Due to persistent symptoms of post-pandemic recovery in economies and labor markets, it may take five generations, or 134 years, to attain gender parity for women in the workplace globally.
The World Economic Forum published this, using data from its 2024 Global Gender Gap Report.
The World Bank Chief Economist estimates that women can significantly strengthen the faltering global economy by raising GDP by 20%; however, he pointed out that this is only possible if policies are expedited and additional reforms are implemented to remove the numerous obstacles standing in their way.
He stated this at the launch of the World Bank’s ‘Women, Business, and the Law 2024‘ report earlier this year.
Reports on women in the labour force
Data from the World Economic Forum, inclusive of data from the World Bank, International Labour Organization, and Linkedin reveals the state of women in the labour market, presenting the gaps and opportunities for improvement.
The World Bank reports that women’s participation in the labour force across the 101 countries tracked over the past 18 years has surged beyond 2023 levels, increasing from 63.5% to 65.7%.
The overall Economic Participation and Opportunity gap closed by 17 years since last year’s edition, though it remains the second-largest gap to bridge, with wide variations between countries.
Global unemployment rates are back to pre-pandemic levels, but the International Labour Organization predicts they will increase this year given the signs of slowing productivity, growing inequalities between higher- and lower-income countries, and other factors.
Women make up 42% of the global workforce with 31.7% of senior leaders, lagging behind men in nearly every industry and economy, according to LinkedIn data cited in the Forum’s report.
While women hold 50% of entry-level positions, they still lack access to the C-suite, with only 25% of top positions.
Women occupy nearly half of entry-level positions but just one-quarter of C-suite roles. According to the Head, the Global Public Policy and Economic Graph Team, LinkedIn, Sue Duke, “With the global labour market cooling down from the hiring frenzy of 2020 and 2021, it is female professionals who are losing out. This slowdown comes during a period of workforce transformation. Generative artificial intelligence (GenAI) is shaking up how we work, with three in four people in desk-based roles now using it in their jobs.”
LinkedIn data found that women have a 28% larger share than men of essential soft skills for jobs of the future, including strategic leadership and collaboration. “Adding to this is the growing number of female AI talent, and the advent of GenAI presents an opportunity to help close the gender gap,” Duke said.
LinkedIn data indicates that in worsening macroeconomic conditions, there are fewer female jobs at the top. The proportion of women in leadership roles serves as a bellwether metric for overall employment parity, according to the Global Gender Gap Report 2024
