While Japan Prime Minister Shinzo Abe is coming out in defense of “Abenomics” and how it spurred relative economic revival in Japan, it still is not enough to address the ageing workforce of the nation. But a report released by Goldman Sachs may just hold the answer. Aptly titled “Womenomics 4.0: Time to Walk the Talk,” it suggested how more women may be encouraged to go back to the labor force and curtail the shortage workers.
Japan has always been conservative with regards to the role women play in society. Until now, Japanese Prime Minister Shinzo Abe has been looking for other ways to incorporate more women in leadership roles and also address gender pay gaps. Kathy Matsui, an analyst from Goldman Sachs, reported that with more women in the workforce, Japan could increase its gross domestic product by 13 percent already. Of course, that is easier said than done. Other factors come into play when encouraging more women to work again. Matsui noted that Japan’s female labor still remains one of the lowest in many developed countries and issues discouraging married women to come back to work such as tax concerns and child care facilities must all be considered as they remain inadequate to the needs.
Recommendations to increase female workers in the government along with a revamp in immigration laws and deregulation of daycares seemed to be the immediate solution to encourage more women to work. But these initiatives will not be sufficient unless an extreme transformation of the core cultural values of the country will be implemented. “Society at large also needs to work to dispel various myths about Womenomics and encourage greater gender equality at home,” suggested Matsui. Until Japan is able to incorporate changes in its deeply-rooted belief system, any initiative to address the gender gap in the labor force will fail to produce long-term results.
[via Market Watch]
Comments Off on JDP Startup Corner: Pros & Cons of Working with a Partner in Japan