I concluded a visit to the United Nations this week as part of our partnership with UN Women to support in the economic empowerment of women around the world.
The event included a great mix of best practices, brilliant new research on the business benefits of gender parity in the workplace, and amazing stories of women that have been able to overcome the odds and succeed at what they do.
A recent study that was conducted by McKinsey & Company identified that a realistic and achievable goal of including more women participation in the workforce around the globe, could add $12 Trillion to the world economy by 2025! The actual potential of full women inclusion would result in a whopping $28 Trillion of added wealth the equivalent of adding another US and China to the world economy! Countless other studies show that including women in the workplace, in management positions and on boards always has a net positive impact on the companies’ performance.
However, the challenge of getting women more naturally integrated into the workplace is not something that women should address alone. Men need to lead the way in achieving gender equality, as we are part of the problem and the solution.Some men are not comfortable with the ‘women empowerment’ term since extra entitlements or quotas could be abused. That’s why I prefer using the term ‘gender parity’ or ‘gender equality’ since even though men and women are biologically different, the business landscape doesn’t favour any specific gender. Each gender brings their unique skillset to the work environment that enriches and makes it more balanced. It’s not a zero sum game!
On the other hand, some women are happy in staying at home and spending more time with their families, and that is also a valid choice, in the same way that men should have the choice to do the same if they wish. The importance is that this remains a choice and not the exclusive path. The importance is that both men and women can go in and out of that choice as they progress in their life – sometimes giving more time to their family obligations while at other times focusing more on their work without affecting their promotions or career path.
It is comforting that the workplace itself is changing. Freelancing vs a stable lifetime career is a trend. Starting up businesses from your basement or garage or family room is commonplace. Working from home is a acceptable to many companies. All these changes allow men and women to make more choices about how they organise their time and priorities.
As a company, we are trying to do our part through our own women empowerment work (for more check here) and through developing educational content for UN Women, we are seeking to:
– raise awareness about basic women rights
– develop key skills that help these women do better economically
– showcase role models that can inspire others.
We are also signatories of the Women Empowerment Principles (WEPs) which include:
1. Establish high-level corporate leadership for gender equality
2. Treat all women and men fairly at work – respect and support human rights and nondiscrimination
3. Ensure the health, safety and well-being of all women and men workers
4. Promote education, training and professional development for women
5. Implement enterprise development, supply chain and marketing practices that empower women
6. Promote equality through community initiatives and advocacy
7. Measure and publicly report on progress to achieve gender equality
You can read more about each of the principles here.
Many more companies that those that exist today should sign up and be committed to these principles. There is no reason for us not to do more as men, women individually or through our corporates and governments to empower women and support them in realising their potential. Both men and women should be equal contributors to the economic environment and equal contributors to their families and society. The moral, societal and business benefits are tremendous and we are all impacted by such equality.
Let’s work together toward gender parity and hope that our children by 2030 would be proud of our achievements.