Report highlights importance of women in companies, government
If you're searching for the case for women's equality in the workplace, just look at the dollars and cents.
According to "The Modern Guide to Equality," a report compiled by The Female Quotient, global gross domestic product would increase by $28 trillion by 2025 if the gender gap in the workforce closed. And when ranked by the number of women on their boards, Fortune 500 companies that fell into the highest quartile had a return on equity that was 53 percent higher than the remaining firms.
"We need to hire the right people to do the right jobs to drive results -- knowing that having a room full of people who all look the same and may all think the same -- is an opportunity lost in such a rapidly changing world," Danielle Maged, executive vice president of global solutions at Fox Networks Group, said in the report.
The Female Quotient is an organization committed to advancing equality in the workplace through collaboration, activating solutions and creating accountability. The organization works with brands to provide the tools they need in order to impact change.
The organization created the guide to be a holistic analysis of the impact and necessity of gender equality in the workplace. In partnership with Atlantic Media Strategies and Catalyst, the report combines generational insights, workplace trends and interviews with industry leaders to develop strategies and workshops to advance change.
Building an inclusive environment in the workplace is an important step to addressing gender equality, according to the report, including adding flexible time and hiring diverse teams. The Female Quotient pointed to an initiative at Salesforce that allows all parents to create a work schedule that complements their child-care responsibilities as a type of policy that reduces of the burden of parenthood that often falls on women.
Intel, First Bank of Nigeria, Morgan Stanley and REI are among companies named in the report for their achievements in gender equity.
The report also addresses gender disparity in government. Only two countries -- Rwanda and Bolivia -- have 50 percent or more women in parliament, in a single house chamber or lower house, or similar representative body. By that measure, the U.S. ranks 100th worldwide, with women making up only 19 percent of Congress. Model countries for success in equality policy include Norway, Iceland, Nicaragua, Rwanda and Canada.
"Gender equality and a healthy society go hand-in-hand -- increased gender equality has been shown to reduce poverty, increase education and improve the well-being of children," The Female Quotient says in the report.
The guide outlines tips for companies and organizations to make a difference, such as being aware of bias, emphasizing flexibility, offering training and encouraging mentorship and sponsorship.
"Great leaders are not afraid to show great effort and failures. They are constantly taking in new data, new experiences and evolving," Samantha Skey, chief revenue officer of SheKnows Media, said in the report.