Small businesses and AI: Accelerating innovation and inclusion

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Highly confident, women entrepreneurs still face systemic barriers

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November 25, 2024Across the garment sector, women take on demanding roles with a dual purpose: to sustain their families today and lay the groundwork for a secure tomorrow. However, many are paid cash wages and lack access to financial services, limiting their ability to save and putting them at risk for theft. They often have less control over their earnings, frequently handing over some or all of their income to a family member.&nbsp;For employers, cash wages are inefficient because counting and distribution are time-consuming processes. Transportation and holding cash on premises expose them to a risk of theft.&nbsp;&nbsp;Responsible wage digitalization, along with gender responsive financial capability training, holds the potential to address these challenges and contribute to social and economic progress. For millions of garment workers, it promises transparency in pay, access to formal financial accounts, a secure place to save and with the right support, increased economic agency and empowerment. There is also an opportunity to move beyond financial inclusion to improve financial health with programs and products that enable garment workers to better manage daily expenses, handle emergencies, stay on track to reach future goals, and feel confident and in control of their money.&nbsp;&nbsp;Investing in women’s financial health can have a multiplier effect. Research has shown that when women have greater control over household finances, they tend to invest in essential needs like food security, health and education, leading to better outcomes for families and communities. For businesses, wage digitalization can enhance efficiency and demonstrate wage compliance in factories, create new market segments for financial service providers, and contribute to broader economic stability and growth. This shift can progress countries toward achieving the UN’s Sustainable Development Goals, fostering a more inclusive and resilient economy.&nbsp;

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BSR's HERproject® is now RISE: Reimagining Industry to Support Equality, an initiative to support collaborative industry action at scale to advance gender equality in global garment, footwear and home textiles supply chains.RISE brings together the four largest women’s empowerment programs in the apparel industry—from&nbsp;BSR’s HERproject,&nbsp;<a href="https://www.gapinc.com/en-us/values/sustainability/empowering-women/p-a-c-e-and-empower@work" rel="noopener noreferrer" target="_blank">Gap Inc. P.A.C.E</a>,&nbsp;<a href="https://www.care.org/work/womens-empowerment/dignified-work" rel="noopener noreferrer" target="_blank">CARE International</a>, and&nbsp;<a href="https://betterwork.org/" rel="noopener noreferrer" target="_blank">Better Work</a>—to build from proven approaches, scale impact and improve efficiency.This unified approach makes it easier and more efficient for industry and wider stakeholders to drive accelerated and lasting impact on gender equality.

RISE

BSR's HERproject® is now RISE: Reimagining Industry to Support Equality, an initiative to support collaborative industry action at scale to advance gender equality in global garment, footwear and home textiles supply chains.

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Wage digitalization: a path to accelerating financial health for garment workers 