04. Access to and Control over Resources
How does this Building Block manifest in the workplace and supply chain?
For women to become economically empowered and resilient, they need not only access to resources but control over them. In many countries, for example, women do not have full access to and control over economic resources such as bank accounts, mobile phones, property and land, making them economically vulnerable. This is detrimental to women’s economic empowerment, as thee control over household resources, including land and housing , contributes to greater self-esteem for women, economic opportunities, mobility outside of the home and decision-making power. Women entrepreneurs also have less access to finance and investment than their male counterparts do. This is detrimental to women’s economic empowerment, as having access to and control over capital can help them build and invest in their business and access to markets is important for financial inclusion. Women’s access to and control over resources is dependent on many factors, including but not limited to social norms and financial literacy. Thus, companies can look into various avenues for extending support to women.
How could your organization increase access to and control over resources for women?
Collaborate with other stakeholders to strengthen markets for women’s goods and services
Introduce a proactive procurement strategy that promotes women-owned businesses
Make active efforts to work with other stakeholders such as, local organizations, governments and financial institutions to run capacity building programs for women. This will ensure both skill development and resources for their businesses
Introduce micro finance systems, so that as and when needed, women can avail collateral free loans. The micro finance services go beyond loans, and also include savings, insurance, credits and housing.
Promote a gender-inclusive business culture while adopting a holistic approach to equal remuneration for women and men for work of equal value.
Run financial training and literacy programs to strengthen women’s business and entrepreneurial skills
What questions can your organization ask itself to increase access to and control over resources for women?
- How are we valuing and compensating women for sharing their time and expertise?
- What might be a solution to look for that heals inequalities and empowers women rather than harms?