Closing The Gender Gap Is Good For Business

Together with Cognizant, MIT Sloan Management Review has conducted a global study focused on the continuing future of leadership in the digital economy. 1. What is the opportunity open to companies working in the digital economy, if they were to hire and develop more women? 2. Why are many companies still missing out on the opportunity? 3. What can we do right now to take benefit of the opportunity? What Is the chance? According to a study by the McKinsey Global Institute, advancing women’s equality and making certain they reach their full potential could give a significant increase to the global GDP. On this varying world, gender parity may become a competitive benefit in helping organizations stay relevant and forward.

Why COULD IT IS Still Largely a Missed Opportunity? Women are getting into the labor force in higher figures than before ever. But companies aren’t doing enough to support their career development and advancement. Specifically, they aren’t providing educational and mentoring opportunities to help women progress to senior leadership and C-suite roles ultimately. In many cases, we’ve heard the message that is not a simple challenge to solve. Furthermore to insufficient role models for girls who aspire to leadership roles, there is certainly inadequate organizational attention to make this a solvable business problem.

While some improvement is being made, most companies are failing the gender collateral test. And it is not the women who are losing just. Companies are losing their competitiveness. “We did all types of studies at Netflix on attaining an incredible performance, and one thing we all discovered was that diverse teams perform better and produce better final results for customers. My response is Really?

Have you truly taken notice of the women working alongside of you and sitting right in front of you? Women need champions – people who empower them to thrive – to progress their careers. However, when 95% of mature market leaders are male, do women truly have advocates enabling them to see a viable career route forward?

Creating such crucial support systems through deliberate ventures will go quite a distance. We’ve seen the data. We understand the challenge. It is time to realize we have to get to work. What Can WE HAVE NOW Does Right? 1. Set a clear message and build from the top, that variety and addition are a business essential, not a corporate and business-cultural responsibility program.

2. Commit to hiring at least at levels that reflect demography – no more feeling great that your business is employing up to 20% women! 3. Focus on women’s career advancement needs and put policies and practices in place to move them along. That includes development initiatives, networks with other aspiring leaders, and sponsorship and coaching – all of which will include male and female champions.

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4. Use data analytics and insights gleaned to help remove biases in your talent management and development decisions, making sure hard data is used to aid the advantages of gender balance at work. As an example, if you observe a gender skew in the interview transformation percentages for a role, probe further.

Review the job description and analyze the structure of your interview panel. 5. Measure results and progress. Hold your leaders accountable for hitting their gender equality numbers, exactly like any metric you’ll value in your business decision-making process. To summarize the gender space, your customers will benefit, your teams will benefit, and your important thing will advantage – and it’s the right thing to do.

What are you looking forward to? Hire and develop more women into managerial and leadership roles and your company will be better prepared to compete in the creativity economy. MIT Sloan School of Management, the CEO and creator of the International Consortium for Professional Development Research, and an MIT Sloan Management Review visitor editor. Carol Cohen is older vice leader of talent management and development at Cognizant Technology Solutions and a founding plank member of the Cognizant U.S. Foundation. She is a frequent guest speaker on a broad selection of topics at forums such as MIT, LBS, HR, and business conferences.

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