International Women’s Day 2018: Reducing barriers for future generations

Each year on International Women’s Day, we pause and take stock of the progress we have made with women’s equality and inclusion. At the most basic level, we reflect on how we are advancing the conversation and following through with the actions necessary to empower and advance women. And, we ask: How are we in the business community reducing the barriers that block women from reaching their full potential and raising the tides of opportunities for those that do not have access to life’s basic needs?

The answer is still that we have a long way to go. Any discussion on women’s issues must start with the core challenges. Consider this: According to the Global Partnership for Education, an estimated 131 million girls worldwide remain out of school and face multiple barriers to education.1

If we truly want to go to the next level, we need to look at how to support the four billion individuals that don’t have access to internet,2 education, or even basic needs. By advancing access and addressing the needs of these groups, we will begin to see a larger pool of qualified and educated individuals—and ultimately a more diverse workforce with a broader range of ideas and solutions. And while efforts are in place, the question—especially within organizations—is still: How can we do more?

One way is by focusing on education. A recent report from the Business Roundtable, Work in Progress, outlined many ways companies are making an impact—like by working with local schools to bolster their STEM programs, which will be key to not only closing the skills gap but also preparing for the workforce and work of the future.

From a workplace perspective, diversity and women’s advancement is a business imperative. Initiatives like effective mentoring programs have been proven to elevate high-potential employees and put them on the path of leadership. But, even still only 37.5% of total employees in S&P 500 companies are women—and only 27% are executives, senior-level officials, and managers, according to Catalyst research.3 With mentoring programs focused on women, we can greatly accelerate careers that would otherwise get stuck in low gear. To counter-act these stats, potential leaders need to be identified early, challenged to grow, pressed into new assignments, and given a way to imagine their careers in new ways.

And we should match that commitment with flexible career options and more generous paid family leave programs. Because it’s not just about describing a career path—it’s about making it happen for everyone. Businesses and organizations that have invested in these efforts know that greater inclusion is closely correlated to better business results—according to Fortune, companies run by women had a 25% annualized return, which is more than double the 11% the MSCI World Index delivered in the same time frame.? And it’s important to remember that it’s about broader diversity and inclusion. We need to recognize things like unconscious bias—58% of women and men across racial and ethnic groups report being highly on guard at work, according to new research on the “emotional tax” by Catalyst?—find ways to solve for it in our organizations, and make sure we’re continuing to evolve our approach. Organizations focused on greater inclusion are also more likely to be a sought-after employer—80% of employees reported that inclusion is important when choosing an employer, according to Deloitte’s recent inclusion pulse survey.? The more inclusive a team is, the more diverse the thoughts, perspectives, and ideas are, which inevitably can lead to more success.

We’re not going to get to that future in small steps. We can only build a culture of inclusion by taking steps to recruit and retain a fully diverse workforce. Within organizations, we need to continue to build cultures of learning and mobility, and demonstrate that what we need is inclusion at scale. That’s a big ask and a big priority—because a lot is at stake. Join me to #PressforProgress.

For more insights on #PressforProgess and inclusion in our work of the future, follow me @CathyEngelbert.

Cathy is the chair of the Board of Directors of Catalyst, an organization dedicated to helping “build workplaces that work for women.”

Sources

1 Global Partnership for Education, Girls' Education and Gender Equality, March 7, 2018 │ 2 World Economic Forum, 4 billion people still don’t have internet access. Here’s how to connect them, May 11, 2016 │ 3 Catalyst, Women in S&P 500 Information, 2017 │ 4 Fortune, You May Want to Buy Stock In Companies Run by Female CEOs. Here's Why, August 1, 2017 │ 5 Catalyst, Day-to-Day Experience of Emotional Tax Among Women and Men of Color in the Workplace, 2018 │ 6 Deloitte, Inclusion Survey, June 7, 2017