The race is on, for men and women to work together, to unleash the power of gender equality in business, politics, media coverage and wealth across the world. Diversity of thought informs better decision making. We know it’s good business.
New Zealand women are nailing tertiary qualifications, being “over-represented in all post-graduate and under-graduate degrees in the past decade." But it’s a different story when they hit the workforce.
Women make up 27% of the directors on NZX/S&P50 boards. Our gender balance stats are improving, albeit slowly, as a growing awareness of diversity kicks in.
According to an EY report, research confirms that women drive 70-80% of all consumer spending world-wide through a combination of their buying power and influence. Influence including the decision-making behind another person’s purchase decision.
In the same report, it was found that gender is the most powerful determinant of how we see the world and everything in it. It’s more significant than age, income, ethnicity, or geography. Therefore, if women make up a significant portion of your customer base, they should be represented on your management team.
The truth is, a lot more work is needed to level the playing field for women and men, in New Zealand business.
A brand-new World Bank report into Women, Business and the Law has revealed only six countries in the world give men and women equal legal work rights. New Zealand is not one of these. New Zealand scores lower in the index based on 3 measures:
1. We do not have a law that mandates equal remuneration for work of equal value
2. We do not have paid paternity leave
3. We do not have a law establishing explicit pension care credits for periods of childcare
Providing an anonymous feedback channel in the business space is one way of addressing the imbalance of gender bias in the workplace. Look around you. How can you spark the momentum for better business in a gender balanced world?
AskYourTeam is proud to sponsor the #IWD2019 Hawke’s Bay High Tea organised by Chartered Accountants to celebrate the global movement for gender balance.
For more leadership thinking and insights, watch four inspirational New Zealand women leaders talking about what makes a great leader.