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PwC’s pre-pandemic report estimated that if OECD countries could reach Sweden’s level of gender parity, the OECD’s overall gross domestic product would increase by $6 trillion – a figure higher than the world’s third largest. Annual GDP of Japan, a large economy
The Middle East and North Africa lost $575 billion due to legal and social barriers preventing women from gaining employment.
We’ve entered our annual season of reflection — the cusp of years old and new, in which we contemplate our place in life and business. We review where we are and identify where we want to be. Resolutions may follow.
By the end of 2022, business leaders in the region will turn their attention to ESG, sustainability, cybersecurity, inflation and supply chains. But somewhere on that list has to be diversity and inclusion, because the economics of a diverse and equitable workplace are now making a strong case.
Perhaps you are one of those leaders. Maybe you’ve heard of PwC’s pre-pandemic report, which estimated that if OECD countries could reach Sweden’s level of gender parity, the OECD’s overall GDP could increase by $6 trillion — a figure higher than the world’s. The second largest annual GDP of Japan. third largest economy. Maybe you know that same report calculates that MENA economies lose $575 billion a year due to legal and social barriers preventing women from taking jobs.
That was then. Today we stand in a place where we have learned a lot and achieved a lot after a series of crises, most recently global inflation and ongoing supply chain issues. We have technology that allows anyone to work anywhere (it has proven itself, and then some). Having recovered from our shared shock, businesses across the region are now obsessed with resilience, continuity and innovation.
Data, process and technology all play their part. But if the past few years have taught UAE business leaders anything, it’s this: without one, everything falls apart. The UAE leads the region – and in some respects, the world – in terms of gender equality. In the “Global Gender Report 2022” released by the World Economic Forum, the country ranks first among Arab countries, and ranks among the top in the world in five sub-indicators such as women’s political participation rate and education enrollment rate at all levels.
So, let’s move on. A diverse workforce will drive the recovery we all crave, enabling businesses to create products for everyone, not just a few. That’s why, at Microsoft, we’ve increased our global female workforce by 64.9 percent since 2017. Increase the number of racial and ethnic minorities in our global core workforce by 53.2% by 2022, with 7.8% identifying as having a disability.
No doubt it would take many pages to list the studies showing the link between diversity and the bottom line. Not only must we provide fair pay; we must recognize the benefits of appointing women to senior leadership positions. If we ignore these numbers and continue to assess the potential of our team members through our own narrow lens, we will continue to miss out on important opportunities for our organisation, economy and society.
Let us question whether managers and leaders who are commanding, committed and overly ambitious are actually serving our businesses. Or should we be creating spaces for mentors who can reassure, encourage and inspire? In this age of a growing workforce with digital natives displaying a distaste for authority, I knew which one I would choose.
In 2023, we can no longer ignore the strategic importance of gender parity. It’s in the numbers – diversity leads to prosperity. New Year’s resolutions should be made to improve our lives through healthy choices, ethical choices, or ambitious choices. Gender diversity is all three. Can we really stay put?
Yvonne Chebib is the Global Partner Solutions Leader for Microsoft UAE. The views expressed are his own and do not reflect the policy of the newspaper.
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