Gooooooal! Lessons in Equality from Danish Football for the Business World
Kim Chandler McDonald
3 Steps Data Co-Founder/CEO driving data/digital governance solutions | CyAN Global VP | Award-winning author | Storyteller | Advocate for digital/cyber security, sovereignty, compliance/governance & enduser empowerment
Denmark's men's national football team has taken a remarkable step toward gender equality by refusing a pay raise to ensure equal pay with the women's team. This move is an extraordinary example of #ChampionsOfChange, demonstrating that true leadership involves prioritising the well-being of others and fostering a more inclusive environment. It’s an initiative that isn’t just a feel-good story; it’s a blueprint for how we can drive progress across various sectors, including business.
Reflecting on the inspiring words of Danish Football Players’ Association director Michael Sahl Hansen (found in this morning’s Guardian article, ‘Denmark men’s footballers refuse raise to ensure equal pay with women’s team’, “It’s an extraordinary step to help improve the conditions of the women’s national teams. So, instead of looking for better conditions for themselves, the players thought about supporting the women’s team.” This selfless act sets a powerful precedent for other sectors, including the business world, where similar thinking can manifest and bring substantial benefits to all stakeholders.
Shared Success Leads to Collective Gains
The Denmark men's team's approach highlights the importance of thinking beyond individual gains. This collaborative spirit can be translated into the business world. For instance, when companies invest in the professional development and equitable treatment of all employees, they often see a boost in overall performance and morale.
This is not news
We’ve known for quite some time that diversity and inclusion are not just moral imperatives but business imperatives. When researching my book Flat World Navigation, Collaboration and Networking: Building Dynamic Relationships in the Global Digital Economy (Kogan Page, 2015), I found:
Windfall Dividends: An analysis of data compiled by Factset Research Systems in 2014 revealed that Fortune 1000 companies with a female CEO experienced average returns of over 103%, more than 33% over the average return for the same period on the Standard & Poor 500 stock index. Yet, only 51 of these companies were led by women (Fairchild, 2014 - Footnote 1).
Higher Valuations: US businesses with a woman on the executive team average higher valuations at first (64%) and last (49%) funding stages. Early-stage investment in companies with a woman on the executive team jumped from 5% to 15% over 15 years (Diana Report - Women Entrepreneurs 2014: Bridging the Gender Gap in Venture Capital, 2014).
Translating Equality into Business Success
1. Promoting Gender Pay Equity
According to the World Economic Forum's Global Gender Gap Report 2021, it will take another 135.6 years to close the gender gap if current trends continue. Businesses can accelerate this change by conducting regular pay audits and adjusting salaries to ensure equity. This not only fosters a fair workplace but also boosts morale and productivity.
2.? Implementing Inclusive Policies
Research by McKinsey & Company (Footnote 2) reveals that companies in the top quartile for gender diversity on executive teams are 25% more likely to have above-average profitability. Adopting inclusive policies such as flexible working hours, parental leave, and mentorship programs for women can create a more supportive environment, driving innovation and performance.
3. Fostering a Culture of Allyship
Much like the Danish footballers, business leaders can play a pivotal role in supporting their female colleagues. This involves advocating for women's career advancement, addressing unconscious bias, and ensuring women have equal access to opportunities and resources.?
[Note: If you are unsure how to be an ally, the Tsedale Melaku article, ‘Be a Better Ally’ in the Harvard Business Review is an excellent resource!]
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4. Championing Diverse Leadership
Diversity in leadership leads to better decision-making and problem-solving. A study by Boston Consulting Group (Footnote 3) found that companies with more diverse management teams have 19% higher revenues due to innovation . Encouraging diversity at the top can help businesses navigate complex challenges and stay competitive.
Benefits for All Stakeholders
1. Enhanced Reputation and Trust
Companies committed to gender equality and diversity are viewed more favourably by consumers and investors. This enhanced reputation can lead to increased customer loyalty and better financial performance.
2. Attracting and Retaining Talent
A diverse and inclusive workplace is more attractive to top talent. By demonstrating a commitment to equality, businesses can attract skilled professionals who value a fair and supportive work environment.
3. Improved Financial Performance
As evidenced by numerous studies, gender diversity and inclusive practices lead to better financial outcomes. Companies that prioritise equality are better positioned to innovate and adapt, driving long-term success.
The Danish men's football team's decision to support their female counterparts is a shining example of how collective action can drive meaningful change. Let's take inspiration from these #ChampionsOfChange in the business world; by adopting similar principles of equality, inclusivity, and allyship we an achieve the goal of creating more dynamic, productive, successful organisations and drive sustainable success across all sectors.
Footnotes:
#BoardDiversity #BusinessStrategy #BusinessSuccess #ChampionsOfChange #CorporateResponsibility #DiversityAndInclusion #DiversityMatters #EmployeeEngagement #Empowerment #EqualPay #Euro2024 #Football #FutureOfWork #GenderEquality #InclusiveWorkplace #Innovation #Leadership #Soccer #SustainableBusiness #TeamCollaboration #TheBeautifulGame #WomenEmpowerment #WomenInBusiness #WomenInLeadership #WorkplaceEquality