Transitioning back into the workforce after taking time off for caregiving or travel can be daunting, yet it's manageable.

While many people may not have taken a career break themselves, it's likely they know someone who has. Currently, 85% of millennials are considering career breaks, but re-entering the job market can be tougher than landing that initial position.

This week, we sit down with Addie Swartz, CEO of ReacHIRE, a firm collaborating with Fortune 500 companies to provide re-entry opportunities for women at various stages in their careers. Addie, a seasoned entrepreneur and mother of two, discusses essential resources for women aiming to return to work, including free online courses, resume enhancements, and networking strategies. She shares insights on the significance of incorporating relevant keywords in applications to improve visibility in digital applicant tracking systems. Additionally, we explore the diverse compensation packages available today and emphasize that salary should not be the sole consideration.

In the Mailbag segment, we cover optimal security practices for bank and investment accounts, as well as effective strategies for reducing credit card debt to reclaim a sense of financial wellness. Also, in Thrive, we examine why remote workers tend to be happier and, surprisingly, more productive.

Transcript

Speaker 1: (00:07)
This podcast is sponsored by Fidelity Investments. We encourage you to demand more from your finances by understanding what you own and owe. Start your journey at fidelity.com/demandmorenow. This podcast is produced in partnership with PRX. Welcome, everyone! I'm thrilled to have you here. I recently attended a theater performance of a musical called Working at Encores, a revival series featuring lesser-known productions. This experience got me reflecting on the concept of work and the challenges many women face when re-entering the workforce after taking breaks for family or caregiving responsibilities.

Speaker 2: (01:56)
Thanks for having me!

Speaker 1: (01:57)
What inspired you to start ReacHIRE? What motivated your journey?

Speaker 2: (02:08)
I saw numerous women sidelined after taking time off for family or health reasons. My personal experience involved stepping out of my career due to a serious accident involving my daughter. It opened my eyes to the vast talent pool of women—nearly 2 million—who are eager to return to work but face significant barriers.

Speaker 1: (02:42)
That's astounding.

Speaker 2: (02:43)
These women possess advanced degrees and experience but struggle to return.

Speaker 1: (02:50)
I can relate. I've recently been hiring part-time help and received numerous applications from women with impressive qualifications seeking opportunities.

Speaker 2: (03:21)
Indeed, the barriers are substantial.

Speaker 1: (03:25)
What specific barriers do you see?

Speaker 2: (03:26)
First, gaps in resumes can hinder progress through applicant tracking systems, which often reject candidates with gaps regardless of their qualifications. Secondly, age can be a factor; women may be perceived as less tech-savvy due to time away from the industry. Lastly, research shows that women often hesitate to apply unless they feel fully qualified.

Speaker 1: (04:42)
It's frustrating.

Speaker 2: (04:45)
All these factors contribute to many women remaining sidelined, resulting in lost opportunities for both them and companies needing skilled workers.

Speaker 1: (05:06)
Absolutely. It's important to note that millennials and Gen Z are also taking breaks, not just older generations.

Speaker 2: (05:17)
A recent study predicts that by 2025, 75% of the workforce will be millennials, with 85% planning to take breaks for various reasons. This trend shows the need for companies to create formal pathways for re-entry.

Speaker 1: (06:05)
Let's discuss the specific programs you offer, particularly returnships. For those who might not have access, how can they tackle this independently?

Speaker 2: (06:29)
To learn more, visit reachire.com.

Speaker 1: (06:32)
Let's spell that—R-E-A-C-H-I-R-E, all one word.

Speaker 2: (06:40)
Exactly. We have numerous job openings and partner with companies to identify suitable roles for returners. Our structured program typically lasts six months, providing skill development, live training, and ongoing support. Participants are paid throughout the onboarding process.

Speaker 1: (07:35)
So, you're located in Boston?

Speaker 2: (07:37)
Yes, but we operate nationwide, collaborating with various corporations.

Speaker 1: (08:02)
Are you placing candidates at all levels?

Speaker 2: (08:05)
Typically, we assist women with over five years of experience, often with advanced degrees.

Speaker 1: (08:17)
As a reminder, this conversation is supported by Fidelity, focused on helping you make your savings work for you. Start with a financial checkup to understand your assets and liabilities at fidelity.com/demandmorenow.

Speaker 1: (09:15)
For those looking to re-enter, what's the first step?

Speaker 2: (09:33)
Start by visiting reachire.com to explore job opportunities. We assist in resume updates, LinkedIn profiles, and interview preparation.

Speaker 1: (09:33)
What if there's nothing available?

Speaker 2: (09:33)
If opportunities are limited, invest in yourself by upgrading your skills through free online courses.

Speaker 1: (09:53)
When updating your resume, what style is best today?

Speaker 2: (10:14)
Substance is more important than design. Highlight meaningful skills gained during your time away, making them relatable to future employers.

Speaker 1: (10:45)
Can you provide an example?

Speaker 2: (11:03)
Definitely! If you've volunteered or participated in community events, frame those experiences in terms of transferable skills like project management and financial acumen.

Speaker 1: (12:33)
What if my network has become stale? How can I reconnect?

Speaker 2: (12:45)
Attend local meetups, entrepreneur events, and alumni gatherings. Make it a goal to connect with at least one new person at each event.

Speaker 1: (14:03)
Many women in our audience are concerned about salary upon returning. What should they consider?

Speaker 2: (14:23)
I approach it differently. In our programs, participants are compensated while they upgrade their skills. It's about investing in your future, even if it means starting at a lower level than before.

Speaker 1: (15:22)
So, it sounds like some flexibility may be required?

Speaker 2: (15:33)
Yes, and it's crucial to consider the entire compensation package, including benefits, flexibility, and future opportunities for advancement.

Speaker 1: (17:09)
Confidence is key, right?

Speaker 2: (17:11)
Absolutely. Our program fosters a supportive community of women navigating similar challenges.

Speaker 1: (17:29)
Thank you, Addie. This has been enlightening.

Speaker 2: (17:33)
Thank you for having me!

Speaker 1: (17:34)
Stay tuned for Kelly and our Mailbag segment.

Speaker 3: (17:46)
That was a fantastic discussion.

Speaker 1: (18:10)
The need for skilled talent is immense, so these Fortune 500 companies are investing in these programs, benefiting both the women seeking opportunities and themselves.

Speaker 3: (18:32)
Absolutely, it's a win-win situation.

Speaker 1: (18:46)
Great work, Addie!

Speaker 1: (18:49)
In our Mailbag today, we have a question from Janet regarding password managers like Dashlane and OnePassword and their security.

Speaker 1: (19:22)
Big institutions like Fidelity and Schwab have robust security measures, so there's little to worry about. I personally use OnePassword and have found it to simplify password management.

Speaker 3: (20:27)
I appreciate that it helps alleviate the mental load of remembering all those passwords.

Speaker 1: (20:43)
It frees up mental space for more important things!

Speaker 3: (21:01)
Next, we have a letter from an anonymous listener seeking advice on managing credit card debt.

Speaker 1: (21:02)
I appreciate the kind words!

Speaker 3: (21:03)
She's looking for ways to manage her $10,000 in high-interest credit card debt.

Speaker 1: (22:14)
Living below your means is crucial for everyone, not just creatives.

Speaker 3: (22:16)
Absolutely.

Speaker 1: (22:17)
When it comes to paying off debt, I recommend the avalanche method over the snowball method for its efficiency. However, a blend of the two can also be effective for quick wins and motivation.

Speaker 3: (24:21)
Let's think of a creative name for this method.

Speaker 1: (24:26)
How about the Flurry?

Speaker 3: (24:26)
I like that! Let's use it.

Speaker 1: (24:31)
Thanks for the input!

Speaker 1: (24:45)
Finally, if you're seeking remote work opportunities, there's been a significant rise in remote job listings, with over 4 million employees working from home at least part-time. This trend is beneficial for those aiming for flexibility in their careers.

Speaker 1: (24:45)
Thank you for tuning in today. A special thanks to Addie for the enlightening conversation. If you enjoyed this episode, please subscribe to our podcast on your favorite platform and leave us a review. We appreciate your feedback!

Our music is provided by Track Tribe, and the show is produced in collaboration with PRX. Join us next week for more insights!