Context: Declining progress towards gender parity and the need for a multi-stakeholder approach.
Key observations from the 2021 WEF Global Gender Gap report
Becoming more unequal: Confirmed 2016 finding of a decline in progress towards gender parity, and the report estimates 135 years to close the gap at our current rate of progress.
Job restrictions: 2.8 billion women are legally restricted from having same choice of jobs as men.
Regressive laws: 104 countries have laws preventing women from working in specific jobs.
Legal gaps: 59 countries have no laws on sexual harassment in the workplace, and it is astonishing that a handful of countries still allow husbands to legally stop their wives from working.
Job profile and wage gap:Most women are in informal and vulnerable employment like domestic help, agriculture, etc. and always paid less than men (Global gender wage gap is at 24%).
Disproportionate pandemic impact:Women have lost far more jobs than men during lockdowns, and problems are compounded by unequal access to social security schemes, banking services, education.
Dismal women’s labour force participation rate (LPFR) in India: Globally, women’s LFPR estimated at 63% (as against 94% for men), but India’s is at a dismal 25%.
Fall in India’s ranking: India slipped from rank 112 to 140 in a single year, confirming how hard women were hit by the pandemic.
Way forward: Gender-sensitive business policies to look into following agendas -
Cohesive approach: All stakeholders to work together on clear agenda of inclusive economic growth.
Inculcate learnings from positive business practices: Companies with greater female representation achieved better productivity, customer retention and profitability.
Frame policies for equal-opportunity employment:Use technology and artificial intelligence to eliminate biases of gender, caste, etc., and select candidates solely on merit.
E.g. Surveys finds women have better chances of getting job when recruiters are unaware of gender.
Foster culture of gender sensitivity:Move from gender-neutral to gender-sensitive. Encourage and insist on diversity and inclusion, promote more women to leadership roles and demolish silos to let women grab potential opportunities in male-dominant roles.
Deploy corporate social responsibility (CSR) funds: For education and skilling of women and girls at the bottom of pyramid.
Get more women into R&D: A study found that more women in R&D jobs resulted in radical innovation.
Break barriers to allow progress: Fix cultural and structural issues by establishing fair and transparent human resource policies.
Get involved in local communities: To sustain long-term shareholder value, ensuring welfare of communities the businesses exist in.