CLOSING the gender gap could boost Scotland’s economy by £17 billion, according to a major report to be unveiled today.

The National has been given exclusive access to the Gender Equality Pays report, which proves the economic case for tackling women’s labour market inequality.

Close the Gap, which works on women’s participation in the labour market, commissioned Women in Scotland’s Economy (WiSE) research centre at Glasgow Caledonian University to carry out the work and the report was compiled by senior lecturer Emily Thomson and PhD student Naveed Hakeem.

The research will be launched at a special event in the university, chaired by Chris Oswald of the Equality and Human Rights Commission, a partner in the Close the Gap initiative. Thomson will sum up the findings with Close the Gap project manager Anna Ritchie Allan highlighting the policy context.

Ritchie Allan said: “Our new research finds clear and mounting evidence of the economic gains in addressing women’s labour market inequality.

“Evidence from both academics and global business organisations has shown an unequivocal link between gender equality and improved financial and corporate performance. Gender diversity at senior levels, as well as in the wider workforce, helps to develop new ideas and ways of thinking as men and women bring different perspectives to the table.”

She stressed that an increasing number of people now want to work flexible hours and many employers are beginning to realise the benefits this brings to their organisation.

Ritchie added: “It’s now globally recognised that harnessing the under-used skills and talents of women is good for economic growth. We’ve welcomed the focus on inclusive growth in Scottish Government’s economic strategy. But to achieve meaningful progress we need to see targeted, substantive action that will address the gender gap in employment, and maximise women’s contribution to the economy.”

The report focuses on the evidence for increasing women’s representation at senior levels, flexible working and the macroeconomic case that gender equality is good for growth.

It states: “One recent study estimated that closing the gender gap in employment could generate as much as 12 per cent of UK GDP by 2025; 12 per cent of the Scottish economy at current figures is just over £17bn.

“Ensuring gender balance and women’s equal participation in the paid labour market is critical in supporting Scotland’s long-term economic growth.

“Overall, this updated position paper has shown that gender equality continues to be of key economic importance to the Scottish business sector, particularly given the structural changes in Scotland’s labour market brought about by the recent recession. Gender diversity in management and family-friendly or flexible workplace policies are good for growth of individual businesses and the economy as whole.

“The balance of evidence suggests that businesses can benefit from addressing gender inequalities around two main areas; workforce diversity, with particular reference to gender balance in the boardroom, and flexible or ‘agile’ working, which promotes gender equality by facilitating the reconciliation of work and family commitments.”

The report adds that the evidence linking gender equality with increased business performance has become more widespread, with more and more incidences of academic, policy and corporate research coming to similar conclusions.

It concludes: “Women’s input to corporate governance has been shown to have positive pay-offs in terms of standard measures of corporate performance.

“For Scottish businesses, and the Scottish economy, there is clear and mounting evidence indicating that gender equality could hold the key to unlocking Scotland’s productive potential in a post-recession economy.”