What You Should Know
The Facts Surrounding Gender Diversity In The Workplace
In an effort to realize the most effective work environment, a series of gender diversity studies have sought to quantify the impact of women in business. The principle of collaboration between genders has been shown to improve the work environment, increase productivity and result in superior business decisions. In order to establish and maintain a leading edge, businesses need to incorporate women. In so doing, these businesses cultivate a culture of inclusion resulting in engaged employees operating at maximum productivity.
Gender diversity studies have validated women in the work place and support the principle of collaboration as well as the premise that all women have a right to lead and to contribute at the highest level. Did you know…
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Colleges and universities spend only 16% of their recruiting budgets and just over 30% of their scholarship and grant budgets on female athletics.
The gender pay gap exists in all careers, including in sports. Male athletes in basketball, golf, soccer, baseball, and tennis made anywhere from 15% to 100% more than female athletes.
In 2021, the World Economic Forum calculated the pay disparity gap between men and women would take until 2157 – 135.6 years – to close.
Women — especially women of color — are more likely to have been laid off or furloughed during the COVID-19 crisis.
Companies with women in executive positions have a 34% higher total return to shareholders than those that do not.
Companies with more than 1/3 women in management realized a return at 25.6% annual return compared to a company average return of 11.7%.
Companies with the most women directors outperform those with the least on return on invested capital by 26%.
On average, companies with the highest percentages of women board directors outperformed those with the least by 53%.
On average, companies with the highest percentages of women on board directors outperformed those with the least by 42%.
On Average, companies with the highest percentages of women board directors outperformed those with the least by 66 %.
Women are nearly half the work force and hiring pool.
50% of women enter the work force compared to 80% of men and are typically represented by low paying jobs despite an increase in education.
In a study of the financial performance of U.S. companies from 2011-2016, those with at least three women on the board had median gains in return on equity 11% higher, and earnings per share 45% higher, than companies with no women directors.
(MSCI Inc. quoted in the Huffington Post)
By the end of 2021, companies in California will be required to have at least three women on boards of six or more.
(Harvard Law School Forum on Corporate Governance)
Globally, women comprise 27.3% of all board seats, up from 25.5% in 2018 and 12% in 2015. Just 6.7% of all board seats are held by women in leadership roles.
Companies with a female CEO or board chair have almost twice as many women on the board as companies led by men.
The global giants on employee diversity:
- NORWAY – 67%
- NEW ZEALAND – 63%
- ICELAND – 62%
- AUSTRALIA – 61%
- SWITZERLAND – 60%
- NETHERLANDS – 60%
A case for three:
Countries with at least three women on board.
- AUSTRALIA
- AUSTRIA
- BELGIUM
- CANADA
- DENMARK
- FINLAND
- FRANCE
- GERMANY
- ITALY
- NETHERLANDS
- NEW ZEALAND
- NORWAY
- PORTUGAL
- REPUBLIC OF IRELAND
- SOUTH AFRICA
- SPAIN
- SWEDEN
- UNITED KINGDOM
Regionally, countries in the Americas and Asia Pacific region have progressed the least and, in regard to women chairs are at the same level at either 4 or 5%
The higher up the corporate ladder, the fewer the women:
Executives: 23%
Senior Managers: 29%
In 2021, the number of women running businesses on the Fortune 500 hit an all-time record: 41.
Women earned majority of doctoral degrees in 2019 for 11th straight year and outnumber men in grad school 141 to 100, earning 58.5% of all Master’s degrees in 2019.
(American Enterprise Institute)
Women consistently earn less than men, and the gap is wider for most women of color.
(Center for American Progress)
The most recent Census Bureau data from 2018 states women of all races earned, on average, just 82 cents for every $1 earned by men of all races.
(Center for American Progress)
Women must claim an equal seat at the table. Women’s economic empowerment is central to realizing women’s rights and gender equality.
When paid and unpaid work are combined, women in developing countries work more than men, with less time for education, leisure, political participation and self-care.
Legal barriers:
Despite the financial stakes, most countries still have laws that make it harder for women to work.
(Council on Foreign Relations)
Gender inequality in unpaid care work is the missing link in the analysis of gender gaps in labour outcomes, such as labour force participation, wages and job quality.
Women spend around 2.5 times more time on unpaid care and domestic work than men, negatively impacting female labour force participation.
It is calculated that women could increase their income globally by up to 76 per cent if the employment participation gap and the wage gap between women and men were closed. This is calculated to have a global value of USD 17 trillion.
Women account for only 12.8% of agricultural landholders in the world.
57% of women and 48% of men say ambition is absolutely essential. This overall gender gap is driven by the younger generations.
According to Gallup, gender diverse business units in retail have 14% higher average revenues than less-diverse business units and the same is true for the hospitality industry, which showed a 19% higher average revenue.
Globally, women are paid less than men. Women in most countries earn on average only 77% of men’s wages.
Women start their careers with as much ambition as men — or more. Having children does not make women less ambitious. Ambition is influenced by company culture.
46% of men believe that the pay gap “is made up to serve a political purpose“.