International Women’s Day is here again, reminding us of women’s role in society. Like every year, we will hear that little progress has been achieved: women only represent 3.6% of FTSE100 executive directors, and their salaries are still 17% lower than men.
However, this year, the gender agenda seems to be making an interesting come-back. It was the object of a special conference at Davos, where panellists argued about the business benefits of an equal workforce. At the peak of the crisis, a debate started to question whether the credit crunch would have happened if Lehman Brothers had been Lehman Sisters. Gender is making the cover of this week’s The Economist, and today Gordon Brown announced that state-owned companies in the UK will be required to address gender equality on their boards.
Has the economic downturn shown us that female values are a crucial part of building long-term sustainable companies and societies? If the business benefits of gender inclusion are so obvious, why is the marketplace still so unequal?
I think companies are keen to address inequality issues, but are failing to look at its roots causes.
“Does my company culture make it difficult to balance work and family?” “What types of values are promoted and rewarded?” These are the real systemic questions which need to be asked. A recent study by the US Center for Work-Life Policy shows that among women who left work for a while to raise children, 93% of them said they wanted to come back to work – but only 74% returned, and just 40% of them to a full-time job.
We also need to look at companies’ impacts on gender perceptions more widely. “What image of both men and women is my company conveying through advertising?” This year’s US Superbowl ads, which are meant to represent the crème de la crème of global creativity, were an appalling display of sexism and rigid gender roles.
Society is clearly ready to see deeper and more ambitious initiatives. For now, most companies are failing to seize the opportunity, missing out on potential leadership and great business benefits. Hopefully this year’s International Women’s Day will bring the momentum required for lasting systemic change from the break-room to the boardroom.