Equality Means Business
Do you know that women account for $20 trillion of global purchasing power—more than the entire GDP of China? Or that women influence 80% of all purchasing decisions, worldwide? [1] Or more sobering to women in the US--American women are the majority of voters, 80 percent of consumers, majority of graduates of colleges, professional and graduate programs, and the driving force of entrepreneurship. And yet the wage gap persists, only a handful of women are on corporate boards or in corner offices--no matter the field or profession, women business owners still face unnecessary obstacles, Congress is only 16 percent women, and quality affordable and accessible childcare--concerns that most affect mothers--are still only a dream for most.[2]
On March 9-10, 2011 I attended a joint meeting of the UN Global Compact and UN Women scheduled to coincide with International Women’s Day. The purpose of the meeting--TAKING STOCK, SHARING LESSONS—was designed to present lessons from the field.
A speaker at the 2010 meeting and participant in 2011, I was struck by the difference between the inaugural 2010 meeting and the follow-up 2011 meeting. This year, the room was full to bursting—every seat was taken, people were sitting on the sidelines, in the aisles, standing in the doorway.
In 2010, there were very few men in attendance. In 2011, men were everywhere—men from Deloitte, IBM, Deans Beans, Calvert Asset Management, Banco do Brasil, Ceylon Asset Management Pvt. Ltd, Caixa Econômica Federal, and Sumitomo Chemical America to name a few. The opening remarks were given by His Excellency Mr. Ban Ki-moon, United Nations Secretary-General.
And the women—what a remarkable group of smart women, starting with the extraordinary Hon. Linda Tarr-Whelan, Demos Distinguished Senior Fellow, leader, author and former Ambassador to the United Nations Commission on the Status of Women....a mother of 2/grandmother of 4. Linda is definitely my new hero. And the brilliant young Saadia Zahidi, who heads the WEF’s Women Leaders and Gender Parity Programme. Irene Natividad, Chair, Corporate Women Directors International, who argues passionately that we should implement quotas for women on boards similar to the EU initiative (40% board seats occupied by women) until there are enough women on boards that it just no longer matters. Ellen McLatchey, Director, Global Diversity & Inclusion, Symantec Corporation—it seemed that most of the people in the room had a story to convey about Symantec’s support. Round it out with Cherie Blair (yes, formerly of Number 10 Downing Street) and founder of the Cherie Blair Foundation for Women and Geena Davis, Founder of the Geena Davis Institute on Gender in the Media . Geena Davis wryly observed that if we measure the number one job women occupy as portrayed by the media, particularly the film industry, that job would be princess.
Board quotas or princesses…what’s your choice?
I want another set of choices and believed that if it were up to the women and men in the room, my choices would be outstanding.
How about these choices as profiled in the Deloitte Gender Dividend Report:
“The future belongs to those of us, female or male, who can adopt and embrace the feminine archetype.” John Hagel III, cofounder Deloitte Center for the Edge, Deloitte United States
Or this simple economic fact… in the US, nearly all net job creation since 1980 has come from small businesses operating for fewer than five years. Today, the number of women owned businesses in this category is growing at twice the rate of growth overall… and the job creation [we] need to fuel any kind of middle class is not going to come from corporations, it’s going to come from small business,” says Harvard business professor Nancy Koehn.
Or this… more educated women than men move from their country of origin in search of greater opportunities producing a female brain drain of global proportions. Countries and companies that lose educated women suffer a double loss—they lose a worker and a potential mentor
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