Transforming economy

As the world commemorates International Women's Day, it is imperative to reflect on the status of women in Pakistan's corporate sector and the critical role they play in driving economic growth and development. Despite strides towards gender equality, women in Pakistan continue to face formidable barriers to progress, both in the corporate world and society at large. However, the potential for transformative change lies in investing in women, empowering them with the tools and opportunities necessary to thrive in the workforce and contribute productively to the economy.

Economic inclusion of women is not only a matter of social justice but also a strategic imperative for sustainable development. In Pakistan, women represent nearly 49% of the population, yet their participation in the formal workforce remains disproportionately low. (Source: Periodic Labour Force Survey Report 2022-23, Ministry of Statistics and Program Implementation, released on 9th October 2023).

By investing in initiatives aimed at promoting economic inclusion, such as providing access to financial literacy programs and skills-based training, corporations can unlock the full potential of women as drivers of economic growth. Empowering women economically not only benefits individuals and families but also strengthens the overall economy by tapping into a broader talent pool and fostering innovation and productivity.

Investing in women's personal and economic development is crucial for breaking the cycle of poverty and creating a more equitable society. Access to education, healthcare, and economic opportunities are fundamental rights that should be afforded to all individuals, regardless of gender. By providing women with the necessary support and resources to pursue higher education, acquire marketable skills, and access employment opportunities, corporations can contribute to breaking down systemic barriers to progress and empowering women to fulfill their potential.

Despite the progress made in recent years, women in Pakistan continue to face pervasive barriers to progress, both within the corporate sector and society. Gender discrimination, cultural norms, and lack of access to resources and mobility are among the myriad challenges that hinder women's advancement. The rapid pace of technological advancement, particularly in fields such as artificial intelligence (AI), presents new challenges and opportunities for women in the workforce. To address these challenges, it is imperative for corporations to invest in women's training and skill development for them to remain competitive and relevant in the current ecosystem characterized by an evolving job market.

Creating an enabling environment within the corporate sector is essential for fostering women's participation and advancement. For instance, companies must adopt fair treatment policies, ensuring that all employees are treated with fairness and respect, free from bullying, harassment, and abuse. Offering generous maternity leave policies demonstrates a commitment to supporting employees during significant life events. Additionally, implementing agile working practices, such as flexible work hours and work-from-home options, allow employees to balance their work and personal commitments effectively. Providing support for mental well-being, through initiatives such as counseling services and mental health awareness programs, contributes to a healthy and supportive work environment. Moreover, offering accommodations such as daycare facilities and childcare allowances help employees with childcare responsibilities. Corporations must also implement career re-entry programs aimed at helping women transition back into the workforce after a career break. By adopting such policies and practices, corporations can attract and retain top talent, drive innovation, and enhance their overall competitiveness in the global marketplace.

It is important to address the unique needs and challenges faced by women in the workplace and it requires a holistic approach that goes beyond mere tokenism. Corporations must actively engage in initiatives aimed at promoting work-life balance, providing support for childcare and eldercare responsibilities, and offering flexible work arrangements to accommodate the diverse needs of women employees. By recognizing and accommodating the multiple roles that women often juggle, corporations can create a more supportive and inclusive work environment where women can thrive professionally while maintaining a healthy work-life balance.

As we delve deeper into the theme of International Women's Day this year, 'Invest in Women, Accelerate Progress,' it becomes apparent that investing in women is paramount for them to keep pace with the world. Equipping women with digital skills is essential in today's digital economy, enabling them to work remotely and access opportunities from the comfort of their homes. Moreover, establishing a conducive environment for them to pursue positions across various sectors like sales, manufacturing, and technology is crucial. By providing mentorship programs, skills training, and equal access to job opportunities, corporations can empower women to acquire careers in traditionally male-dominated fields.

Investing in women is not only a moral imperative but also a strategic imperative for driving accelerated progress in Pakistan's corporate sector and economy. By providing women with access to education, training, and economic opportunities, corporations can unlock their full potential as agents of change and catalysts for sustainable development. As we commemorate International Women's Day, let us recommit ourselves to empowering them to overcome barriers and creating a more inclusive and equitable society for all.

The writer is human resources expert