At Milestone Consulting, we frequently write about gender equality in the workplace. It’s an issue we care deeply about, and we believe all businesses should speak up in support of this human rights issue, but that’s not the only reason we beat the drum. Women amplify company performance.
Research data backs it up. According to a quantitative analysis by Morgan Stanley, companies with more female employees perform better than those with less gender diversity.
As 2017 was wrapping up, numerous organizations released their annual reports on the state of gender equality in companies across the country. Fairygodboss, for example, works to improve the workplace for women by providing a platform to share workplace experiences, give advice, and search for jobs that promote gender equality. Reaching more than 750,000 women a month, Fairygodboss summarizes its data each year in an annual report.
Movement toward gender equality is improving, according to the report, albeit VERY slowly. Women are still underrepresented at every level in the corporate pipeline, even though 57 percent of college graduates are female.
Furthermore, women are generally less optimistic when it comes to making it to the top level, even though 45 percent of them are interested in advancing there, according to a Gallup report.
Employers: Do Your Part to Improve the Statistics
What can be done to push progress faster? Fairygodboss offers the following tips for employers to promote better workplace equality:
- Make sure your recruiting strategies are aligned with what women seek.
- Undergo a compensation audit within your company to check for inequalities.
- Prioritize gender diversity, particularly within management positions.
- Support employees with new families by ensuring your company’s leave policies are competitive.
- Engage male leadership in improving gender equality within the company.
- Support women’s resource groups to improve women’s engagement levels and open a channel for communication.
Fifty-seven percent of women participate in the labor force, according to the U.S. Department of Labor. Of those women, 70 percent have children under the age of 18. Employers owe a duty to their companies, their employees, and themselves to offer equal opportunities and elevate individuals based on merit. Let 2018 be a challenge for all employers to do it better.
A West Point graduate where he served as captain and military aviator, John Bair continues his commitment to our country through his efforts within the settlement planning industry. He has represented families of victims lost in the Flight 3407 crash, offered pro bono services to the families of 9/11 victims and drafted the first consumer protection bill for plaintiffs (H.R. 3699).