Minister for Women and Equalities last night (Thursday,
September 6) told men in leadership roles, everyone will benefit
if we address “the inequalities of the gender pay gap”, during an
event at St James’s Palace for 90 business leaders.
Only 29% of FTSE 100 board members are female, and only 13 CEOs
and 21 Chairs in the FTSE 350 are women. But a recent report
shows that companies in the top quartile for gender diversity in
their executive teams are 21% more likely to have above-average
profitability than companies in the bottom quartile.
Launched in 2016, the government-backed Hampton-Alexander Review
set FTSE 350 businesses a target of having 33% of all board and
senior leadership positions held by women by the end of 2020.
At the first dinner of its kind, hosted by The Duke of York, the
government-backed Women’s Business Council brought together
influential men from across industry to promise to support women
at work. As part of the Men As Change Agents (MACA) initiative,
business leaders have been invited to pledge to:
· personally champion the achievement of the Hampton Alexander
challenge of 33% of executive level and senior business leaders
being women by 2020;
· sponsor between one and three women in their organisations with
the potential to secure an executive level role within three
years;
· be a change agent and encourage other businesses, privately and
publicly, to achieve better gender balance in UK business
leadership.
McKinsey Global Institute estimates that if women had the same
role in labour markets as men, up to an estimated $28 trillion
(26%) could be added to the global GDP in 2025. Their research
from 2016 estimates that bridging the UK gender gap in work has
the potential to add £150 billion to the UK economy by 2025. By
taking a stand for equality and supporting women at work, male
business leaders can create true equality on boards and close the
gender pay gap.
Minister for Women and Equalities said:
“The fortunes of mankind depend on the inclusion of womankind.
Without enabling women to reach their full potential and to lead
our organisations and institutions, we will not be able to meet
the challenges of our time.
“By addressing the inequalities and cultures behind the gender
pay gap it’s not just women who benefit. We all do. And men are
recognising that it is the smart and right agenda for them to
support this.
“I want to thank them for their leadership and for pledging to
ensure at least 33% of their board members are women by 2020.”
MACA heads and business leaders, Denis Woulfe MBE and Emer
Timmons, said:
“We are absolutely delighted to be involved in hosting a special
and momentous dinner, for the Men as Change Agents’ ‘Lead the
change’ initiative.
“We are immensely grateful to The Duke of York for generously
hosting the event and for being such an enthusiastic supporter of
our efforts throughout the preparations.
“To see the RT Hon and over 90 senior business
leaders in attendance, showing their enthusiasm and support, is
truly inspiring and a clear sign that meaningful progress is
within our grasp.”
These first steps show how businesses value equality in their
organisations. By changing workplace culture, championing
flexible working and encouraging shared parental leave – and
encouraging fathers to take their share, workplaces will reflect
the UK’s diverse society.
The Women’s Business Council’s Men as Change Agents group has
published a toolkit sharing innovative ideas for business leaders
to help close the gender pay gap and encourage women’s
progression in the workplace.
The toolkit, which includes a foreword from Minister for Women
and Equalities , gives practical advice to
CEOs and other senior business leaders, the majority of whom are
men, at FTSE 350 companies and other prominent businesses to
achieve better gender balance in their organisations.
Recommendations in the toolkit include building a pipeline of
female talent so women can move to more senior roles, championing
agile and flexible working and encouraging more men and women to
take up shared parental leave.
