SDG 5 and Beyond: The Importance of Gender Equality for a Sustainable Business

As we celebrate International Women's Day, let us not forget the challenges that women continue to face in their personal and professional lives. How can we improve the lives of women and girls across the world?

This blog post highlights the:

• pervasive issue of gender inequality and its impact on the mental and physical health of women and girls worldwide;

• alarming outlook for women's future prospects based on the World Economic Forum Global Gender Gap Index;

• importance of businesses adopting a risk-based approach to human resourcing to address the underlying causes of gender inequality and its associated risks;

• role of SDG 5 in achieving gender equality and the empowerment of women and girls, and achieving impact in the other 16 SDGs; and

• long-term benefits for businesses that prioritise gender equality.

The inaugural Hologic Global Women's Health Index reports that women and girls are more likely to experience stress, worry, sadness, and anger than men, and this is on an upward trajectory. We need to find out why this is happening and what we can do to address it.

2021 Prevalence of stress, by year and employment status (%)

One contributing factor is the lack of gender parity in the workplace. The World Economic Forum's Global Gender Gap Report 2022 estimates that it will take 132 years to close the global gender gap, and gender parity is not expected to be achieved in some regions for over a century. This is unacceptable.

As business leaders, we have a responsibility to ensure that our businesses are not perpetuating gender inequalities, but rather actively working towards gender equity. Achieving gender parity in Europe would take 60 years, in North America 61.5 years, in Latin America and the Caribbean 67 years, in Sub-Saharan Africa 98 years, in the Middle East and North Africa 115 years, in Central Asia 151 years, in East Asia and the Pacific 168 years, and in South Asia 197 years. These statistics suggest that we need to act now to address gender inequality.

Number of years until gender gaps are closed worldwide as of 2022, by region

What can businesses do? First, we need to recognise that there is no one-size-fits-all solution. We must tailor our responses based on the strengths and weaknesses of our geographical location, industry, and business. This includes reviewing the intake of women into our workforce, ensuring workplace culture and practices do not add to stress, and offering adequate childcare.

For example, profitable businesses with subsidiaries in South Asia could be more proactive in training and recruiting women into their workforce, and even providing subsidised creche services. While those in Europe, may wish to be more aware of parents that have younger children - whether they are taking advantage of existing practical benefits offered, and what improvements can be made to assist. 

Indeed, we must also adopt a risk-based approach to human resourcing, recognising that stress, worry, sadness, and anger are health risks that can impact productivity, attrition, and long-term illness. These risks have significant financial and reputational implications, and it is in the best interest of businesses to address them. A materiality assessment can help identify and prioritise the key issues in the business.

I believe that businesses that prioritise gender equality will not only contribute to achieving Sustainable Development Goal 5 (SDG 5) but will also have a competitive advantage in the long run. SDG 5 focuses on gender equality and the empowerment of women and girls, and it is crucial for the success of any of the other SDGs.

By investing in women and girls' health, education, and economic empowerment, businesses can increase productivity, drive better business outcomes, and build a stronger economy. Additionally, businesses that prioritise gender equality are likely to attract and retain talented women who bring diverse perspectives and skills to the workplace. In conclusion, businesses that take the issues surrounding gender inequality seriously are not only contributing to a more equitable and just society but are also positioning themselves for long-term success.

For information, below are the top ten countrie that rate high for women's health: mental, physical, emotional or otherwise. Food for thought!

Top countries/territoreis on the 2021 Hologic Global Women's Health Index

Let us work towards a future where gender parity is no longer a distant dream but a reality for all. I encourage you to read the Hologic Global Women's Health Index Global Report 2021 to learn more about the challenges that women are facing and what we can do to address them. Let us celebrate International Women's Day by acting towards a more equitable and just world for all genders.