IFC - International Finance Corporation
IFC - International Finance Corporation
06/07/2022 | Press release | Distributed by Public on 06/07/2022 06:03
IFC Announces Winners of Employer of Choice for Gender Diversity Awards in Pakistan
Karachi, Pakistan, June 7, 2022-Daraz, Pakistan's biggest online marketplace, was announced today as the winner of the Employer of Choice for Gender Diversity Awards, organized jointly by IFC and the Pakistan Business Council to improve economic opportunities for women.
The awards, which are supported by UK Aid, celebrate private sector employers in the country committed to empowering women in the workplace. Companies are judged on five key gender principles-promoting gender equality at leadership and policy level; ensuring a diverse workforce; eliminating gender pay gaps; creating an optimal workplace culture; and providing coaching and mentoring for women employees.
The awards aim to recognize firms that have not only implemented strong gender diversity policies, but also communicate them-in annual reports, websites, or through social media-to encourage others to do the same. Daraz PK received the highest score using the scorecard developed by IFC and the Pakistan Business Council.
"We believe companies can attract the best talent by implementing gender inclusive policies and disclosure practices," said Ehsan Malik, CEO of the Pakistan Business Council. "These awards gave us a unique chance to work with some of Pakistan's biggest companies to help improve the working environment and opportunities for women in the workplace. Congratulations to Daraz and the other winners for their commitment to gender equal workplaces."
Women's labor participation rate in Pakistan is just 21 percent compared to 78 percent for men. Women face a number of barriers to succeeding in the workplace, from societal biases to structural challenges, such as access to safe transport and childcare. The country could increase its GDP by an estimated 30 percent if women contributed equally economically, according to an IMF study.
In tandem with the awards, IFC and the Pakistan Business Council produced a guide for companies on how to effectively develop and disclose gender diversity policies in line with the awards' principles.
"Public information on gender-related policies is increasingly important for both investors, potential employees, and other stakeholders when evaluating companies," said Zeeshan Sheikh, IFC's Country Manager for Pakistan and Afghanistan. "We have been working closely with the Pakistan Business Council to help firms implement gender diversity policies and targets and publicly disclose this information to affirm their commitment - today's award ceremony is an important recognition of companies leading the way in this regard."
IFC, a member of the World Bank Group, works to reduce gaps between men and women in the private sector, enabling companies and economies to improve their performance. In 2019, IFC partnered with the Pakistan Business Council to lead a peer-learning collaboration with 13 Pakistani companies and Pakistan-based multinationals, to promote better work-life integration and implement policies such as paid paternity leave, breastfeeding support, and childcare facilities. IFC and the Pakistan Business Council have a longstanding partnership of working together since 2017 to advance female employment in Pakistan.
Second and third place were awarded to K-Electric and Engro Fertilizers Ltd, respectively, while seven companies received honorable mention awards. They are Nestle Pakistan Ltd; Engro Vopak & Elengy Terminals; Engro Polymer & Chemicals; Pepsico; MG Apparel; Telenor Pakistan; and English Biscuit Manufacturers.
For a full list of participating companies, please see the attached Annex.
About IFC
IFC-a member of the World Bank Group-is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org
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Annex: List of 43 participating companies
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