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More Women in the Workforce Could Raise GDP by 5%

More Women in the Workforce Could Raise GDP by 5% | Business Tips | Scoop.it
But two big challenges are holding women -- and the U.S. economy -- back.

 

More Women in the Workforce Could Raise GDP by 5%

by Sylvia Ann Hewlett | 9:00 AM November 1, 2012

 

Nearly one billion women are poised to enter the global economy in the coming decade. That's a hard fact. The question is whether theirs will be a story of economic empowerment or missed potential. A new study from Booz & Co., "Empowering the Third Billion: Women and the World of Work in 2012," suggests concrete steps that governments and employers can take to tilt the scales toward success.

 

This study sharply contrasts with many of the existing indices that measure women's potential, which tend to paint a gloomy picture of victimhood, especially in emerging markets. For example, the aim of the World Economic Forum's "Gender Gap Index" is to provide "a framework for capturing the magnitude and scope of gender-based disparities around the world." While its benchmarks for national gender gaps on economic, political, educational, and health-based criteria are extremely valuable, it is essentially a compilation of the barriers to women's advancement. Similarly, UNESCO's "Gender Equality Index" (PDF) spotlights disparities in educational opportunities and adult literacy, certainly creating greater awareness among a global audience of the challenges women face but at the same time enhancing the magnitude of the problem without offering any solutions.

 

What I find so provocative about the Booz study is that it focuses exclusively on women in the workplace and examines the issues that hold them back from achieving their full business potential. What I find exhilarating is that it takes this a step further — by pointing out the specific levers to be pulled so that women can actually make a difference to their country's economy.

 

Many of the issues that the Booz index identifies are ones that were spotlighted in the Center for Talent Innovation's research on women professionals in emerging markets. While CTI research focused exclusively on the BRIC nations (Brazil, Russia, India and China) and the UAE, the Booz study covers a wide swath of 128 countries ranging from Italy to Indonesia, from Singapore to Syria, from Canada to Chad.

 

Yet both our work and the Booz study find that the two basic issues that hold educated women back from achieving their full potential are the same:

 

The care economy. Women are the primary caregivers for children, the elderly, and the sick, and this burden hampers their economic development. The Booz study notes that women in OECD countries spend about 2.4 hours each day more than men on such unpaid work. CTI research found that eldercare obligations far outweigh childcare responsibilities in India and China, where 94% and 95% of our survey respondents, respectively, care for their parents, with more than half contributing a significant percentage of their annual income (23% and 18%, respectively) to parental support.

 

Eldercare is an especially potent drag on women professionals, hitting them just as their careers are reaching their full potential. Cultural insistence that a daughter's first duty is to her parents causes many women to either cut back on their career ambitions or leave the workforce altogether. This issue has long been ignored, but with increasing longevity, eldercare issues will loom ever larger in the coming decades.

 

Inclusion. Once women begin to move ahead on their career path, their forward momentum can be derailed by a number of factors. The Booz study spotlights such levers as the pay ratio between men and women, the number of female leaders who serve as political, social, and business role models, and even how easy it is for women to win financial credit for their entrepreneurial dreams. These add up to whether women feel their career ambitions are supported or disdained. CTI research finds that women in emerging markets routinely encounter bias in the workplace severe enough that large numbers (55% in India, 48% in China, and 40% in Brazil) disengage or consider dropping out altogether.

 

Both of these problems can be addressed by employers who recognize that high-potential women are being sidelined by these issues. If companies want to see their talented women reach their maximum potential, they will have to recognize the magnitude of the child- and eldercare problems and help provide high-quality, accessible care solutions. Further, companies must recognize whether their work environment is holding back rising female stars, and create procedures and programs that protect, support, and sustain women's ambition.

 

Even small breaks in these barriers can lead to dramatic economic benefits. Booz estimates, for example, that if female employment rates were to match male rates in the United States, overall GDP would rise by 5%. In Japan, such initiatives could increase GDP by 9%. In developing economies, the effect soars into the double digits.

 

At the end of the day, we're all searching for a path to global economic recovery. Political and corporate leaders must recognize that women are the solution. Rather than wringing their hands over the issues, why not implement actions that enable women to achieve their power and potential in the marketplace?

 


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Cybersecurity: A Small Business Guide

Cybersecurity: A Small Business Guide | Business Tips | Scoop.it

Small businesses are more at risk than ever for data breaches and fraud. Here's everything you need to know to protect yourself.


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Daniel Watson's curator insight, July 15, 2:22 AM

 

The internet is a far more dangerous environment than most small business owners realise, and it is becoming more so, by the day. Obviously, most small business people are not IT experts, and many have limited understanding of the dangers they face from cyber attacks and other forms of online threats. This excellent guide should prove valuable to you if you fall within this category.

rodrick rajive lal's curator insight, July 15, 5:41 AM
The internet is a far more dangerous area than owners of IT businesses will realise, and thus, according to this article, Cybersecurity needs to be addressed seriously! The virtual world has backdoors to a more dangerous and murky grey area where virtual cyber trolls are on the prowl!
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A smart loan for people with no credit history (yet)

A smart loan for people with no credit history (yet) | Business Tips | Scoop.it
Trust: How do you earn it? Banks use credit scores to determine if you're trustworthy, but there are about 2.5 billion people around the world who don't have one to begin with -- and who can't get a loan to start a business, buy a home or otherwise...
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The Future of High Tech

The Future of High Tech | Business Tips | Scoop.it
On 25 May 2016 Twente showcases The Future of High Tech, a one-day event that gathers the brightest minds in emerging technologies and entrepreneurship.
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28 to Make: Creative Exercises for Building Better Habits

28 to Make: Creative Exercises for Building Better Habits | Business Tips | Scoop.it
28 to Make is a free 28-day series of daily creative exercises delivered to your inbox. It's designed to help you get back in the habit of making cool stuff.

Via craig daniels
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Think outside of the box.
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StartUp - In Photos: The 12 Best Podcasts For Entrepreneurs

StartUp - In Photos: The 12 Best Podcasts For Entrepreneurs | Business Tips | Scoop.it
The first season was a breakthrough, with host Alex Blumberg taking listeners inside a startup from conception to funding and many more challenges. That startup: his own, podcast network Gimlet Media.
Via Skip Boykin
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Talk with your prospective audience and let them know about you!
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Mobile Presents Great Opportunities for Entrepreneurs

Mobile Presents Great Opportunities for Entrepreneurs | Business Tips | Scoop.it
If you are an entrepreneur, there are many reasons why you should consider building your business around a mobile app.
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Mobility apps have taken businesses to another level.

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The self-employed will overtake the public sector with the 'gig economy'

The self-employed will overtake the public sector with the 'gig economy' | Business Tips | Scoop.it
People who work for themselves are going to become an ever-more powerful
economic and political force
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Power only comes from those who exert their power.

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Small Business Ideas and Resources for Entrepreneurs

Small Business Ideas and Resources for Entrepreneurs | Business Tips | Scoop.it

Visit Inc.com for the latest issue of Inc. Magazine and get advice, tools, and services that help your small business grow.

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Excellent resources

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How Outsourcing Can Help Your Business

How Outsourcing Can Help Your Business | Business Tips | Scoop.it
Women Owned Business Club Magazine is a Business, Career and Lifestyle Online Magazine that was created as an additional platform for WOBC members to showcase their businesses, services and products.
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Save time - save money!

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A 4-Step Checklist That Will Increase Your Chances of Starting a Successful Businesses

A 4-Step Checklist That Will Increase Your Chances of Starting a Successful Businesses | Business Tips | Scoop.it
To be one of the 10 percent of businesses that actually become legitimate you have to show a tremendous amount of dedication, and put in an insane amount of time.

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Read and Heed

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12 Habits That Set Ultra Successful People Apart | Inc.com

12 Habits That Set Ultra Successful People Apart | Inc.com | Business Tips | Scoop.it
Ultra successful people delight themselves by blowing their personal goals out of the water. Here's what sets them apart.

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Tips from the pros.

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Leland Sandler's curator insight, October 13, 2015 10:59 AM

Read about these 12 habits that set the most successful people a step above the rest. Learn how to develop these habits to increase your own success as well as the success of your business. 

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12 Habits of Exceptional Leaders

12 Habits of Exceptional Leaders | Business Tips | Scoop.it
Great leadership is dynamic. It melds a variety of unique skills into an integrated whole.

Via Sandra Brevett
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You may not exhibit all of these skills - but it's never too late to learn.

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The Rise of Knowledge Workers Is Accelerating Despite the Threat of Automation

The Rise of Knowledge Workers Is Accelerating Despite the Threat of Automation | Business Tips | Scoop.it
Occupations with cognitive tasks that aren't routine are adding the most jobs in decades.
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7 Creative Ways to Visually Brand Your Business on Social Media

7 Creative Ways to Visually Brand Your Business on Social Media | Business Tips | Scoop.it
Want to harness the power of visual marketing in your business? Learn 7 creative ways to visually brand your business on social media.
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The 5 Sales Capabilities That Help Close Deals

The 5 Sales Capabilities That Help Close Deals | Business Tips | Scoop.it
See why more sales leaders are turning to Enterprise Social to gain customer insights that can close deals.

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There's a lot more pieces to closing deals then the 5 capabilities in this article - but it's a good start - insight is always important
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Joe Ambrose's curator insight, March 18, 2015 9:52 AM

Good reminder on B2B sales strategy.  The way business buyers purchase products and services has changed....have you changed with it?  The B2B purchaser roadmap is a good reminder that your sales process needs to be aligned with the prospects buying process.

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Creativity Kickers

Creativity Kickers | Business Tips | Scoop.it
Jeanne Muzi recently posted two lists of "Creativity Kickers" on the blog, Four O'Clock Faculty. The lists offer great ideas for formative assessments and creative challenges.  In "Creativity Kickers, Part 1," I found a couple I would like to try in my own classroom, such as the "Yes, And... Cards" and the "Student Created Knowledge…

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How to Reach Today’s On-the-Go Customer and Crush Your Competition!


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All businesses should be mobile or risk loosing customers!

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William H Lassiter Jr.'s curator insight, February 9, 2013 11:48 PM

All businesses should be mobile or risk loosing customers!

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The Step-By-Step Self-Promotion Plan for Speakers

The Step-By-Step Self-Promotion Plan for Speakers | Business Tips | Scoop.it

The glamour of being paid to share what you know from the stage cannot be overstated. Imagine an audience jumping to their feet and bursting into applause as you say your last few words. You walk off the stage and a line of people is forming to tell you how wonderful you were and how much you changed their lives. 


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Hundreds of speakers are out there - learn how you can promote yourself to get a speaking gig

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Trends that no small business owner can ignore in 2016

Trends that no small business owner can ignore in 2016 | Business Tips | Scoop.it

Are you ready to know more about the trends that no small business owner can ignore in 2016? Then here are few Trends that no small business owner can ignore in 2016

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Still trying to do the same things you did when you started your business -  look at the trends for some fresh ideas.

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A Note on the State of the UAE’s Economy

A Note on the State of the UAE’s Economy | Business Tips | Scoop.it
 I wanted in this brief note to highlight the current status of the United Arab Emirates’ economy and to outline the course we are steering in the period to come. It is my aim this note, released
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Amazing changes in the UAE!

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19 Things Remarkable People Think Every Day

19 Things Remarkable People Think Every Day | Business Tips | Scoop.it
Each is a small thing, but each also has the power to change your life... and the lives of the people around you.
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Unique thoughts and actions differentiate remarkable people

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The One Thing Every CEO Needs to Start Doing - Fortune

The One Thing Every CEO Needs to Start Doing - Fortune | Business Tips | Scoop.it
Sharon Price John, CEO of Build-A-Bear Workshop, explains the biggest leadership lesson she learned this year.

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How Men & Women in Sales Are Wired Differently: Interview with Joanne Black

How Men & Women in Sales Are Wired Differently: Interview with Joanne Black | Business Tips | Scoop.it
Men and women are wired differently. This is apparent in the workplace and outside of it. Joanne Black, respected sales leader and trainer, talks to Debra Carpenter about the ways communication between men and women in sales can be managed to yield the best results.

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However, in sales...both men and women are educated buyers - respect and professionalism are appreciated above and beyond by both.  However. it is the sales approach that must be considered when selling to men and women.

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