The economic participation of women can help achieve growth and global competitiveness, says the Global Competitiveness Report. Read on…
According to the Global Competitiveness Report 2014-15, it is vital to enable women to boost the global competitiveness. The World Economic Forum (WEF) released the report as an assessment of competitive performance of over 144 economies of the world. The assessment includes mainly 12 factors such as Health, Infrastructure, Business Sophistication, Innovation, Institutions, Education, Technological Readiness, and Labor Market Efficiency.
The 2014-15 report has competitive economies in its first 10 ranks, while the highest rank among the emerging economies is occupied by the UAE at 12th position. In order to enhance global competitiveness, emerging economies need to focus on their inclusive growth, which is possible by leveraging their working age population. Moreover, the reform to make the labor market more effective and flexible at using the existing talent is the need of the hour. It involves promoting gender parity by breaking societal, economic, or political barriers that prevent ambitious women from fully participating.
One of the most vital parameters of a nation’s competitiveness is its human talent, i.e. the productivity, skills, and education of its workforce. Women account for about one-half of the potential talent base of the world, that clearly brings correlation between the country’s competitiveness and how educated and competitive its fairer gender is. Gender equality helps in increasing the talent pool, thus promoting the economies.
The Global Gender Gap Report 2013 indicates the correlation between the level of competitiveness, gender equality, human development, and GDP per capita across the globe. While over 90 per cent of the population in the world has bridged the gap in educational attainment between men and women, no specific country has covered the political empowerment gap or the economic participation gap between men and women.
While we can see comparatively more women being elevated into the competitive and leadership roles, much more remains to be changed. It is seen that men still get more critical assignments than women do. According to Linda Babcock, co-author of “Women Don’t Ask”, women do not ask for a raise. And even when they do, it is almost four times lower than men.
As a woman, while we definitely need to demand what we actually deserve, but we also have to go beyond just talking to ourselves. It is the time to join conversations and invite men too.