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Why Economists Say Hiring More Women Matters

Hint: it's all about growing the GDP

As the CoFounder and President of PowerToFly (a.k.a. someone who spends her days working with companies to close the gender gap) I get asked the same question constantly: "why is it important for companies to hire more women?" The answer is simple if you look at the economic data that shows what would happen if we had the same number of men and women working in the United States.

But before we go there (this is only a three paragraph post, so scroll down if you're impatient for the answer), let's look at how the U.S. fares when it comes to the gender gap in global labor force participation. Check out the highlighted chart below that gives higher numbers than the U.S. Department of Labor (about 63% to 79%). In comparison, the Department of Labor data cited on the International Labour Organization site shows "the U.S. labor force climbed during the 1970s and 1980s, reaching 60 percent in 2000. However, in 2010 this figure has declined to 46.7 percent and is not expected to increase by 2018 (DOL 2011)." Either way, the disparity between female and male participation is pretty grim.

World Bank

Ok. So why is the gap significant, and more importantly, why do we need to close it?

The answer: Reaching gender parity in the United States could boost the GDP by 5%. If you want to grow and fix the economy, one of the fastest ways to do that is to employ more women.

If you want to read more about how gender parity could benefit GDP growth - and how it has made a difference in Japan recently - then read this quick report called Building Inclusive Economies by Gayle Tzemach Lemmon and Rachel Vogelstein. The report was published by the Council on Foreign Relations in June and is full of facts that detail why it's so important to create truly inclusive workplaces that lead to gender diversity.

Here's the full quote where I got the GDP growth fact:

"Studies conducted by the IMF also find the strongest correlation between advancement in gender equality and economic growth in low-income countries. For example, while closing the gender gap in labor force participation in the United States could boost GDP by an estimated 5 percent, gains in lower-income countries such as Egypt could be as high as 34 percent."

Follow me on Twitter @kzaleski if you want more of my thoughts on closing the gender gap. I'll be blogging regularly on https://blog.powertofly.com - so bookmark that link!

WW (Formerly Weight Watchers)

Tech Talks With Women Building The Future Of Wellness At WW (formerly Weight Watchers)

If you are based in the New York area and you'd like to attend this event, please email hi@powertofly.com to be considered for an invitation.

Weight Watchers has relaunched as WW which stands for "Wellness that Works". They are now a company dedicated to becoming the world's partner in wellness.

PowerToFly has partnered with WW for a series of tech talks led by women who are on the forefront of the company's transformation.

The event will take place on Thursday, March 14th from 6pm to 8pm at 675 6th Avenue, 6th Floor, New York.

Agenda (Subject to Change):

  • 6:00pm - Check-In and Networking over Light Food and Drinks
  • 6:20pm - Kickoff with PowerToFly
  • 6:25pm - Welcome & Introduction by Michael Lysaght, CTO of WW
  • 6:35pm - Tech Talk with Ifeoma Okereke, Software Engineer at WW
  • 6:45pm - Panel Discussion featuring women tech leaders at WW
  • 7:00pm - Audience Q&A
  • 7:20pm - Networking continues over Light Food & Drinks

Topics for the evening will including WW's work with Android and the process of integrating with conversational AI such as Amazon's Alexa and Google Home. We will also discuss WW's recent rebranding and their employee resource groups like Women in Tech are helping WW's women engineers take their careers to the next level.

Also, WW is hiring! To learn more about WW and their open positions, visit their page on PowerToFly.

About our Events: All RSVP'd attendees are welcome, regardless of race, color, religion, national origin, gender identity, pregnancy, physical or mental disability, or age. If you require assistance to fully participate in this event, please email hi@powertofly.com, and we will contact you to discuss your specific needs.

Unfortunately, PowerToFly and HomeAway cannot admit outside recruiters to this particular event. Please email hi@powertofly.com if you have any questions about this policy.

About WW: WW is looking for candidates to help change people's lives. We are a global wellness technology company inspiring millions of people to adopt healthy habits for real life. We do this through engaging digital experiences, face-to-face workshops and sustainable programs that encompass healthy eating, physical activity and positive mindset. By drawing on over five decades of experience and expertise in behavioral science, we build communities in order to deliver wellness for all.

© Rebelmouse 2019