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Given that small and mid-market firms make up the largest part of the global economy, accounting for 90% of all businesses and creating two out of three jobs worldwide,2 there’s pressure and a responsibility to accelerate their action on gender. Our Women in Business research demonstrates what many business leaders know: that gender balanced teams can bring better performance. But while some business leaders recognise the benefits this brings to the bottom line, this is not universal.
Despite understanding that gender diversity is a fuel for potential growth, many businesses often lack a clear purpose behind their gender equality strategies. This is not only to the detriment of mid-market firms. If firms pass up on the growth opportunities offered by better balanced teams, this will have repercussions on economies across the world. They must act now.
However, this year’s research does give reason for optimism and there is a great deal to learn. Firms that have faced external pressure say the percentage of women in senior leadership has increased over the last year as a result. The most potent pressure for change comes from an external advisor or consultancy, followed by investors, clients and partners. The pressure is paying off and by taking action to increase gender diversity, mid-market firms are more attractive to those external parties that they depend on for growth. Firms are also putting pressure on themselves, but it’s clear they still lack understanding on why they need to do this and the true value diverse senior teams can bring.
Creating more balanced, gender-diverse teams can’t be considered as an optional add-on – without women in their leadership teams, companies will miss opportunities to grow and the global economy will suffer.
Although some economies are close to reaching parity in senior leadership positions, the global rate of change is concerningly slow – advancing at a rate that would raise concerns if discussing the rate of economic growth. And yet both scenarios have similar, far-reaching consequences for the global economy.