Targeted Actions Required to Increase and Improve Women’s Work Opportunities

The FINANCIAL — New York – Gender equality and women’s economic empowerment are essential drivers in expanding economies worldwide. When more women work, economies grow, according to UN Global Compact.

As the private sector is the engine driving 90 percent of today’s jobs, addressing chronic gender equality must be a top priority for the business community as well as other stakeholders, according to UN Global Compact.

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“I applaud the companies and leaders that have signed onto the Women’s Empowerment Principles. By promoting women’s equality, we make progress for all,” said Phumzile Mlambo-Ngcuka, UN Women Executive Director. “When we empower women and girls through education and training, and support their full participation and leadership through equal opportunity, we advance equitable and inclusive economic growth and reduce poverty. It’s a win-win situation,” Mlambo-Ngcuka added.

According to the International Labour Organisation (ILO), between 45 and 50 million new jobs are needed each year over the next decade just to keep up with the growth of the world’s working age population and reduce the unemployment caused by the global financial crisis.

“Meeting the global jobs challenge with approaches that ensure fairness for women and men is central to the business, gender equality and post-2015 development agendas. Indeed, success is interdependent,” said Georg Kell, UN Global Compact Executive Director. “We’re very pleased that so many companies are embracing the WEPs and helping to expand opportunities for women in the global job market and eliminate gender job discrimination,” he added.

Nearly 700 CEOs, representing a global group of leading corporations, have already made a public commitment to support and implement the WEPs. These organizations recognize the economic and social benefits of women’s empowerment – empowering women is not only the right thing to do, it makes sound business sense.

Companies implementing the WEPs — frequently as an outcome of their business strategy to prioritize gender equality — develop programmes to measure pay equity and promotion practices; take steps to address unconscious bias; develop family-friendly policies and practices; increase access for women and girls to science and technology education; develop products and services; and leverage their business networks to support women entrepreneurs through gender-aware procurement systems, according to UN Global Compact.