February 2025

Supporting women in the workplace

Insights from Lorna Sabbia, head of Bank of America Workplace Benefits

As women’s participation in the workforce rises to record rates, employers must rethink their approach to benefits and workplace policies if they want to attract and retain top female talent. From pay equity to menopause, companies need to address these unique challenges working women face to keep them thriving.

To attract and retain women in the workforce, companies must tackle key issues head-on, and think about benefit programs as they relate to women.” —  Lorna Sabbia, head of Bank of America Workplace Benefits

On average, women live five years longer than men.¹ They also tend to retire earlier, face higher health care costs, and take bigger employment hiatuses, making proactive saving and tailored benefits not just important, but essential compared to their male counterparts.

To retain women in the workforce, companies must tackle key issues head-on. Closing the gender pay gap is a start, but it’s just the beginning. Benefits around supporting working caregivers and easing the transition for women to return to work after a caregiving break are critical. It’s also vital to support women through all life stages, like menopause. It often coincides with pivotal career moments—like moving into C-suite—and offering menopause support can be a game-changer and differentiator for women in leadership roles.

In a short video message produced with Inc., Lorna Sabbia, head of Bank of America Workplace Benefits, encourages an approach where employers invest in their benefits to truly support women at every stage of their career and life.