Women In The Workplace: Improve Your Diversity, Improve Your Business Results

Women In The Workplace Improve Your Diversity, Improve Your Business Results

Would you consider yourself a responsible CEO, Executive or Board Member? Then you will be across this latest piece of research AND you won’t ignore it.

Research[1] carried out by the federal Workplace Gender Equality Agency (WGEA) based on a six year study of Australian companies found that increasing the number of women in key leadership roles by as little as 10% increased an ASX200 company’s  market value by an average of $105 million. Appointing a female CEO is worth an extra, on average, $80 million to an ASX 200 company.

What data could be clearer than this?

Don’t ignore the facts

#WGEA director Libby Lyons told Annabel Crabb (#ABC News), "If you're a member of a board or a CEO or executive and you don't take notice of what this report is telling you, then you are not meeting your obligation to your shareholders or your owners… It's irresponsible to ignore a report such as this.” 

In 2019, The World Economic Forum also stated, “Forward-thinking companies should be looking for ways to employ and empower more women at work – not just as a moral obligation, but also as a sound business strategy”.[2]

And this article included a quote from a McKinsey report ‘Delivering Through Diversity’[3], which found companies with a gender diverse executive team were “more competitive and 21% more likely to experience above-average profitability”.

Designing the future of your business 

While your company is designing and delivering on a gender diversity strategy, you will also be improving profits and shareholder value if this plan, in addition, delivers on other forms of diversity as well. 

Having diversity (gender, age, race, qualifications, experiences etc) at every level in the organisation from Board, Executive and down to other leadership positions including middle management and team leader roles, is now an imperative for business success and competitiveness.

Vijay Eswaran, executive chairman of QI Group of Companies, adds: “Different perspectives on customer needs, product improvements and company wellbeing fuel a better business. The business case for diversity in the workplace is now overwhelming.”[4] 

Libby Lyons adds: "The strength of this research, the strength of this information that we launch today, shows that if you improve your diversity, you get better results.”

What else do you need to be convinced?

[1] https://www.abc.net.au/news/2020-06-19/women-in-leadership-boost-success/12370516  Annabel Grabb 19 June 2020

[2], [4] https://www.weforum.org/agenda/2019/04/business-case-for-diversity-in-the-workplace/#:~:text=McKinsey's%20most%20recent%20Delivering%20Through,on%20longer%2Dterm%20value%20creation. April 2019

[3] https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity

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About the Author

Catherine Gillespie brings a wealth of skill to her clients. With particular expertise in teaching communication and workplace conflict resolution skills, Catherine has made a marked difference to the organisations she has worked with. She empowers teams and managers to adopt constructive styles that support harmony, productivity and progress in the workplace.