6 AUGUST2022Editor NoteEurope Taking Strides to Close the Gender Gap in the WorkforceThe jury is no longer out on the importance of gender equality in the workforce. Numerous studies have concluded that `gender balance' is the key to business success in modern world. In a world where men dominate most roles in the workforce and especially pertaining to leadership positions bringing more women on-board bestows upon organizations a different perspective and skill set. The European Union fares relatively higher when it comes to women's representation of women in top leadership roles as compared to its other global counterparts. According to an EU statement, 30.6 percent of board members in the EUs largest publicly listed companies are women and 8.5 percent of board chairs currently. The region stands to gain economically if this number goes up along with the participation of women in other roles in the workforce.According to a survey by McKinsey & Company titled `Win-win: How empowering women can benefit Central and Eastern Europe' `closing the gender gap in the workplace' is one of the most promising sources to enable organizational growth. As stated by the survey women currently make up 52 percent of the overall population and 60 percent of all college graduates in the seven CEE countries. However, they only make up 45 percent of the workforce in the region. The research dived deep and concluded that closing the gender gap could lead to 146 billion in annual GDP by 2030, which is an eight percent growth win the current scenario which would provide the region with the growth acceleration it requires after the COVID-19 crisis.What holds true for CEE countries will also work for other regions of Europe. Recently the EU also reached a political agreement to introduce a law according to which listed companies world require to work towards achieving 40 percent female representation in all non-executive director positions by 2026. The Legislation was first proposed in 2012 by the European Commission. However its formal adoption still awaits approval by the parliament and the 27 member states. Their objective of the legislation is crystal clear, "There are plenty of women qualified for top jobs: they should be able to get them". If adopted to apply to both executive and non-executive positions, the target would be to achieve 33 percent female representation which will be a giant leap for women folk across the European region. Rachita SharmaManaging Editor
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