International women’s day is celebrated on the 8th of March, where women are recognised for their achievements in all spheres of life and we consider what more is needed to achieve gender equality.
And there is more to do, particularly for women in business. McKinsey research shows conclusively ‘ the business case for diversity, equity, and inclusion (DE&I) is stronger than ever.’ Companies in the top quartile for gender diverse executive teams were 25% likely to have above-average profitabilitythan companies in the bottom. And according to academics from the Universities of Glasgow and Leicester, companies with more than 30% female executives were more likely to outperform companies that don’t.
Women’s representation across all sectors is a vitally important step to advancing gender equality. The Fawcett Society’s Sex and Power Index is a breakdown of percentages of women in power across UK politics, business and public life. It is published every two years, and the 2022 report shows that only eight women, and no women of colour, are currently employed as CEOs in the FSTE 100, while women hold only 14% of executive directorships and 38% of all directorships. This lack of representation does not make sense from a business perspective, as data shows that women-led SMEs contribute about £85bn to economic output, when only 16% of small business employers and one in three of entrepreneurs are women.
These statistics are just for the UK, but I can imagine them being replicated across the globe. And they prove the impact that women can make in business when they are given the opportunity. The opportunity to succeed free from discrimination.
The official theme for IWD 2022 is #BreakTheBias – which promotes the imagining of a world free of bias, stereotypes, and discrimination.
Half of the planet is women and the other half is raised by women. Women can create the future through their actions and also be responsible for nurturing and raising the future through the next generation. And in all these cases women deserve respect. Happy, confident women possess unknown powers – but when suppressed they are unaware of whom they are. And that knowledge, along with the opportunity to use it, is what is needed to thrive in both business and life.
Zeynep Turudi
8th March 2022