The Financial Times recently published that a working mother was given a bonus cut with the explanation that she had made the “lifestyle choice” of being a working mother. People all over the world are speechless. Would the company cut the bonus of a working father too? Stories like that are going viral today.
At the same time, efforts against gender inequality increased over the past years. A few days ago, the whole world celebrated International Women’s Day. Germany is celebrating the hundredth anniversary of the women’s right to vote this year. The Fortune online business magazine names every year the top company for gender equality. General Motors won this year because it was the only company to have a female CEO and an equal number of men and women on its board.
People all over the globe had a closer look at gender equality – and so do we. But from our point of view, women are too much in focus when it comes to discussions in gender equality. Of course, women still have disadvantages in many countries and circumstances. Because of this, many movements for the power of women have been launched and feminists all over the world fight for women’s rights.
Still, in this article, we would like to focus on why it is important to have a fair balance between men and women (especially in business). Even if we organize the Global Female Leaders Summit every year, we are not interested in a world totally lead by women because we think that a team consisting of women and men to equal proportions is more successful. Here is why.
Gender equality in teams increases the success
As we explained in our latest posts, diversity is highly important for a business’ success. This does not only count for employees’ experiences and backgrounds, but also for gender.
Several studies found out that gender diversity increases a team’s success. An International Business College in Amsterdam for example figured out that teams with a lower percentage of women had lower profits than a team with a balanced gender mix.
Not surprisingly – because women are smart and valuable. But the same study also found out that for a women quote above 50% in the team, the relation between profits and the share of women is flat.
The study findings show that teams with an equal portion of men and women are the most successful. What do you think are the reasons for that?
Men and women often have different characteristics, experiences and backgrounds. Due to their different point of views, they can optimally discuss topics from several angles. This increases creativity and innovation. The more facets of a problem the team has in mind, the higher are the chances to find the optimal solution.
In the end, the company’s success fluctuates with the teams’ success. Therefore, you should take care of gender equality in your business. Not an easy task.
Thinking further, gender equality is also important when companies want to attract young talents. A study found out that 67% of all job seekers overall look at workforce diversity when evaluating an offer. So if the company wants to employ the best candidates, they should better ensure diversity.
Big companies’ fight for gender diversity
Several businesses already started to fight for gender diversity. The Bloomberg Media Group for example established the world’s only comprehensive investment-quality data source on gender equality. Every year, they publish the gender equality index, which includes 230 companies from ten sectors headquartered in 36 countries and regions.
They are not the only one. The British Financial Times also fights for gender equality. A few years ago, they understood that most of their journalists prefer to quote male experts in their articles. They decided to find a way that monitors the gender of all the sources mentioned in an article.
And they did. The financial magazine developed a software that scans articles of every single journalist before publishing. When one gender predominates, the signal “she said he said” pops up. This note automatically ensures gender diversity in the company’s articles – if they really make use of it.
Also the Global Female Leaders Summit puts great emphasis on gender equality. Even if the name let not suspect it, the summit does not only consist of female speakers.
Especially when it comes to discussions on the stage, we always try to make sure to have at least a man in the discussion round. This guarantees different points of views, which further increases the value of the panel discussion.
With this article, we found out that gender equality is highly important for people, employees and companies. The better the gender diversity, the higher the team’s and business’ success. Woman or man – if you are interested in our diverse discussions during the Global Female Leaders Summit, book your seat fast!