In the past year, we’ve seen remarkable change in the national dialogue about women in the workplace. #MeToo and #TimesUp have done what 50 years of sexual harassment laws couldn’t. In Hollywood, in the media, and – I’m proud to say – in advertising, women leaders are calling for change and committing to working toward greater respect, diversity and equality at work.
But are we merely having a moment or is real and lasting change afoot for all women in the workplace? While I certainly hope so, I know how to ensure it. I also know how to hasten pay equality, improve opportunities for women, improve corporate culture and significantly improve corporate profits all at the same time.
It’s not magic. It can happen by increasing the number of women on America’s corporate boards. Today, just 22% of seats on the boards of Fortune 500 companies are held by women. No doubt, boards benefit from a range of viewpoints represented by differing backgrounds, life experiences and ages. But, it has been shown that there are added benefits from gender diversity.
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Research previously reported by Catalyst found a more than 40% greater return on sales and a more than 50% greater return on equity when comparing the Fortune 500 companies with the greatest percentage of women on their boards to the ones with the least.
Other studies report that women directors deal more effectively with risk and better address concerns of customers, employees, stakeholders and operating communities. Not to mention their better understanding of women who make 80% of U.S. purchase decisions for services and products.
Source: Forbes, Michele Fabrizi