With the global gender ratio of 49.6 percent, women form roughly half of the world's population. However, when it comes to their representation in the work force, the number falls down to 47.7 percent. The number falls even further when we talk about women and their contribution towards economic growth of nations.
But the math is simple; when more women work, economies grow. It has been proven that women's economic empowerment positively impacts productivity. It also helps increase economic diversification and income equality in addition to other positive development outcomes.
Similarly in the corporate context also, an inclusive and gender balanced workforce helps affect the bottom-line positively. A survey by the ILO found that companies that implemented policies to boost inclusion and diversity experienced 63 percent increased profitability and productivity. Such companies scored better in terms of ability to attract and retain talent, greater creativity innovation and openness and company reputation.
With the math being in favor of women and the positive impact they can have on economies and company bottom-lines there still exists a chasm when it comes to women joining the workforce. This chasm further widens as we go up the ladder in terms of organizational roles and responsibilities. While women have been filling managerial positions faster than men since 1991, yet equality is still a long way to go.
The numbers dwindle even further as we move towards the top leadership roles and seats in boardrooms. The highest echelons of the business world still leave a lot to be desired in terms of becoming gender balanced. In fact it has been found that the bigger the company, the less chances of having women leaders at the very top.
Skill and ability are hardly a factor behind this big divide. It all boils down to age old structures and mindsets that will take decades to be completely dismantled.
But beyond this governments, regulators and companies themselves must themselves must implement policies to increase women's access and participation on corporate boards and in senior management positions. As suggested by the UN Women, these policies could include quotas; reporting requirements; targets; voluntary disclosure by companies of gender composition or gender equality policies to name a few. Additionally increasing the size of boards and proactively onboarding women to replace outgoing male members can also help.
Implementing such policies and taking other proactive measures to bring more women to helm companies can make a lasting impact. Let us be the change we want to see in the world and start this paradigm shift at our own doorsteps.
Do let us know your thoughts.
