Womenomics: Invest in Women

Womenomics: Invest in Women

KAKALI DAS

On the 8^th of March, it’s International Women’s Day!

This day annually celebrates women, drawing attention through cheesy WhatsApp forwards, uplifting campaigns, increased flower sales, discounts on beauty brands, and more, all to remind women of their significance.

But what happens thereafter, say on March 10^th?

The flowers wilt, the discounts expire, and women return to the status quo.

Unfortunately, “normal” is this case is enduring economic inequality. It’s an intriguing phenomenon: society lavishes women with flowers and praise, praising their resilience. Yet simultaneously, it systematically undervalues their labour, obstructs their career paths, and denies them financial security.

Why not pursue a more sustainable approach, such as womenomics!

What exactly does it mean?

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Womenomics is a term linked with former Japanese Prime Minister Shinzo Abe, gaining traction in the 2010s. With Japan’s economy faltering and its workforce diminishing, Abe had a revelation: why not integrate more women into the workforce?

Japan took swift action. Workplaces were urged to become more accommodating, and day-cares were established. However, these efforts didn’t yield significant results. In 2012, women’s participation stood at around 46%, and by 2017, it only slightly increased to approximately 50%—a figure notably low for developed nations.

Most new female workers found themselves in low-paying positions, with only 4% holding managerial roles. While Abe’s initiative was promising, his policies fell short. He focused on short-term solutions, and the execution was flawed. Nonetheless, the concept itself persists, holding considerable merit.

Empowering women is not just a moral imperative; it’s smart economics. This assertion doesn’t come from me but from the World Bank. According to a recent report, closing the gender gap could potentially boost the global GDP by over 20%. In essence, women have the power to turbocharge economies.

So, what’s holding the women back?

2.4 billion women globally lack the same economic rights as men. In 178 countries, they encounter legal barriers preventing them from working in various sectors. Additionally, in 86 countries, women face job restrictions, while 95 countries fail to ensure equal pay for equal work.

On a global scale, women earn only 77 cents for every dollar earned by men, a phenomenon commonly referred to as the gender pay gap—though some dismiss it as fiction.

Consider India as an example. At the entry level, women earn 2.2% less than men, and as they progress in their careers, this gap widens. By the director level, the disparity reaches around 6.1%, a significant margin given the salaries at that echelon. Although 151 countries have outlawed sexual harassment in the workplace, only 40 extend this prohibition to the public sphere.

Therefore, while on paper women possess only two-thirds of the same rights as men, the reality on the ground is far bleaker.

On a global scale, women dedicate an additional two and a half to three hours daily to unpaid work, encompassing childcare and household responsibilities, totaling 21 extra hours per week.

If this labor were assigned a monetary value, it would equate to more than 40% of a country’s GDP. Discrimination persists even after retirement; despite women’s longer life expectancy compared to men, in certain countries, they retire earlier, resulting in reduced pension benefits for women.

At the current pace, achieving full gender parity will take 131 years. Despite being in the 21^st century, no country has attained complete gender equality.

What then is the solution?

Closing the gender pay gap has the potential to boost the global economy by $7 trillion, a feat achievable only through government intervention.

Nations must foster more business opportunities, enact laws ensuring women’s safety, improve access to childcare facilities, lift restrictions on women’s employment, and expand maternity and paternity leave policies.

What’s needed is a comprehensive, 360-degree transformation. Countries must recognize that when more women participate in the workforce, economies flourish. So, why not pair floral arrangements with financial security for women? After all, while flowers may wilt and fade, equal pay lasts a lifetime.

10-03-2024

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