Women will play a vital role in a powerful and sustainable economy in the future and more companies cross the globe are now focusing on enhancing female economic empowerment, experts said Wednesday.
Advancing women's equality could add up to $12 trillion to global growth by 2025, the American Chamber of Commerce (AmCham China) said at the first Women's Economy Summit held in Beijing.
Statistics show that when women lead companies, or are promoted to high positions, business profitably soars, AmCham China said, noting that only 8 percent of board members in China are women, even though women hold about 50 percent of entry-level positions.
"Women's talents are still substantially underutilized in the corporate world," said AmCham China President Alan Beebe.
Although there are many barriers keeping women from breaking through the glass ceiling, an increasing number of women are becoming billionaires, entrepreneurs and leaders, and more work needs to be done to ensure the full economic empowerment of the world's women, according to Beebe.
"When talking about the 'Women Economy,' it's no longer about charity, work-life balance, or other soft issues - it's about hard dollar values. If we act on that, the economy is going to grow and everyone will benefit," Su Cheng Harris-Simpson, Founder & CEO of SCHSAsia, told the meeting.
More companies are focusing on the "Women Economy" and stepping up efforts to change their workforce and leadership structures, noted Julie Broussard, country programme manager at the UN Women China Office.
Such momentum is needed and more companies are expected to follow, she said.