Rapid Response: What the pandemic has cost women, w/Ellevest's Sallie Krawcheck

Emotional Strain

The pandemic has placed immense emotional strain on leaders, particularly women entrepreneurs. Sallie Krawcheck reflects on the loneliness and pressure of making critical decisions, such as potential layoffs, during uncertain times 1. She shares a poignant story of a fellow woman entrepreneur who faced similar challenges while battling COVID-19, highlighting the isolation many leaders felt 2. Despite these hardships, Sallie emphasizes the importance of community and support networks, noting,

"I was fortunate to have that kind of network. A lot of folks don't."

--- Sallie Krawcheck

This underscores the need for stronger connections among women leaders, who often face unique challenges in the business world.

   

Strategic Choices

Strategic decision-making during the pandemic required balancing immediate survival with long-term goals. Sallie Krawcheck describes the tough choices she faced, such as implementing pay cuts instead of layoffs to preserve company strength 3. She candidly discusses the disagreements within her leadership team, emphasizing the need for clear communication and transparency 4.

"When you are CEO of your own company... you can make your own decisions."

--- Sallie Krawcheck

This approach helped Ellevest navigate financial challenges while maintaining trust and morale among employees.

   

Agile Transformation

The agility of startups like Ellevest proved crucial in adapting to the rapidly changing business landscape. Sallie Krawcheck highlights how her team transformed their business model, adding new services and adopting a subscription pricing model to better serve their clients 5. This swift adaptation was not only a response to the pandemic but also aligned with broader social movements, such as racial justice.

"The advantage startups have is they can move fast."

--- Sallie Krawcheck

This flexibility allowed Ellevest to stay relevant and responsive to their clients' evolving needs.