Women are key to addressing demographic and economic challenges

In advanced economies grappling with declining birth rates and an aging population, integrating women into the workforce is a crucial lever for sustaining and boosting economic growth. The article underscores the necessity of incorporating more women into the labour force, not only as a demographic imperative but as an opportunity to diversify approaches and skills within organizations.

Studies consistently demonstrate that gender diversity enhances innovation and improves decision-making processes. Women bring distinct and complementary perspectives, enriching the human capital of businesses. Their increased participation could play a significant role in addressing productivity challenges faced by many advanced economies.

A productivity and innovation imperative

Incorporating women into the workforce goes beyond filling labour shortages—it addresses the need for a broader skill set and diversified perspectives. In an era where creativity and innovation are pivotal to success, women’s involvement offers fresh approaches to problem-solving and the development of novel solutions.

The transition to a green and digital economy requires a wide array of skills, blending technical expertise with interpersonal abilities. Women, often trained across diverse disciplines, can significantly contribute to this transformation by providing essential complementary competencies.

Persistent barriers to women’s employment

Despite progress, significant disparities persist in global labour markets, particularly between nations with robust social protections and those with precarious working conditions. Women are disproportionately represented in low-paying and insecure jobs. Wage gaps and unequal working conditions remain substantial obstacles to their full economic participation.

Additionally, the dual burden of professional and domestic responsibilities continues to hinder women’s career advancement. In regions where childcare infrastructure is insufficient or prohibitively expensive, this challenge is even more pronounced, limiting opportunities for professional growth.

The need for tailored lifelong learning

The digital revolution and ecological transition demand constant skill adaptation. The article emphasizes the critical importance of lifelong learning and skill development, particularly for women, whose careers are often interrupted more frequently. This calls for training programs designed to address their unique needs and constraints.

Digital skills, in particular, have become indispensable across nearly all sectors. Yet, women remain underrepresented in STEM (Science, Technology, Engineering, and Mathematics) fields, potentially restricting their future career opportunities unless corrective measures are implemented.

Reimagining professional integration models

The article advocates for a fundamental shift in educational systems, encouraging sustained collaboration among governments, universities, and employers. This approach is particularly relevant to enhancing women’s access to training and easing their adaptation to evolving labour markets.

Flexible training programs that account for women’s time constraints are crucial. Emphasis must also be placed on developing transferable skills, such as leadership, communication, and project management, which enable women to navigate a dynamic professional landscape with greater agility.

A new value creation paradigm

The shift toward an economy that prioritizes not just economic contributions but also social value, community engagement, and environmental stewardship could unlock new opportunities for women. This paradigm shift aligns with values often emphasized by women, such as social responsibility and sustainability.

This evolution in the economic model may foster inclusive work environments and the emergence of new industries. Women could find opportunities in entrepreneurship and leadership roles that align more closely with their aspirations and principles.

Conclusion

The expanded integration of women into the workforce is both an economic necessity and an opportunity for profound social transformation. Achieving this requires ambitious policies focused on education and continuous training, alongside a reevaluation of traditional work models and value-creation systems.

A coordinated effort from public and private stakeholders is essential to foster a more inclusive and equitable professional environment. Successfully addressing these challenges will not only enable economies to sustain growth amidst demographic pressures but also pave the way for a more sustainable and innovative future.

L’article The role of women in the Workforce: Challenges and prospects est apparu en premier sur C&S Secretarial Services.

A U-shaped path: Women’s fluctuating workforce participation

Women’s entry into the labor market has not been straightforward. Instead, it has traced a U-shaped curve. Before the Industrial Revolution, women played a crucial role in the family economy, working alongside men in farms and workshops. However, with the rise of industrialization, women were gradually relegated to the domestic sphere. This shift, now theorized under the doctrine of separate spheres, persisted for decades, marking a period of regression in women’s workforce participation.

The contraceptive pill: A game-changer

The latter half of the 20th century brought about an important shift. The introduction and widespread availability of the contraceptive pill disrupted traditional social norms, granting women unprecedented control over their reproductive choices. This breakthrough has had considerable consequences on women’s choices: they were able to study more, delay marriage, and postpone having children, paving the way for them to invest more heavily in their careers.

The silent revolution: Shifting ambitions

As societal norms and access to contraception evolved, so too did women’s aspirations. Goldin describes this as a “silent revolution,” a quiet yet profound shift in women’s life goals and ambitions. Increasingly, women sought not only to contribute financially to their households but also to pursue careers for personal and professional fulfillment. Their role in the workforce began to be seen as essential not only to the economy but also to their own identities.

Persistent inequalities: Barriers that linger

Yet, despite these strides, significant disparities remain. Women continue to face systemic inequality, from pay gaps to underrepresentation in leadership roles and in terms of gender stereotypes confining them to certain careers.

The dilemma of ‘greedy’ vs. ‘flexible’ jobs

Goldin identifies two types of employment structures: “greedy jobs” and “flexible jobs.” Greedy jobs demand long hours and total availability, while flexible jobs offer more manageable schedules but often come with lower pay. Women, who disproportionately shoulder family responsibilities, tend to gravitate toward the latter, which in turn widens the income disparity between men and women. This choice between time and compensation continues to define the challenges women face in achieving workplace equality.

Pathway to gender equality: Where to begin?

.To bridge gaps on the labor market, action is required on multiple fronts.

Public policies must be ambitious

Expansion of childcare services, equitable parental leave, and even quotas to ensure gender diversity on corporate boards.

Companies must transform their cultures

Implementation of remote working options, flexible hours, and anti-stereotyping initiatives.

Educational reforms

Dismantling gender biases from an early age, encouraging young girls to explore career paths traditionally dominated by men.

Conclusion

The history of women in the workforce is a story of both triumph and struggle. While there has definitely been progress, deep-seated challenges endure. Claudia Goldin’s research offers a roadmap for navigating these complexities and striving toward a more egalitarian future, where men and women can fully realize their potential, both professionally and personally.

Source:

Nobel Prize in Economics: understanding gender inequalities in employment – polytechnique-insights.com

L’article Breaking Barriers: The evolution of women in the workforce est apparu en premier sur C&S Secretarial Services.

Women’s participation in the global workforce is both marked by progress and disparities. An analysis by visualcapitalist.com explores the highest and lowest participation rates for women around the world. Join C&S Secretarial Services as we highlight the champions of women’s inclusion and those lagging behind.

What is meant by ‘workforce’?

First and foremost, it’s important to understand what is meant by the term “workforce” when interpreting the following figures. The workforce includes individuals aged 15 and over who are either employed or actively seeking paid employment, whether as employees, independent entrepreneurs, or contributors to family businesses. Depending on the country, unpaid workers, those caring for family members at home, students, and military personnel may not be included in this count.

Top countries for women participation in the workforce

According to data compiled by the World Bank from International Labour Organization (ILO) estimates in 2023, several African nations are at the forefront of women’s workforce participation. Madagascar, Burundi, and Mozambique stand out, with nearly 80% of women aged 15 and over either employed or actively seeking employment. This remarkable statistic highlights the progress these countries have made in promoting gender equality in the workplace.

Countries with low participation of women in the workforce

At the other end of the spectrum, Afghanistan and Yemen currently have the lowest rates of women’s workforce participation, with only 5% of women of working age involved. Expanding our view to the 20 lowest-ranking countries reveals a concerning trend: nations in the Middle East, North Africa, and South Asia tend to have significantly lower rates of women in the workforce.

National income and women’s participation in the workforce: a prosperity paradox

Data from Our World in Data presents an interesting paradox. Women’s workforce participation is highest in both the richest and poorest countries globally. Conversely, nations with a middle national income tend to have the lowest rates of active women in their economies. This suggests that factors beyond mere economic development play a role in promoting workplace gender equality.

Women as drivers of economic growth

The economic argument for better representation of women in the workforce is compelling. Representing roughly half of the global population, women’s inclusion represents significant untapped potential for economic expansion. More people contributing to the workforce translates to increased productivity and overall economic growth. By fostering environments that encourage women to enter and remain in the labor market, countries can unlock a powerful engine for sustainable development and prosperity.

Top 10 countries with the highest percentage of women in the workforce

The percentage of women in the workforce varies by country.

Here are the top 10 countries with the highest percentage of women in the workforce:

• Madagascar: 83 %
• Solomon Islands: 83%
• Burundi: 79%
• Mozambique: 78%
• Tanzania: 77%
• Ethiopia: 75%
• Angola: 73%
• Kenya: 72 %
• Liberia: 72 %
• Moldova: 72 %

Other countries in this cohort include:

• Suriname: 71 %
• Guyana: 69 %
• Namibia: 68 %
• Botswana: 67 %
• Rwanda: 67 %

Source: World Bank – Figures are rounded and based on International Labour Organization estimates in 2023.

Breaking barriers and building an inclusive future

The data presented here underscores the need for continued efforts to dismantle barriers preventing women from fully participating in the global workforce.

By promoting policies that encourage gender equality in education, childcare, and workplace practices, nations can create environments where women can thrive and contribute fully to their economy and society.

Building a more inclusive future requires a concerted effort from governments, businesses, and individuals to eradicate existing disparities and unlock the full potential of women as drivers of economic growth and social progress.

Source: https://www.visualcapitalist.com/countries-most-least-women-in-the-workforce/

L’article Women in the Workforce est apparu en premier sur C&S Secretarial Services.

Key factors

The evolution of women’s role in the labor market has been influenced by a combination of key factors that have shaped their growing participation in the professional sphere. Three primary factors have been instrumental in driving this evolution.

Improved access to education and training for women

Investing in girls’ education is crucial for their future and for the development of societies. Enabling women to acquire skills and qualifications opens the way to more rewarding and better-paid jobs.

Changing attitudes and social norms

Sexist stereotypes and traditional gender roles have long hampered their participation in the job market. Fortunately, attitudes are changing, and more women aspire to balance their professional and personal lives.

Government policies in favor of equal opportunity

Numerous countries have implemented policies aimed at fostering women’s integration into the workforce, such as access to childcare, flexible working hours and anti-discrimination measures.

Between progress and challenges, there’s still a long way to go

In recent decades, women have made significant strides in the global labor market:

• Female labor force participation rates have risen substantially in many countries, from an average of 49% in 1990 to 57% in 2023 in OECD member countries.
• While persistent, the gender pay gap is gradually narrowing. In 2023, the average gap was 16% in OECD member countries.
• There’s a growing trend of women taking up leadership positions in both corporate entities and political institutions.

However, this progress should in no way overshadow the challenges that persist for women in the workplace:

• Women still face discrimination in recruitment, career development and access to leadership roles.
• The lack of affordable, quality child care remains a barrier to women’s employment, particularly for those with young children.
• Despite ongoing efforts to address it, the gender pay gap persists in many countries.
• Women remain under-represented in key sectors such as STEM (Science, Technology, Engineering and Mathematics).

The case of Japan

Japan provides an interesting case study regarding the evolution of women in the workplace. Faced with an aging population and labor shortages, the Japanese government has implemented policies to drive more women to work.

These policies, known as “Womenomics”, have borne fruit: the female labor force participation rate has risen significantly over the past decade.

The New York Times article “Japan’s Labor Market Has a Lesson for the Fed: Women Can Surprise You” underlines the importance of these policies and highlights the fact that Japan has exceeded expectations in terms of increasing the female participation rate.

The article also shows that the United States could draw valuable lessons from Japan’s experience. Declining fertility and marriage rates in the US could also lead to an increase in the female labor force participation rate in the short term.

What does the future hold?

The future of work is promising for women.

Emerging trends, such as the digitalization and flexibilization of work, offer new employment opportunities for women. However, it remains important to persist in efforts to eliminate barriers to women’s employment and guarantee equal opportunities.

In conclusion, the evolution of women in the labor market is an ongoing process that requires constant attention. By tackling persistent challenges and encouraging progress, we can build a future where women can participate fully in the economy and enjoy greater professional and wage equality.

L’article Women’s journey in a constantly evolving labor market est apparu en premier sur C&S Secretarial Services.

Wage inequalities still very much alive

Despite a slight improvement from the previous year, the lingering wage gap remains a cause for concern. The eight years of computations to come up with this symbolic date highlight a troubling stagnation, emphasizing the need for concrete measures to foster gender equality on the job market.

A study by the National Institute of Statistics and Economic Studies

A comprehensive examination of the data conducted by the French National Institute of Statistics and Economic Studies (Insee) reveals a concerning reality: the wage gap between women and men can exceed 25% for equivalent hours worked.

This discrepancy is partly attributed to the high rate of part-time work among women, more than 25%, compared to just 7.5% among men.

Structural hurdles

In some countries, like France, trade unions have expressed disapproval of the lack of progress in addressing the gender pay gap. They highlight structural obstacles, such as the “glass ceiling,” hindering women’s access to management positions. The CFDT stresses that low wages in highly feminized professions contribute significantly to inequalities.While there is some progress, these professions are still often associated with job insecurity, involuntary part-time work, and low pay, contributing to enduring pay disparities between the genders.

How do we overcome these disparities?

In response to these challenges, solutions have been put forth to alleviate disparities. Overhauling paternity and parental leave is suggested as one solution for a more egalitarian approach. Les Glorieuses proposes raising salaries in female-dominated professions and advocates making access to public contracts conditional on equal pay to influence public policy in favor of equity.

Significant progress has been made

Despite persistent challenges, there have been notable advances in terms of pay transparency as women are now allowed to request the pay slips of their male colleagues. A European directive, aimed at ensuring employer transparency in the EU to guarantee pay equality, has also been adopted.

Focus on European Directive 2023/970

A European directive, 2023/970, published on May 17, 2023, in the Official Journal of the European Union, strengthens equal pay for men and women through transparency and reinforced enforcement mechanisms. It exhaustively defines remuneration, introduces the right to transparency before hiring, requires disclosure of remuneration criteria, and mandates reporting obligations on the pay gap. The directive provides for a right to compensation in case of violation, with a reversal of the burden of proof. National equal treatment bodies will be established, and transposition into national law is required by June 7, 2026.

Achieving equal pay requires coordinated efforts to eliminate structural obstacles for women in the labor market. As society evolves, it is crucial to recognize and value women’s work, creating a fair and inclusive labor market for all!

L’article Persistent inequalities for women in the job market est apparu en premier sur C&S Secretarial Services.

Female working population in Mauritius: A look at the data

C&S Secretarial Services analyze data from statistics regularly compiled by Statistics Mauritius. The goal being to provide you with an overview of the evolving participation of women in the Mauritian labor market over the years.

In March 2023, the female labor force in Mauritius had reached 245,300, indicating an increase from the December 2022 figure, 225,900. These statistics are updated quarterly and have shown over the period of March 2004 to March 2023, that on average 219,700 women were actively participating in the Mauritian workforce, based on 77 recorded observations.

The highest point in this statistical data was reached in March 2023, with 245,300 individuals, while the lowest point dates back to December 2004, when it stood at 174,600 individuals.

Government measures to promote equal opportunities

Recognizing the substantial economic contribution of women, the government has recently taken tangible measures, aimed at promoting equal opportunities and career advancement for women. This year’s budget was a clear example of this commitment. This new direction reflects the desire to nurture a more inclusive society and to position women at the forefront of the country’s economic development.

Socio-economic challenges hindering women’s integration

An expert in the field sheds light on the challenges women encounter, especially when it comes to unemployment. She stressed the need to understand and overcome the structural barriers that impede women’s career prospects while highlighting the utmost importance of implementing tangible policies and initiatives aimed at promoting gender equality and creating an environment conducive to the professional fulfillment of women in Mauritius.

What stands between women and managerial positions?

When it comes to women in senior positions, particularly at the board level, experts suggest that the situation differs, as women in board positions are often more experienced and less affected by the challenges of childcare. The critical concern lies in the circumstances of women in middle management roles, especially those with young children. Maintaining a balanced representation of women on boards remains paramount, not only to bolster corporate governance but also to address these broader issues.

Introduction of quotas at board level

The introduction of gender quotas on boards represents a crucial and long-awaited step forward. Research indicates that having a minimum of three women on boards is instrumental in fostering diversity and fueling innovation. This initiative should also serve as a safeguard against corruption within companies. It is imperative to promote a broader spectrum of backgrounds and to raise awareness about the many benefits of this approach.

Reducing the pay gap and looking to the future

On a broader scale, it is imperative to introduce social measures that actively promote gender equality. Factors such as workplace flexibility, financial assistance for home ownership, a guaranteed minimum income, as well as other initiatives, can significantly contribute to women thriving professionally. Retaining local talent is also pivotal to ensuring a sustainable economic future.

Conclusion

Mauritius is making progress towards greater gender equality within its labor market, driven by proactive government measures and expanding awareness. Nevertheless, there are challenges that are yet to be tackled, particularly when it comes to ensuring the representation of women in management positions. The introduction of quotas on boards of directors is a positive step forward, but there is still room for progress in fostering diversity and raising awareness of this issue.

In a nutshell, championing diversity and inclusion stands to benefit the Mauritian economy as a whole, by stimulating innovation and improving overall business performance.

L’article Gender Equality: Progress and prospects for women in the Mauritius workforce est apparu en premier sur C&S Secretarial Services.

The international woman day was celebrated on the 8th March and the theme for the year 2020 is “EachforEqual”. We know very well the positive contribution of women and can now see with the downward spiral of events unfolding how our economic and social fate would have been definitely a different outcome had we involved more women in decision making processes and given them responsibilities they should have shouldered.  It is unfortunate that in 2020 we would still need to voice out the need for women to be treated equally and be given equal opportunities as for men based on merits, no preferential treatment.

Unfortunately women still have to strive for gender equality on many aspects but most importantly in leadership roles and a gender equal pay.

It is sad that we have to repeat that chorus every now and then as a reminder…

With the world on the brink of chaos and economic depression, surely we cannot take the same ingredients and start all over again, we have gone down that route before.  Gender equality is about the Yin and the Yang and how they work together and deliver synergies across the board.  This is the holistic picture, we will see in reality what happens on the ground.

Statistical figures

Though the theme for 2020 is “EachforEqual”, is this actually reflected in statistical figures around the world? Contrary to many beliefs, the answer would be that we are not quite there yet.

According to a survey conducted by the International Monetary Fund, only 18% of firms globally are led by women, and to many beliefs, only 22% on average of board members in Organisation for Economic Co-operational Development countries are women. As for emerging countries, there is a even lower representation with only 13% in India and 8% in Brazil.

So the simple question, yet complex, is actually “Where are the women? Why are there few women represented on board levels around the world?”.

Law enforcement

Despite the general low statistical figures around the world, lets have a look on how countries are enforcing new legislations or amending current ones to encourage companies to involve more women in directorships and/or at senior management levels.

The UK code on corporate governance was amended and came into force in 01 January 2019. The revised code now requires companies to actually report on how they have applied diversity in their companies (ranging from board level to across the workforce) and how this is linked to the progress of achieving the companies’ objectives.

There is also an increasing need for female representation on UK boards for FTSE 350 companies whereby, there is a voluntary target of 33% minimum of  women’s representation on FTSE 350 boards by 2020.

Norway took an even more drastic step to address the gender gap at board levels and has since 2008, obliged listed companies to have at least 40% of their director seats for women and failure to comply, the listed companies would be subject to forced dissolution by the authorities.

Following into Norway’s footsteps, other European countries,  such as France, Germany and Italy have adopted similar gender quotas, i.e 30 to 40 % of corporate boards must be made up of women.

As for Mauritius, with the new code of Corporate Governance (2016) which was launched in February 2017, companies are now encouraged companies to have at least one woman who sits on the board. But let’s not forget that the Code has apoted an “apply and explain” approach and should companies fail to abide by this measure, it would have to state in its annual report why the need for female directorship requirement was not fulfilled. There is also no administrative penalty for failure for applying the rule of “1 woman on board”.

Despite Mauritius enforcing the new code, should there not be more legislatures be put in place to encourage women on corporate boards? Should Mauritius take a step further and also implement the 40% quota on women as directors on listed companies just like Norway?

Why have women on in the management hierarchy and boards?

So why have more women in managerial posts and on boards? What are the real benefits?

A small story cut short…in the microfinance space arena it is well known that women are more focused on savings rather than lending as opposed to men.  They have a higher credit worthiness and can be better at managing money in general.  Women are natully more inclined to to take an investment decision whilst looking at other aspects apart from the profitability part and we are talking about social equality, environmental sustainability, and gender diversity. 

Is this what we want when we talk about inclusive and sustained development?  Do we get a sense of what is the missing ingredient was in our economic model?

Ms Tracy Vegro, Executive Director of Strategy and Resources at the Financial Reporting Council, UK, held that “To maintain a competitive edge and success over the long-term, UK companies need to consider how diversity and inclusion is relevant to the markets in which they operate, all their stakeholders and the communities they serve”.

Women now are definitely educated (in some countries have much higher grades up till university level than their male counterparts) and therefore are available in the workforce more than ever before. Having an increasing number of women as directors means having additional role models for other women in general as they are being looked up to. It also shows that companies recognize and value the contribution of women in the workforce and in decision-making.

Appointing women as directors is not just a matter of law enforcement but a global campaign, global education and public awareness and above all a valuable and sustainable contribution.

L’article Including Women on Board of Directors est apparu en premier sur C&S Secretarial Services.