Economic empowerment — a desire or a need?

Women economic empowerment is a trending topic that evokes broad interest. It is of paramount importance considering that at least seven of the Sustainable Development Goals (SDGs) revolve around it which shows that gender equality is necessary for both inclusive and sustainable world economic growth. The gravity of the issue is further emphasised by the findings of the McKinsey Global Institute (MGI) report of 2015. The study states that lack of gender parity has drastic consequences, as the global economy will bear a loss of an additional $12 trillion by 2025 -- if the current trends of gender inequality persist.

Of course, these economic implications have a trickle-down effect to all the countries, including Pakistan. The report further mentions that closing gender gaps completely in the labour-force participation, ie, the ‘full potential’ scenario will result in an increment of 26% in the global annual GDP by 2025. Though a large number of studies have been conducted on gender parity, this particular study is quite noteworthy, because it stresses that woman empowerment does not lie on just the nexus between a humanitarian cause and a social or political cause. It is far more intricate than that as it also affects the future economic progress of the world. On the financial front, the companies which have fewer women on the board of directors and in the senior management positions, experience 23% less returns and IRR as compared to the companies which have a higher proportion of female employees. This clearly puts a crucial point on the table that women economic empowerment is going to be the next economic reality of the world.

To comprehend the concept of women economic empowerment, there is a need to first identify a few misconceptions that have developed since the idea has reached the mainstream development sector. First, women economic empowerment is not something that needs to be solved by faster economic growth. This point is supported by the UN secretary general’s report which offers compelling evidence about how gender equality fuels economic progress. Additionally, if one identifies problems in the rural context, one will begin to understand that economic empowerment of women is an inevitable part of every development solution that we foresee.

Ambiguity also arises when women economic participation is mistaken for women’s economic empowerment. The Guardian also mentions in its analysis that having a job of high-quality standard is ‘essential’ to both men and women; above 90% of the population agreed across 17 African and Middle Eastern countries. If we observe the Herzberg’s two-factor theory of motivation, it is an eye-opener because both the motivators (such as recognition, responsibility, growth) and the hygiene factors are missing from the work environment in many countries. For women, this results in dissatisfaction and lack of positive satisfaction simultaneously. Hence, in order to empower women in the workplace, favourable work environment must exist through tailored interventions.

One significant aspect of bringing about change is by making women agents of change. They have to become the real role models, contrary to the media’s depiction of real women, for other women to take charge of their own situation. While effort is required from all institutions, the real solution to the fight is at the individual level. When one listens to the anecdotes of even the world’s most powerful women, one realises that the reality of economic empowerment is facing everyday challenges of being an individual woman.

Economic empowerment is a complex whole embedded in political, social, legal and in fact moral empowerment of women. And the question I want to ask today is: what’s your role in enabling the 50-50 nexus of women economic empowerment on a personal and professional level?

Published in The Express Tribune, July 10^th, 2017.

Like Opinion & Editorial on Facebook, follow @ETOpEd on Twitter to receive all updates on all our daily pieces.