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The Cost of Gender Gaps


This week sees the 54th annual trip to the Swiss Alps for the Davos World Economic Forum (WEF) event.  A gathering of world leaders from global business, government, media, academia, and civil society.  During the event, participants will discuss, address, debate global issues and seek to set priorities for the year ahead.   


This year’s theme is ‘Rebuilding Trust’, with the ambition to foster meaningful connections between stakeholders, create trust and accelerate positive progress on key global initiatives with moral and intellectual integrity at its core. 


The key themes for 2024’s gathering include: 

  • Achieving security and cooperation in a fractured world 

  • Creating growth and jobs for a new era 

  • Artificial intelligence as a driving force for the economy and society 

  • A long-term strategy for climate, nature and energy 





Within the key theme ‘Creating growth and jobs for a new era’ there are 18 insights to explore, under the ‘Future of Work’ the WEF identifies that Closing gender gaps at work benefits over 850,000 women globally along with the startling stat that it will take more than 169 years to close the global economic gender pay gap! 


Under the ‘Future of Work’ heading, WEF notes that “Gender inequality costs the world approximately $12 trillion in global gross domestic product (GDP), with some countries experiencing up to a 35% loss. With the cost of economic inequality so high we cannot wait the estimated 169 years it will take to close the economic gender gap, one of the four dimensions that has been measured by the World Economic Forum’s annual Global Gender Gap Report since 2006. Progress in closing this gap has been further hampered by the COVID-19 pandemic, compounding the impact on women in leadership and gender gaps in earnings.” 


If balancing gender economic equality can give up to a potential 35% gain to a countries gross domestic product (GDP), what could it do for a company’s sustainable triple bottom line of people, planet and profit? 


The WEF approach to reaching gender parity proposes: 

  • Promoting women in leadership. 

  • Shrinking the gender pay gap. 

  • Increasing women’s participation in the labour force. 

  • Hardwiring gender parity into the future of work. 

Diversity of thought drives innovation and reduces herd mentality.  Gender balance in influential roles could give your organisation an edge on value creation and market competitive advantage.  Gender equity in both decision making and pay can unlock economic advantages – do you have a gender balance strategy, which will enable you to attract and retain talent, allowing all your employees to thrive? 


In an employee marketplace that is getting more complex and competitive, not tapping into the whole pool of skills could be huge, missed opportunity for your business attract, engage and retain employees.  Being intentional in your gender equity strategy can enable your business to be an employer of choice and improve your employer brand as somewhere all candidates want to work, thrive, and succeed.   

 

Talk to TrustWorki today about our Gender Balance initiatives including: 

  • Gender proof your hiring, recruitment and onboarding practices 

  • As part of our Women in Leadership programme 

  • Developing Future Leaders 

  • Re-ignite your career for women returners (health, maternity, domestic violence, career break) 

  • Mentoring magic, it goes both ways sharing experiences up & down the career path 

  • Counteracting Microaggressions 

  • Inclusive leadership 

 

References 

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