This article is authored by Rohit Ramana, co-founder, CFO & CHRO, Mintoak.
On the occasion of Women’s Equality Day a few days back, we are reminded that everyone should be treated fairly, regardless of their gender. It isn’t solely about women, in my opinion. Why call it Women’s Equality Day, you ask? Because they have been holding the short end of the stick, across societal evolution, for far too long. It’s about constructing a future where everyone is included and we all respect people for their individuality. I strongly believe in a community-based approach to ensuring equal treatment for men and women. And big and small companies, and each one of us individually, can play a significant role in this, bringing about positive and meaningful change in this regard.
As we strive for equality, we see that this mission is an integral part of our society, woven from threads like diversity, justice, and teamwork. Recognising that we spend so much time at our workplace, it is just intuitive that we focus on gender equality where we spend so much time: our workplaces. It is crucial to foster gender equality within our corporate settings, as it can greatly influence society at large.
Equality is more than just a trendy term; it’s like threads running through the very fabric of our society. While the focus of gender equality discussions often revolves around empowering women, a closer look reveals that these threads of equality are intricately woven into the fabric of our communities. The World Economic Forum’s study demonstrates that this pursuit transcends gender. It showcases that nations with higher levels of gender equality also tend to achieve greater economic development, social progress, and environmental sustainability. Why is that? When genders have equal rights and opportunities, they can contribute more fully to the economy, society, and environment. This benefits everyone—men and women alike—proving that gender equality is a win-win for all.
Diversity isn’t just about checking boxes; it’s about igniting a spark that leads to better ideas and solutions. A study by McKinsey & Company found that companies led by diverse leadership are 33% more likely to outperform competitors in terms of profitability. This isn’t a mere coincidence; it’s a testament to the transformative power diverse perspectives hold. The report also found that the greater the representation, the higher the likelihood of outperformance. Companies with over 30% female executives tended to outperform companies with a 10 to 30% range, which, in turn, often outperformed those with fewer women executives or none at all. This illuminating fact highlights the potency of diversity: Companies with diverse leadership not only outpace rivals in profits but also possess a unique strength, ‘Vision Diversity’. Diverse leadership introduces a range of viewpoints, enriching the art of decision-making.
As diversity gains importance, it naturally brings forth a powerful idea: Allyship. In the realm of gender equality, allyship emerges as a dynamic force—a journey requiring a commitment to address biases, privilege, and systemic barriers. Mentorship programmes and diversity workshops enhance this effort, fostering a culture of growth regardless of backgrounds. These actions go beyond symbols, creating an environment for community-wide progress. The impact of allyship goes further, as backed by a UCLA study linking it to increased workplace diversity and inclusion. Organisations that promote allies open doors to collaboration, boosting employee happiness and creativity. Allyship becomes a catalyst for significant change, a testament to our shared journey where empowerment thrives and society advances. This transformative symphony resonates not just in words but in actions, promising collective transformation.
As we celebrate the progress in our journey towards gender equality, let’s avoid becoming complacent. These studies expose the reality of unspoken bias, urging us to take action. It’s our duty to reshape these patterns through community-driven efforts, weaving equity and inclusion into progress. This moment is a clear reminder: gender equality is a shared journey guided by inclusivity and harmony. Now, in this transformative time, let’s rally for community-driven change, encouraging corporations to ignite lasting impact.
This article is authored by Rohit Ramana, co-founder, CFO & CHRO, Mintoak.