The situation

Gender equality is not just a basic human right, but also a prerequisite for a world that is peaceful, affluent, and sustainable. Despite many of progressive efforts, there is still a considerable lot of inequity in the workplace. In recent years, the government, employees, and many businesses have tried to eliminate wage disparities between men and women. They've also worked to guarantee that men and women are treated equally. It's one of the most talked-about topics in today's business world, so it's critical that your company understands all current regulations and its obligations to employees.

Despite tremendous progress in the number of girls receiving an education and in poverty reduction around the world over the previous two decades, this has not translated into increasing female involvement in the labor field. There are substantially fewer women in executive positions than men around the world.

UK

It seems doubtful that gender parity on UK corporate boards will be realized before 2036. According to the report, the expected year for gender parity in listed U.K. corporations has increased by four years. A new effort is underway in British business to appoint more women to boards of directors.

According to a recent analysis on women on boards, the United Kingdom and other countries have made little progress in enhancing gender diversity in the boardroom. Companies with a female chair or CEO have nearly twice as many female directors than companies run by men.

Key Statistics

• According to the Pipeline Women Count study, companies with at least 50 percent female board members have a profit margin of 21.2 percent.Firms with no women on their executive committees, on the other hand, witnessed a 17.5 percent loss in profitability. https://www.cnbc.com/2021/07/14/gender-parity-on-uk-company-boards-is-not-likely-until-2036-study.html
• Only 15 organisations out of 350 have female chief executives, according to an annual analysis of the number of responsibilities held by women at executive committee level or higher. https://www.theguardian.com/business/2021/jul/14/women-unlikely-to-catch-up-with-men-on-ftse-350-boards-before-2036
• Female presence on executive teams in the United Kingdom increased from 15% in 2014 to 20% in 2019. https://www.trvst.world/equality-diversity/equality-diversity-facts-statistics/

USA

Over the years, numerous initiatives have been made to close the pay gap. Despite efforts to achieve gender equality in the workplace, there is still a long way to go in the fight for true equality. Women earn less on average for every dollar earned by males.

In recent years, America has achieved a number of significant gender equality milestones, the most notable of which was the election of its first female vice president. In some sports, men have a distinct advantage over women. Horse racing isn't one of them, according to new research published in the Journal of Sports Economics.

Key Statistics

• As per McKinsey & Company study work, women's labour share has climbed from 37% to 47% in the last 40 years in USA. https://www.mckinsey.com/~/media/mckinsey/featured%20insights/Employment%20and%20Growth/The%20power%20of%20parity%20Advancing%20womens%20equality%20in%20the%20United%20States/MGI-Power-of-Parity-in-US-Full-report-April-2016.ashx
• Female representation on executive teams climbed from 15% in 2014 to 20% in 2019. https://www.trvst.world/equality-diversity/equality-diversity-facts-statistics/
• In the United States, black female executives are more than twice as likely to hold staff positions on executive teams as they are to hold line positions .Black women face a double whammy of prejudice: both gender and race prejudice. This makes it difficult for black women to get high-level professional employment. https://www.trvst.world/equality-diversity/equality-diversity-facts-statistics/

Australia

Without gender quotas, Australia has become one of just three countries with female presence on top company boards of more than 30%. The Australian government has made a firm commitment to being at the forefront of initiatives to promote gender equality and women's empowerment. In the years 2021-22, Australia has allocated $65 million to global and regional gender equality projects.

Key Statistics

• Women hold 33.5% percent of leadership and supervisory positions in Australian businesses. https://www.smh.com.au/business/workplace/australia-reaches-30-per-cent-female-mark-on-top-company-boards-20210728-p58doe.html
• Female representation on ASX200 listed boards has increased from 8.3 percent in 2008 to 33.6 percent in 2021, according to new research from the University of Queensland (UQ) Business School. https://www.uq.edu.au/news/article/2021/07/australia-one-of-three-countries-exceed-30-cent-women-company-boards
• Women held 49.5 percent of government board positions as of December 31, 2020.This represents a 1.0 percentage point increase from June 30, 2020. https://pmc.gov.au/office-women/leadership/gender-balance-australian-government-boards

Europe

Europe is recognised as one of the most advanced regions in the world when it comes to gender equality.In the last century, women have gained the right to work and vote.Despite this, the average gender wage disparity in the European Union is 16 percent, according to a recent European Commission analysis.

Key Statistics

• Only 5% of Europe's leading organizations have a female CEO. https://www.cnbc.com/2020/01/16/under-5percent-of-europes-top-companies-have-a-female-ceo.html
• According to new research, only 4.7 percent of CEOs of Europe's largest corporations were women in 2019. As a result, only 28 of the continent's 600 most valuable public enterprises have a female CEO. https://www.cnbc.com/2020/01/16/under-5percent-of-europes-top-companies-have-a-female-ceo.html
• Assura is a real estate corporation with a perfect gender balance in its leadership (six women and six men) (6). https://europeanwomenonboards.eu/wp-content/uploads/2021/01/EWoB-Gender-Diversity-Index-2020.pdf
• Grainger, another UK firm in the real estate industry, is the third company to share first place in the index, with seven people in leadership positions, three women and four men (for a total of 43 percent women in leadership). https://europeanwomenonboards.eu/wp-content/uploads/2021/01/EWoB-Gender-Diversity-Index-2020.pdf

Africa

In Africa, gender inequality is still significant, and progress toward gender parity has slowed.For African society and the continent's growth potential, this is a huge squandered opportunity.Following the COVID-19 Pandemic, the greatest challenge will be to confront and resolve the problems that have worsened in Africa as a result of the confinements and economic retraction, namely domestic violence, gender-based violence, and unemployment, particularly female unemployment, because women have more difficulty maintaining employment in a crisis.

Key Statistics

• 70% of women are financially disadvantaged. https://www.globalpartnership.org/blog/one-greatest-threats-africas-future-gender-inequality
• There is a US$42 billion funding discrepancy between males and women on the continent.
• https://www.globalpartnership.org/blog/one-greatest-threats-africas-future-gender-inequality
• Women do 60% of the work but only get 10% of the income and own 1% of the land. https://www.globalpartnership.org/blog/one-greatest-threats-africas-future-gender-inequality

GEA Viewpoint

• Women leaders can give superior mentorship - Women leaders are better mentors than men when it comes to mentoring and coaching emerging potential.
• Women are multitaskers–Women are frequently found managing employment, houses, and taking on the role of parental supervision, among other things.These factors work together to assist women leaders quickly adapt to new settings and focus on real-world job concerns.
• More women in leadership positions can assist achieve a broader aim and more effectively close the pay gap.
• While technical ability, experience, and knowledge are essential for success, employers are now placing a greater emphasis on soft skills. And women have been shown to have a distinct advantage of having soft skills. Female executives innovate the organization and generate sustainable growth by effectively integrating and expanding both soft and hard abilities.

Actions for Government

• Government is a big employer and can provide good working positions for women while also sending a message to the rest of society.
• There are various Government organizations like education, health, public administration where women can be given chance to work.
• Government should invest in awareness campaigns to promote women’s equality.
• Government should encourage the women’s access to the leadership seats in politics, judiciary and civil services.
• Government should initiate the national programme to educate employers on how to support women employees in balancing work and housing responsibilities.
• Government shall promote equal rights and opportunities for both men and women at workplace.
• Government makes sure that all girls and women should have enough education.
• Government should take care of violence and harmful activities against women.

Recommendations for Employers

• Employers should be transparent about wages, leaves, working hours etc. to make sure that women receive same perks and opportunities as men.
• Examine the rules and processes to see whether there are any areas where gender discrimination exists, such as perks, sick leave, annual leave, and flexible working.
• Evaluate the performance fairly and give credit to women equally as given to the men.
• Make sure that there should be at least one or two women in board of directors and at managerial positions.
• Examine the whole employees, from directors to managers to workers, for any signs of gender-related harassment, bullying, or victimization.
• Employers should evaluate their policies, procedures, and guidelines on a regular basis to check if there are any gender bias issues among their employees and workers.
• Employers should ensure that their board of directors and managers are not only aware of the law and your company's new policy, but that they are also committed to adopting it.