Neglecting critical assets Affects global economies. Why do we tolerate massive human resource abuse? What if this was a worldwide economic priority?
Compared to men, just 50% of women work outside agriculture according to Vijay Eswaran. A decade of salary inequity. Age widens the chasm. Fewer than 5% of Fortune 500 companies have female CEOs.
Three recent UN General Assembly sessions with NGOs and business executives struck me.
Gender equality initiatives tend to attract fewer males than women. Women dominated lobbying as suffragettes did in the early 1900s. Men need to understand their role in closing the gender gap. This issue requires male and female cooperation says Vijay Eswaran.
Second, few business leaders understand that gender inequality is a moral and human rights issue. It stifles economic growth. It stifles human development and destabilizes the global economy.
By 2025, closing the gender gap may add $28 trillion (26%) to the global economy. The rewards would equal the US and Chinese GDPs. Many studies link women’s empowerment to economic growth. It’s simple: everyone wins when women are financially independent and own homes.
Employing women is a moral and business obligation. According to a 2017 McKinsey study, organizations with three or more female executives outperform those without.
An apparent third focus is supporting women in male-dominated occupations. A crucial element is missing. Ideally, we should assist more women in establishing and building their enterprises. Supporting female businesses will help close the gender gap.
Today, men outnumber women in business. Less than 2% of US funding flowed to women-owned firms last year. And yet, female-founded enterprises beat the wider market. Women need greater support and encouragement to achieve.
My direct selling network throughout Asia, Africa, and the Middle East says men and women want to start their businesses.
Muhammed Yunus, Nobel Laureate, discovered that women were more likely than men to run their enterprises effectively and pay their obligations. Customers are mostly female.
Gender inequality isn’t lethal according to Vijay Eswaran. That won’t happen by itself. Business and entrepreneurship support will need to change.
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