‘An economic necessity’: 6 leaders on why gender parity can’t wait

In an era defined by seismic shifts – technological disruption, geopolitical realignment and demographic change – gender parity is emerging not only as a foundational value, but as a strategic imperative. As the 2025 edition of the Global Gender Gap Report reveals, global momentum has picked up: The global gender gap has closed to 68.8%, marking the strongest annual advance since the COVID-19 pandemic. Yet full parity still remains 123 years away at current rates.

In just under two decades, close to 100 economies have narrowed their gender gaps, with notable gains in political and economic inclusion. But with fewer than five years remaining to reach the 2030 Sustainable Development Goals, now is the time for renewed resolve. Closing gender gaps is about more than fairness, it’s also about building economies and organizations that are more competitive, innovative, resilient and adaptive to change.

As part of the World Economic Forum’s Global Gender Parity Sprint, a growing coalition of leaders is advancing action, evidence and innovation for gender parity. The six leaders featured here – drawn from the Sprint Champions group – bring perspectives from government, business and research to show why investing in gender parity makes economic sense and how it can be advanced in practice.

From boardrooms to public policy, the experiences of these leaders reflect a growing recognition that inclusive institutions drive smarter decisions, fairer outcomes and stronger, more equitable economies.

In a world grappling with complex issues such as geopolitical fragmentation, disruptive technologies and climate threats, diversity makes good business sense. Businesses that incorporate diverse perspectives will be more resilient and agile in navigating challenges and capturing opportunities.

As stewards of companies, boardrooms are where diversity of thinking is most critical. For this reason, HKEX was one of the first international exchanges to ban single gender boards in 2022. The value of gender diversity is well recognized by our listed issuer community, which has fully embraced the change. Just three years ago, a third of our companies had all male boards. Today, we have almost full compliance with the requirement.

More than 40% of all listed companies in Hong Kong now exceed the minimum requirement while over 30% of new directorships this year are female directors. Progressing gender diversity is a long journey and the end of single gender boards is just the first of many milestones. We believe this will generate more momentum to change mindsets beyond boardrooms, building a more sustainable and resilient market ecosystem.

The world’s most effective leaders are united by a shared belief: Diverse perspectives lead to better business outcomes.

We have heard this from 450 board directors as part of Egon Zehnder’s recent Global Board Inclusion Study – more than nine out of ten respondents worldwide regard embracing different viewpoints as a strategic priority for their boards, with 90% saying it strengthens decision making. Notably, 69% of boards have added minority-gender directors over the last five years – a clear signal that there is movement.

The case for inclusion goes beyond fairness and representation. It's a business imperative. Inclusive teams are more innovative, make better decisions and are better equipped to navigate disruption. They draw on a range of perspectives, unlock deeper insight and anticipate risk more effectively. In a world defined by deep complexity, uncertainty and rapid change, this fosters the kind of long-term resilience organizations need to adapt, grow and endure uncertainty while staying true to their purpose.

At Egon Zehnder, we see this firsthand. Our own global board reflects a balanced composition across gender and culture. This is critical because authentically guiding leaders begins with embracing these principles ourselves.

Championing inclusion demands sustained effort, honest reflection and a willingness to lead differently. But this is precisely what sets exceptional leaders apart. Striving for gender parity, always in accordance with applicable laws, is not just a moral goal, it is a powerful driver of economic resilience, growth and innovation.

Gender parity is not just a social imperative, it creates an economic advantage. Economies thrive when the entire population is engaged in the workforce, driving productivity, innovation and growth.

Bahrain is championing gender equality in the Gulf Cooperation Council, with a particular focus on building future-ready skills. This includes long-term strategic investment in female education, skills and workforce development. Women now represent 50% of STEM degree enrolments, and Bahrain ranks fourth globally for women with degrees and second in the Middle East and North Africa region for female researchers.

A skilled female workforce is essential for Bahrain’s transition to a knowledge-based economy. Since 2006, Tamkeen, Bahrain’s Labour Fund, has provided targeted training, employment programmes and entrepreneurial support to empower women across sectors. Bahrain’s recent launch of a Skills and Gender Parity Accelerator, in collaboration with the World Economic Forum, reinforces its dedication to advancing inclusive economic participation. Government-led efforts are further strengthened by active private sector engagement, making inclusive growth a national priority.

Globally, building resilience in the face of disruption requires unlocking the full potential of talent. Gender parity is not just a goal, it’s a catalyst for sustainable economic growth.

Advancing gender parity is not just a moral imperative, it’s an economic and social necessity. When women have equal access to resources and opportunities, they have greater freedom to realise their full potential, including through paid employment. This in turn can deliver a much-needed boost to public finances and contribute to economic growth. It’s important to recognise this growth as a means to an end, rather than an end in itself, enabling governments to fund public services that enhance human wellbeing.

The disproportionate amount of care work women shoulder is a key barrier to their participation in paid employment. Not only is this largely unpaid, it often goes unrecognised. And yet, care is foundational to our societies and economies, allowing us all to thrive.

Encouragingly, a paradigm shift is emerging: More governments and businesses now see investing in care as a shared responsibility, with shared benefits. This must continue if we are to get closer to the joint goals of gender parity, economic prosperity and social wellbeing.

As CEOs, we turn to data to measure performance and shape strategy. The data on gender equity tells us a story we can’t afford to ignore.

Companies with the highest share of women on executive committees report a 47% higher return on equity than those with no women, according to McKinsey research. And businesses in the top quartile for gender diversity are 27% more likely to outperform their national industry average on profitability metrics.

Progress demands partnership – change won’t come from one company alone. It takes coordinated effort: policy support, industry momentum and business leadership.

Many Gulf countries are taking bold steps to bring more women into the workforce as part of a broader, generational economic transformation. In a region where women hold just 7% of board seats on average, we’re proud that 20% of Agility Global's board and around 30% of corporate heads are female. It’s a start – and we’re pushing for more.

Our aviation services business, Menzies Aviation, for example, has met the International Air Transport Association’s 25by2025 target for women in senior leadership in the industry. Menzies is now working on its commitment to driving 40% female representation in mid-level roles by 2033. The goal is to build a deep bench of future leaders.

Investing in women is good for communities and good for business because it unlocks growth, resilience and long-term value.

Gender parity is a powerful driver of growth for the overall economy, as well as for individual businesses. If women were to participate more fully in the economy – entering the formal workforce, occupational mix and full-time roles at a rate equal to men – the McKinsey Global Institute has found that it could add $12 trillion to global GDP. This significant potential shows the transformative impact that gender equality could have on economic growth across societies.

At the business level, leadership teams with diverse backgrounds and diverse thinking are more likely to make better decisions, innovate and adapt to challenging market conditions, enhancing organizational resilience and competitiveness. And as our Women in the Workplace research has found, inclusive policies and practices that promote gender parity enhance employee satisfaction, creating a supportive work environment where teams achieve more.

At McKinsey, we pride ourselves in being a diverse meritocracy. We work to attract, retain and develop the most talented and qualified people in the world. I’m excited that McKinsey now has as many women as we do men in our newest hiring class. This range of experiences and backgrounds enables us to deliver significant and lasting value to our clients, who are seeking to solve some of the world’s toughest problems.