Gender Equity: A Goal We Must All Pursue

I’ve long been a champion of financial empowerment for women. And workplace policies play a big role in moving the dial. That’s why, as a commissioner on the San Francisco Commission on the Status of Women, I was excited to host a day-long event, the #GenderEquityChallenge Forum, which highlighted and encouraged corporate policies that advance women in the workplace. At the Forum, I pledged to leverage my social media channels to share best practices that build more diverse and inclusive workplaces, and that ultimately help women—and everyone, for that matter—attain lifelong financial security. I’m hoping this piece will inspire you to take a pledge of your own.

 As women, we face unique challenges. We earn less than men. We go in and out of the workforce, caring for children or aging parents. We also tend to live longer, and therefore need to save more for retirement. At the Forum, the Commission honored seven leading companies—including United Airlines, Pandora, the California Department of Insurance, and Schwab—that have implemented policies that help address these challenges and make a clearer path for women to succeed.

In a variety of ways, these companies have embraced the gender equity principles launched by the San Francisco Department on the Status of Women in 2010, addressing issues such as compensation, work-life balance, diversity, transparency and accountability. We need to see more of this. (Pandora employees: Elizabeth Petro, left, and Megan Brooks, right. Photo by Ana Homonnay.)

Diversity isn’t just nice, it can also mean a better bottom line

Embracing diversity and inclusion is the right thing to do. But it can also boost the bottom line. According to a 2018 McKinsey & Company report, companies in the top quarter of gender diversity in their executive teams were 21 percent more likely to experience above-average profitability. Teams that were ethnically and culturally diverse were 33% more likely to have above-average profits. We’re just stronger when everyone has a seat at the table.  

We need to bring men onboard

But women can’t do this alone; we need to enlist powerful allies. That was the message of Gregory Jones, the chief diversity officer of United Airlines. If we want lasting change, Jones said, we need to engage the top men in companies, educating them about the issues and pushing them to make different choices around hiring and retaining talent. Jones told us that United’s Executive Diversity Council is made up of 35% women, 20% people of color, and a large number of men from United’s highest executive levels. 

“The aggressive education of men is very important,” Jones said. “If we continue to toss this thing over to women, and just say ‘Go fix this,’ we’ll find ourselves in the same spot we’re in today, 40 years from now.” 

 Changing mindsets is the ultimate goal

The push for gender equity is more important than ever. I’m proud to live in San Francisco, which has one of the most forward-thinking commissions on women in the country. Our work has even received international recognition, with the United Nations adopting a version of our gender equity principles. But this is just a start. While policies and programs to counter inequality are important, they’re not enough. The endgame is changing mindsets, which is a tougher task. We need environments where all people speak up against inequities. We need companies that offer women--and men--family-friendly policies, and that hire, and promote, women at the same rate they do men. This is the path to a more financially secure world.

Let’s do it.

(Emily Murase, SF Department on the Status of Women; Carrie Schwab-Pomerantz, center, and Marie Chandoha of Charles Schwab, right. Photo by Ana Homonnay.)

The entities mentioned in this column are independent organizations not affiliated with The Charles Schwab Corporation or its affiliates.

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