ILO Report: Gender Diversity good for business and Economy
According to a recent report released by United Nation’s (UN) International Labour Organization (ILO), Companies that improve gender diversity especially at top perform better and rake in higher profits.
Key Highlights
- About: The report released by UN’s ILO is titled as “Women in Business and Management: The business case for change.”
- Based on: The report findings are based on a global survey conducted by ILO of about 13,000 companies across 70 countries. It also analysed data from 186 countries from a period between 1991 and 2017.
- Key Findings of Report
- Companies that improve gender diversity (i.e. equitable representation of people of different genders) especially in their management perform better and reported higher profits hikes in between 5% to 20%.
- An analysis of data from 186 countries for period 1991-2017 showed that Countries that increase women employment see better economic growth.
- As per 57% companies, growing number of women at top made it easier for company to attract and retain talent.
- Over 54 % companies agreed that with effective gender inclusivity they improved in creativity, innovation and openness and enhanced their company’s reputation.
- Significance: The report results are eye-opening as it shows that companies should look at gender balance as a bottom-line issue and not just as a human resources issue.
About International Labour Organization (ILO)
- It was founded on 29 October 1919 and is headquartered in Geneva Switzerland.
- It became United Nations first specialised agency in 1946.
- ILO has 187 member states. 186 of them are out of 193 UN member states and plus Cook Islands.
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Month: Current Affairs - May, 2019