Economic Empowerment Archives

Women. Drive. Economic. Growth. Period.

When women’s participation in the labor force increases, GDP rises. When women start businesses, communities flourish. When women are promoted to senior management and appointed to corporate boards, companies do better. We ignore this compelling data at our peril.

Business leaders, advocates and policy makers committed to economic growth and prosperity must use every strategy and tool to open doors and opportunity for women to participate in today’s global economy.

In early May, I moderated the opening plenary of the Women’s Forum for the Economy and Society in Toronto, which convened 600 influential business, institutional and political global leaders to strategize about breaking down entrenched barriers to women’s participation and developing concrete

solutions. The Forum focused specifically on influencing the agenda of the G7, a powerful group comprising the U.S., Japan, Germany, the U.K., France, Italy and Canada, as well as the European Union. This discussion was particularly timely as Prime Minister Justin Trudeau has made empowering women one of the main themes of Canada’s 2018 G7 presidency.

The plenary examined how governments, the private sector and multilateral forums like the G7, can take action to accelerate women’s economic opportunity, and in the process, create more jobs, increase innovation, and transform societies. It highlighted the importance of enabling environments and corporate culture, the role of technology, and the importance of measuring impact. I was joined on the panel by four dynamic women leaders from the private, public and NGO sectors.

Here are my key takeaways.

First, most private sector leaders today recognize the competitive advantage of women’s economic participation, whether in the corporate c-suite, in non-traditional jobs, or as entrepreneurs. But, talk isn’t enough. Companies that make their commitment real have been able to attract, and importantly, retain women employees by challenging assumptions, promoting work/life balance, and creating an environment where everyone is valued. For example, Salesforce took an honest look at how women and men were being paid, and increased salaries when it found discrepancies. But these actions aren’t only important to women. Today, both men and women are seeking jobs and starting businesses that value their contributions, are flexible, and give them a sense of ownership.

Second, strong enabling and legal environments are critical. To succeed, women need skills, networks, and access to capital and markets. At the same time, women also need access to quality education, child care, clean water, health care and a sense of personal security. This includes legal frameworks that ensure non-discrimination, and protections against sexual harassment, assault and violence. There is good news. According to the most recent World Bank Women, Business and the Law Report, over the last two years, governments in 65 countries took concrete steps to improve women’s economic inclusion. However, women still face legal barriers in over 100 countries, and those barriers adversely affect their economic choices.

Third, technology is both a tool and a challenge. Technology is driving change and innovation across the globe, and has a tremendous impact on economic competitiveness. As we embrace technology, however, we need to be mindful that globally, there is a gender gap in online access. In urban poor areas, women are 50 percent less likely than men to be online, and 30–50 percent less likely to use the internet for economic or political empowerment. A 2015 report, Connected Women, found that women are 14 percent less likely than men to own a mobile phone. And, when women own phones, they use them differently than men do.

Finally, measurement matters and helps tell the story. We know that making the business case is important, and macro-level data, like that contained in the studies cited in this article, makes a difference at the policy level. We also need to look closely at what works on the individual and business level. Measuring success is about understanding how many women graduate from a vocational program, and also how that translates into impact and value.

Under the Canadian presidency, the G7 is deepening its focus on these critical issues. As advocates, policy makers and business leaders, we can help by continuing to gather data about how women are central to economic growth. Interventions must ensure women are treated equally and fairly, and have access to the tools they need to succeed, wherever they are on the path of economic participation and leadership.

Hitting the Road: Women and Entrepreneurship

52 women (and one man) from 53 countries. 11 cities. 21 days.

It’s not. It’s a snapshot of the itinerary for a recent U.S. State Department International Visitor Leadership Program (IVLP), organized by Meridian International Center, to promote women and entrepreneurship. These 53 leaders were from Algeria to Zimbabwe and everywhere in between.

The participants were entrepreneurs, directors of business accelerators and non-governmental organizations supporting women in business, corporate executives, government officials, and academics. All play a role in their country’s efforts to support women entrepreneurs, whose enterprises contribute substantially to economic growth and poverty reduction.

I met with the group in Washington, DC both at the beginning of their visit to the U.S. and when they returned from travel to cities as diverse as Kansas City, Missouri; Philadelphia, Pennsylvania; and Pensacola, Florida. At the first session, they talked with each other about their role in the ecosystem of entrepreneurship and in supporting women entrepreneurs. They shared views about the fundamentals for advancing successful women’s entrepreneurship and business and how to ensure that more women have access to the tools they need to succeed. They each outlined their goals and objectives to maximize the IVLP for themselves, their business or organization, and their community. They listed the types of contacts and skills they wanted to gather as well as the types of policies and innovations that interested them, such as accessing supply chains, meeting angel investors and talking with successful women entrepreneurs.

We met again when they returned from their intensive program outside of Washington, DC. They talked about what impressed or surprised them, whether the IVLP changed their perspectives, and what new individuals and organizations they would connect with upon their return home. (Side note: they also talked about how their packing and unpacking skills had improved.)

They each had a unique experience, but overall, several things stood out:

Globally, women entrepreneurs face common challenges. The most common takeaway was that women, particularly women business owners, across the world face similar issues. Participants were struck by how their everyday challenges were similar to those faced by their fellow participants from different countries and by women in the U.S. Bottom line, since there is so much we have in common, there is much we can learn from each other.
Support systems and women’s networks matter. The IVLP participants met with organizations supporting women entrepreneurs and providing platforms for women business owners to connect. This strategic networking and relationship building is critical to business development, and to business success and growth. Many took away lessons about the types of organizations and platforms that exist in the U.S. for developing connections and business opportunities, as well as for helping women learn how to be effective networkers. While in DC, the U.S. Small Business Administration (SBA) organized a roundtable with pioneers and leaders in building strong environments for women’s businesses. In Charlotte, NC, the group met with the National Association of Women Business Owners (NAWBO), which gives U.S. women business owners a place to organize as an economic and advocacy force.
Broader policy support for women and girls is critical to economic empowerment and opportunity. Women can’t succeed as entrepreneurs if they can’t stay in school, learn critical thinking and financial literacy skills, or make their own life decisions. In several countries represented, child marriage is prevalent and the women participants are committed to changing that reality, as they see its negative impact on women’s economic futures. In the countries represented, most decision-makers are men and women are subject to restrictive laws that create barriers to business success, such as those that restrict women’s ability to get credit or have access to child care and family leave. The participants focused on the importance of advocating for changes in these laws and policies as well as those that narrowly target barriers to entrepreneurship.
Government support of women’s entrepreneurship makes a difference. Participants were struck by the critical role that government in the U.S., at every level, plays in supporting women and business. This includes advocacy around increasing the allocation of government contracts and procurements set aside for women-owned businesses, and regulatory reforms that increase access to capital and markets for businesses.

These 53 leaders — representing almost one-third of the world’s countries — are already successful. The purpose of the IVLP, and their exposure to what is happening here in U.S, is to ensure that they become force multipliers. From my viewpoint, I have little doubt that will be the case.

SDG Five, Target Four

Within the Sustainable Development Goals (SDGs), or Global Goals, Goal 5 is to achieve gender equality and empower all women and girls. For Goal 5, there are nine targets. In this blog post, we will focus on SDG5 Target 4, which focuses on the value of unpaid care and domestic work and the promotion of shared responsibility within the household and the family.

The prevalence and invisibility of unpaid care work in the U.S. and abroad makes acknowledging and tracking data critical to developing policy solutions. UN Women’s “Progress of the World’s Women Report” acknowledges that “Domestic work makes all other work possible”—and this is true regardless of whether that work comes from domestic workers or unpaid family caregivers. The labor of domestic workers is critical to the function and growth of national and global economies.” (Source)

Unpaid care and domestic work are barriers to reaching gender equality as they reinforce discriminatory gender stereotypes that force women to stay in the home and limits participation in the public sphere, (Source) and contributes to the persistent gender gaps in labor force participation, activity rates, and wages. In terms of numbers, women comprise the majority of domestic workers, accounting for 80 percent of all workers in the sector globally; which means that approximately 55 million women participate in domestic work. (Source) There are at least two million domestic workers in the United States, and most of them are African American or immigrant women.

Around the world, women spend two to ten times more time on unpaid care work than men. (Source) According to a 2014 OECD study, women and men in the United States also spend their time differently. While men spent an average of 19 minutes per day caring for a family member, women spent 41 minutes. While men spent an average of 82 minutes per day doing “routine housework”, women spent 126 minutes. (Source)

One way to recognize and value unpaid care and domestic work is by creating more public services that can take care of the family care and household duties that are now disproportionately done by women. The United States remains the only country in the developed world that does not mandate employers offer paid leave for new mothers, according to the Organization for Economic Cooperation and Development. Twenty-five years ago President Bill Clinton signed the Family and Medical Leave Act, which included a provision giving eligible workers 12 weeks of unpaid leave to care for a new child. (Source) Because of the lack of support at the federal level, states and the private sector are now starting to address the issue. As of May 2018, twenty-one states had pending legislation for paid leave laws, in addition to the five states and District of Columbia that have paid family leave laws already. (Source)

Further, the U.S. Government also does not provide for child care, and quality child care is often very expensive. In a 2016 report, the cost of infant child care in 49 states plus the District of Columbia exceeded seven percent of the state median income for a two-parent family. (Source) Daycare is also often hard to find. A report from the Center for American Progress (CAP), found that 51 percent of the population in 22 states resides in “childcare deserts.” In those neighborhoods, the number of children under age five outnumber available daycare slots more than three to one. (Source)

Another way to reach this target of Goal 5 is through the provision of infrastructure and social protection and the prevention of abuse of those who work in the care sector. Of the 67 million domestic workers worldwide, 60 million are excluded from social security coverage. In the U.S., while the infrastructure for domestic work, such as access to clean water and availability of household appliances, generally exists, laws protecting domestic workers are often not enforced, or domestic workers are excluded from certain legal protections. (Source) As a result, beginning with New York in 2010, eight U.S. states (Hawaii, Illinois, Massachusetts, Connecticut, Nevada, Oregon and California and New York) have passed Domestic Workers’ Bill of Rights, which protect workers from racial discrimination and sexual harassment, provides for one day off a week, and overtime and paid leave. Other states have yet to catch up. (Source)

Finally, in order to reach this SDG target, governments can actively promote shared responsibility for care and domestic work. From what I can find, the U.S. government has never had a campaign to increase the burden sharing for unpaid care and domestic responsibilities. There was a three- year “Make it Work” campaign centered around the 2016 U.S. elections that asked candidates to focus on child care, pre-Kindergarten and elder care; pay transparency and the fight for a higher, national minimum wage; as well as paid family and medical leave, earned sick days, fair scheduling, and workplace fairness for pregnant women. Family Values@Work is a network of coalitions in 21 states working to pass policies that value families at work such as paid sick days and affordable family leave. These policies are not only good for individual women and families, but provide support on a policy level for a more equitable division of labor and family responsibility.

African Women: Leaders in the Economy and Society

Expanding markets. Ensuring quality control. Accessing supply and value chains. Broadening networks. Addressing management challenges. Showcasing women’s leadership. And yes, advocating for change.

These are topics that a dynamic group of African women entrepreneurs are focusing on during their visit to the U.S. as part of the African Women’s Entrepreneurship Program (AWEP). AWEP was launched, in conjunction with the 2010 African Growth and Opportunity Act (AGOA) Forum, as part of the U.S. Department of State’s International Visitor Leadership Program (IVLP). Every year, U.S. Embassies in Sub-Saharan Africa nominate leading women entrepreneurs to participate.

I worked with this group as they crystalized their professional and personal goals for the IVLP and made concrete plans to use new contacts and skills when they return home. We discussed the challenges they face as business leaders and women and the centrality of developing strong leadership and communication skills. The group brainstormed about how to address their challenges as leaders, managers, and innovators; how to successfully confront gender norms and policies that can hold back women’s economic success; and how to effectively exercise authority.While in the U.S., the group is meeting with government and business leaders as well as entrepreneurship experts. Their meetings address topics such as U.S. business practices and African access to U.S. markets, integrating African women into the global economy, and funding access for commercial expansion in Africa. These women are leading actors in economic growth and social advocacy in their communities and countries. AWEP’s alumnae have created thousands of jobs and established more than 20 women’s business associations across the Sub-Saharan region.

These women and countless others across the globe are central to creating jobs and economic growth. Research by McKinsey Global Institute shows that if women participated in the labor force at the same rate as men globally, GDP could increase from $12 to $28 trillion by 2025. This is an 11-26 percent increase, which at the highest level is roughly equal to the combined GDP of the U.S. and China, the world’s two largest economies. In Sub-Saharan Africa, GDP would increase by 12 percent. Supporting women is not only important for these women and their communities and countries, but for all of us.

Here are some of my takeaways based on my conversations with this year’s AWEP participants:

Networks make a difference. Bringing women together creates strong networks and helps people learn from each other’s successes and mistakes. On visitor programs, participants meet and interact with many U.S. experts. But just as importantly, they meet and bond with each other, make connections based on shared experiences, and create lasting support systems. The AWEP group identified strengthening networks as key for two reasons: first, it helps each individual make connections and second, it provides a platform to share knowledge with others.

Documenting successes and leading by example are important. As the group noted, both quantitative data and qualitative documentation make the case for women’s economic impact. Research data is foundational and can win over those who are skeptical about the impact of women on the economy. And telling the stories of successful women-led businesses and their economic impact grabs and holds attention. These stories of women’s contribution to job creation and prosperity can inspire other women and help build support among policymakers. Additionally, harnessing interest in women’s economic empowerment can start conversations about how communities flourish when women are fully engaged and how to address other issues that hold women and girls back.

Governments and businesses are key partners to accelerating women’s economic participation. Entrepreneurs are innovators and bring their skills and talents to product development, but they need partners in government and business. For example, women have a harder time than men accessing finances. Governments can address many of the issues that create barriers, such as laws that make it hard for women to borrow money, and banks can support creative ways for women to handle funds, including mobile banking technology that would allow women at marketplaces to make deposits on the spot. Everyone must be part of the solution.

The bottoms line is that these business leaders are fully engaged, creative, and looking to make collective and individual impacts. Their efforts change lives and communities every day. Supporting them is a privilege.

Women’s Empowerment and Protections in the Workplace

Human Resource offices and legal representation are not the first choice of disclosure for many who are intimidated by a negative workplace experience or an overbearing supervisor.

There’s often a gap between official corporate policies protecting workers against harassment, and the ongoing nonprofessional behavior in the corporate workforce. It can create a dangerous place to be caught in the crossfire of gender discrimination.

Social change results from two levels of pressure; one, official and another, personal. Efforts initialed by industry and government leaders such as the EDGE, WEP, PAX (see Smash 5/5/17 Blog Post) and online grassroots exchanges can both assist women in taking the initial step of sharing their grievances and receiving support and guidance.

“…The rise of the internet has opened important new forms of safe space.” Julie Creswell and Tiffany Hsu of the New York Times explain that the internet has become a clearinghouse for complaints, noted Dr. Anne Litwin, author, New Rules for Women: Revolutionizing the Way Women Work Together.

Internet rants may be seen as the exclusive purview for teenage angst, however, professionally employed women have found special sites that provide a safe place to share grievances and exchange resources with others who have experienced sexual harassment. Cresswell and Hsu list a few such specialized sites:

Tech Ladies, an invitation-only Facebook group
#HelpASisterOut, a forum for advice on how to file a complaint or learn about a company’s culture
Blind, an app for anonymous chats about the workplace
BetterBrave, an online guide to resources for sexual harassment victims
SheWorx, an advocacy group for online entrepreneurs.

When corporate policy is being implemented a standard non disclosure element in a work contract can deter an honest report of sexual harassment or other infractions. The gossip grapevine is not the correct avenue for lodging complaints, however, some mechanism that ensures safety and anonymity is needed. Women have found their own venues for closing the gap between corporate policies and the ongoing negative behavior in the workforce.

Formal and informal methods are necessary to stem the tide of such infractions. Open, safe communication is a right that must not be withdrawn in the name of public image protection.

Bottom Line Up Front: Women Key to Economic Growth

To their detriment, the world’s economies don’t fully utilize women’s talents and skills to drive economic growth and create jobs. If women participated in the labor force at the same rate as men, global GDP could increase from $12 to $28 trillion by 2025. To translate, this is an 11-26 percent increase, which at the highest level is roughly equal to the GDP of the U.S. and China, the world’s largest two economies. Bringing it home, U.S. GDP could increase by five percent.

Last week, I spoke on a panel at the Americas Competitiveness Forum (ACF) in Mexico City. The ACF brings together government officials, private sector leaders, academics and non-governmental advocates from across the Americas to strategize about how to increase growth. The panel focused on how to effectively break down barriers – whether legal or normative – to women’s economic participation.

All the panelists agreed on the need to address these barriers. That alone is progress: the conversation is no longer about why we need policies to support women’s participation in the economy at levels commensurate with their skills, but about what works to get them there.

We addressed what government and the private sector can each do, and the exponential impact when they work together. We discussed concrete recommendations for legal reform, the need for confidence building and skill development for women and girls, the insidious nature of gender bias, and whether quotas for job categories work.

Legal reform is key. According to the World Bank’s Women, Business & the Law Report, 90 percent of countries have at least one law impeding women’s access to jobs and entrepreneurship – some limit the types of jobs women can hold, some the hours we work, some the amount of paid family leave available, and some our ability to borrow money or sign a contract.

We grappled with the negative economic impact of gender based violence (GBV). At least 35 percent of women worldwide have experienced GBV. This is a scourge, as well as a tremendous drag on economic and workplace productivity. The U.S. loses $1.8 billion in productivity annually, and 8 million days of paid work due to GBV. Ensuring that women have economic opportunity is fundamental; but, if we don’t pass and implement laws to counter GBV, we won’t make the progress we need.

Here are some takeaways:

1) Working together, government and business can accelerate women’s economic participation. For example, government can remove legal barriers to women’s access to financial services, like requiring a husband’s signature for a business loan. Banks can support creative ways for women to bank, including mobile technology and mobile bankers, where women at marketplaces can bank on the spot. Taken together, these reforms make it easier for women to start businesses and safely save their proceeds.

2) Leading by example is important. Governments and businesses can procure goods and services from women-owned enterprises. Both can commit to considering women for promotion to senior management in equal numbers, providing child care at the workplace, and examining and addressing pay gaps. For example, in 2015, Salesforce reviewed its salary structure, and if unexplained differences in pay popped up by gender, made salary adjustments. These steps are not just good practice, but effective tools to recruit talented workers – both men and women.

3) Harnessing interest in women’s economic empowerment can start a conversation about other issues that hold women and girls back. Every country and community wants more jobs and more prosperity. We can use this imperative to raise other issues like the need to address GBV, and the need for girls to complete their educations and learn much needed job skills.

4) Investing in girls and young women is transformative. This is true whether we ensure that girls have equal access to education, or are exposed to the broad range of economic opportunities. Every additional year of a girl’s education increases her wage potential by 12 percent. While in Mexico City, I was heartened by an event taking place alongside ACF. There were literally thousands of young women and men thronging the convention hall, jostling each other for the best seats, and lining up to hear speakers from Mexico and beyond. The topic wasn’t sports, music, or the latest video game – it was entrepreneurship. We need to capture this enthusiasm from young women especially and keep it going.

BOOK REVIEW: Maid in India – All in a Day’s Work

In July, I read the Washington Post article about 150 maids who rioted at the Mahagun Moderna apartment complex in Noida, outside Delhi, India. These workers stormed the complex because they believed a maid had been beaten and held captive overnight by her employers after asking for unpaid wages. The footage of the day is chaotic, with police (or security guards) clubbing protesting workers, and people running between parts of the complex. This story surprised me, given the disparity in power between maids and employers, and the economic pressure they face to send needed funds to their families.

The article quoted Tripti Lahiri, the Asia editor for Quartz, who has written Maid in India, a nuanced book on the proliferation and complexity of domestic help in that country. The book is riveting, disturbing, timely, and important. It is a richly textured picture of societal and household dynamics in India, and provides an understanding of who takes these jobs, voluntarily or not, what their lives are like, and the challenges they face. In Lahiri’s words: “We [the employers] eat first, they later, often out of food portioned out for them; we live in front, they in the back; we sit on chairs and they on the floor; we drink from glasses and ceramic plates and they from ones made of steel set aside for them; we call then buy their names, and they address us by titles.”

As India’s middle class grows, more Indians can, and do, hire domestic help to do virtually everything: driving, taking care of children, cooking, serving meals, and gardening. In some households, there are ten or twelve servants, supervised and micro-managed by a family member, most often when the worker is tending to children.

We meet employees who can’t speak for themselves, employees who haven’t been paid for years of work, who have been abused and in some cases raped. We meet parents from rural villages who haven’t heard from their children, working as domestic servants, in years. We meet employment brokers, some with the flimsiest of excuses about why a worker is missing and can’t be found, or hasn’t been paid, and who then turn off their phones. We meet employers, some of whom seem decent and others who are shockingly unabashed about paying the maids virtually nothing for literally years of service, and demanding constant work. We also meet domestic servants who see this occupation as a way into the middle class, and especially if working for expats, can make more than some government workers.

One of the most harrowing stories is of a member of parliament, who along with his wife is charged with murdering a maid. The description brings to light the lack of accountability in general and the flaws in the grindingly slow Indian criminal justice system, along with unrealistic expectations that illiterate servants can navigate these complexities.

But, this is not just a story about what happens in Delhi or Mumbai. It’s also about the impact economic growth has had in rural India. Many rural families depend on these workers to send money back. Young people (literally often boys and girls, despite laws prohibiting those under 14 from working) travel from far villages to work in the households of acquaintances or strangers. The contrast between village life and life in the cities, where homes have running water, wood or marble floors and numerous appliances, is stark. Many employers prefer these rural workers because are more malleable, but then complain that they don’t speak Hindi or understand how to run a washing machine.

This book helps us understand the larger phenomena. It also documents a nascent commitment to legal reform to protect these workers and hold employers accountable. It highlights some of the NGOs that are advocating for stronger laws and better treatment, as well as the challenges they face. There’s certainly a long way to go, but Lahiri’s telling of these stories and highlighting them is another step along that path.

Women’s Economic Empowerment: Measuring Progress & Championing Results

In April, World Bank President Jim Kim and Ivanka Trump made a case in the Financial Times for the importance of closing the gender pay gap, increasing access to finance for women, and enacting regulatory and legal policies to increase women’s economic participation. These goals cannot be achieved without businesses committing to action, and many already have done so. These actions make their workplaces more fair and create an advantage in the race to attract and retain talent, while also increasing their bottom line and shareholder value. Highlighted here are principles and indices that have been developed over the last decade to mark, report on, and reflect the depth of companies’ commitments to women’s empowerment.

Certifications and Reporting

Economic Dividends for Gender Equality (EDGE) Certification. EDGE, a global business certification standard, was launched at the World Economic Forum in 2011. EDGE applies business discipline to achieving workplace gender equality, focusing on metrics and accountability. It assesses policies, practices and data across five areas: equal pay for equivalent work; recruitment and promotion; leadership development; flexible work; and company culture. There are three stages of EDGE certification:

● EDGE Assess: The company makes a public commitment to a strong gender balance across the talent pipeline, pay equity, a solid framework of gender equality policies and practices and an inclusive workplace culture. The company identifies a concrete action plan.

● EDGE Move: The company has implemented a framework for change and achieved significant milestones on the key issues, and commits to sharpening its action plan.

● EDGE Lead. The company has a strong gender balance across the talent pipeline, pay equity, a solid framework of gender equality policies and practices and inclusive workplace culture, and puts gender equality to work for business results.

EDGE works with more than 150 companies and organizations in over 40 countries. Examples include SAP, L’Oréal, Asian Development Bank, and the IFC.

Women’s Empowerment Principles (WEPs). The WEPs were established by UN Women, in conjunction with the UN Global Compact, the business community and governments in 2010. The WEPs emphasize the business case for corporate action to promote gender equality and women’s empowerment. Each principle is accompanied by concrete actions. In brief, the principles are to:

1. Establish high-level corporate leadership for gender equality.

2. Treat all women and men fairly at work.

3. Ensure the health, safety and well-being of all workers.

4. Promote education, training and professional development for women.

5. Implement enterprise development, supply chain and marketing practices that empower women.

6. Promote equality through community initiatives and advocacy.

7. Measure and publicly report on progress to achieve gender equality.

Principle 7 underscores the importance of accountability. To date, 1,450 plus companies have signed onto the WEPs from across the globe, including Alcoa, ANN Inc., Coca-Cola entities, Deloitte, Hilton, Merck, and Pepsi. The G7 and the US Chamber of Commerce also promote the WEPs.

Indices of Progress

PAX Ellevate Global Women’s Index Fund. To say PAX has been a trailblazer in this field is an understatement. This fund invests in companies that are leaders in advancing women through gender diversity. Companies are rated by PAX World Gender Analytics, with representation of women on boards and in senior management receiving the highest weights. Other factors include whether the company has a woman CEO, a woman CFO and is a signatory to the WEPs.

Equileap. Launched in 2017, this analysis compares corporate progress towards gender equality across sectors. The Gender Scorecard examines 19 data points in four categories: gender balance in leadership and workforce; equal compensation and work/life balance; policies to promote gender equality; and commitment to women’s empowerment. The highest score possible was 35, and top performers received 22 points. In addition to measuring progress, the scorecard allows investors to see which companies are doing well by their employees; employees to obtain critical information when making career decisions; and governments to identify role models. Companies ranking highest were L’Oréal, Pearson, National Australia, Sodexo, BTG and Telia; the highest-ranking U.S. company was Merck. Highest ranked countries were Norway, Sweden, the Netherlands, Finland and the UK. Top sectors were communications, finance and utilities.

Bloomberg Financial Services Gender Equality Index (GEI). In 2016, Bloomberg unveiled GEI to showcase what the biggest financial players are doing to promote gender equality. It includes 52 best-in-class public companies in the financial industry in terms of providing opportunities for women. GEI was created to satisfy investor demand, as a growing number are looking to gender equality data to inform investment decisions.