The opportunity for women in Asia to improve their economic status is fantastic, but automation will pose particular challenges for women in the workplace.
What are the top three most obstructive forces that shape women in the workforce 10 years out?
Females on the labor market in Asia have enormous prospects, but they still face major obstacles. Let’s take a look at the initial point; women in Asia contribute about 36% of Asia ‘s GDP, which is in line with the global average, but there is a wide variety of them. This is higher for China, at about 41%; it is lower than 20% for India.
There is therefore a great deal of room for women to genuinely increase their economic participation in the country. It’s a really high opportunity. We believe that by 2025, women in Asia could contribute an extra $4.5 trillion of GDP, which is a 12% increase over Asia’s projected GDP.
And there’s something for every country in this. India has the highest capacity, at 18 % of GDP, but it is also small at 13 percent for China. So even with Japan and Singapore and some other developing countries, a rise of 5 % to 6% of GDP will only be accomplished by getting more people into the workplace and enabling them to function more productively.
How are the CEOs supposed to react to these forces?
CEOs are expected to take action to help women move into the employment landscape in Asia. And the main reason is that their businesses are the biggest beneficiaries. In fact, the dropout rates are quite high.
Approximately 40 to 45% of entry-level roles in Asian firms are held by women. But at C-suite level – at senior management level – this percentage declines to around 25% in Singapore which is as low as 4% and much lower than in Japan and India.
This is a huge loss of talent for companies. So to fix that, there’s something CEOs need to do. We’ve discovered that a top-level CEO’s contribution to reducing wage inequality or gender disparity for women is essential to helping businesses achieve this transition.
On the basis of this high-level dedication, some organizations are doing a lot of creative stuff. For example, in Australia, some businesses are reinventing their entire operating model to allow women to operate out of their homes.
It really encourages people who find it hard to fly on a daily basis over long distances. They will operate from home, as well as from a regional center. Corporations in Australia are also dealing with issues like job share, where women can work 4h rotating cycles, and contractors can pitch in for the rest of the day.
Practically, models that enhance and make more adaptability available to women are going to be quite crucial in seizing this opportunity. And the companies can do that.
And women have a comparatively large share of businesses in online markets; about 35% of online businesses are owned by women in Indonesia, compared to only 15% in the offline world.
Thus, by encouraging collaboration with a wider group of stakeholders; — women’s groups, social and self-help groups, companies, trade unions, and the tech world; — these alliances and collaborations can certainly assist women and help these national economies in Asia to seize more economic opportunities.
Reference: https://www.mckinsey.com/featured-insights/asia-pacific/the-future-of-women-in-asias-workforce#
