Making Gender Diversity A Business Priority Leads to Financial Benefits.
Research from the Peterson Institute for International Economics concludes that going from having no women in corporate leadership to a 30% female share is associated with a one-percentage-point increase in net margin — which translates to a 15% increase in profitability for a typical firm.
We Can Help Organisations Make The Change
We are on a mission to see a world where gender inequality and the glass ceiling no longer exists. We all have a part to play in ending gender inequality, and we are calling on all organisations, current leaders, future leaders, men and women, together we can make it happen by 2025.
The Benefits of Gender Diversity
A Study by Gallup has proven that gender-diverse and engaged business units outperform those that are less diverse and less engaged.
Engagement and gender diversity pay a big part in increasing overall organisational and business unit specific performance.
Similarly to innovation, the power of diversity is unleashed with cultures that display open, collaborative, trusting, and supportive relationships with Co-workers and leaders. Employees are empowered to turn their differences in thought, behaviour, knowledge, skills and experience into innovative ideas and solutions that drive greater impact and performance.
Diversity can bring many benefits to any organisation, and for organisations to leverage the benefits, it is crucial to review business unit specific gender balance and formulate a strategy. Implementing a company-wide policy to increase overall gender diversity will not achieve desired outcomes or improve financial performance.
Company strategies that include making gender diversity a business priority will reap the bottom-line benefits that diversity can bring.
Here are some critical steps to take to bridge the gender diversity gap;
- Identify departments that are less gender diverse.
- Identify pay parity issues and ensure you have pay parity for all roles and departments within your organisation.
- Develop a recruitment strategy that increases gender diversity in all departments without reducing or ignoring merit. Studies indicate that when women are hired to fill quotas, it negatively affects relationships between coworkers and hinders performance.
- Create an engaged culture that enables collaborative relationships based on accountability which motivates and empowers employees to perform at a high level.
- Set goals around inclusiveness, innovation and performance and hold managers accountable for diversity.