Be it emerging economies or new segments, CEOs around the world are constantly in the quest to find the next big opportunity. It is estimated that 1 billion women will enter the global economy in the next decade. This ‘third-billion- will emerge to be as a powerful driver as India and China with their billion-plus populations. Harnessing this untapped potential and addressing the female customer, companies and economies can derive dramatic and impactful social and monetary benefits.
Today, in the global environment, there has been a significant change in trend, where women now hold more senior positions, leading to more spending power and decision-making in key industries. Outside the economic sector as well, they have been creating waves in academics with majority of the awards being won by women. These results indicate the need to examine the reasons why the corporate world is lagging behind in terms of female participation as compared to other sectors.
Many governments have been working towards boosting the rate of women who join the work force. Norway is one such example and leads the way with a 40% quota for female corporate board members and India has been also been working hard towards it.
The challenge for companies is two-fold as there is a need to address the gender equality agenda but also capitalize on the opportunity that higher disposable income and influence in spending decisions that women will have in the future.
In terms of entrepreneurships, female business owners are growing faster than men. Looking at the global picture, one of the key trends seen is the rise in affluence, with women controlling 60 per cent of global wealth.
At a recent conference on women’s issues held by the OECD, Angel Gurria, secretary-general of OECD, said: “Women are the most under-utilized economic asset in the world’s economy. As the world flattens and the corporate world truly becomes equitable, I look forward to the day when women not only have their rightful place in the workforce but are also recognized by companies as a force to be reckoned with as a customer representing half the global market.”
Original Source: Khaleejtimes.com