Executive summary

The current financial crisis presents a real need to challenge ourselves and to rethink the way we do things. We need to draw on the widest range of talent. The vast economic potential of women as an economic force has yet to be realized. An extensive body of research shows that women make significant and proven contributions to business and economic growth. Now is the time to realize and harness the positive effect that women’s economic empowerment and leadership can have on the global economy.

• Academics, policy-makers and business leaders around the world assert that long-term economic growth requires the expanded participation of women in the workforce.
  
• Research shows that women do not enjoy the full benefits of participation in the workforce. Both in emerging and developed markets, they experience wage and occupational disparities, inadequate political representation and little or no visibility in corporate boardrooms. This occurs even when women are better educated than men.
  
• Economic analyses by the World Bank, United Nations, Goldman Sachs and other organizations show a significant statistical correlation between gender equality and the level of development of countries. The evidence is compelling that women can be powerful drivers of economic development.
• Several studies from a broad spectrum of organizations—including Catalyst, Columbia University, McKinsey, Goldman Sachs and The Conference Board of Canada—have examined the relationship between corporate financial performance and women in leadership roles. Their undisputed conclusion is that having more women at the top improves financial performance.

The undeniable body of evidence in favor of women’s empowerment presents a powerful case for building more inclusive societies and more diverse leadership. At a time when our global economy is facing the greatest challenge in decades, corporations and governments must capitalize on the contributions women can make. It’s a daunting task, and one at which many have failed in the past. But our imperative is to do whatever it takes—now. We must meet the demands of a new era and learn from this crisis.

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