Silicon Valley could gain $25 billion by narrowing gender gap

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Source:   —  April 07, 2016, at 10:48 PM

In San Francisco, the city could drive roughly $45 billion in two thousand twenty-fifth GDP. Statistically compared to other metropolitan areas, Silicon Valley could make better in overall gender parity.

Silicon Valley could gain $25 billion by narrowing gender gap

Research has shown, time and time again, that variety is excellent for business and the economy. If Silicon Valley can near the gender gap, the tech-heavy area could gain $25 billion (a nine percent increase) in gross domestic product by two thousand twenty-five, according to a new McKinsey report. In San Francisco, the city could drive roughly $45 billion in two thousand twenty-fifth GDP.

Statistically compared to other metropolitan areas, Silicon Valley could make better in overall gender parity. Silicon Valley has a gender parity score of .57 compared to .69 in San Francisco and .61 in New York, according to McKinsey.

gender parity california

That said, Silicon Valley is the best performing MSA in CA when it comes to single mothers, meaning that's has relatively few single mothers compared to other areas. San Francisco is also a top performer around single mothers, but has a significant opportunity to expand the no of women in the work force. Right now, there are just eighty women for every one hundred men in the San Francisco workforce.

mckinsey san francisco

In order to define these scores, McKinsey looked across ten indicators: work force participation rate, professional and technical jobs, representation in leadership and managerial positions, time spent in unpaid care work, single mothers, incidence of teen pregnancy, political representation, violence against women, maternal mortality and higher education.

At the CA state level, closing the gender gap could drive $272 billion in GDP by two thousand twenty-five. CA could attain this from higher female participation in the labor force, narrowing the gap between the no of men and women who work part-time and full-time, and getting women in employed in more productive sectors.

Achieving full gender parity, where women partake in the economy at the same level as men, CA could drive $648 billion in two thousand twenty-fifth GDP. At a national level, the U. S. could add $2.1 trillion in two thousand twenty-fifth GDP by closing the gender gap in work. Gender parity in the U. S. would boost that figure to $4.3 trillion.

All of these stats, of course, are best-case scenarios that are highly dependent upon actions local government and huge businesses take. The goal with this report, lead author Kweilin Elligrud told TechCrunch in an email, is twofold. One is for the government, businesses and nonprofits to get action around gender equality. In the report, McKinsey lays out several potential interventions to effect change, including providing financial incentives and support, creating economic opportunities and implementing laws, policies and regulations. It also notes how companies love Google and Netflix have set best practices to construct upon in unpaid care work. At Google, when the company increased paid leave from twelve to eighteen weeks, the rate at which new mothers left fell by fifty%.

The second goal is to “bring more people to the table to speak about this and act on this,” Elligrud said. “It isn't just the right thing to do for half the population, it's the bright economic thing to do.”

Featured Image: Mopic/Shutterstock

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