In a commentary published by CNBC last Sunday, Paul A. Laudicina, the chairman of AT Kearney’s Global Business Policy Council, “prescribed” to any country that is struggling with demographic or productivity challenges, Japan’s winning formula. What is the Japan’s secret? “encouraging more women to work”.
“The Japanese government has actively encouraging more women to work. Prime Minister Shinzo Abe’s launched his “Womenomics” program in 2013, which has increased the rate of replacement pay for those on parental leave and expanded the capacity of daycare facilities. In addition, the government now requires companies with more than 300 employees to disclose targets and associated action plans for achieving them.”
Womenomics was designed to empower women and encourage companies to “embrace diversity, promoting vocational skills and expanding availability of child care services”. As per a recent report for the Newsweek, “Womenomics continues to transform Japan, injecting new vitality into business, government and society at large”. “In Japan, the number of women joining the workforce increased by about 1.5 million in the past five years alone, and more women are taking leadership roles in all facets of the economy. Japanese women are are leading the way, through their passion, innovative ideas and willingness to disrupt society in order to bring dynamic change for the better, which many Japanese women share.”
“it is worth keeping in mind the example of Japan. Demography is by no means destiny if a country has smart government policies and an innovative spirit. Other countries struggling with demographic or productivity challenges would do well to emulate Japan’s winning formula, Paul A. Laudicina said ending his great article.