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“In a normal world, you wouldn’t really ask about the ‘business case’ for women in leadership,” wrote Thomas Chamorro-Premczyk. forbes article. “At the end of the day, any fair, moral and highly functioning country would exclude half of its citizens from being a fully active member of society, or limit economic opportunities to just 50% of the population. It would be expected that there would be little reason to
Yet, despite research establishing the clear benefits of gender equality in business, most sectors are underrepresented, including those like technology, my industry that relies on innovation and diversity of thought and background. far fewer women
There has been much discussion about the benefits of getting more women to the top of the corporate ladder and involving women at every level of the business pipeline, at least the benefits related to women themselves. But it’s not just about helping women build engaged and rewarding careers. We also have a clear business case for making our organization more gender inclusive and equitable.
While some progress has been made on gender equity, this progress has slowed during the COVID-19 pandemic, which has disproportionately affected women. There are also far more men than women in management positions in various industries.
Interestingly, according to the International Labor Organization (ILO), since 1991, women have entered managerial positions at a faster pace than men. At the same time, men still far outnumber women in these positions. In addition, the ILO reports that nearly 75% of her businesses worldwide have equal opportunity or diversity and inclusion policies, but these policies alone do not provide meaningful opportunities in helping women succeed. Not enough to make a difference.
What is the business case for gender equality? There are many reasons why it leads to better organizations.
Improve productivity and work ethic.
People work better when they are part of a diverse business. This is no guess. According to the World Bank, when companies stop discriminating against female employees, they can increase her productivity per employee by as much as 40%.
Promote innovation.
Businesses of all kinds rely on innovation. Inevitably, embracing gender diversity gives you access to different perspectives and ideas. Research shows that having more women on boards increases opportunities to leverage a range of skills. Of course, diverse team members generally contribute to generating more ideas, leading to a stronger culture of creativity and innovation.
It allows for more profitability.
According to the ILO study cited above, bringing more women into business increases profitability by as much as 63%.
Meanwhile, companies with the highest percentage of women on executive committees delivered 47% higher return on equity than companies without female executives.
Contribute to a better brand and image.
As you can imagine, all of these efforts mean a stronger brand and a more appealing image. You want to be part of a company that values its employees and believes in diversity, demonstrating its commitment to building an inclusive business by hiring more female team members and leaders. I’m here.
In fact, according to a Morgan Stanley survey, 66% of HNW investors say it’s important to invest in companies that hire and promote employees from diverse backgrounds.
We need to build better businesses through gender equality.
The business case for gender equality is clear. Not only do these factors play an important role, but gender diversity also contributes to improved morale, improved employee satisfaction, improved reputation and enhanced teamwork.
Understanding why we should promote gender equality is the first step. The next step is to carry out the practice of moving the needle. It’s a long process, but here are some ideas to get you started:
• Create a more inclusive hiring process.
• Provide support and mentoring for female team members.
• Conduct pay audits to assess gender pay gaps and remediate discrepancies found.
• Pay close attention to leadership structure.
We can achieve a more gender-equal future, but we must do our best to improve.
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