How Women’s Empowerment unleash Singapore’s Economic Potential

Singapore is well-known for its advanced and flourishing economy, which has been fuelled by its dedication to invention, efficiency, and international trade. The remarkable success of its economic growth over the last few decades can be ascribed to several variables, one of which is the position of women in the labor force.

Despite substantial success in recent years, there are still many untapped potentials that can be unlocked through women’s freedom. Singapore can enhance its economic development and continue to flourish as a contemporary and vibrant city-state by increasing the number of women in the workforce, enhancing their access to education and training, and supporting gender equity in the workplace.

To fully realize Singapore’s economic potential, it is critical to bridge the gender divide and enable women to fully engage in the economy. Here are some of the reasons:

Women bring valuable skills and perspectives to the table.

Diverse teams are more creative and effective than homogeneous ones, according to studies, and this is also true when it comes to gender variety. Women contribute a variety of skills, viewpoints, and experiences to the table, which can result in more innovative problem-solving and improved decision-making. Singapore can tap into this precious resource and profit from increased creativity and competitiveness by enabling women to engage completely in the economy.

Women are a growing economic force.

Women’s fiscal influence is growing globally. Women account for nearly half of the workforce in Singapore, and this figure is anticipated to rise in the future years. Singapore can tap into this growing economic force and reap the benefits of increased productivity, innovation, and competitiveness by empowering women to participate fully in the economy.

Empowering women is good for the economy.

According to research, supporting women has a beneficial effect on economic growth and development. Women are better able to add to the economy and support their families when they have access to schooling, employment prospects, and financial resources. This results in better output, higher incomes, and a more prosperous community as a whole.

Empowering women is the right thing to do.

Aside from the financial advantages, empowering women is simply the correct thing to do. Women constitute half of the populace and demand equal rights and chances. Singapore can show its dedication to equality, social justice, and human rights by allowing women to completely engage in the economy.

So, what can Singapore do to empower women and close the gender gap?

One of the most important ways to empower women is by increasing their participation in the workforce. In Singapore, the participation rate of women in the workforce is relatively high, but there is still room for improvement. According to the Ministry of Manpower, in 2020, the labor force participation rate for women aged 25-64 was 75.4%, compared to 83.7% for men.

There are a few key areas that Singapore needs to pay attention to:

Increase access to finance.

Women frequently encounter larger financial obstacles than men, limiting their ability to establish companies or engage in their education or training. Singapore can strive to improve women’s access to finance by implementing programs such as microfinance, credit guarantees, and financial awareness training.

Promote work-life balance.

Many Singaporean women continue to confront substantial challenges in balancing job and family obligations. This can make it difficult for them to completely engage in the workforce and progress in their careers. Singapore can encourage work-life balance by implementing measures such as flexible work schedules, compensated maternity leave, and cheap daycare.

Address unconscious bias.

Unconscious prejudice can influence employment, advancement, and leadership choices, resulting in a gender disparity in these areas. Singapore can work to resolve unconscious prejudice through training and awareness-raising efforts, as well as laws and practices that support diversity and inclusion. Singapore’s government has taken several measures to promote gender equity in the workplace, including the establishment of the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP), which supports equitable employment practices and advises companies on how to avoid prejudice.

Hence, supporting women is critical to realize Singapore’s economic advancement. Singapore can tap into a useful reservoir of skills, views, and economic power by narrowing the gender gap and allowing women to completely engage in the economy, leading to increase output, creativity, and competitiveness. This will necessitate a coordinated effort on the part of the government, businesses, and society as a whole since the benefits of empowering women are obvious, both for women and for society.

In alignment with the Singapore government’s new regulation to encourage greater diversity in boardrooms, Oakwood would like to show appreciation to all women-owned business and working women in Singapore by offering special discount for consultancy services provided with terms and condition applied*. For further inquiries, you can contact us at +65 9761 3656. We’re excited to help you!

Take advantage of our exclusive promotion and receive a 30% discount when your company incorporates with us by the end of June and has at least one female director on the board. We are proud to support this initiative by providing this special discount to qualifying companies

*Terms and condition:

1. Must consist at least 1 woman in the board of directorship or 2. Business owned by woman.

Singapore is well-known for its advanced and flourishing economy, which has been fuelled by its dedication to invention, efficiency, and international trade. The remarkable success of its economic growth over the last few decades can be ascribed to several variables, one of which is the position of women in the labor force.

Despite substantial success in recent years, there are still many untapped potentials that can be unlocked through women’s freedom. Singapore can enhance its economic development and continue to flourish as a contemporary and vibrant city-state by increasing the number of women in the workforce, enhancing their access to education and training, and supporting gender equity in the workplace.

To fully realize Singapore’s economic potential, it is critical to bridge the gender divide and enable women to fully engage in the economy. Here are some of the reasons:

Women bring valuable skills and perspectives to the table.

Diverse teams are more creative and effective than homogeneous ones, according to studies, and this is also true when it comes to gender variety. Women contribute a variety of skills, viewpoints, and experiences to the table, which can result in more innovative problem-solving and improved decision-making. Singapore can tap into this precious resource and profit from increased creativity and competitiveness by enabling women to engage completely in the economy.

Women are a growing economic force.

Women’s fiscal influence is growing globally. Women account for nearly half of the workforce in Singapore, and this figure is anticipated to rise in the future years. Singapore can tap into this growing economic force and reap the benefits of increased productivity, innovation, and competitiveness by empowering women to participate fully in the economy.

Empowering women is good for the economy.

According to research, supporting women has a beneficial effect on economic growth and development. Women are better able to add to the economy and support their families when they have access to schooling, employment prospects, and financial resources. This results in better output, higher incomes, and a more prosperous community as a whole.

Empowering women is the right thing to do.

Aside from the financial advantages, empowering women is simply the correct thing to do. Women constitute half of the populace and demand equal rights and chances. Singapore can show its dedication to equality, social justice, and human rights by allowing women to completely engage in the economy.

So, what can Singapore do to empower women and close the gender gap?

One of the most important ways to empower women is by increasing their participation in the workforce. In Singapore, the participation rate of women in the workforce is relatively high, but there is still room for improvement. According to the Ministry of Manpower, in 2020, the labor force participation rate for women aged 25-64 was 75.4%, compared to 83.7% for men.

There are a few key areas that Singapore needs to pay attention to:

Increase access to finance.

Women frequently encounter larger financial obstacles than men, limiting their ability to establish companies or engage in their education or training. Singapore can strive to improve women’s access to finance by implementing programs such as microfinance, credit guarantees, and financial awareness training.

Promote work-life balance.

Many Singaporean women continue to confront substantial challenges in balancing job and family obligations. This can make it difficult for them to completely engage in the workforce and progress in their careers. Singapore can encourage work-life balance by implementing measures such as flexible work schedules, compensated maternity leave, and cheap daycare.

Address unconscious bias.

Unconscious prejudice can influence employment, advancement, and leadership choices, resulting in a gender disparity in these areas. Singapore can work to resolve unconscious prejudice through training and awareness-raising efforts, as well as laws and practices that support diversity and inclusion. Singapore’s government has taken several measures to promote gender equity in the workplace, including the establishment of the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP), which supports equitable employment practices and advises companies on how to avoid prejudice.

Hence, supporting women is critical to realize Singapore’s economic advancement. Singapore can tap into a useful reservoir of skills, views, and economic power by narrowing the gender gap and allowing women to completely engage in the economy, leading to increase output, creativity, and competitiveness. This will necessitate a coordinated effort on the part of the government, businesses, and society as a whole since the benefits of empowering women are obvious, both for women and for society.

In alignment with the Singapore government’s new regulation to encourage greater diversity in boardrooms, Oakwood would like to show appreciation to all women-owned business and working women in Singapore by offering special discount for consultancy services provided with terms and condition applied*. For further inquiries, you can contact us at +65 9761 3656. We’re excited to help you!

Take advantage of our exclusive promotion and receive a 30% discount when your company incorporates with us by the end of June and has at least one female director on the board. We are proud to support this initiative by providing this special discount to qualifying companies

*Terms and condition:

1. Must consist at least 1 woman in the board of directorship or 2. Business owned by woman.