March 2023: Moving women ahead in the digital age
Despite the transformative progress brought about by technology, women continue to be side-lined. They make up most of the world’s unbanked population and are 21% less likely than men to own a mobile phone.
Excluding women from the digital economy takes a significant economic toll, with an estimated US$1 trillion lost from the gross domestic products of low- and middle-income countries over the last decade. Without intervention, this loss is projected to grow to US$1.5 trillion by 2025.
The good news is that businesses can make a difference.
“Businesses have the power to help remove barriers that women face, which prevent them from meaningful participation in the digital economy,” says Charlene Chong, Partner, Audit, KPMG in Singapore.
“Any business with a more equal mixed team will find themselves coming up with better and more all-rounded innovations and solutions that cover all aspects and bring more value.”
Here are some insights on how companies can help to close the gender gap with — and not in spite of — technology.
1. #EmbracingEquity with KPMG
As a signatory to the UN Women’s Empowerment Principles, KPMG is working to deliver on our commitments and align with the global International Women’s Day (IWD) 2023 theme, DigitALL: Innovation and technology for gender equality.
Globally, we aim to have women in 33% of leadership roles by 2025, including partners and directors, to advance gender equality across all member firms. We are also investing up to US$5 billion to accelerate digital transformation, including providing our people with the skills they need now and for the future.
How can businesses take tangible steps to create an inclusive, diverse and equitable working environment for all? We gathered our colleagues from KPMG in Singapore to share honest, heart-to-heart chats on what it will take to close the gender gap and empower women’s progress.
2. Leading the digital revolution with women?
As Singapore gears up for a new era, it will need to support businesses and equip workers with the skills necessary to thrive and stay competitive in tomorrow’s economy. A key part of this strategy lies in tapping Singapore’s talented women.?
In an op-ed for The Business Times, Lee Sze Yeng, Deputy Managing Partner, KPMG in Singapore, explores how the Republic can lead the way in gender equity by harnessing the power of female talent in the digital economy.
She delves into how empowering women in emerging fields, such as sustainability and technology, can boost the talent pool and create better business outcomes while helping them leapfrog equality challenges. Targeted reskilling and upskilling programmes, facilitated by the government, can further ensure no one gets left behind.
3. Gender balance through embedded finance?
Systemic inequalities and gender stereotypes continue to impact women’s financial well-being — from the way they earn and save money, to how they invest and build wealth.
Embedded finance, which integrates financial services into non-financial platforms, has the potential to change this by enhancing women’s financial inclusion, supporting their career development and educating the young.
With greater financial freedom, women can have more opportunities to pursue their professional and personal goals, in turn, creating and contributing to a more resilient and dynamic economy.