PRESS RELEASE
9 November 2007
Women key to filling the talent void in the emerging markets according to PricewaterhouseCoopers report
Companies that close the gender gap are better poised for competition, success
Limiting professional opportunities for women comes with a cost that most emerging economies cannot afford if they are to compete and succeed in today’s global business environment, according to a PricewaterhouseCoopers report titled “Emerging markets – the gender agenda.” While women may be the answer to filling the talent void in the emerging markets, there are a number of challenges that must be overcome in order to close the gender gap.
“Attracting and retaining the best talent is one of the top concerns among global CEOs,” said PricewaterhouseCoopers Global CEO Sam DiPiazza. “As the war for talent becomes more intense, the price a market pays for limiting opportunities for women in the labor force will become too large – even for those with burgeoning labor markets. The successful company is the one that realizes the full potential of developing its female leaders and puts the necessary investment towards nurturing this great source of talent.”
The emerging markets are homes to formidable and rapidly growing pools of talent, yet supply is not keeping up with demand. The report suggests that there are massive amounts of existing and developing talent in the emerging countries. Ironically, though, companies operating in emerging markets report critical shortages in talent, the report notes.
While it might seem that the number of new university graduates in emerging countries should be adequate to meet the need for talent, there is often a disconnect between the skills they possess and those that are most in demand. Additionally, there is “brain drain” which involves home-grown talent taking advantage of opportunities abroad, in both developed and other emerging economies.
The report finds that while women are a great potential source of additional talent, their ranks have yet to be tapped. Some of this is due to a lack of educational opportunity. In many cases it has to do with culture and the notion that women belong in the home. Laws and regulations in many countries restrict the kinds of work women can do outside the home and the hours they can work. Additionally, women may receive unequal treatment under social security, pension systems and tax regimes, or have no or unequal access to banking systems, hampering entrepreneurship. Even in cultures that profess to support women working outside the home, there is the pervasive problem of lack of child care and other supports to enable women to balance their home and work responsibilities.
“Every country has its own traditions, but each has the same challenges. The idealism behind the principle is important, but the real driver of success is the collective realization that the talents required to provide world-class services comes from the best and brightest people,” said DiPiazza.
Action is required on several fronts in order to make further inroads on the gender gap: governmental, corporate and cultural. Ongoing improvements in access to technology and to quality education for women are widely viewed as top priorities, the report concludes.
While changes need to be made at the policy level they also need to occur in the workplace. Opportunities for women could be enhanced by providing on-site day care, or offering flexible work hours and the option to work at home. Other practices that promote women in the workplace include gender sensitivity awareness, motivational training and mentoring programs involving senior executives.
