ENVIRONMENTAL & SOCIAL JUSTICE
full-time workers. Pay gap reporting and/or auditing by private sector firms, still relatively new measures, are by now mandatory in almost half of OECD countries, yet evidence to date has found small effects at best . More promising examples for scaling are emerging from the forefront of industry action, with individual companies designing ambitious global governance frameworks and automated analytics to close gender pay gaps. Innovation Systems Women continue to be overlooked in critical parts of the innovation ecosystem. An intention to create more gender-equal innovation sys- tems brings into focus a number of levers to advance gender equality. These include ensuring equitable access to education and training for in-demand STEM skills, equitable access to jobs and leadership op - portunities in the industries of the future, fair access to venture capital and, at a more basic level, closing the digital gender divide. Tackling these dimensions is critical to ensuring a fair transition to the green and digital economy, creating products that are gender responsive and serve a wider market, as well as increasing the talent pool, leading to more creative and faster progress in solving the tremendous challeng- es humanity faces today. Care Systems In many countries, care jobs are characterised by low pay and low social mobility and are predominantly filled by women, people of co - lour and migrant workers. When it comes to unpaid care work, 76% globally is performed by women, often preventing them from taking up paid employment. In economies that measure the value of unpaid care, the sector has been valued to represent a critical share of GDP –
ranging between 10 and 39% according to the ILO and this number is set to grow as shifting demographics will increase the demand for care services. Thus, building a well-functioning care economy will posi- tively impact women’s ability to participate in the economy on equal terms and, therefore, contribute to closing gender gaps in workforce participation, pay and leadership. In 2023, gender parity will need to become a central goal of eco - nomic policy-making and business strategies. Focusing efforts on these five dimensions will not only create fairer societies but will be a high-return investment into the future of the global economy and a pre-condition to solving the current crisis. Saadia Zahidi is the Managing Director at the World Economic Forum. Silja Baller is the Head of Mission, Diversity, Equity, Inclu - sion and Social Justice, at the World Economic Forum. www.wefo - rum.org/ This article was first published in March 2023 in collaboration with Forbes, and is reprinted here in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 Interna - tional Public License, and in accordance with the World Economic Forum Terms of Use. The views expressed in this article are those of the author alone and not the World Economic Forum.
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