker 3: Ladder Breaks for Women and How they can succeed in
Speaker 3: spite of it.
Speaker 2: All.
Speaker 3: Right, you're listening and watching Bloomberg Business Week. This is Bloomberg, Carol.
Speaker 2: How often do you hear people say things like, hey,
Speaker 2: do you have an HVAC guy all the time? Or
Speaker 2: like a tile guide? Definitely, an appliance guy, yes, yesterday,
Speaker 2: you got a guy who's a good plumber.
Speaker 3: Oh, all the time.
Speaker 2: I'm actually looking for someone who can do some light
Speaker 2: dry wall if you know anyone.
Speaker 3: Yeah.
Speaker 2: It turns out that women, though, are behind quite a
Speaker 2: bit of the growth in home services. This is according
Speaker 2: to Yep.
Speaker 3: That is pretty wild. Tara Lewis is VP of Community
Speaker 3: Expansion and Trends at YEP. She joins us from Washington, DC.
Speaker 3: Tara is so good to have you here. Tell us
Speaker 3: what's going on in terms of women and home services
Speaker 3: because this is kind of surprising.
Speaker 6: Yes, thanks for having me. Well. For Women's History Month,
Speaker 6: We've just released our second annual She Economy Services Report,
Speaker 6: which revealed that women owned home services businesses on yelps
Speaker 6: for past fifteen thousand new openings in twenty twenty four,
Speaker 6: or topping every other category for the second consecutive year.
Speaker 6: Women are seeking out these opportunities in home service businesses,
Speaker 6: and as you said, traditionally male dominated area is like
Speaker 6: pumming and roofing masonry more than any other category, including
Speaker 6: beauty service categories, which historically have been some of the
Speaker 6: top choices for female entrepreneurship as we've seen on yelp.
Speaker 3: Hey, one thing I want to ask you, so are
Speaker 3: they starting the businesses and then hiring men to be
Speaker 3: the plumbers or are they actually doing it?
Speaker 6: I would assume that well, first of all, as if
Speaker 6: you're going to be identified as a woman owned business
Speaker 6: on Yelp, as the business owner, you have to go
Speaker 6: through your business owner account and verify that it is
Speaker 6: when women owned. As for the choices that are made
Speaker 6: after that is totally up to the business owner, but
Speaker 6: I would assume as a woman, you would probably strive
Speaker 6: to be as inclusive as possible when it comes to
Speaker 6: hiring the best talent if what you want is business success.
Speaker 2: Is this a story about economics that? I mean, Caroly
Speaker 2: and I talked about this all the time, and our
Speaker 2: team has written about this over the past couple of years.
Speaker 2: The shortage of people who are in home services. I mean,
Speaker 2: anyone who knows who has paid for a plumber and
Speaker 2: sees the exorbitant costs understand that this is a supply
Speaker 2: story and a demand story as well, and there's just
Speaker 2: not enough of supply. So is this an economic story?
Speaker 2: This is where the opportunity is and that's why these
Speaker 2: women are opening these businesses.
Speaker 6: I think that's a big piece of it, obviously, if
Speaker 6: you know that consumer demand exists. But also the home
Speaker 6: services category is pretty vast, and I think that there's
Speaker 6: a lot of these home services that are clutch and
Speaker 6: vital for any sort of home maintenance or day to
Speaker 6: day operational maintenance of anybody's home, whether they're renting or
Speaker 6: they own, so I think that there's a stability in that,
Speaker 6: and then of course meeting consumer demand. Of course we
Speaker 6: have the big home renovation projects and things like that,
Speaker 6: but then you have the nuts and bolts of you know,
Speaker 6: chimney sweeps and landscaping and irrigation and other things that
Speaker 6: are tiered. So I think that when you think of
Speaker 6: the spectrum of what home services what those services are,
Speaker 6: there's just ample opportunity for new folks to insert themselves
Speaker 6: into that. And I think that additionally in terms of
Speaker 6: female entreprenrepreneurship. But I think of some of the reasons
Speaker 6: why they might be pursuing some of these areas is
Speaker 6: not only market demand, but the lower barriers for entry.
Speaker 6: If you're opening a salon, for example, or medspot, there's
Speaker 6: a lot of cost associated with brick and mortar that
Speaker 6: might be different for some of these home service categories.
Speaker 6: There's also great flexibility and work life balance when you're
Speaker 6: an entrepreneur, and there's also growing support networks that are
Speaker 6: starting to emerge and resources for women in these areas
Speaker 6: that are typically historically male dominated. So I think there's
Speaker 6: a lot of factors that are driving that growth and
Speaker 6: supporting it further.
Speaker 3: Is there a certain amount of flexibility to maybe possibly
Speaker 3: running some of these businesses or having some oversight for women?
Speaker 3: Is that part of the aspect are part of the
Speaker 3: reason why.
Speaker 6: I think that flexibility work life balance, also financial independence
Speaker 6: and career growth. Being an entrepreneur is always appealing probably
Speaker 6: a cross categories, but I think in terms of specifically
Speaker 6: home services, I think in terms of consumer trust, there
Speaker 6: might be people that are more inclined to feel comfortable
Speaker 6: with a woman coming into their home than others. But
Speaker 6: I think that in general, women that are pursuing it,
Speaker 6: they're seeing that there is an opportunity that is prime
Speaker 6: to find success there. And flexibility is you know, as
Speaker 6: an entrepreneur is relative when it comes to how many
Speaker 6: hours you're putting in per week, but it is at
Speaker 6: least based on your own lifestyle and time and what
Speaker 6: you'd like for your business, and so that autonomy I
Speaker 6: think is really valuable to all entrepreneurs, but especially women.
Speaker 3: I have to say along these lines, I have a
Speaker 3: friend who's been in the media business for a long time,
Speaker 3: producing and writing and changes in that industry, and she's
Speaker 3: now thinking, well, maybe what I'm going to do is
Speaker 3: you know, buy some homes, redo them and maybe rent
Speaker 3: them out, or we do them. So it kind of
Speaker 3: falls into this where geographically are we seeing women perhaps
Speaker 3: do this the most well.
Speaker 6: We were able to identify the top five category, the
Speaker 6: top five metros where we saw the highest increase in
Speaker 6: new business openings for home home service categories. Louisville was
Speaker 6: the number one, and we know that it was recognized
Speaker 6: in twenty nineteen for having one of the highest percentages
Speaker 6: of female business owners in the nation, and so it's
Speaker 6: showing that it's continuing to grow in that direction. Salt
Speaker 6: Lake City was number two. It saw a forty six
Speaker 6: percent increase from the year before. We know that that
Speaker 6: has an unprecedented housing boom taking place and a rise
Speaker 6: in new residents. So some of the things that are
Speaker 6: happening in some of these metros are indicative of prime opportunities.
Speaker 6: And then, of course, for example, if you see that
Speaker 6: there's growing metro areas, there's going to then be more
Speaker 6: consumer demand, more homes being built, et cetera, et cetera.
Speaker 2: You know, I'm wondering about the percentages here because you
Speaker 2: went through some of the cities, but if we look
Speaker 2: at home services led the women knowned openings, you see
Speaker 2: some pretty big percentages here. Lawn services was up thirty
Speaker 2: one percent, light fixtures and equipment up twenty eight percent,
Speaker 2: Junk removal and hauling up close to thirty percent. Is
Speaker 2: this a result of base effects? Like it was a
Speaker 2: small number to begin with, so any increase seems like
Speaker 2: a big increase as a percentage.
Speaker 6: Well, I think that we've been looking at this data
Speaker 6: a year over year for at least three years now,
Speaker 6: so I mean it's still building upon data that we
Speaker 6: have previously, So I don't think it's so much that
Speaker 6: I think that we've just seen. First of all, on COVID,
Speaker 6: we've seen a continue increase in home service demand in general,
Speaker 6: but we've just been starting to look more so at
Speaker 6: this industry of emerging women owned home service entrepreneurs, and
Speaker 6: so I think that that's more what's significant. And I
Speaker 6: think that once you're breaking it down, there is probably
Speaker 6: a factor of what that percentage of lift is. But
Speaker 6: I still think it's pretty significant when you're thinking about
Speaker 6: market share for any of these categories.
Speaker 3: So what do you think, I'm we just got about
Speaker 3: forty five to fifty seconds here Bloomberg audience that's listening
Speaker 3: to this investing audience looking for trend. I don't know
Speaker 3: what's the key takeaway from this research.
Speaker 6: I think the key takeaway is that women are finding
Speaker 6: new ways to drive economic growth and expanding the conventions
Speaker 6: of what female entrepreneurship looks like. I think that because
Speaker 6: home services is such a vast category, there are so
Speaker 6: many opportunities that are vital for homeowners and anyone that
Speaker 6: needs to maintain their home. So these are industries that
Speaker 6: I think have a great sense of stability and continued
Speaker 6: growth is very likely in the future.
Speaker 3: All Right, We're going to leave it on that note. Hey,
Speaker 3: have a great weekend. Thanks for stopping by. Tera Lewis.
Speaker 3: She's vice president of Community Expansion and Trends over at YELP.
Speaker 3: Joining us from Washington, d C.