Report finds gender equality helps companies beat the competition
Australian employers could fall behind their competitors if they do not take action to address gender imbalances in their workforce.
Companies that are taking action on gender equality have lower staff turnover, higher numbers of women in leadership and better shareholder value, a report by Bankwest Curtin Economics Centre and the Workplace Gender Equality Agency has found.
Gender balance within a company is defined as having at least 40 per cent women and 40 per cent men in the workforce.
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By continuing you agree to our Terms and Privacy Policy.Higher resignation rates among women was a key factor shaping whether companies move towards, or away from, a gender-balanced workforce.
The report found companies that are proactive in setting goals for pay equity, doing a regular gender pay gap analysis and making leadership roles more flexible see fewer women leaving and more moving into management.
Gender equity and better company performance go hand-in-hand, with the report finding that gender-balanced executive teams deliver higher company value.
It builds on existing evidence that diverse leadership teams improve innovation and decision-making while having a stronger capacity to navigate economic shocks.
“Gender balance is not just a fairness issue, it’s a sound financial strategy,” report author Alan Duncan said.
“Organisations that invest in equity strategies not only close pay gaps, they also build stronger, more resilient workforces,” Professor Duncan said.
“By contrast, those that fail to act will continue to lose talent, eroding leadership pipelines.”
Every employer could reap the benefits from addressing gender equality by starting with a gender pay gap analysis, agency chief executive Mary Wooldridge said.
“The evidence is clear that gender-balanced leadership teams don’t just support women, they also deliver stronger results by fostering better decision-making, innovation and capacity to navigate challenges,” she said.
“This research points to the benefits that flow to those employers that choose to embed gender equality into their business strategies.”
