Sustainable Development Goal 5 set the bar to “achieve gender equality and empower all women and girls” by 2030. Closing gender gaps in work and society could add $12 trillion to global GDP by 2025, according to McKinsey Global Institute. This figure underscores the socioeconomic importance as well as global economic potential available if we achieve gender parity, the theme of this year’s International Women’s Day Forum led by the United Nations and U.S. Chamber of Commerce Foundation.
The Forum is an annual, collective effort to convene government, private sector, and civil society and “put on our gender glasses” as one participant descriptively put it. Humbly, many stakeholders – both public and private – admitted this year that the data necessary to establish a baseline to then track our advancement towards this goal of gender parity remains either poor or non-existent. Examining both global value chains and individual business models through a gender lens allows for a foundation of knowledge that helps provide a clear understanding of how strategies and operations are influencing women’s empowerment.
Among the many conversations taking place during what should more aptly be named International Women’s Month, I found the dialogue around gender integration into business model and value chains particularly exciting. Encouragingly, more and more businesses are realizing that social impact and business profit do not always occur at the expense of one another. Not every company may aspire to be a social enterprise, but every company can become more gender inclusive by integrating women in product design, manufacturing, production, sales, and distribution channels within its value chain. In fact those that are integrating gender are, in turn, becoming more competitive. Companies from SMEs to multinationals can now tap into these social and economic impacts by adapting these lessons learned in the following areas into their own business models and value chains.