Why ‘Womenomics’ Needs to Be Part of Your Business Strategy?
In recent years, the term “womenomics” has been gaining traction as a way to describe the growing economic power of women. And there’s good reason for this: according to a report from Boston Consulting Group, Women are currently responsible for $20 trillion in spending worldwide.
What’s more, women are increasingly becoming a larger part of the workforce and starting their own businesses. In fact, women owned businesses have grown by 74% since 1997.
Given all this, it’s clear that businesses need to start taking womenomics into account as part of their overall strategy. Here are three reasons why:
1. Women are an increasingly important consumer demographic: As mentioned above, women control a large portion of the world’s spending power. This is only going to increase in the years to come as more women enter the workforce and gain financial independence.
2. Women are starting their own businesses at a rapid pace: As women gain more experience in the business world, they’re also becoming more confident in their ability to start and run their own companies. This is creating new opportunities for businesses that cater to female entrepreneurs.
3. Women are playing an increasingly important role in decision-making: In both the home and the workplace, women are increasingly taking on roles that give them a say in major decisions. This means that businesses need to make sure they’re taking women’s needs and perspectives into account when making strategic decisions.
By taking womenomics into account, businesses can tap into a powerful and growing consumer base while also supporting the growth of female entrepreneurship. In doing so, they’ll be well positioned for success in the years to come.
Wiser Womenomics policies for winning solutions:
As the world economy continue to grow, the role of women in the workforce has become increasingly important. According to a report by McKinsey Global Institute, if women participated in the workforce at the same rate as men, global GDP could increase by up to $28 trillion by 2025. In recognition of this potential, many countries have implemented “womenomics” policies designed to encourage female participation in the workforce.
However, not all of these policies have been equally effective. A study by the OECD found that child care subsidies and flexible work arrangements are particularly effective in helping women balance work and family responsibilities. Furthermore, policies that provide mentoring and networking opportunities can help women to advance their careers. By enacting wiser womenomics policies, countries can unleash the full potential of their female population and create a more prosperous future for all.
Also Read: Why there is a need of more women entrepreneurs in leadership?
A concept introduced by Japan is fast spreading around the world, but not in India.
Womenomics is a term that was coined in Japan in the late 1990s to describe the economic power of women. The concept has since spread to other countries, but it has yet to gain traction in India. There are several reasons for this. First, India has a long history of discrimination against women.
This has been codified in law and custom, and it is deeply ingrained in the social fabric. Second, women in India have historically been deprived of educational and economic opportunities. As a result, they have not had the same opportunities to develop their skills and participate in the labor force.
Finally, Indian culture places a high value on marriage and motherhood, which can act as a disincentive for women to participate in the workforce. While Womenomics holds great promise for empowering women and stimulating economic growth, its success will depend on overcoming these challenges.
Womenomics can play a big role in the revival of the Indian economy:
The global economy is slowly recovering from the Covid-19 pandemic, but India is lagging behind. The country’s GDP contracted by 7.5% in the second quarter of 2020, and it is expected to grow at a slower rate than its Asian counterparts in the coming years. There are several reasons for this slowdown, but one of the most important is the lack of female participation in the workforce.
Currently, only about 27% of Indian women are employed, compared to 63% of men. This is due largely to cultural norms that restrict women’s economic activity. If more women were able to participate in the workforce, it would provide a much-needed boost to the economy.
Furthermore, Womenomics can help to address some of the underlying causes of the slowdown, such as low levels of investment and productivity. By empowering women and encouraging them to participate in the workforce, Womenomics can play a big role in the revival of the Indian economy.