According to the International Labor Organization, gender gaps continue to be one of the biggest important issues the employment industry is facing today. Compared to men, it seems like women are considerably less likely to take part in the job market. Once they do find themselves in the labor market, they are less likely to get a job compared to men. Moreover, the quality of work they do receive pose to be a major concern.
Nevertheless, assisting women in getting more access to the employment market is a crucial first step. In 2017, however, the women’s global labor force participation rate, which is slightly above 49 percent, is approximately 27 percentage points below the men’s rate. What’s worse is that this prediction will most likely stay the same in the following year.
Back in 2014, the Group of Twenty (G20) leaders pledged to lower the gap by 25 percent when it comes to participation rates between women and men by 2025.
The World Employment and Social Outlook (WESO) Trends for Women 2017 report calculates that if the leaders are able to accomplish the said commitment throughout the globe, it can potentially add USD 5.8 trillion dollars to worldwide economy.
This could even solve massive possible tax revenues. For instance, the report accounted that worldwide tax revenues could rise by USD 1.5 trillion, the majority of it in developing (USD 990 billion) and already-developed nations (USD 530 billion). Southern Asia, the Arab States and Northern America would experience the utmost benefits because these are the regions with participation rates’ gaps between women and men surpassing 50 percentage points.
Besides the noteworthy benefits concerning the economy, more women’s participation in the labor market would have a positive effect on their wealth since the majority of them prefer to work. Deborah Greenfield, the ILO Deputy Director-General for Policy, reiterated that half of women around the globe are unemployed even though 58 percent of them would rather get a job that pays them. This is a substantial hint that there are weighty trials limiting their abilities and choice to participate.