Equality Means Business

With some of the many talented women staff at UN Headquarters.

On 8 March, people around the world will celebrate International Women’s Day – an opportunity to reflect both on the marked advances we have made in empowering women, and also on just how far we have to go to achieve gender equality.

Women continue to face discrimination and marginalization. They are disproportionately affected by poverty, exploitation and violence, and too often denied an education – all solely because of their gender.

Inequality in the labour market persists, and from the classroom to the boardroom in every country, women continue to bump up against the glass ceiling.

Women still earn less than men for doing the same work. In the majority of countries, women’s wages represent between 70 and 90 per cent of men’s, with even lower ratios in some Asian and Latin American countries.

Globally, women are still less likely than men to hold regular wage and salaried positions. They are more likely than men to be in vulnerable employment with low pay, poor working conditions, little job security, no health or pension benefits, and are often unprotected by labour laws. In fact, more than 100 countries still have laws in place that actually prevent women from doing certain jobs, accessing finance, owning businesses or conducting legal affairs.

In the corporate sector, the lack of women in leadership positions persists. One global survey of companies found that only 18.3 per cent had a top-level female manager.

This is surprising when you look at what research has found time and again – that closing the gender gap makes businesses – and countries – more competitive. Nations with more gender equality have better economic growth. Companies with more women leaders perform better.

An analysis of Fortune 500 companies, for instance, found that those with the greatest representation of women in management positions delivered a total return to shareholders that was 34 per cent higher than for companies with the lowest representation.

The slow rate of progress is also surprising for another important reason: we are facing a global jobs challenge. According to the International Labour Organization, 45-50 million new jobs will be needed each year over the next decade just to keep up with the growth of the world’s working age population and to reduce the unemployment caused by the global financial crisis.

To meet this challenge, we need investment, not least in education and training for women and girls to compete for opportunities on the same basis as men. We must ensure, through intentional actions and deliberate policies, the inclusion of women’s talents, skills and energies—from executive offices to the factory floor.

Four years ago, the UN launched the Women’s Empowerment Principles, offering practical guidance to the private sector on how to empower women in the workplace, marketplace and community.

Through the Principles, a joint initiative of the UN Global Compact and UN Women, business has rightly been brought to the table as a partner. Companies are taking on real challenges, such as addressing unconscious bias and stereotypes, developing family-friendly policies for men and women workers, getting women into non-traditional jobs, and expanding opportunities for women entrepreneurs.

In a short time, we have seen what started as a campaign to raise awareness of gender equality in the business sector grow into a global movement for change.

Nearly 700 corporate leaders worldwide have now publicly signed a CEO Statement of Support for the Principles. They have acknowledged that women’s empowerment is not only the right thing to do but good for the bottom line, that it makes sound business sense now and for the future.

We need more leaders to get involved. I strongly encourage others to sign on to the Principles and to take all measures to ensure that women are given the opportunities they deserve.

Yet tackling workplace inequality is not just a job for CEOs. Everyone – whether you are just embarking on your career or an established figure in your field – can look to the Principles for inspiration and action in your professional life. The benefits – for all of us – are indisputable. Equality means business.

Find out what happened at this week’s 6th Annual Women’s Empowerment Principles Event: Gender Equality and the Global Jobs Challenge.

Get more details on the Women's Empowerment Principles.

Find out about this year's International Women's Day.

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Photo: Author's Own