實現(xiàn)性別均衡：為什么會出現(xiàn)差距

1、J.P. Morgan PerspectivesAchieving Gender Balance 2020: Why the Disparity?Chair of Global Research Joyce Chang AC(1-212) 834-4203J.P. Morgan PerspectivesAchieving Gender Balance 2020: Why the Disparity?US Fixed Income Strategy Phoebe White AC HYPERLINK mailto:phoebe.a.white phoebe.a.whiteJ.P. Morgan

2、Securities LLCEuropean Business Services and UK Small and Midcaps Research Sylvia Barker AC HYPERLINK mailto:sylvia.barker sylvia.barkerJ.P. Morgan Securities plcGlobal Research06 March 2020Strategic ResearchChair of Global ResearchKimberly Harano ACJoyce Chang AC HYPERLINK mailto:kimberly.l.harano

3、kimberly.l.harano HYPERLINK mailto:joyce.chang joyce.changJ.P. Morgan Securities LLCJ.P. Morgan Securities LLCEconomic and Policy Research Jesse Edgerton HYPERLINK mailto:jesse.edgerton jesse.edgerton JPMorgan Chase Bank NAGlobal Emerging Markets Research Jessica Murray HYPERLINK mailto:jessica.x.mu

4、rray jessica.x.murrayJ.P. Morgan Securities plcEconomic and Policy Research Ayako Fujita HYPERLINK mailto:ayako.fujita ayako.fujita JPMorgan Securities Japan Co., Ltd.Global Emerging Markets Research Katherine Marney HYPERLINK mailto:katherine.v.marney katherine.v.marneyJ.P. Morgan Securities LLCEco

5、nomic and Policy Research Yuka Mera HYPERLINK mailto:yuka.mera yuka.mera JPMorgan Securities Japan Co., Ltd. HYPERLINK / HYPERLINK mailto:joyce.chang joyce.chang Strategic Research Kimberly Harano AC(1-212) 834-4956 HYPERLINK mailto:kimberly.l.harano kimberly.l.haranoJ.P. Morgan Securities LLCThe au

6、thors wish to thank Diana Farrell, President and CEO of the JPMorgan Chase Institute, and Manuela Veloso, Head of AI Research at JPMorgan Chase Bank NA, for their contributions to this report.See page 42 for analyst certification and important disclosures, including non-US analyst disclosures.JPMorg

7、an Chases Approach to Gender BalanceJPMorgan Chase continues the march toward gender equalityJPMorgan Chase is dedicated to improving gender equality for women and girls. 2019 marked the first full year of programming for Women on the Move (WOTM), a global, firm-wide initiative designed to help wome

8、n both inside and outside of the firm. The program continues to focus on its three core objectives: expand women-run businesses, improve womens financial health, and empower womens career growth.Our work to expand women-run businesses is focused on female small business owners. Data from the JPMorga

9、n Chase Institute have shown that small businesses vary substantially in their growth trajectories and financial outcomes depending on owner demographics. In a study following 138,000 firms founded in 2013, the Institute found women-owned small businesses have 34 percent lower first-year revenues th

10、an male-owned businesses, generating $50,000 in the first year, while male-owned firms saw $75,000 in first-year revenue. This difference persists as firms grow, with women-owned firms generating $68,000 in revenue in their fourth year, compared to $104,000 for male-owned firms.More female small bus

11、iness owners than male owners self-finance their businesses growth versus seeking other financing options. This is something we wanted to directly address when we launched WOTM. So to help more women grow their businesses, JPMorgan Chase announced a goal of extending $10 billion in credit to female

12、small business owners over a three-year period from 2019 to 2021. I am pleased to report that we are well on our way towards that goal, with the firm extending $3.76 billion in credit to this segment in 2019. That number represents thousands of women whose businesses we helped grow. These women have

13、 businesses in every industry and all around the U.S. They are part of the fastest-growing segment of small business owners, and we are proud to support them, their employees, and their communities.While female consumers tend to make most of the purchasing decisions at home and consider themselves t

14、he Chief Financial Officers of their households, women consistently report delegating financial management to their spouses and partners. As a result, several surveys indicate women have lower levels of confidence when it comes to managing their money. Since women tend to live longer, it is critical

15、 that they have both the confidence and the skills to save and invest for their futures.To promote greater savings, WOTM is working with Chase Consumer Banking to offer tools and education to women. One of these tools is a feature in the Chase mobile app called Autosave. This allows users to automat

16、ically transfer money into savings accounts based on customized rules. For example, users can transfer in a set amount of money after each pay period, or after visiting certain merchants. They can create accounts to reflect the things they are saving forlike a car, vacation or retirement.WOTM and Ch

17、ase Consumer Banking have set a goal of getting one million women to sign up and use Autosave by mid- 2020. We are excited to see that since the launch of Autosave, women are just as eager as men to use this tool. As of January 31, 2020, roughly 536,000 women have signed up for this feature, helping

18、 to ensure their savings goals are met.WOTM continues to focus on the banks female employees, nearly half of whom are female. We lead the industry with gender diversity on our executive team, as half of our Operating Committee is female.Over the past few years, the bank has made strides in ensuring

19、more balanced representation of women at different levels. In 2019, the firm had a record number of women promoted to the top two management levels. And at the entry level, 50 percent of the full-time analyst and associate offers in our banking and corporate functions went to women.While we have foc

20、used on these two ends of the career spectrum, we recognize theres an opportunity to help more mid- career women at the Vice President (VP) level. During the year, we provide programming to women throughout the firm on career development, leadership topics, and networking. We tap into our vast WOTM

21、employee resource group and its nearly 40,000 members to develop and deliver content around the world. In 2020, we will expand upon these efforts and provide additional areas of training to VPs and other employees.WOTM looks forward to building on these areas and pushing for more progress. We are co

22、mmitted to helping women achieve their professional and personal dreams and ensure they are on sound financial footing.Samantha Saperstein, Head of Women on the Move, JPMorgan Chase & Co.Table of Contents HYPERLINK l _bookmark0 Executive summary 4 HYPERLINK l _bookmark1 Achieving gender balance in 2

23、020: Why the disparity? 5Part I: Historic rise for women in the workforce HYPERLINK l _bookmark5 Prime-age female participation in the US near all-time record and could keep rising 9 HYPERLINK l _bookmark6 Japans female labor participation rate catches up despite persistent gender gaps 11 HYPERLINK

24、l _bookmark7 Japan gender initiatives: Challenges to addressing structural impediments 14Part II: Female representation on the rise at the policy and board levels HYPERLINK l _bookmark8 Latest policy initiatives governing gender equality in Europe 17 HYPERLINK l _bookmark12 Gender balance on corpora

25、te boards: Faster progress in 2019 18 HYPERLINK l _bookmark17 The gender pay gap: Disclosures and transparency 22 HYPERLINK l _bookmark23 Increased female leadership in politics and policy: A review of recent studies 25Part III: The future of gender parity: Key challenges remain HYPERLINK l _bookmar

26、k32 Mother Nature: The gender-climate nexus 28 HYPERLINK l _bookmark42 The gender gap: Exploring consumer and small business financial health 31 HYPERLINK l _bookmark48 Gender parity in STEM and the Fourth Industrial Revolution: The future of work 35 HYPERLINK l _bookmark64 Appendix 38Executive summ

27、aryHistoric rise for women in the workforce despite gender pay gapWomens share of the labor force has increased steadily since the 2008 Global Financial Crisis, with the US prime-age female participation rate standing at 76.5% in November 2019, not far from the all-time high of 77.3% in April 2000.J

28、apans female labor force participation has risen rapidly over recent years, reaching levels of peer economies, although most women still work as irregular employees, and significant wage gaps remain.The gender pay gap remains persistent between female and male unadjusted earnings even though women t

29、end to exhibit higher levels of educational attainment; in the US the gap stood at 18.5% in 2019, compared to 15.7% across the 28 EU member states in 2018, 12-13% in the UK, and 30% in Japan.Female representation on the rise with Europe leading at the policy and board levelsFemale representation on

30、US corporate boards improved in 2019, with the share of women increasing across all sectors to reach 20.4% of director seats across Russell 3000 companies, up from 17.7% in 2018.Internationally, the share of women on corporate boards increased, but EM companies lag their DM counterparts, with the sh

31、are of women on corporate boards for MSCI EM firms only reaching 12.1% in 2019.Women continue to make up a small fraction of corporate executives, accounting for just 4.3% of CEO seats for companies in the MSCI ACWI Index.Women are running for office in unprecedented numbers, and their representatio

32、n is rising globally, with Europe in the lead, but with notable gains in the US, where voter turnout rates for women have exceeded turnout rates for men.Europe continues to lead the way in advancing gender equality, and the Council of Europe has adopted a dedicated Gender Equality Strategy and a pio

33、neering legal instrument to address sexism, namely a Recommendation that includes the first-ever legal definition of sexism.The future of gender parity: Key challenges remainAnalysis of JPMC consumer account data finds that female account holders exhibited roughly 20% lower levels of take- home inco

34、me, spending, and liquid assets than male account holders.Women-owned small businesses have 34% lower first-year revenues than male-owned businesses and receive only 18% of external financing.Women are underrepresented in emerging roles that define the Fourth Industrial Revolution at the same time t

35、hat the rise of automation could displace women disproportionately.Climate change impacts women disproportionately as natural disasters are found to inflict higher fatality rates on women compared to men.We examine the latest developments and progress achieved on gender balance over the past year an

36、d the challenges that remain. We expand our analysis to include an assessment of womens vulnerability to climate change and also provide an overview of noteworthy 2019-2020 surveys and indices covering gender-related advances. This report is part of our J.P. Morgan Perspectives series, which brings

37、together views and analysis from across the broad scope of J.P. Morgans Global Research franchise to look at big ideas and critical global issues transforming investment markets. We hope this series will both inform and foster public debate on evolving economic, investment, and social trends. Joyce

38、Chang, Chair of Global ResearchKimberly Harano (1-212) 834-4956 HYPERLINK mailto:kimberly.l.harano kimberly.l.haranoAchieving gender balance in 2020: Why the disparity?Womens share of the labor force has increased steadily since the 2008 GFC, with women outnumbering men as the majority of the US pai

39、d labor force and reaching nearly half of the Japanese labor force.Female representation on US corporate boards improved in 2019, with the share of women on boards for Russell 3000 companies increasing to 20.4%, or a 2.7%-pt increase from 2018but women continue to make up a small fraction of corpora

40、te executives, accounting for only 4.3% of CEO seats for MSCI ACWI firms.Europe continues to lead in advancing gender equality, with 12 countries mandating gender diversity on corporate boards.Women are running for office in unprecedented numbers, and their representation is rising globally.The gend

41、er pay gap remains persistent between female and male unadjusted earnings; in the US it stood at 18.5% in 2019, compared to 15.7% across the 28 EU member states in 2018, 12- 13% in the UK, and 30% in Japan.Women remain at a significant disadvantage to men in accessing capital, credit, financial serv

42、ices, and property ownership.Analysis of JPMC consumer account data finds that female account holders exhibited roughly 20% lower levels of take-home income, spending, and liquid assets than male account holders.Women-owned US small businesses have 34% lower first-year revenues than male-owned busin

43、esses and receive only 18% of external financing.Noteworthy 2019-2020 gender-related surveys and indices include the World Economic Forums Global Gender Gap Report 2020, the Council on Foreign Relations Womens Power Index, and the OMFIF Gender Balance Index.Climate change impacts women disproportion

44、ately, as natural disasters are found to inflict higher fatality rates on women compared to men.Uneven progressThe movement to improve gender equality continues to gain momentum, with advances in womens participation in the labor force, representation on corporate boards, and in the political arena.

45、 In our annual report on the progress towards achieving gender balance, we review progress toward closing the gender gap. Over the past year, female representation on corporate boards has increased, while the representation of women in occupying CEO-level positions is little changed and remains low

46、in the mid-single digits. The gender pay gap remains persistent even though women tend to exhibit higher levels of educational attainment. Women remain at a significant disadvantage to men in accessing capital, credit, financial services, and property ownership. In our annual round-up of progress in

47、 achieving gender balance, we expand our analysis to include an assessment of womens vulnerability to climate change and also provide an overview of noteworthy 2019-2020 surveys and indices covering gender-related advances (see J.P. Morgan Perspectives: Achieving Gender Balance 2019: Progress, Oppor

48、tunities and Challenges, 01 March 2019, Joyce Chang et al. and Investing in gender balance: Opportunities and challenges, 25 May 2018, Joyce Chang et al.).Women now comprise an increased share of the labor force in developed marketsWomens work force participation has been increasing steadily since t

49、he 2008 Global Financial Crisis. In the US, the prime-age female participation rate stood at 76.5% in November 2019, not far from the all- time high of 77.3% in April 2000. Women have been joining the workforce at a faster pace than men since 2018. In December 2019, women worked 50.04% of payroll jo

50、bs, marking the first time since 2010 that women outnumbered men as the majority of the US paid workforce. However, prime-age female participation rates are higher in many other developed countries; they are above 80% in Germany and Canada, for example.Thus, if the recent increase in female particip

51、ation is due to a change in attitudes toward work or policy changes like paid family leave or childcare support, it is possible we could see a continuing structural shift toward higher female participation rates ( HYPERLINK l _bookmark5 Edgerton).In Japan, the female labor participation rate has ris

52、en since 2013, after the Abe administration launched a series of measures to encourage and support workingKimberly Harano (1-212) 834-4956 HYPERLINK mailto:kimberly.l.harano kimberly.l.haranowomen. Since early 2013, the number of female employees has increased steadily, raising the female employment

53、 to population ratio by 5%-pts from 47.1% in 2012 to 52.2% in 2019, while the ratio for males rose a modest 2%-pts over the period. As a result, female workers now comprise nearly half of Japans working population ( HYPERLINK l _bookmark6 Fujita).While progress has been made in women entering the la

54、bor force in some developed countries, globally, only 55% of women (aged 15-64) are engaged in the labor market as opposed to 78% of men according to the World Economic Forums Global Gender Gap Report 2020. In their 2020 report, they conclude that the gender gap for economic participation has widene

55、d significantly over the past year and will take 257 years to close (compared to 202 years in the 2019 report). HYPERLINK l _bookmark2 1Female representation on corporate boards has improvedFemale representation on corporate boards improved in 2019. The ratio of women on corporate boards remains the

56、 most common metric used to measure gender balance in existing Environmental, Social and Governance (ESG) frameworks, followed by female representation in executive positions. The percentage of women on US corporate boards has increased across all sectors, with women accounting for 20.4% of director

57、 seats across Russell 3000 companies in 2019, up from 17.7% in 2018. Internationally, the share of women on corporate boards increased more sharply in 2019 than in the previous year, and the percentage of companies with all-male boards declined. However, women continue to make up a small fraction of

58、 corporate executives.Women accounted for 4.3% of CEO seats for companies in the MSCI ACWI Index, up from 3.7% in 2018.To further improve gender diversity on corporate boards and in the C-suite, government mandates have been effective. Although there are no federal mandates for gender diversity on c

59、orporate boards in the US, several US states have followed Californias lead and taken steps to increase transparency around gender balance and to promote the inclusion of women in leadership positions ( HYPERLINK l _bookmark12 Harano and Barker).Women in political leadership: Rising representationWo

60、men continue to make strides in the political arena and are running for office in unprecedented numbers, with their representation rising globally. Western Europe is in the lead, but there have been notable gains in the US. Despite steady progress, however, womens leadership in head of state and gov