Envision Partnerships :

The global economy could receive a staggering $7 trillion boost each year if more women were to join the workforce, according to a recent report by Moody Analytics. This report has indicated that closing the gender gap in the workforce could increase economic output and productivity while making economies more competitive. As per the report, the benefits of having more women in the workforce are manifold. Firstly, the overall size of the workforce would increase, leading to higher production of goods and services, resulting in a positive impact on economic output. Secondly, having more women in the workforce would bring in greater diversity and new perspectives, leading to higher innovation, better-quality products and services, and a stronger competitive edge in the global marketplace. Finally, women’s participation in the workforce would lead to a boost in consumer spending, as women tend to have a greater influence on household purchasing decisions.

However, despite the overwhelming evidence supporting the benefits of having more women in the workforce, there still exists a significant gender gap in many sectors and industries. It is therefore crucial to understand the sectors that have a higher gender gap and the policies and mechanisms necessary to create gender balance.

It is not a surprise that the sectors with the greatest gender gap are Information and Communication Technology (ICT), Engineering, Finance, Construction, and Energy. Women are traditionally underrepresented in these sectors, and when they do hold positions, they are often lower-paying roles. For instance, in ICT, women make up only 25% of the workforce globally, and in the UAE, only 34% of women are part of the ICT workforce. Additionally, the National Science Foundation has reported that women only make up 28% of the workforce in science and engineering occupations.

There are numerous policies and mechanisms that can help create a balance between genders. One of the most critical factors is closing the gender pay gap by promoting pay equity and transparency. The World Economic Forum’s report states that the global gender pay gap currently stands at 16.1%. Increasing women’s participation in leadership positions by promoting diversity and inclusion in leadership roles is also essential. Women hold only 27% of managerial positions globally, according to the International Labour Organization.

Another critical factor is to increase access to education and training for women globally. UNESCO reports that around 132 million girls are out of school worldwide. Finally, promoting work-life balance for women, who often face a disproportionate burden of unpaid care work, is crucial to increasing their opportunities for employment and career advancement.

In conclusion, closing the gender gap in the workforce is not just a matter of gender equality and social justice, but it also makes good economic sense. Empowering women to fully participate in the workforce can unlock their potential and drive economic growth and prosperity for all. A concerted effort is required to address the root causes of gender inequality, including cultural and social norms, lack of access to education and training, discrimination and bias, and inadequate support for work-family balance. Only then can we achieve gender balance and create a better world for everyone.

Envision Partnership is dedicated to helping organizations achieve gender diversity in their leadership teams. We believe that #diverse #leadership teams are essential for the #success and growth of any organization, and we are committed to helping our clients achieve this goal.

So, if you are serious about achieving #genderdiversity in your leadership team, we encourage you to get in touch with us today. www.envisionpartnership.com. We look forward to hearing from you and to helping you take the next step towards a more diverse and #successfulorganization.

Watch now and gain valuable insights on how diversity can supercharge innovation and growth! https://youtu.be/t0eetwulffI