July 4th, 2017

Closing the Gender Gap Could Add $150 Billion to the Economy

Finding a way to close the gender gap is not only good for women in Canada, but also the economy.

A new report from the McKinsey Global Institute found that progress in getting more women into managerial positions, entrepreneurship and the workplace in general could add $150 billion more to the Canadian economy by 2026.

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They said that better public and private policies could help grow the annual GDP by 0.6 per cent. The report said the the effect would be the same as adding a whole new financial sector to the economy.

Unfortunately, there are some trends that are troubling.

One major issue is the lack of women in leadership or managerial roles. A study from 2015 found that nearly three quarters of working Canadian women are in roles below the management level. They make up nearly half of all entry level positions, despite the fact they outnumber men at post-secondary.

Another is that women’s labour force participation rate is decreasing and has been since the 1990’s. This is expected to continue unless something is done.

There is also the gender pay gap in Canada that the United Nations described as ‘concerning.’ Women earn $0.82 for every dollar earned by a man.

Download Our Guide On How To Know If Your Workplace Needs A Union!

Under no circumstances are there any Teamsters agreements where men and woman receive a different pay rate for the same job. Men and women deserve equal pay and it is something the union strongly believes in.

In fact, studies have shown that being a member of a union can help narrow the gap for women. Union members earn on average $5.28 per hour more than workers without a union and women earn $7.10 per hour more on average with a union, getting paid more fairly.

Any way you look at the workplace and women’s roles, it is clear that we need to make changes for the good of all Canadians.


One Response

  1. Dana Harvey says:

    Thank God I was in a Union during my work life because I have a good retirement now.

Leave a Reply to Dana Harvey

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