• News
    • Latest news
    • News search
    • Health
    • Finance
    • Food
    • Career news
    • Content series
    • Try Devex Pro
  • Jobs
    • Job search
    • Post a job
    • Employer search
    • CV Writing
    • Upcoming career events
    • Try Career Account
  • Funding
    • Funding search
    • Funding news
  • Talent
    • Candidate search
    • Devex Talent Solutions
  • Events
    • Upcoming and past events
    • Partner on an event
  • Post a job
  • About
      • About us
      • Membership
      • Newsletters
      • Advertising partnerships
      • Devex Talent Solutions
      • Contact us
Join DevexSign in
Join DevexSign in

News

  • Latest news
  • News search
  • Health
  • Finance
  • Food
  • Career news
  • Content series
  • Try Devex Pro

Jobs

  • Job search
  • Post a job
  • Employer search
  • CV Writing
  • Upcoming career events
  • Try Career Account

Funding

  • Funding search
  • Funding news

Talent

  • Candidate search
  • Devex Talent Solutions

Events

  • Upcoming and past events
  • Partner on an event
Post a job

About

  • About us
  • Membership
  • Newsletters
  • Advertising partnerships
  • Devex Talent Solutions
  • Contact us
  • My Devex
  • Update my profile % complete
  • Account & privacy settings
  • My saved jobs
  • Manage newsletters
  • Support
  • Sign out
Latest newsNews searchHealthFinanceFoodCareer newsContent seriesTry Devex Pro
    • Opinion
    • Women in leadership

    Opinion: The world is better off with more women business leaders

    Jessica Faieta, United Nations Development Programme regional director for Latin America and the Caribbean, explains the economic and societal benefits of having more women in business.

    By Jessica Faieta // 02 March 2018
    Attendees at the 4th Global Forum on Businesses for Gender Equality in Santiago, Chile. Photo by: SernamEGChile

    Since women make up half of the population of Latin America and the Caribbean, it would make sense for them to have a similar representation in the different sectors of society. It is not only a question of human rights, but also an intelligent move, because equal representation generates increased benefits for both men and women, socially and economically.

    However, in our region, women perform 75 percent of unpaid domestic work, 1 in 3 do not generate any income, and 54 percent work in informal contexts, with unstable incomes and little social protection. We are therefore depriving businesses, as well as society as a whole, of their talent and financial contribution to the family economy and that of their communities and countries.

    See more related topics:

    ► Opinion: We need to involve more women in the agricultural sciences. Here's how.

    ► With new WHO director appointments, women outnumber men in senior leadership

    ► African Women Leaders Network advocates for more women in leadership

    ► Power with purpose: How women's leadership boosts the economy and society

    We have an extraordinary opportunity to promote the role of women in the social, political, and economic spheres. This is indispensable if we want to achieve the Sustainable Development Goals — a series of global goals that include eradicating poverty in all its forms, promoting equitable growth, and achieving quality education for all — within the next 12 years. The SDGs are strongly interconnected and gender equality is essential for their broad achievement.

    The commitment of countries around the world to achieve the SDGs is fundamental for the empowerment of women in the workplace. The numbers back this up. According to a report by the McKinsey Global Institute, gender equality in the labor force could add up to 28 trillion dollars to the global economy by 2025. A recent Harvard Business Review study found that companies that are diverse tend to be more innovative and innovative companies tend to be more diverse, and that both factors tend to be drivers of company growth.

    All of this is within reach; however, companies must take concrete actions to make it happen.

    To discuss the challenges and best practices for promoting gender equality in the workplace, more than 400 business and government representatives met in Santiago, Chile, on Feb. 27-28 for the 4th Global Forum on Businesses for Gender Equality, a joint initiative of the Government of Chile and the United Nations Development Programme, in partnership with the International Labor Organization and UN Women.

    Recent studies reveal that increased participation of women on company boards leads to better financial results, as well as higher levels of corporate philanthropy. Nonetheless, women hold less than 5 percent of chief executive officer positions in the Standard & Poor’s 500 companies and less than 20 percent on company boards.

    The numbers are not any better for Latin America, where according to ILO, women represent only 4.2 percent of CEOs among the 1,269 listed companies. Furthermore, almost half of the executive boards in the region comprise exclusively of men, with women making up only 8.5 percent of membership on average.

    In both rich and poor countries, women bear a disproportionate burden of unpaid care work, depriving them of opportunities to earn an income, start their own businesses, and participate in public life; therefore, depriving economies of their talents and contributions. According to the latest Global Gender Gap Report of the World Economic Forum, it is estimated that at the current rate of progress it will take at least another 220 years to close this gender gap and achieve equal participation in the workforce.

    The region cannot afford to wait.

    Over the last decade, UNDP has supported partners in 17 countries in Latin America and the Caribbean, Africa, Asia, and Eurasia to certify public and private companies that meet gender equality objectives. Through the "Gender Equality Seal" initiative, certified companies commit themselves to eliminating the gender pay gap, increasing the number of women in decision-making positions, improving work-life balance, eradicating sexual harassment in the workplace, and increasing the participation of women in traditionally male industries.

    Various companies around the world are already reaping in the benefits. For example, in Chile, the state-owned copper company Codelco has been promoting, through the gender seal initiative, mixed groups of men and women in this traditionally male industry; which has resulted in increased productivity. Similarly, the National Bank of Costa Rica increased the representation of women in decision-making positions through a leadership program that allowed 70 women to assume managerial positions. Along the same line, Scotiabank of Canada identified potential employees for a "Talent Pool" offering tutorial programs to improve women's access to high-level positions.

    We have an opportunity at hand, which is almost an obligation. The cost of not allowing women to contribute in the same way as men is too great, not only for companies, but for society as a whole. Companies, both public and private, can be the main drivers of inclusive growth that leads to the reduction of inequality gaps, with the aim of leaving no one behind.

    • Social/Inclusive Development
    • Economic Development
    • Worldwide
    Printing articles to share with others is a breach of our terms and conditions and copyright policy. Please use the sharing options on the left side of the article. Devex Pro members may share up to 10 articles per month using the Pro share tool ( ).
    The views in this opinion piece do not necessarily reflect Devex's editorial views.

    About the author

    • Jessica Faieta

      Jessica Faieta

      Jessica Faieta is the U.N. assistant secretary-general and U.N. Development Program regional director for Latin America and the Caribbean. She has worked as senior country director in Haiti, leading UNDP's recovery and reconstruction efforts in the country after the 2010 earthquake. She has held various positions in U.N. offices in El Salvador, Belize, Cuba, Panama and Argentina. Jessica holds a master's degree in business administration and another in international affairs, both from Columbia University. She is also a Yale University World Fellow.

    Search for articles

    Related Jobs

    • Individual Consultant: Economist
      Mongolia | East Asia and Pacific
    • Individual Consultant: Entrepreneurship Development Specialist
      Nukualofa, Tonga | Tonga | East Asia and Pacific
    • Individual Consultant: Market Assessment Expert (International)
      Apia, Samoa | Port-Vila, Vanuatu | Samoa | Vanuatu | East Asia and Pacific
    • See more

    Most Read

    • 1
      Opinion: Mobile credit, savings, and insurance can drive financial health
    • 2
      Strengthening health systems by measuring what really matters
    • 3
      Opinion: India’s bold leadership in turning the tide for TB
    • 4
      How low-emissions livestock are transforming dairy farming in Africa
    • 5
      How AI-powered citizen science can be a catalyst for the SDGs

    Trending

    Financing for Development Conference

    The Trump Effect

    Newsletters

    Related Stories

    Ctrl Shift Equality: Sponsored by UN WomenHow to eliminate gender disparities in STEM and ICT

    How to eliminate gender disparities in STEM and ICT

    Sponsored by the Women Entrepreneurs Finance Initiative (We-Fi)How breaking down financial barriers can unlock female entrepreneurship

    How breaking down financial barriers can unlock female entrepreneurship

    The trump effectAnother victim of Trump’s aid cuts? His own development legacy

    Another victim of Trump’s aid cuts? His own development legacy

    Climate FinanceOpinion: The global development community should pay attention to NDCs

    Opinion: The global development community should pay attention to NDCs

    • News
    • Jobs
    • Funding
    • Talent
    • Events

    Devex is the media platform for the global development community.

    A social enterprise, we connect and inform over 1.3 million development, health, humanitarian, and sustainability professionals through news, business intelligence, and funding & career opportunities so you can do more good for more people. We invite you to join us.

    • About us
    • Membership
    • Newsletters
    • Advertising partnerships
    • Devex Talent Solutions
    • Post a job
    • Careers at Devex
    • Contact us
    © Copyright 2000 - 2025 Devex|User Agreement|Privacy Statement