Achieving full participation for women in the business environment “is not just a moral imperative, it’s an economic one,” Melissa Powell, deputy executive director of the UN Global Compact has commented, at a high-level meeting focused upon accelerating private-sector commitments toward women’s economic empowerment by 2030.
The United Nations Global Compact, in collaboration with UN Women and the Champions of Change Coalition, hosted the business leadership dialogue at the 69th session of the Commission on the Status of Women (CSW69), which brought together more than 50 business leaders, policy experts and social change-makers.
The gender gap
As it noted, despite decades of progress, women continue to be paid 20% less than men, according to the International Labour Organisation, while at current rates, it will take 134 years to close the global gender gap.
Yet at the same time, companies with diverse leadership teams are 25% more likely to outperform their peers, necessitating the need for action to bridge persistent gender gaps in the business environment.
“As we celebrate the 30th anniversary of the Beijing Declaration and 25 years of the UN Global Compact, we have never been closer to a true tipping point,” Powell added. “By investing in women-led enterprises, championing male allyship, and building equitable supply chains, businesses can lead the charge on achieving the Sustainable Development Goals by 2030.”
Invest in Women
A key focus of the discussion was the Invest in Women initiative, which encourages companies to increase capital flows to women-owned businesses and develop gender-responsive supply chains.
Other initiatives discussed included the role of ‘male allyship’ in advancing gender equality – mobilising men in leadership positions to champion gender equality and women’s economic inclusion.
The progress that the Africa Business Leaders Coalition (ABLC) has made on a regional basis in championing women’s rights in Africa was also explored, while businesses were called on to commit to the Forward Faster initiative – targeting equal representation, participation, and leadership of women at all levels by 2030. Read more here.
