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What We've Learnt About Women's Economic Empowerment

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What We've Learnt About Women's Economic Empowerment CDC Group plc 123 Victoria Street London SW1E 6DE United Kingdom T +44 (0)20 7963 4700 E [email protected] cdcgroup.com Insight CDC is wholly owned by the UK Government What we’ve learnt about women’s economic empowerment @CDCGroup CDC Group plc Enabling women’s economic empowerment leads to faster economic growth. cdcgroup.com CDC is wholly owned by the UK Government @CDCGroup CDC Group plc Introduction or a woman to be economically empowered, she needs to have the resources and ability to succeed and the power to act on her decisions.1 Enabling women’s economic empowerment, We believe that by Fthrough participation in the labour force and greater inclusion in the economy, leads to faster economic growth. supporting economic In other words, excluding women is economically inefficient. empowerment, we can At the same time, it is well established that achieving gender equality improves developmental impact such as family also contribute to other health and education, and reinvestment into local economies. forms of women’s Enabling women’s As investors and businesses, we can influence women’s empowerment. economic empowerment through the decisions we make about directing resources, access to jobs, and the design of inclusive products and services. We believe that by empowerment, and said that we’d be looking for ways economic empowerment supporting economic empowerment, we can also contribute to create economic opportunity for women as business to other forms of women’s empowerment by improving a leaders, employees, suppliers, customers and community woman’s ability to make decisions that affect her life. members. We also said that we wanted to share examples of In our 2017–21 Strategic Framework, we recognised good practice and our experiences with stakeholders. And leads to faster our role in contributing to UN Global Goal 5 on gender that we wanted to work with others with an interest in this equality. We set out our commitment to women’s economic area to improve the ways that investing can promote women’s empowerment. Since then, we’ve been thinking about the role that economic growth. a development finance institution like CDC can play. As an organisation that invests in the private sector across Africa and South Asia, we have the potential to influence positive outcomes for both businesses and for women if we consider, enable and invest in gender opportunities across the business value chain. This means considering women’s role as leaders, employees, entrepreneurs, suppliers, customers and community members. This value chain framework allows us to engage with companies on specific opportunities where we think we can have the greatest impact. We’re still at the early stages of our journey, with lots left to learn. But as part of our commitment to sharing knowledge, we’re setting out what we’ve learnt so far about the challenges, business case and opportunities for investors in key areas of the value chain. cdcgroup.com 1 Understanding and Measuring Women’s Economic Empowerment, International CDC is wholly owned by the UK Government Center for Research on Women, 2016, www.icrw.org/wp-content/uploads/2016/10/ Understanding-measuring-womens-economic-empowerment.pdf @CDCGroup CDC Group plc CDC Group plc Insight: What we’ve learnt about women’s economic empowerment 1 Challenges and opportunities cross the globe, women’s economic participation is limited by the discrimination and unequal opportunities they face. Standing Ain the way of their full economic participation lies a host of barriers. These include structural inequalities such as restrictions on where and how women can work; policies that limit women’s control over land, assets and capital; and socioeconomic discriminations What we already know – the facts resulting in women occupying low-quality, The challenges often unpaid, work. • In 104 of 189 countries, women face some These factors affect a woman’s agency, form of law that differentiates them from In 104 of 189 countries, women face some power, voice and ultimately, her ability to enjoy men and restricts job opportunities. This form of law that fundamental freedoms which should be includes working hours, protection from differentiates them universal to all. And they also dilute the violence, and ability to build credit.2 This not from men and restricts potential financial contribution that women only restricts a women’s ability to access job opportunities can bring to businesses and the wider economy. decent quality jobs, but also reduces the pool That is why the pursuit of gender equality is of talented candidates that companies could essential for development and poverty recruit from. eradication. It’s also why ‘gender smart’ • Across the world, women are paid less than investing – considering the specific role that men due to both pay discrimination and women play in a company, sector or market – is having to work in low-value jobs. Women in Women in most countries earn on just good business. most countries earn on average only 60 to 75 average only 60 to 75 3 per cent of men’s wages. per cent of men’s wages • Globally, women spend on average 4.5 hours per day doing unpaid work, twice as much time as men. This equates to $10 trillion in annual lost output.4 Yet, the value of unpaid work remains largely unaccounted for in national GDP calculations, even though it is fundamental to keeping economies running and poses significant burdens on women’s time. • According to the latest research, the global gender gap – the disparities in health, education, economics and politics between men and women – is estimated to take a further 100 years to close.5 2 Women, Business and Law, World Bank, 2018, http://wbl.worldbank.org/ 3 Facts and Figures: Economic Empowerment, UN Women, www.unwomen.org/en/what-we-do/economic-empowerment/ facts-and-figures 4 Gender Lens Investing, Quinlan J (Bank of America) and Vanderbrug J (Bank of America), 2016, Wiley 5 The Global Gender Gap Report 2017, World Economic Forum, 2017, www3.weforum.org/docs/WEF_GGGR_2017.pdf 2 Insight: What we’ve learnt about women’s economic empowerment CDC Group plc Challenges and The opportunities institutions. This represents a financial • Both women and men are essential to opportunity to serve this market of around opportunities growing economies and reducing poverty. $320 billion.10 According to the World Bank’s World • Women’s education levels are on the rise. Women as consumers Development Report, investing in women Significant progress has been made to control about is “smart economics”. Breaking down narrow the gender gap in education, and in $15 trillion of global barriers for women to work in certain many parts of the world, women outnumber consumer spending cross the globe, women’s economic sectors or jobs can lead to an increase in men in tertiary education enrolment.11 participation is limited by the labour productivity of up to 25 per cent in discrimination and unequal some countries.6 opportunities they face. Standing • Evidence shows that investing in women can Ain the way of their full economic participation result in better health and education for According to McKinsey, if women’s lies a host of barriers. These include structural future generations, due to women’s household participation rates in inequalities such as restrictions on where spending patterns. According to Goldman the global economy and how women can work; policies that Sachs, an increase of 1 per cent in women’s were the same as men’s, 6 limit women’s control over land, assets and share of household wages boosts aggregate Gender Equality and Development: World Development Report 2012, it would add $28 trillion, World Bank, https://siteresources.worldbank.org/INTWDR2012/ 7 or 26 per cent, to capital; and socioeconomic discriminations What we already know – the facts savings by 0.25 per cent. Resources/7778105-1299699968583/7786210-1315936222006/ annual GDP by 2025 resulting in women occupying low-quality, The challenges • Investing in women pays off. According to Complete-Report.pdf 7 The Power of the Purse: Gender Equality and Middle-Class often unpaid, work. • In 104 of 189 countries, women face some McKinsey, if women’s participation rates in Spending, Goldman Sachs Global Markets Institute, 2009, These factors affect a woman’s agency, form of law that differentiates them from In 104 of 189 countries, the global economy were the same as men’s, http://wwdw.gbaforwomen.org/docs/GOLDMAN-SACHS- women face some Power-of-the-Purse.pdf it would add $28 trillion, or 26 per cent, to 8 How advancing women’s equality can add $12 trillion to global power, voice and ultimately, her ability to enjoy men and restricts job opportunities. This form of law that fundamental freedoms which should be includes working hours, protection from annual GDP by 2025.8 growth, McKinsey Global Institute, 2015, www.mckinsey.com/ differentiates them global-themes/employment-and-growth/how-advancing- universal to all. And they also dilute the violence, and ability to build credit.2 This not from men and restricts • Women as consumers control about $15 trillion womens-equality-can-add-12-trillion-to-global-growth 9 potential financial contribution that women only restricts a women’s ability to access job opportunities of global consumer spending, and by 2028 will A Solution For A Struggling Global Economy: Gender Equality, Forbes, 2011, www.forbes.com/sites/ can bring to businesses and the wider economy. decent quality jobs, but also reduces the pool be responsible for two-thirds of consumer forbeswomanfiles/2011/10/14/a-solution-for-a-struggling-global- That is why the pursuit of gender equality is of talented candidates that companies could spending worldwide.9 economy-gender-equality/#6dbbd728db9c 10 Strengthening Access to Finance for Women-Owned SMEs in essential for development and poverty recruit from.
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