Want To Innovate? Build Gender Equality Into Your Business. Don’t Bolt It On
Companies with women on their boards don't just achieve higher revenue growth, profitability and shareholder returns. They are more innovative.
Speed Read
- Gender equality is about working towards a greater balance of voices, ideas and experiences being represented at the table
- A diverse workforce is more innovative because of the fresh perspectives generated
- Companies with women on their boards achieve higher revenue growth, profitability and shareholder returns
- The economic impact of workforce inequality is estimated to represent billions of dollars to the Australian economy each year
For many people, the term “diversity” is perceived as code for “gender” and only advancing women. But this simple interpretation belies the reality that diversity is about all of us. To advance women, we need men engaged. To advance diversity, we need a balance of voices, ideas and experiences represented at our boardroom tables.
Evidence shows that diverse groups are more innovative and productive than homogeneous groups. In the report ‘Waiter, is that inclusion in my soup? A new recipe to improve business performance, Deloitte found that: “Employees report better performance in business outcomes when women feel included and their employer is committed to diversity. The improved business outcomes include ability of the business to innovate, collaborate and respond to changing customer needs.” According to Catalyst, employees who felt more included were more likely to report innovating on the job, such as identifying opportunities for new products and processes and trying out new ideas and approaches to problems.
We’re for more diverse and inclusive cultures
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