You know the facts — gender equity is beneficial to both your company and the global economy. Now, how do you get your team on board with implementing new policies on gender equity?
Get your team on your side using straight facts and smart economics.
Where We’re at Now
A good place to start when discussing gender equity policies with your team is with a good look at the current state of gender equity in the workplace.
The world’s talent pool is shrinking. Your current talent pool is retiring and it’s becoming more difficult to find skilled workers to replace them. Meanwhile, women are the most educated group within the United States, holding 57 percent of bachelor degrees and projected to increase that percentage. Yet, they’re leaving the workforce.
However, retaining women in the workforce — and ensuring their success — is connected with business success. Having women in management contributes to a 19 percent higher return on equity and 9 percent higher dividend payments. An increase in corporate leadership to a 30 percent female share is associated with a 1 percent increase in net margin — which translates to a 15 percent increase in profitability for a typical firm.
Thanks to gender equity efforts, we are expected to reach gender equity, but at an increasingly slow rate — so slow that the World Economic Forum says it’ll take up to 217 years to reach a global equitable future.
Where We Could Go
If the team feels grim due to the less-than-optimum reality, it’s time to point out the huge opportunity that solving the challenge of gender parity provides.
- In the United States, we could increase GDP by $2 trillion by closing the gender equity gap.
- The global GDP could increase by $12 trillion if gender equity were achieved.
- Boards with a higher number of women experience an 18 percent decrease in acquisitiveness, a 12 percent decrease in deal size and an average reduction of $97.2 million in annual M&A spending
- For every 7 percent increase in gender equality, there’s a 3 percent increase in revenue
The benefits of gender equity are undeniable. The data proves it, and when you begin using your own data to drive your gender equity action, reaching those benefits is easier than you’d expect.
Simple Ways to Get There
Once your team has the facts, how can they take action? After all, we know it’s good business and the data proves it. For maximum effectiveness, companies need a gender equity plan with specific goals, progress markers and next steps, all driven by data from within your company.
Simple actions you can take immediately include:
- Looking for pay disparities between the men and women in your company and closing them.
- Expanding female leadership through internal hires.
- Correcting gender inequity in your hiring and promotion processes.
- Ensuring your current employees are aware of your commitment.
- Incorporating gender equity into your company culture.
Pipeline Can Help
Pipeline can help you take immediate action toward accomplishing gender parity sooner rather than later. Using data and insight from the brands that are using gender equity to see success and increased financial outcomes, we created a software platform that enables companies to achieve gender equity and leverage the full economic power of closing the gender equity gap. When you and your team begin using the platform, you can not only know your timeline to parity, but also actionable steps to getting there — as quickly as possible.
Ready to see how Pipeline can increase your company’s success? Get your team on board and create a company-wide initiative to put gender parity first. See how the Pipeline platform could help you, with a free demo.