How reducing key gaps for women in the workforce would boost Canada’s economy
Global News
International Women's Day is held yearly on March 8 to celebrate the social, economic, cultural and political achievements of women.
As Canada is set to mark another International Women’s Day (IWD), economic, policy and business experts say there’s still work to be done on gender equity, stressing that addressing gaps still facing women may help boost the country’s economy.
IWD is a day held yearly on March 8 to celebrate the social, economic, cultural and political achievements of women.
Kari Norman, economist at Desjardins, said there has been progress for women, especially when it comes to the labour force.
According to a new survey by the company, the participation rate has increased from 76 to 86 per cent in the past decade nationally, excluding Quebec, which has seen the number at 89 per cent.
Norman said they believe a big reason behind that number in Quebec is subsidized daycare being brought in several years ago. With a similar system established across the country with $10-a-day child care, it’s expected that number will rise.
In fact, a recent report on the outlook for women looked at the impact of subsidized child care being rolled out nationally and what would happen if women’s participation reached the same level as Quebec by 2030. Its data suggested nearly 350,000 jobs would be added, and the real gross domestic product (GDP) could increase by up to 1.5 per cent.
Narrowing the earnings gap can also have an impact because having a more diverse board of directors, for example, can bring in better decision-making, a variety of management skills and a better understanding of customer preferences. Norman says this could bring more profitability to companies.
Robert Half senior district president Koula Vasilopoulos said it’s not just the business impact that can benefit either, with individuals also able to contribute when the wage gap is smaller or doesn’t exist at all.