An opportunity to turbo charge women’s economic empowerment

Over the past decade or so we’ve had a dotcom boom, and seen impressive economic growth in many developing and middle income countries.

There is one economic earthquake that could eclipse them all: women’s economic empowerment.

Simply giving women the same opportunities to work and earn as men would see our global economy skyrocket.

It makes sense — if we unlock the economic power of half the world’s population, we can kick-start a revolution that makes the whole world a more prosperous place.

Just think how many people we could pull out of poverty with that extra earning power.

Women’s economic empowerment could be a game-changer for the global economy and global development.

But how do we make this happen? While the concept is simple, the reality is much more complex.

That’s why I’ve been busy talking to business leaders and listening to economic experts, as part of my work with the UN High Level Panel on Women’s Economic Empowerment.

Through surveys, online discussions and direct debates, I’ve been gathering big ideas that could make the biggest impact, and make business sense.

This week, the panel meets to pin down some of those big ideas to take forward in its report in 2017.

I believe there is one word which needs to run through this report like a stick of rock: opportunity. Without equality of opportunity we will never achieve equality in the workplace.

So, without pre-empting the report, I want to set out the three key issueswe need to tackle to drive opportunity for women around the world:

1. We need to address opportunities in the workplace.

This means encouraging more women to join the workforce and to stay in work, with the same opportunities for promotion and progression as their male counterparts.

But to make this happen firms need to lead the way on transparency and targets on pay and gender balance. Governments need to set floors and gold standards.

Firms and governments need to provide parental leave, flexible working and redressal mechanisms on violence and harassment.

And, importantly, we need to highlight role models and encourage mentors who can cement this culture shift.

2. We need to ensure there is equality of opportunity across societies, removing the legal and social barriers that stop women achieving their potential.

Governments need to ensure protection from violence, the right to open a bank account, sign a contract and inherit property.

Governments also need to work with civil society to put rights into practice and ensure the voice of women and girls is heard in the household and community.

To make this happen good data is vital. Global institutions need to get better at systematically including gender issues in their analysis.

3. We need to ensure women have opportunities to build assets and businesses.

Governments and firms need to create public spaces and infrastructure that meet women’s needs from water to energy to transport to urban design.

Firms should strengthen the links between grassroots savings groups and the formal financial system, using the latest technology where possible.

Civil society, Governments and firms should then work together to provide the skills, networks and mentoring that women need.

If we focus on these 3 key issues, I believe we can catalyse our main aim: to get more women into better work and to make their current work better.

This won’t happen overnight — but without this transformation, we face a future where it takes more than 100 years to close the economic gender gap.

We need to turbo charge change now for the generations of women to come.

Justine Greening is the United States Secretary of State for Education and Minister for Women and Equality.