‘Using the strength of women to rebuild the world economy’
In response the current financial crisis, Ernst & Young has released a report that addresses the vast economic potential of women as an economic force. The report analyses an extensive body of research which shows that women make significant and proven contributions to business and economic growth. Within the report, Ernst & Young discusses that academics, policy-makers and business leaders around the world assert that long-term economic growth requires the expanded participation of women in the workforce. Nevertheless, both in emerging and developed markets, women experience wage and occupational disparities, inadequate political representation and little or no visibility in corporate boardrooms. This occurs even when women are better educated than men.
According to economic analyses by the World Bank, United Nations, Goldman Sachs and other organizations, a significant statistical correlation between gender equality and the level of development of countries is shown. The evidence is compelling that women can be powerful drivers of economic development. Also, several studies from a broad spectrum of organizations – including Catalyst, McKinsey, and The Conference Board of Canada – have examined the relationship between corporate financial performance and women in leadership roles. Their undisputed conclusion is that having more women at the top improves financial performance.
A full copy of the report can be found here.
