4 OCTOBER2022Editor NoteWomen are the Key to Country-Wide & Company-Wide Economic GrowthWomen form roughly half of the world's population today. But when it comes to contributing towards economic growth, women are one of the most under-utilized demographic. Globally, women's representation in the work force has fallen down to 47.7 percent and so has their contribution towards economic growth of nations. The math is simple; more women work, better the economies grow. Studies have proven that when women are empowered economically, it positively impacts the productivity of the nation. It also aids in expanding economic diversification and income equality. The benefits of women's participation in the workforce are also felt in the corporate sector. Numerous studies have concluded that an inclusive and gender balanced workforce impacts the bottom-line positively. A recent ILO survey found that companies that implemented policies to boost inclusion and diversity experienced 63 percent increased profitability and productivity. These companies also scored better in attracting and retaining talent, generating greater creativity innovation & openness and improved company reputation. Although the statistics are well in the favor of working women and the positive impact they can have on economies and company bottom-lines has been acknowledged, there still exists a wide gap in women joining the workforce. This numbers are even more disappointing as we move up the ladder and examine leadership & decision-making roles. Although women have been filling managerial positions faster than men since 1991, yet true equality is a long way to go. It has also been observed that the bigger the company, the less chances of having women leaders at the very top. The culprit here are certainly not lack of skill-set or ability in women. The true challenge stems from age old societal structures and mindsets that will take decades to be completely dismantled. But it's imperative that we take the first steps. Governments, regulators and companies can take the lead by putting in place policies to boost women's access and participation in corporate boards and senior management positions. As suggested by the UN Women, these policies could include quotas; reporting requirements; targets; voluntary disclosure by companies of gender composition or gender equality policies to name a few. Putting this action plan into motioncan have a positive impact in bringing more women into the workforce and also helm leadership roles. Let us be the change we want to see in the world and start this paradigm shift at our own doorsteps. Do let us know your thoughts. Rachita SharmaManaging Editor
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