Decline in Gender Inequality Can Boost World Economy

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A report by the UBS stated that governments need exert efforts to discourage the behavior of companies who set berries to prevent women from taking up top positions. It further revealed that actions taken against such companies would mean unlocking £10tn of economic output.

UBS wealth management says that in order to curb the continuous sluggish figures and economic growth worldwide it is necessary to bridge the gender gap on employment, business leadership and pay scale. A study by Mckinsey found out, if countries continue to encourage national women to participate in generating the economic output, this could add $12tn, or 11% to the economy as a whole across globe by 2025. But unfortunately, a report by World Economic Forum stated that bridging this gap might take 170 years because the disparity in gender has widened in past four years.

UBS further raised options stating that governments will have to make hard choices and think about the long term, this could be done introducing sufficient paternal as well as maternal leave. The governments must also consider giving high quality subsidized childcares along with employment policies that are more inviting for the female workforce.

Statistics reveal that only a small number of women are gainfully employed rest of the employment is filled by the males. As surprising as it may sound men better paid than women. UBS pinpointed that the imbalance needs to be addressed by the governments; the biggest inequality for women is lack of choice, especially those who have children are forced to quit work or work part time. A report also revealed that women take lesser specialized degrees in comparison to men hence, there lesser women who become science researchers or IT workers.

Despite the fact that women are underrepresented and can add significantly well to the economy if employed there very few steps that being taken to break the ring of gender disparity in the cooperate world.

UBS further said that it is in best interest of companies to employ women and let them grow, as companies with women in their high positions are more profitable. The part of the plan should be to promote more women in the management of companies. Getting women in to corporate world is a partial success. What matters is to place women in the higher management of companies. The government was criticized by Parliament’s Women and equality committee, for not being able to decrease the gender gap as they had promised to eradicate the disparity completely.

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