Women can help save the Korean economy

Korea`s female population will surpass that of males in three years, according to Statistics Korea. The female population is predicted to reach 25.315 million by 2015, more than the forecast for males at 25.303 million, due to the longer life expectancy for women and the weakening preference for sons in Korean society. This trend is expected to continue for a considerable while.

The key to solving problems faced by the Korean economy is to foster women as economic and corporate pillars. The country`s economically active population, or those aged 15-64, will start to decline after peaking in 2016. Korean society will eventually lose its vitality due to lack of people who can support the rising number of senior citizens, as seen in Japan. Highly educated women are the hidden treasure of the Korean economy but their potential is being eroded due to the low birth rate and rapidly aging population. To help women fully display their potential, society must break away from its stereotype of dividing gender roles.

According to the global consulting firm McKinsey, women account for 40 percent of new employees at Korean companies, similar to that in other Asian countries. Yet women comprise just 1 percent of the board of directors in Korean companies, considerably lower than 17 percent in European countries and 15 percent in the U.S. Korea`s figure is also sharply lower than the average 6 percent in 10 Asian countries including China and Taiwan. Korean women tend to drop out of the workforce due to childbirth and raising their kids. This problem can be solved, however, by building the proper infrastructure. A corporate culture that fails to give women proper duties and chances to lead will hamper Korean companies in their efforts to become global businesses. Martin Hemmert, a professor at Korea University, said, "In order to advance a step further, Korean companies should learn how to take advantage of outstanding female employees."

Korean society and companies are not solely to blame. Women themselves should break away from their passive behavior of giving up in the face of challenges. Kim Yong-a, who was promoted to director at McKinsey Korea, said, "The most difficult thing for me was the lack of a female role model." Schools and companies should present case studies of successful women in the workforce while strengthening mentoring for women. Successful global companies, including Wal-mart, have these systems in place. By taking advantage of its undervalued female human resources, Korea can prepare for the expected decline in its economically active population and promote sustainable growth.