A new IBM Institute for Business Value (IBV) study reveals that despite heightened awareness of the challenges facing women in the workplace driven by the COVID-19 pandemic, gender equity is still not a top priority for 70 percent of global businesses, according to business professionals surveyed. The study also shares the actions that can help drive bold and sustainable change in business, with learnings from companies who rank gender inclusivity as a top business priority.
The global study “Women, leadership, and missed opportunities,” which follows similar research published in 2019, also shows that gender equity may be at a crossroads, with the leadership pipeline for women shrinking. Fewer women surveyed hold senior vice president, vice president, director and manager roles in 2021 than they did in 2019.
In addition, the study indicates employees surveyed feel fatigue and waning optimism over ineffective programmatic efforts to address gender equity. Only 62% of women surveyed (down 9 percentage points from 2019) and 60% of men surveyed (down 7 percentage points from 2019) expect their organization will significantly improve gender parity over the next five years.
More programs don’t mean more progress
According to the study, more organizations are instituting more programs to help improve gender equity and inclusion compared to 2019, like gender-blind job screenings and parental leave for women. However, the study suggests that has not translated to better outcomes in part because mindsets and cultures have not changed enough alongside the programs.
Compared to 2019, for example, fewer survey respondents from repeat organizations agreed that senior executives openly challenge gender-biased behaviours and language.
The “First Mover” advantage
The study identified a group (11%) of survey respondents referred to as “First Movers” who designate the advancement of women as a formal business priority, view gender-inclusivity as a driver of financial performance and are highly motivated to take action. First Movers self-reported stronger financial performance – as much as a 61% higher mean rate of revenue growth compared to the mean reported by other organizations in our study – as well as stronger innovation and stronger customer and employee satisfaction.
A roadmap for sustainable progress
According to the study, there are specific, bold steps organizations can take, following the example of First Movers, to help accelerate progress in gender equity in the workplace.
• Pair bold thinking with big commitments.
• Apply specific crisis-related interventions.
• Create a culture of intention and insist on making room.
• Use technology to accelerate performance.
