Gender equality is the world’s unfinished business – and unfinished potential

According to a UN Women report launched on 24 September, the private sector will play a pivotal role in closing the gender gap. Driving employment, markets, capital, innovation, and supply chains, the private sector shapes the lives of billions of people worldwide. Thus, when businesses fail to incorporate gender equality into their standards, they are letting down an entire population of people across communities and workplaces. 

The report, titled “Unfinished Business: Private Sector and Gender Equality – Transforming Corporate Commitments for All Women and Girls,” allows readers to investigate corporate performance on gender equality, drawing on thousands of companies’ data. Overall, the report highlights how gender equality “remains the world’s unfinished business,” as well as a major opportunity for development. It shows how closing gender gaps, both from a moral and legal perspective, can bolster economies and businesses around the world.  

The report highlights strong potential for the future. Specifically, it states that new laws and regulations are driving advances in pay transparency, workplace safety, and diversity. Gender-inclusive policies can highly benefit companies, with studies showing that corporations with gender-balanced leadership enjoy a 25% higher likelihood of outperforming competitors financially. At a macro level, achieving global gender parity could add USD 342 trillion to the economy by 2050, providing a strong incentive for the international community to follow suit.  

Currently, women make up just 37% of the global workforce and remain concentrated in lower-paying roles. The wage gap also persists, at around 20%. Workplace harassment is also a major widespread issue for working women, and the gains are modest, uneven, and difficult to backlash.  

Gender inequality already accounts for USD 160 trillion in lost global wealth from disparities in lifetime earnings. With each delay, economic growth is undermined, social stability is slowed, and progress towards achieving the SDGs is hindered.  

The report highlights, therefore, that innovations like gender bonds, care accelerators, and inclusive supply chains can bolster the workforce and allow female individuals to flourish. Evidence shows that when equality is mandated and resourced, progress follows.  

The report calls on governments, businesses, and all actors to strengthen data, accountability, and partnerships. It encourages these institutions to enforce rights and embed equality into strong, specific strategies.  

Historical change is possible, but only if governments, with the help of the private sector and global institutions, act with urgency. Business as usual is no longer enough.  

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