Culture 15 February 2019
Businesses that neglect their most valuable assets lose competitiveness and long-term profitability. The same is true on a larger scale for national economies. So why do we continue to tolerate the enormous, yet preventable waste of human capital caused by gender inequality? Isn't it time we addressed this question as one of the top international economic priorities?
Only around 50% of women globally are in paid work outside the agricultural sector compared to 77% of men. This gap in employment rates has barely narrowed over the last twenty years. Worse still, the gap widens the higher up the career ladder you go. The number of female CEOs of Fortune 500 companies has actually fallen by a quarter over the last year to under 5%. A sobering reality indeed.
As I was discussing these issues with NGO and business leaders at the Concordia Summit and the World Economic Forum during the most recent United Nations General Assembly, I was struck by three main challenges.
First, men seem to be doing very little to bridge the gender gap. The advocacy is mostly led by women, as was the case with the suffragette movement at the beginning of the 20th century to give equal rights for women to vote. As long as men do not understand that bridging the gender gap is their responsibility as well, very little progress will be made. It is high time for men to step up and lead together with women to address this issue.
Second, very few business leaders seem to understand that gender inequality is not just a moral and human right issue, it is also a bottom line issue. It constitutes the single biggest distortion in the modern labour market and a major impediment to wealth creation. It prevents talent from rising to its natural level and leads to the systematic misallocation of resources, leaving the global economy worse off in the process.
It has been estimated that closing the gender gap would add $28tn to the value of the global economy – a 26% increase – by 2025. The dividend would be equal to the combined GDPs of the US and China. There is today an extensive body of research showing a strong link between female empowerment and economic development. Put simply, companies and societies are more likely to grow and prosper when women gain greater financial independence as wage earners and property owners.
Forward-thinking companies should be looking for ways to empower women at work, not just as a moral obligation, but also as a sound business strategy. A 2017 report by McKinsey noted that companies with three or more women on their executive committees performed better according to a broad set of organisational criteria, including innovation and quality of leadership. It further concluded that companies with the most women in senior positions achieved returns on equity 47% higher than those with none.
Third, when advancing female economic empowerment, the international community seems to mostly focus on helping women to break the glass ceiling in companies currently dominated by men. While this is important, we are also missing a big piece of the puzzle. I am convinced that the most effective strategy would be to actually increase opportunities for women to create and build companies of their own. Championing women's entrepreneurship will contribute more to a narrowing of the gender gap than promotion within existing businesses.
Sadly, today's entrepreneurs are still twice as likely to be men than women. Female entrepreneurs receive a disproportionately small amount of venture funding, with only 2.2% of the total invested in the US last year going to women-owned start-ups. This is despite the fact that companies founded by women deliver significantly higher returns than the market average, according to surveys. More must be done to provide the investment capital needed to support and accelerate the emerging revolution in female entrepreneurship.
I know from my own experience running one of the leading direct selling networks in Asia, Africa and Middle East that women are equally talented and eager to take control for themselves and become entrepreneurs.
When Nobel Prize Winner Professor Muhammed Yunus created the first ever microcredit bank in Bangladesh more than 30 years ago, he noticed that women were more likely than men to run their business in a professional way and to repay loans. As a result, more than 90% of Grameen bank customers are women.
Gender inequality is not a fatality. But turning this vision into reality will need more than good intentions. It will require transformative change in the way we do business and support entrepreneurs.
3 Min Read
With a lack of certainty surrounding the future, being and feeling healthy may help bring the security that you need during these unpredictable times.
When it comes to your health, there is a direct relationship between nutrition and physical activity that play an enormous part in physical, mental, and social well-being. As COVID-19 continues to impact almost every aspect of our lives, the uncertainty of the future may seem looming. Sometimes improvisation is necessary, and understanding how to stay healthy and fit can significantly help you manage your well-being during these times.
Tip 1: Communicate with your current wellness providers and set a plan
Gyms, group fitness studios, trainers, and professionals can help you to lay out a plan that will either keep you on track through all of the changes and restrictions or help you to get back on the ball so that all of your health objectives are met.
Most facilities and providers are setting plans to provide for their clients and customers to accommodate the unpredictable future. The key to remaining consistent is to have solid plans in place. This means setting a plan A, plan B, and perhaps even a plan C. An enormous amount is on the table for this coming fall and winter; if your gym closes again, what is your plan? If outdoor exercising is not an option due to the weather, what is your plan? Leaving things to chance will significantly increase your chances of falling off of your regimen and will make consistency a big problem.
The key to remaining consistent is to have solid plans in place. This means setting a plan A, plan B, and perhaps even a plan C.
Tip 2: Stay active for both mental and physical health benefits
The rise of stress and anxiety as a result of the uncertainty around COVID-19 has affected everyone in some way. Staying active by exercising helps alleviate stress by releasing chemicals like serotonin and endorphins in your brain. In turn, these released chemicals can help improve your mood and even reduce risk of depression and cognitive decline. Additionally, physical activity can help boost your immune system and provide long term health benefits.
With the new work-from-home norm, it can be easy to bypass how much time you are spending sedentary. Be aware of your sitting time and balance it with activity. Struggling to find ways to stay active? Start simple with activities like going for a walk outside, doing a few reps in exchange for extra Netflix time, or even setting an alarm to move during your workday.
Tip 3: Start slow and strong
If you, like many others during the pandemic shift, have taken some time off of your normal fitness routine, don't push yourself to dive in head first, as this may lead to burnout, injury, and soreness. Plan to start at 50 percent of the volume and intensity of prior workouts when you return to the gym. Inactivity eats away at muscle mass, so rather than focusing on cardio, head to the weights or resistance bands and work on rebuilding your strength.
Be aware of your sitting time and balance it with activity.
Tip 4: If your gym is open, prepare to sanitize
In a study published earlier this year, researchers found drug-resistant bacteria, the flu virus, and other pathogens on about 25 percent of the surfaces they tested in multiple athletic training facilities. Even with heightened gym cleaning procedures in place for many facilities, if you are returning to the gym, ensuring that you disinfect any surfaces before and after using them is key.
When spraying disinfectant, wait a few minutes to kill the germs before wiping down the equipment. Also, don't forget to wash your hands frequently. In an enclosed space where many people are breathing heavier than usual, this can allow for a possible increase in virus droplets, so make sure to wear a mask and practice social distancing. Staying in the know and preparing for new gym policies will make it easy to return to these types of facilities as protocols and mutual respect can be agreed upon.
Tip 5: Have a good routine that extends outside of just your fitness
From work to working out, many routines have faltered during the COVID pandemic. If getting back into the routine seems daunting, investing in a new exercise machine, trainer, or small gadget can help to motivate you. Whether it's a larger investment such as a Peloton, a smaller device such as a Fitbit, or simply a great trainer, something new and fresh is always a great stimulus and motivator.
Make sure that when you do wake up well-rested, you are getting out of your pajamas and starting your day with a morning routine.
Just because you are working from home with a computer available 24/7 doesn't mean you have to sacrifice your entire day to work. Setting work hours, just as you would in the office, can help you to stay focused and productive.
A good night's sleep is also integral to obtaining and maintaining a healthy and effective routine. Adults need seven or more hours of sleep per night for their best health and wellbeing, so prioritizing your sleep schedule can drastically improve your day and is an important factor to staying healthy. Make sure that when you do wake up well-rested, you are getting out of your pajamas and starting your day with a morning routine. This can help the rest of your day feel normal while the uncertainty of working from home continues.
Tip 6: Focus on food and nutrition
In addition to having a well-rounded daily routine, eating at scheduled times throughout the day can help decrease poor food choices and unhealthy cravings. Understanding the nutrients that your body needs to stay healthy can help you stay more alert, but they do vary from person to person. If you are unsure of your suggested nutritional intake, check out a nutrition calculator.
If you are someone that prefers smaller meals and more snacks throughout the day, make sure you have plenty of healthy options, like fruits, vegetables and lean proteins available (an apple a day keeps the hospital away). While you may spend most of your time from home, meal prepping and planning can make your day flow easier without having to take a break to make an entire meal in the middle of your work day. Most importantly, stay hydrated by drinking plenty of water.
Tip 7: Don't forget about your mental health
While focusing on daily habits and routines to improve your physical health is important, it is also a great time to turn inward and check in with yourself. Perhaps your anxiety has increased and it's impacting your work or day-to-day life. Determining the cause and taking proactive steps toward mitigating these occurrences are important.
For example, with the increase in handwashing, this can also be a great time to practice mini meditation sessions by focusing on taking deep breaths. This can reduce anxiety and even lower your blood pressure. Keeping a journal and writing out your daily thoughts or worries can also help manage stress during unpredictable times, too.
While the future of COVI9-19 and our lives may be unpredictable, you can manage your personal uncertainties by focusing on improving the lifestyle factors you can control—from staying active to having a routine and focusing on your mental health—to make sure that you emerge from this pandemic as your same old self or maybe even better.