Beyond International Women’s Day: Enduring Actions for Global Business in a Turbulent Time

To use a trending metaphor these days—the progress of women in every sphere is at a fork in the road. Unleashing the full potential of women and girls could add more than $12 trillion dollars to global GDP, drive productivity and the bottom line, and support families and communities around the world. Simultaneously, rising populism and rollbacks in democracy globally correlate with threats to women's equality in every domain, which is having a chilling effect on what actions the private sector takes internally and externally.

According to the World Economic Forum’s Global Gender Gap Report 2024, it could take five generations or 134 years to achieve full parity worldwide. This is an incalculable amount of lost revenue, productivity, and innovation. There is no shortage of research and business case-making that unpacks the causes of these chronic gaps and implications of diminished opportunity by gender.

Overall, women’s employment worldwide has surged past pre-pandemic levels. However, increased representation of women in leadership at companies has largely stalled. Let alone workplace policies that would unleash greater participation and productivity among women at all levels of work.

Recent high-profile campaigns—such as those seen during the Super Bowl in the U.S. or on statues in the U.K. or in publications across India—have reignited discussions on gender equity, challenging outdated norms and spotlighting barriers to opportunity on a massive scale. These manufactured flashpoints, often supported by businesses in different ways, can help raise awareness but any actual impact comes after the spotlight fades.

With company initiatives and workplace policies facing backlash and budget pressures, business leaders need to wrestle with the reality: the scrutiny that symbolic gestures and commemorative celebration invites make companies less inclined to talk about the challenges. But what enduring actions can companies take that embed opportunity into business operations?

1. Assessment as part of intervention. The Women’s Empowerment Principles Gender Gap Analysis Tool is a guide designed to help companies from around the world assess gender equality performance across the workplace, marketplace, and community. This free tool helps companies of all sizes and industry inventory their current efforts and understand benchmarks to inform meaningful goals. The questionnaire itself can be a useful intervention.
2. Tap existing competencies where they exist, such as adding a gender lens to existing human rights tools. Roadmaps and case studies are readily available. Furthermore, as companies adopt AI in new and untested ways, practitioners can integrate human rights principles and human rights assessment (HRA) approaches by bringing an explicit gender lens.
3. Pay equity as the baseline. Conduct a wage equity audit and make the adjustments needed to achieve fair and equitable pay at all levels and in all countries.
4. Commit to paying a living wage. The national minimum wage in the U.S. hasn’t been raised in 15 years, let alone kept up with inflation. Wages vary depending on states and disparity across global regions. Companies are setting standards for their workplaces and across the value chain.
5. Offer paid sick time and paid family and medical leave. Workers need access to paid sick time for when they are ill or must-see health care professionals, especially if they have to travel long distances or wait to see providers. Recently, decreased access to reproductive healthcare in the U.S. has driven companies to find ways to increase benefits and programs to enable access to care. Employees also need access to paid family and medical leave for themselves or family members who may need assistance at various stages of life. While state and country requirements vary, employers can set a standard for their workplaces, especially where laws leave gaps.
6. Continue to expand supply chains with expansive procurement processes. Companies can continue dedicated efforts to scout and make joining corporate supplier programs easier, especially for emerging vendors. Procurement is an important tool companies can wield to build economic inclusion and can contribute to consumer loyalty.
7. Bring the perspectives of women into boardrooms. Consider executive as well as frontline employee representation on the corporate board to prevent blind spots and inform governance decisions. In some global regions, such representation is required, whereas some companies have experimented with employee advisory boards or other ways to tap existing employee voice (ERGs, unions) to gather inputs.
8. Support community-level and systemic change. Companies can assess their prior philanthropic and social impact commitments alongside existing unmet needs facing employees and customers in communities where they operate. Companies can help advance reforms when it comes to public policy and even regulations that support fairness and economic inclusion for everyone. For example, companies can support spending on infrastructure like transportation and housing—issues that directly impact the ability of women to work and care for families. 

Leading with Purpose Every Day

International Women’s Day serves as a reminder that supporting women in the workplace shouldn’t be confined to the calendar. Companies can prioritize meaningful action over performative gestures, creating lasting impact year-round. This approach not only fosters a more inclusive environment but also contributes to long-term success and resilience of businesses and nations.

This article was originally published at the BSR website "Sustainability Insights" and is written by Christine Diamente, Managing Director, Transformation and Jen Stark, Director, Inclusive Business, at BSR.