Unfortunately, there are a number of Gender Gaps, not just the gender pay gap we so often hear about, which currently stands at about 7%, down from 7.5% in 2023.
Others include:
- Gender funding gap – on average women led businesses received nearly two thirds less than male run businesses. • Leadership positions – Women are still underrepresented in leadership roles – with only about 34% of women in leadership in FTSE 100 companies.
- Employment rates – The employment rate for women is around 72%, compared to 80% for men.
- Women in STEAM – There are significantly less women in positions in Science, Technology, Engineering, Arts & Maths than men, with women making up about 24% of the STEAM workforce.
Whilst there are a number of initiatives and companies working really hard to change these statistics and close the gaps, there is still a long way to go. Closing these gaps and building more opportunities for women is so important because not only are women losing out on income, financial stability and more economical freedom but the creativity, innovation & technological breakthroughs that could be achieved are also being overlooked.
If women matched the amount of funding that men received, £250 billion could be added to the UK economy. Imagine if more women got into STEAM subjects or the The FemTech industry which is estimated to be worth £700 million and more women created and developed solutions for women by women.
In closing these gaps we can make a difference in many areas. Not only will we see better economical growth, but improved well-being, reduction in poverty and better social equity.
Sources
Women in business statistics: 2024