Gender Equity in the Workplace: Why It’s Important and How It Affects Your Company

There have been numerous atrocities committed against women throughout history. Patriarchal society has largely disregarded the cries of women regarding issues such as domestic abuse, gender pay gaps, sexual harassment, denial of the fundamental right to an education, and lack of access to health care facilities.

The total gender parity score increased from 67.9% in 2021 to 68.1% in 2022, according to the World Economic Forum’s Gender Gap Report of 2022. Only 30 of the 145 nations saw the gender disparity narrow by just one percentage point. The COVID-19 pandemic, in the opinion of UN Women, has exacerbated gender equity and halted hard-won progress.

Gender norms from the past have had a negative impact on society as a whole as well as on individuals. Gender inequality has caused significant economic costs for several nations, according to a World Bank report. In terms of losses per individual, gender inequality in earnings may result in global losses of $23,620.

So, how can working gender equity be ensured? What advantages does it have for a company? Let’s take a look.

Economic Growth

Better economic decision-making processes brought about by the presence of women in the workforce will ultimately result in sustainable economies that will benefit society as a whole. Working women contribute to increased output, greater economic diversity, and income equality. UN Women estimates that raising female job rates in OECD nations to those of Sweden could increase GDP by more than 6 trillion US dollars. Women’s equity benefits businesses because it increases chances for women to lead and work in leadership roles, as well as the efficiency and development of the organization.

Inclusivity and Diversity

Different genders frequently address the same issue from different perspectives. Companies are attracting a diverse set of talent, skills, and strengths to assist in collaboration and working more efficiently while ensuring that more women are participating in the workforce. Additionally, it will encourage coworkers’ creativity, which will aid in problem-solving. Companies can implement new workflows and problem-solving techniques that will boost performance by promoting gender diversity. Successful diversity management is essential to a business’s growth.

Employee Retention

Retaining the top employees in your organization is essential for maintaining the viability of your firm. Regardless of their global image or brand, companies that don’t treat all employees equally risk losing the best talent for particular roles. Women in particular are more apt to avoid applying for jobs if they don’t see themselves in a leadership position within the organization.

Businesses should implement gender equity policies and practices to encourage long-term involvement from more women. Giving women the same managerial options and freedom as men promotes more diverse leadership and increases long-term retention.  

In addition to being a basic right and a sustainable development objective, gender equity is also the basis for a world that is peaceful, prosperous, and sustainable. The epidemic has brought to light historical gender disparities that have primarily affected women. It is the responsibility of nations and organizations to make gender equity a requirement in all workplaces and to realize the limitless potential of women through their special skill set, different perspective, and long-term vision for the company’s future and the environment as a whole. This will help women break the “glass ceiling” and advance society.

At Svet Solutions, we #EmbraceEquity and you should too. If you’d like to support the cause via donation you can do so here: https://embracingequity.org/donate.

Find more relevant information here: https://www.internationalwomensday.com/

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