It is no surprise that the Covid-19 pandemic has been a major disruptor to economies at large and as we zoom in on the implications of this global fallout, a pattern of gender disparity becomes clear. As women are the ones who handle the bulk of family caregiving responsibilities and with the disruption of the childcare sector, women's jobs were 1.8 times more impacted by the pandemic than men. This not only raises a social dilemma, but will also have a measurable impact on the global economy, where the global GDP could be $1 trillion lower in 2030 versus $13tn higher if gender inequality is not properly addressed, according to a recent report by consulting firm McKinsey on the future of work.
Across the globe, pressures felt by women to assume bigger roles as the primary caregivers during the pandemic led to a disproportionate increase in time spent on family responsibilities. In India, this figure equated to a 30 per cent rise in time spent on unpaid care. Comparatively, women in the US spent an additional 1.5 to two hours tending to caregiving duties. The impact this has on the global labour force is further amplified by the fact that in some markets, such as Nigeria, women are disproportionately represented in sectors that have been negatively affected by the pandemic.
Gender parity is more than just a tagline and cannot be achieved through a single “cultural” initiative; it is a conscious business decision that enhances the bottom line, and one that should be integrated as part of the business model. As a first step, employers need to revisit their diversity and inclusion strategies and start identifying any existing gaps in their workplace cultures and organisational policies.
Efforts to create an inclusive culture have led to an increase in participation by women in the UAE's workforce
Today, the Middle East is falling behind. Despite improvements that have taken place in some industries and governments, the region overall still holds the lowest female labour force participate rate in the world, according to another McKinsey report from 2020 on the region's prospects for women at work. A study cited in the report in found that women in the Middle East are exposed to challenges including constrained interactions with seniors, limited support from team members and reduced exposure to role models and mentors. Other barriers that have been identified include limited policies on work-life balance, lack of clarity on advancement opportunities and lack of essential services at work.
Still, the picture is not all negative. In the UAE, the passing of a labour law in 2018 guaranteed equal pay for men and women who perform the “same work” or work of “equal value”. The following year, the UAE introduced three months’ paid maternity leave for government employees, placing pressure on the private sector to follow suit by increasing the number of days allotted to women, which currently stands at 45. Similarly, efforts to create a truly inclusive culture have led to a notable increase in participation by women in the UAE’s workforce, reaching 53 per cent in 2019, from 29 per cent in 1990. Elsewhere in the region, Saudi Arabia set out to achieve 30 per cent participation in the workforce by women as part of the country’s Vision 2030 campaign. As of 2019, that figure had reached 23 per cent, up from 16 per cent in 1990.
In paving the way for more progress, employers should look to seize opportunities that make a measurable difference in addressing these gender disparities by upscaling their organisational policies and increasing female participation in their activities. As an immediate step, it is essential to educate the workforce through awareness-based trainings on gender equality with the aim of countering gender-based stereotypes and biases. At Nissan, where I manage human resources for the region, we run unconscious bias trainings and continue to roll out awareness initiatives to encourage employees to become more mindful of them.
As the Middle East region continues to play catch up, female recruitment becomes all the more significant. Increased female participation in the workforce, especially in industrial sectors such as the automotive industry, delivers substantial economic and societal benefits, including an uptick in business performance, financial independence for women in society, improved well-being and accelerated economic growth.
Rolling out gender-sensitive recruitment processes that integrate a diversity policy as part of the application process and setting diversity quotas for senior positions are examples of actions that can be taken to address this disparity. In addition to upscaling recruitment and appraisal policies, Nissan’s own experience has found that offering women access to mentorship programs can help them pave their path towards career growth, increase talent retention rates and positively impact the business.
Lastly, maintaining workplace flexibility and extending unique benefits are moves that also make a variable difference in employee retention. The pandemic has really showcased the endless possibilities of remote working and how it is extremely effective. Therefore, it becomes crucial for employers to offer flexible working conditions and remote-working schemes to accommodate the evolving needs of the female workforce.
The pandemic, in many ways, has been an eye-opening phenomenon. However, it is up to us to decide whether we want to ignore its lessons or leverage them as opportunities for change and growth. The repercussions of gender disparity have proven to be substantial, while the benefits of eliminating this imbalance could really enhance social and economic outcomes for millions of women around the world. Now is the time for corporations to act and, as we embark on a new year, it is the perfect time to start introducing forward-thinking changes to the workplace.
Samar Elmnhrawy is vice president for human resources and general affairs at Nissan Africa, Middle East, India, Europe and Oceania
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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PULITZER PRIZE 2020 WINNERS
JOURNALISM
Public Service
Anchorage Daily News in collaboration with ProPublica
Breaking News Reporting
Staff of The Courier-Journal, Louisville, Ky.
Investigative Reporting
Brian M. Rosenthal of The New York Times
Explanatory Reporting
Staff of The Washington Post
Local Reporting
Staff of The Baltimore Sun
National Reporting
T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica
and
Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times
International Reporting
Staff of The New York Times
Feature Writing
Ben Taub of The New Yorker
Commentary
Nikole Hannah-Jones of The New York Times
Criticism
Christopher Knight of the Los Angeles Times
Editorial Writing
Jeffery Gerritt of the Palestine (Tx.) Herald-Press
Editorial Cartooning
Barry Blitt, contributor, The New Yorker
Breaking News Photography
Photography Staff of Reuters
Feature Photography
Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press
Audio Reporting
Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer, Vice News for “The Out Crowd”
LETTERS AND DRAMA
Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)
Drama
"A Strange Loop" by Michael R. Jackson
History
"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)
Biography
"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)
Poetry
"The Tradition" by Jericho Brown (Copper Canyon Press)
General Nonfiction
"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)
and
"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)
Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019
Special Citation
Ida B. Wells
Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000