With a gaping gender gap in leadership and wages, women are at a disadvantage in the workplace. Achieving equal pay alone could add trillions to the economy. Companies that have at least 30% gender diversity overall, and more than 20% at the senior level, outperform their less diverse counterparts.
A new study from Accenture that analyzed more than 22,000 interviews with workers in 34 countries revealed the 40 factors that impact women’s advancement. They fell into three broad categories:
Bold Leadership: a diverse leadership team that sets, shares, and measures equality targets openly
Comprehensive Action: policies and practices that are family-friendly, support both genders, and are bias-free in attracting and retaining people
Empowering Environment: one that trusts employees, respects individuals, and offers freedom to be creative and to train and work flexibly
The report showed that if these leadership strategies were applied to companies globally, for every 100 male managers, there could be up to 84 female managers as compared to the average of 34 right now. That translates to a pay bump of 51% for female workers across the board or roughly $30,000 more per woman each year for a collective $2.9 trillion in the economy.
Men stand to gain, too. The report found that under such focused leadership, men are 23% more likely to advance to management and more than twice as likely to rise to senior manager and director status.