Beth Ann Bovino and Jason Gold at S&P Global:
S&P Global believes that a dual-pronged effort of increasing entry and retention of more women to the American workforce, particularly those professions traditionally filled by men, represents a substantial opportunity for growth of the world’s principal economy, with the potential to add 5%-10% to nominal GDP in just a few decades.
One option to consider is a Congressional Budget Office (CBO)- like “score” on the impact legislation would have on the economic feasibility and accessibility to the workforce for women. A simple, objective, nonpartisan measure that would equip lawmakers with the requisite tools to asses appropriate proposed legislation and its impact on women in the workforce. A score that evaluates the impact of a bill on how many female workers would choose to remain in the workforce, one that helps measure how the cost of working compares with the income from that job.
While gender plays a significant role in workers’ vulnerability, the biggest determinant is education—an area that S&P Global believes is the springboard for women’s progress. Specifically, promoting higher education in STEM (science, technology, engineering, and math) fields and other areas conducive to careers traditionally pursued by men is the key that could unlock the earning power of American women.