As we observe International Women’s Day 2023, it gives us the opportunity to contemplate the United Nations’ theme DigitALL: Innovation and technology for gender equality. Not surprisingly, a continuing disparity persists in the digital realm, and the UN offers tools to change that equation.
In other areas of equity, The World Bank released a study in 2022 that underscores the work ahead if we are to promote equal economic opportunity. While it states that 23 countries improved laws to advance women’s economic equality, about 2.4 billion women have restrictions to their economic participation.
The global study, Women, Business and the Law 2022, states that in 95 countries there are not legal guarantees for equal pay and in 86 countries there are restrictive laws. Furthermore, when it comes to gender parity and equal opportunity in the workplace around the world, women receive only 75% of the legal rights of men.
On the positive side, the report states that the Middle East, North Africa and Sub-Saharan Africa improved the most. And, globally, reforms in Parenthood, Pay and Workplace protections (such as sexual harassment prevention, increasing paid leave and dismantling some restrictions) made strides.
From the perspective of business success, study after study have concluded that diversity translates into better performance, making a strong case for gender diversity in the workplace. Interestingly, even though there is data that would encourage companies to enhance women’s upward mobility, there is an enormous disparity in the upper ranks when you look at data on women in the US from LeanIn and McKinsey.
The joint 2022 report, Women in the Workplace, states that only 25% of women are C-suite executives and only 1 in 20 are women of color. Possibly as a result of the disparity in numbers of promotions to higher ranks, women leaders are exiting organizations at the highest rates ever. “…for every woman at the director level who gets promoted, two women directors are choosing to leave….”
How Can Businesses Help Promote Gender Diversity and Inclusion?
Despite the clear economic benefits of including women in the workforce, reform is easier said than done. Cultural, legal, and structural barriers make it extremely difficult to reform gender rights laws in many countries.
When working across multiple cultures, different values and norms around the world mean there’s no one-size-fits-all solution to bridging gender gaps. Regulatory reform and financial incentives are crucial, especially considering gender-specific constraints that impede a woman’s economic inclusion. But businesses also play a major role in shaping the attitudes necessary to drive change.
The lack of gender parity in the workforce is a highly complex global issue, tied closely to regional and cultural differences. Financial inclusion for women requires careful consideration of legal and cultural barriers, but the business case for equal opportunity is too strong to deny. When women are free to live up to their economic potential, we can unlock the profound potential of the global economy, too.
Want to learn more about building gender diversity in the workplace? 
