The business case for gender equality is hard to dispute. But despite best efforts, organisations still struggle to achieve a truly inclusive, bias-free workplace. With so much evidence supporting gender equity as a key driver of success, it’s difficult to believe that more organisations aren’t prioritising this as a lever for growth.
Why gender equality is important in the workplace and beneficial for everyone can be backed up by quantitative and measurable metrics that transform DEI initiatives from a “nice-to-have” to a sound and essential business model.
With no shortage of figures backing up the commercial viability of achieving gender equality, we’ve identified 3 key pillars of opportunity to motivate your organisation’s initiatives.
1. Gender-balanced teams report higher employee satisfaction
Having active allies in the workplace boosts job happiness, reduces work-related stress and bolsters a sense of commitment for employees from under-represented groups (URG). Naturally, this support from colleagues creates psychological safety and a sense of belonging, contributing to an overall positive experience.
But it’s not just URG employees who can stand to benefit. Advocating for more female leaders is proven to create a more supportive working environment for all, as female managers are roughly 2x more likely to offer mentoring and career support to their team.
Studies consistently report that, when tested against unequal representation, gender-balanced teams “achieve operational, organisational, and performance benefits that include employee engagement, enhanced brand image, greater client and consumer satisfaction, increased organic growth, and an increase in generating profit and cash”.
2. Closing the gender gap will support the global economy
We know that women make up more than half of the global population, so it’s not hard to understand how keeping +50% of our human resources on an unequal playing field automatically stops the global economy short of reaching optimal functionality.
A recent report put that missed opportunity into perspective, finding that increasing gender equality in the workplace could add as much as $12 trillion to the global GDP by 2025. In Australia alone, closing the gender gap would increase the nation’s GDP by 11%.
We also know that diversity of perspectives among key decision makers increases innovation. Having different life experiences allows teams to generate a wider range of ideas and raises the likelihood that one of those ideas will be successful. In fact, a study of 1,700 companies in 8 countries found a “strong and statistically significant correlation between the diversity of management teams and overall innovation”. With innovation, we find the right answers, faster, to create a productive and growing economy.
3. What’s in it for your organisation? Profits.
A survey of 12,940 enterprises in 70 nations found that nearly 60% of company respondents saw positive business results from increased gender diversity. What’s more, 74% of businesses surveyed reported that gender-balancing their boardrooms increased profits by up to 20%.
In Australia, businesses with at least 30% female leadership teams are 15% more profitable, and the Credit Suisse Research Institute found that organisations with women in leadership surpass those without in average growth, stock valuation, and returns.
Around the world, people agree; More Women = Better Business.
So how can we go about creating better business?
Create progress for gender diversity in the workplace with proactivity. The impact generated from speaking up, making room, and driving change for women in the business world affects not only the female employees themselves, but positively impacts business outcomes at every level of an organisation.
“When a leader, even a mid-level or lower level leader, skillfully brings a voice and a vision, others will follow and surprising things can happen—even culture change on a large scale.”– Harvard Business Review)
If you’re dedicated to fostering gender-equal workplace cultures, regardless of where you are on your journey – even if you’re at the very beginning, we encourage you to connect with us.