Parity remains one of the biggest drivers of equality health. By prioritizing equal compensation for men and women; focusing on diverse representation, both internally and externally; and promoting inclusive hiring practices, companies can make a diverse workplace a reality.
Women have a dominant role in the global marketplace; they make up about 50% of the labor supply and control about 70% of consumption demand worldwide. By advancing the economic participation of women — both as consumers and as members of the workforce — organizations create a strong foundation to succeed in the global marketplace. In addition to helping organizations create an inclusive community, gender parity comes with concrete financial benefits. Morgan Stanley’s gender-diversity framework ranks more than 1,600 stocks annual. The takeaway? Those with more gender diversity are less volatile. Similarly, a McKinsey Global Institute report estimates that advancing women’s equality in the workplace could add $12 trillion to the global GDP. When companies commit to parity – both internally and with the organizations they partner with – they’re taking a stand for ethics and for better business.
Aspects of parity
- Compensation: The gender pay gap is a persistent global challenge; in the United States, for example, women make 80.5 cents for every dollar earned by their male peer. To advance pay equity, organizations need to equalize salaries based on skills and performance and provide transparency about compensation packages.
- Diversity hiring: Diversity hiring starts when organizations shift the way their recruit emerging talent. This can be achieved by reworking job descriptions and interview questions, recruiting in underrepresented communities, hosting anti-bias trainings for hiring boards. By investing in merit-based hiring, every potential employee has a level playing field to showcase their talent.
- Supplier diversity: When organizations embrace this strategic business practice, they prioritize partnerships with suppliers owned by women, minorities, veterans, service-disabled veterans, LGBTQ, and historically under-utilized businesses. By promoting diversity across the supply chain, organizations invest in a more inclusive commercial sector.
At a glance
80 percent of new jobs are never listed but are instead filled internally or through networking.
SOURCE: Saven, A: 6 Insider Job Search Facts That’ll Make You Re-think How You’re Applying (2018)
Millennials will make up 75% of the workforce by 2025 and have already changed the way we think, work, and lead.
SOURCE: Blue Wolf Capital: Inclusion Value Gallery Walk (2018)
Only three percent of women of color are c-level executives. Women of color are the most underrepresented group in the corporate pipeline — behind white men, men of color, and white women.
SOURCE: McKinsey & Company and Lean In: Women In The Workplace (2017).
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