Bridging the gender gap is not as simple as settling for equal pay for equal work or gender balance around the boardroom table. Women still face several barriers and challenges, biases and injustices that limit their full potential and participation in the labour market.
These include gender-based discrimination, violence, harassment, unequal pay, and lack of access to education, health care, finance and leadership opportunities. These factors affect women’s well-being and dignity and hinder the progress of the entire society. Addressing this requires an understanding of the principles of equality and equity.
While equality aims for sameness, equity aims for fairness. This means recognising and addressing the differences and circumstances of individuals or groups rather than giving everyone the same thing; in other words, focusing on equality of outcome rather than only treatment.
According to the World Bank, advancing gender equality and opening economic pathways for women could add $13 trillion to the global gross domestic product (GDP) by 2030 . Logically, this is a significant incentive for the currently male-dominated C-Suite to bring more women into the workforce and generate growth.
Addressing the gender pay gap is fundamental in changing the embedded culture of inequality – it is an important mechanism that can be continuously benchmarked to maintain the momentum for change. But focusing on the gender pay gap – a crucial step towards ensuring greater diversity within the workplace – is not the only instrument of change.
To bring about the sort of progress we are talking about means creating an enabling environment where women have equal rights but also have the opportunities and resources and that their voices and perspectives are valued and respected. But there is a moral side to the pragmatic approach. Several studies indicate that investing in women positively impacts other development goals, such as reducing poverty, improving health, education, and environmental outcomes, and promoting peace and security.
Standard Chartered strongly values diversity and inclusivity, believing that our diverse workforce, culture, and values drive our success. We have strived to create an environment that fosters excellence, where every individual can thrive, regardless of background or identity.
Companies with diverse leadership teams and inclusive practices consistently outperform their peers. By investing in businesses that prioritise gender equality among their customers and their workforces, investors can tap into this potential for financial outperformance .
In addition, Women typically invest a higher proportion of their earnings in their families and communities than men, which speeds up development, helps overcome poverty, reduces inequalities, and improves children’s nutrition, health, and school attendance .
This is also why – as a component of seeking equity for women – we need to see a greater focus on investing in women’s health, which has been shown to have enormous economic benefits. Healthier women and their children contribute to more productive and better-educated societies.
Investing in women is a matter of justice and a matter of necessity. Women are the key drivers of change and progress, and their empowerment benefits everyone. Investing in women can create a more prosperous, peaceful, and sustainable world for all .
Financially, there is solid ground for investing in women-owned businesses or businesses that promote gender equality. Often referred to as “gender lens investing”, it involves investing in women-owned businesses or businesses that promote gender equality and has emerged as a powerful impact investment strategy. It combines pursuing financial returns with the quest for gender equality and social well-being.
But there is also the straightforward business sense: companies with diverse leadership teams and inclusive practices consistently outperform their peers. By investing in businesses that prioritise gender equality among their customers and their workforces, investors can tap into this potential for financial outperformance .
Investing in women’s economic empowerment generates short and long-term social dividends and enhances women’s participation in decision-making and conflict resolution⁴. Societies prioritising women’s health and economic engagement will likely have better population health overall and remain more productive for generations to come.
We are deeply committed to gender equality and actively engage with the men and women in our workforce to promote it. We implement robust policies and initiatives to support female colleagues, clients, and girls and women in their communities. We aim to empower women and small businesses, unlock their financial potential, and increase gender equality in the long run.
We must take practical actions at all levels, from the individual to the global. We need to challenge and change social norms and stereotypes that perpetuate gender inequality and violence.
We must enact and enforce laws and policies that protect and promote women’s rights and interests. We must provide women access to quality education, health care, finance, and technology.
We need to support women’s entrepreneurship, innovation and leadership. We must foster a diversity, inclusion and collaboration culture where women and men work together as equal partners.
By Millicent Clarke
