NEW YORK – Beyond giving a brand an image boost, achieving greater gender parity among employees and leadership can have an impact on a company’s bottom line.
At Haven Hill’s Symposium on Equality on Oct. 31, speakers conferred about the data behind the need for more gender parity, as well as the ways in which companies can take equality initiatives beyond hollow campaigns. While many organizations recognize the business benefits of gaining more gender diversity in their workforce, truly achieving change revolves around tackling tough topics and shifting culture.
"Millennials want companies that have values, and values are also about diversity," said Yann Borgstedt, founder and president of The Womanity Foundation. "If you want to keep your employees motivated or in your companies, you need to find ways to have more equality and diversity.
"You want to do what is right, but also we want to do what is good for the economy, and if it’s good for the economy, it’s good for kids and it’s good for everyone," he said. "So I just don’t understand why in so many places men feel threatened by giving the same rights and opportunities to women."
Mr. Borgstedt pointed out that while women represent about half of the population, they only hold 21 percent of senior roles and only 3 percent of CEOs are women. Women at the head of startups are also far less apt to get funding than men, despite the fact that female-led ventures tend to see better returns.
The data also shows that having more gender diversity at a company will help employers attract value-based millennials, while also boosting retention.
According to media organization Politico’s CEO Patrick Steel, his biggest challenge is recruitment, particularly because most Washington residents are already employed. Increasing the number of women in leadership positions at the publication has allowed the company to attract more female staff on both the editorial and sales sides.
Women who work for a female manager are 30 percent more apt to feel as though there is someone who is helping them advance. Politico also offers three months of maternity and paternity leave, opening the door to women to feel comfortable and secure about starting families.
There is a discrepancy between genders on beliefs regarding equality in the fashion workplace, with 100 percent of women thinking this to be an issue, while less than half of men do.
Attributed to the fact that there are many women designers in the fashion and accessories world, many men believe that there is no issue with inequality in fashion. According to a report from McKinsey, Glamour and the CFDA, women start careers in fashion with higher expectations than men (see story).
While there is a lack of gender diversity in everything from politics to corporations, one business that has seen little progress in parity is financial services. Today about 3 percent of women work in wealth management.
Alli McCartney, managing director with UBS Private Wealth Management, said that part of the reason her field is still male-dominated is because it is commission-based, making the potential for losing out while on maternity leave a challenge.
Despite this lack of women in the workforce in financial services, it is becoming increasingly more important for banks and institutions to cater to female clientele. About two-thirds of women say they lead their household, and one-third earn more than their spouse.
Additionally, women are set to inherit money through wealth transfer, and many who have been in the workforce are establishing their own assets. Divorces and deaths of spouses are also requiring women to be more independent about their finances.
Yet with this growing need for advice, women often do not seek out financial services. Three-quarters of women under the age of 40 have no wealth advisor.
Part of this lack of financial assistance may be tied to women’s dissatisfaction with services offered by banks. Whereas men desire results such as power, opportunity and returns from their wealth management, women report wanting aspects such as community and creating an impact and legacy.
Therefore, Ms. McCartney says soft skills will be imperative for wealth advisors of both genders. Managers can also win female clients’ business by offering flexible hours and building trust.
While recognizing the need for more gender equality is one thing, putting it into practice is another.
Progress in gender diversity has stalled in the last few years, according to Jeanne Zaino, senior advisor at AppliedTechonomics. Additionally, 20 percent of employees say that their company’s efforts around gender diversity are merely lip service to the issue.
Citing examples throughout history, Ms. Zaino said that those at the top need to make a commitment to change, but diversity initiatives need buy-ins from stakeholders to have a lasting effect.
Getting executive leadership on-board often boils down to speaking their language and showing the risks and rewards of making a change.
In addressing gender diversity, companies also have to look at issues on the local level, as challenges often differ depending on location.
Angela Lee, chief innovation officer and associate dean at Columbia Business School, spoke about overcoming biases and being unafraid to tackle tough conversations.
One thing companies can do is try to remove triggers for bias from their hiring process. For instance, orchestras began doing blind auditions, which resulted in more female musicians being hired.
In the corporate world, third-party services will take demographic indicators out of resumes to do merit-based matching for a position.
Companies may also want to think about how they are wording their job postings, removing language that appeals to certain types of individuals.
Ms. Lee also suggested opening up the door for healthy conflict by having meeting attendees fill out anonymous ideas of pros and cons to a particular plan. Companies can also spur innovation by pushing employees from different areas of the organization together, allowing them to gain new perspective and connections.
For women looking to move up the corporate ladder, Robert Reiss, founder and CEO of The CEO Forum Group, suggests taking on C-level language. Addressing plans as they relate to the organization’s mission and values can help an employee get on the top brass’ radar.
Owning a P&L is another path to leadership, as is identifying a personal brand and strengths and finding a way to show them off.
Lastly, establishing and training a successor opens the door for women to take on new opportunities, ensuring there is someone to take their place.
With only 24 female CEOs in the Fortune 500, Mr. Reiss sees reaching 50 as a goal. At this point, women will reach a critical mass where they can mentor each other and help others rise to the top position.
For women in luxury, the world can sometimes be a hostile place, which is why it is important for them to learn to work together and support each other, according to two entrepreneurs who have done so for 20 years.
At the Women in Luxury 2018 conference, Carrie Ellen Phillips and Vanessa Weiner von Bismarck, two women who have been working together for decades, spoke at length about their experiences as women and entrepreneurs as well as how to build a lasting partnership. One of the things they said elevated them to their current position was their joint work ethic (see story).
“You’ve got to make the investment if you’re going to make these changes,” Ms. Zaino said. “You cannot make a one-time change and then walk away from it.
“You have to continue to assess and reassess what has been the outcome of that reform,” she said. “Because reforms have unintended consequences, no matter if they’re positive or negative.”
ASHLEY BERNHARD: FOUNDER @ HAVEN HILL
I stay motivated by… the responsibility to make the world a better place.
Three adjectives that describe me are… organized, loyal, positive
If I could have dinner with one person it would be… Ruth Bader Ginsbergbecause she looks at women’s equality with a broad perspective and knows and promotes that in order to move the needle, men have to be part of the solution.
The most exciting innovation to me is… FaceTime! I love connecting with people, and this has been a game-changer for me.
I am a social impact consultant focused on women's leadership, equality and empowerment initiatives. I consider myself to be an “equalist” specializing in working with both men and women to promote gender equality inspiring the next generation of leaders.
How did you come up with your business idea? What inspired you?
I served as the Deputy Chairman of the Professional Squash Association, and while I was in that position, I devoted a lot of time and energy to advocate for and support the women’s division. In 4 short years we were able to roll out equal prize money at our top level tournaments. One thing led to another, and I moved on to start consulting in the equality/leadership/empowerment space.
What were you doing before this? How did it prepare you for the entrepreneurial life?
Before launching Haven Hill, I was on a long break from the working world to raise our three children. If you ever need a course in being an entrepreneur, raising kids is the way to go ~ every day is different and no one is sitting you down for a review or giving you a regular paycheck!
Who is the one super successful person you look up to? Why them? Can you share their quote/ideology that inspires you the most?
Indra Nooyi, CEO of Pepsi. She leads with strength and grace and did not sacrifice her femininity when in the #1 seat.
"At the end of the day, don't forget that you're a person, don't forget you're a mother, don't forget you're a wife, don't forget you're a daughter.”
"To be a CEO is a calling," she said in 2007. "You should not do it because it is a job. It is a calling and you have got to be involved in it with your head, heart and hands. Your heart has got to be in the job, you have got to love what you do, it consumes you.” In this quote you could easily interchange CEO with Entrepreneur!
What is your biggest dream? Why?
Describe your biggest vision for your business. My biggest dream is to help move the needle on equality. The World Economic Forum’s research predicts that the world will not see equality for women (education, healthcare, pay etc) for 100 years. That shocks me and is the first thing I think of when I wake up each morning. I want to help the corporate world see that investing in women is not just the right thing to do but the SMART thing to do. The data all points in the same direction - when businesses invest in women, everything goes up: revenue, customer satisfaction, employee retention creativity etc. On a very basic data-driven level, it is a no-brainer to invest in, support and retain women in your group/division/company.
You’ve seen them throughout corporate America ― maybe even in your own company.
The road to gender equality is littered with failed standalone efforts that check “the gender equality box” — workplace initiatives like diversity workshops or employee resource groups filled only with women. While these efforts may raise awareness of the career barriers women face, they rarely move the needle on gender parity or generate lasting change.
At the Network of Executive Women, we believe in a “top down, bottom up” approach that emphasizes leadership development and opportunity for women, and — perhaps more important — the commitment of C-suite leaders who will drive policies, programs and a corporate culture that support women’s leadership.
CEOs and other senior leaders who want to change their organizations and achieve gender equality need to arm themselves with insights and action plans that will transform a gender-biased company into a business that leverages all of its talent in a workplace where all can succeed. Potent when applied together, these strategies will fall short if cherry-picked.
Make gender equality a business goal.
CEOs need to commit their full-fledged support to women’s leadership and mandate company policies that advance gender equality and pay equity. Unless gender equality and inclusion are placed high on the corporate agenda and included as routine topics of C-suite conversation, initiatives will stall. Establish companywide goals and targets by function and business, and tie them to business plans and executive incentives.
Create an open, inclusive culture.
To close gaps between policy intent and actual practice, C-suite leaders must walk the talk and practice conscious inclusion. Modeling gender-inclusive behavior — such as mentoring and sponsoring high-potential women — is a start, but modeling inclusion each day and inviting both men and women into “the room where it happens” has a powerful, lasting effect. Rather than focusing solely on negative, unconscious bias, actively reinforce and value inclusive behavior.
And, it still needs to be said: It’s time for zero tolerance for hostile workplaces. Equality can’t exist in a space where sexual harassment or innuendo is allowed.
Uphold gender-neutral policies that are fair and flexible.
CEOs must direct and foster family-friendly policies that enable gender-equal career paths. Do your development and promotion policies impact men and women differently or hinder your gender-parity goals?
Nearly 30 percent of full-time working parents in the United States surveyed by Ernst & Young said managing work and personal responsibilities is getting more difficult. Do your workplace practices provide flexibility that men and women need for family and other responsibilities?
At the same time, millennials place greater importance on work/life balance than their parents did. Among the top reasons millennials quit their jobs: excessive overtime hours (71 percent of those E&Y surveyed) and a boss that doesn’t allow them to work flexibly (69 percent).
Push for equal pay inside your company and influence your business partners.
Start with an equal pay analysis by job title and make adjustments. Does your merit pay program support equal pay? Do your maternity or disability leave policies inhibit hourly wage or salary increases? Is gender pay equality a consideration in the companies you do business with?
Ensure open access to all jobs.
One huge career hurdle for women is the lack of work experience that would position them for advancement to leadership roles. What percentage of your P&L roles are filled by women? One way to build more opportunities for P&L experience is to create channel- or project-based P&Ls.
Does your talent management system support a diverse slate of candidates for gender-neutral roles? How strong are your on-ramping and off-ramping programs?
Women should have the same opportunities for stretch assignments, career development programs, mentoring and sponsorship presented to men. Relocation is more difficult for women executives, who are more likely to be primary caregivers or in dual-career households. Offering women a global project, rather than a global position, is one way to make career-advancing positions more accessible.
In short, do women at your company have clear career paths? Bring men into the gender equality conversation and root out career barriers for women.
Be transparent and share talent data.
Share company policies and plans for promoting gender equality with the public. Remember, what gets measured gets attention — and resources. Establish benchmarks that quantify the inclusion of women at all levels — such as percent of women versus men in hiring, total employees, promotions and attrition — and share your progress internally and externally.
Top executives’ strong, vocal and consistent commitment to gender equality will help talented women achieve their best ― and help your company achieve the bottom-line results closely tied to women’s leadership.
Women are on track to gain a record number of board seats by year's end, the Wall Street Journal reports.
From January to May, women made up 31 percent of new board directors at 3,000 of the largest publicly traded U.S. companies, according to a data analysis by corporate governance firm Institutional Shareholder Services. That's the highest percentage of female board seats in at least a decade.
Some notable 2018 board selections include those made by collaboration platform Slack, which appointed Edith Cooper to its board in February, and beauty company Estée Lauder, which added two female board members in April for a total of eight women on its 17-person board.
This increase in female board representation shouldn't be all too surprising, given a growing body of research showing that diverse boards improve business performance, as well as the gender inequality issues that have plagued companies over the last year.
In August, a 10-page manifesto by a former Google employee sparked national outrage and brought the opposition women face in the male-dominated tech industry into the spotlight once again.
Months later, women galvanized to share their experiences dealing with workplace sexual harassment. The ensuing #MeToo movement led to the toppling of prominent businessmen like Steve Wynn, the founder of Wynn Resorts. In April, the hotel chain added three women to it's board in an effort to refresh the brand after Wynn resigned as CEO and chairman.
Companies are also feeling pressure to diversify their boards from large investment firms, who see a positive correlation between diverse board selection and greater financial returns.
BlackRock, which has taken an increasingly activist approach to how the company does business, recently urged its portfolio companies to up the number of women on their boards.
"We would normally expect to see at least two women directors on every board," the financial behemoth said in a set of proxy voting guidelines published to its website in February.
The effectiveness of these investor demands can be seen with Amazon, whose leadership has historically lacked female representation. In April, the retail giant pledged to include women and minority candidates in their board candidacy pool, following shareholder complaint.
But it's not all good news. The ISS data found that companies have not promoted women at the same rate into leadership board positions, even though they come in with greater qualifications than their male counterparts.
"OUR PROGRESS ON GETTING MORE WOMEN ON BOARDS HAS BEEN SLUGGISH AT BEST."-Sallie Krawcheck, Ellevest CEO and co-founder
Even more troubling, about a dozen of the largest U.S. companies have yet to add even a single female director to their board, according to a previously reported analysis by Equilar and CNBC.
To combat statistics like these, some are pushing for quota systems that would require equal gender representation on boards. A number of European countries have already adopted this strategy for company boards, including Germany, Norway and France.
But these mandatory targets have yet to catch on in the U.S. Some states have adopted nonbinding resolutions, pushing companies to diversify their leadership teams. The California state legislature is considering a bill which requires that publicly-held corporations add at least one woman to their board.
In a CB Insights panel on Thursday, Ellevest CEO Sallie Krawcheck said that while she has opposed gender-related quotas, she might one day change her mind, and feels they're "underrated."
"Our progress on getting more women on boards has been sluggish at best, despite all the research that shows it can drive superior performance," she tells CNBC Make It. "So at some point, it may make sense to acknowledge that what we're doing now simply isn't working."
Trust the Process: What the Sixers have in Common with Successful Business Leaders (Philadelphia Business Journal, June 2018)
Three years ago on NBA draft day, we wrote an article about the Sixers’ strategy to win the long game. The struggling team found themselves mired in nearly a decade-long period of lousy performance. However, over the course of this near-historic losing skid, leaders of the Sixers organization remained immune to short-term pressure for quick fixes, and laid out a bold plan with long-term strategic intent. Three years later, in the midst of executing drastic transformation, the Sixers are now a winning team and a legitimate NBA-title contender.
Our research at Heidrick Consulting has documented the capabilities of winning organizations and their recipes for success. There are close comparisons that can be drawn between the 76ers and the world’s best companies that we deem “superaccelerators.” Namely, both the Sixers and superaccelerating organizations, such as Alphabet, Celgene, Comcast, and Visa, have demonstrated an exceptional ability to mobilize, execute, and transform with agility.
They Overcame the “Valley of Despair” with a Clear Purpose (Mobilize)
In a volatile and hyper-competitive environment, organizations and teams need to adapt and institute internal change. There is a robust empirical phenomenon termed the “Valley of Despair.” During organizational change, performance typically declines before it improves. When performance reaches a low point, there is a sense of fear and doubt that pervades organizations. At this point, many employees may disconnect from the change, causing the organization to fail – unless there is a clear and compelling North Star. The North Star will give the organization will to stay the course and survive the inevitable valleys of despair that accompany change initiatives. The Valley of Despair can be seen both in the history of businesses and in the 76ers’ quest to rebuild.
Three years ago, the Sixers finished with 18 regular season wins, making them the third-losingest team in the NBA. Things got worse before they got better. The next season, the Sixers won 10 games, putting them dead last in the league, and nearly setting an NBA record for futility. But in the midst of poor performance, meager crowds, and General Manager Sam Hinkie’s departure, the Sixers organization held a clear North Star, utilizing their young talent and draft picks to make them an NBA title contender. They continued to take a patient approach to the injuries of key players such as Joel Embiid, and stockpile draft picks that would produce 2018 Rookie of the Year nominee Ben Simmons. They took calculated risks, such as trading their 2014 1st round draft pick for Dario Saric, who was playing in Turkey at the time. Now the Sixers’ vision is starting to pay off. This year, the Sixers finished with the fifth best record in the NBA.
They Put the Right People in the Right Roles (Execute)
Organizations develop winning capabilities through great talent-development processes. Execution implies making difficult decisions on individuals who are not the right fit for the role and organizational culture. Such critical decision-making should be exercised for all levels of the organization – from front-line talent to upper management and executives. The Sixers invested considerable time and capital in finding the right players for the right roles. In 2017, they invested $148 million in Embiid’s new contract as their franchise center. Shortly after, they traded former 1st round pick Jahlil Okafor after a growing list of off-court issues and disputes with coaches. This season, they invested in strong perimeter shooting through JJ Redick, and bolstering their bench talent. And in the offseason, after concerns that General Manager Bryan Colangelo leaked sensitive information about his players, the 76ers have accepted Colangelo’s resignation in favor of a replacement who will have better relationships and trust with players and fans. The Sixers’ ownership has demonstrated an ability to make tough calls and remain resilient in the face of adversity.
They Drive Innovation and Model an Entrepreneurial Spirit (Transform)
Winning organizations challenge the status quo. Leaders within these organizations should encourage and drive experimentation to reinvent their businesses ahead of the competition. Transformation implies breaking with tradition and internal fiefdoms, rethinking the way things are done, and embracing innovation. This requires a culture of disruptive thinking, idea generation, experimentation, and rapid adoption.
The 76ers were named to Fast Company’s 2018 “Most Innovative Companies” list due to their breakthroughs off-the-court. The Sixers’ new, state-of-the-art Training Complex in Camden, New Jersey is unparalleled in size and scope in the NBA. The Sixers also provide their players with a premier nutrition program that surpasses that of many of their NBA competitors. They hired an executive chef, JaeHee Cho a former sous chef at Parc – a high-profile Philadelphia French restaurant – who created a restaurant-quality menu serving the nutritional needs of top athletes.
They Maintained Optionality while Executing their Strategy (Agility)
Too often, leaders and organizations become entrapped in the frame of binary decision-making. Strategic thinkers insist on surfacing multiple options at the outset and do not prematurely become locked into go/no-go decisions. Winning organizations can pivot their strategies in the event of unforeseen change.
While executing in their quest to build a championship-caliber team, the Sixers maintained salary cap flexibility and a healthy stock of draft picks. Before the start of the 2017-18 season, the Sixers were able to sign Redick for a one-year, $23 million deal. Redick was instrumental in helping the Sixers make the playoffs, with his ability to shoot from the perimeter and mentor young players. The Sixers’ current payroll structure has positioned them as a viable suitor for LeBron James’s free-agency, and also a potential acquirer of Kawhi Leonard or Paul George. Furthermore, the Sixers own six draft picks in this year’s draft, with one of those picks being the 10th overall pick from the Los Angeles Lakers.
The Sixers are modeling the disciplines of strategic leaders and winning organizations. In addition to the aforementioned characteristics, the 76ers have demonstrated many of the 13 drive factors that our research has proven to differentiate the best-performing companies from the status-quo. And although the current generation of players and management have yet to produce an NBA title, the Sixers opened Las Vegas bets with the best odds in the Eastern Conference to win the 2019 NBA Finals. Regardless of their fortune and our own fandom, the Sixers represent a paradigm from which businesses can learn.
Some of the concepts and examples in this article were adapted from “Winning the Long Game: How Strategic Leaders Shape the Future” by Steven Krupp and Paul J.H. Schoemaker (PublicAffairs, 2014) and “Accelerating Performance: How Organizations Can Mobilize, Execute, and Transform with Agility” by Colin Price and Sharon Toye (Wiley, 2017).
How can women’s sports become mainstream?
While it’s never been a better time to be a female athlete, and participation in sport from women of all ages is on the rise, the one key area where we’re seriously lacking in is corporate investment. The most recent estimate of global corporate investment currently stands at 0.4% for women’s sports, with the majority of the rest of that figure going to the men.
This needs to change, and to achieve this we - that includes government, the media, people in business and you, dear reader - have to be pulling in the right direction. We have to educate potential investors and tell the story of the benefits of women sport better. Here’s my topline take on how.
1. We need to identify and empower female athletes - for the right reasons
The #WhatIf campaign by Women in Football, which launched last month, is a great start when it comes to empowering women’s sports for the right reasons. In a nutshell, businesses such as Betfair, Sky Sports and Barclays have pledged to invest in boosting the profile of women, working in the football industry.
#WhatIf also highlights how we need initiatives like this across the whole gamut of women’s sports, and for reasons that go beyond mere tokenism. These businesses have invested in the Women in Football initiative based on individual achievements and performance, not just their gender.
We need to start championing more sportswomen from a host of different sports because they excel at their game - like kickboxer Ruqsana Bequm and footballers like Sydney Leroux. Female sport stars can generate loyal and avid fanbases, so if we can boost their exposure, we can create a compelling desirable option for businesses to spend sponsorship money with them based on both the quality of their performance and their ability to generate engaged fans, beyond a token gesture.
2. We need to look beyond reach to attract more corporate investment
Sponsorship plays a big part in funding grassroots engagement in sports, and without it, most sports will struggle.
That 0.4% statistic is shocking to say the least, and it highlights the disparity between the growing interest surrounding sportswomen, and the lack of investment in championing them.
The key issue is that businesses look at men’s and women’s sports in the same way. It’s about how many eyeballs - in stadia and on TV’s - they can reach with their sponsorship money. This is disingenuous - while the popularity of women’s sports is on the increase, it’s never going to match the same number of viewers as its male counterparts.
This might be a bitter pill to swallow, but it shouldn’t matter that women’s sports attract fewer viewers. The point is that backing female sports goes beyond how many people see your logo on TV; it’s much more about who’s watching and engaging with the game and how they subsequently feel about the backing a particular business gives to that sport. Brands such as SSE, Vitality and Kia, who are already engaged with women’s games, have spoken about how they’re viewed in a positive light from audiences at games, which has turned into increased brand-love and affinity.
3. We need to sell women’s sport on the basis of engagement and participation
One of the main reasons for the groundswell of interest around women’s sports lies in the fact that they’re viewed as being more inclusive. Men’s football and rugby games are a pleasure to watch. But fans can be too loud and/or rude for families, who don’t appreciate their kids learning a lexicon of swear words to tell the ref he’s made a bad decision.
That’s partly why we’re seeing more families attend female sporting events. They’re slowly becoming the natural home for family audiences, and they may even succeed in bringing on board people who wouldn’t naturally watch sport.
But not only do these games attract a different audience, and therefore, different brands backing them, female athletes have also been shown to appeal to fans in different ways. They’re seen as more likeable and appealing - for example, during this year’s Winter Olympics, a study found that Team USA’s sportswomen drove more social media engagements per athlete than the sportsmen.
So while it’s never been a better time to be a female athlete, the commercial future can be much brighter. Women’s sports deserves to be in the mainstream. But it’s only through continued investment - which we can achieve if we market female sports in the right way, by focusing on the above three points - that we’ll keep growing the female game, and continue to raise the bar.
Unrealized Potential: The High Cost of Gender Inequality in Earnings is the first in a series of reports that aim to measure the global economic costs of gender inequality. This first report measures these losses in lifetime earnings.
In many countries, girls’ average educational attainment remains lower than boys and adult women are less literate than men. Apart from these gender gaps in educational attainment, discrimination and social norms shape the terms of female labor force participation. Women are less likely than men to join the labor force and to work for pay. When they do, they are more likely to work part-time, in the informal sector, or in occupations that have lower pay. These disadvantages translate into substantial gender gaps in earnings, which in turn decrease women’s bargaining power and voice.
In addition, many girls are married or have children before the age of 18, before they may be physically and emotionally ready to become wives and mothers. Women and girls also face higher risks of gender-based violence in their homes, at work, and in public spaces. Their voice and agency is often lower than that of males, whether this is within the household, at work, or in national institutions. This also affects their children. For example, children of young and poorly educated mothers often face higher risks of dying by age five, being malnourished, and doing poorly in school. Fundamentally, gender inequality disempowers women and girls in ways that deprive them of their basic human rights.
This lack of opportunities for girls and women entails large economic costs not only for them, but also for their households and countries. Achieving gender equality would have dramatic benefits for women and girls’ welfare and agency. This, in turn, would greatly benefit their households and communities, and help countries reach their full development potential. It would reduce fertility in countries with high population growth, as well as reduce under-five mortality and stunting, thereby contributing to ushering the demographic transition and the associated benefits from the demographic dividend.
Some key findings:
Greetings to President Beilock, Barnard faculty, trustees, and honorees: Katherine Johnson, Anna Quindlen, and Rhea Suh.
And to each of the 619 bad-ass women of the Barnard graduating class of 2018: Congratulations!
Doesn’t it feel like the second you figure anything out in life, it ends and you’re forced to start all over again?
Experts call these times of life “transitions.” I call them terrifying.
I went through a terrifying transition recently when I retired from soccer.
The world tries to distract us from our fear during these transitions by creating fancy ceremonies for us. This graduation is your fancy ceremony. Mine was the ESPYs, a nationally televised sports award show. I had to get dressed up for that just like you got dressed up for this, but they sent me a really expensive fancy stylist. It doesn’t look like you all got one. Sorry about that.
So it went like this: ESPN called and told me they were going to honor me with their inaugural icon award. I was humbled, of course, to be regarded as an icon. Did I mention that I’m an icon?
I received my award along with two other incredible athletes: basketball’s Kobe Bryant and football’s Peyton Manning. We all stood on stage together and watched highlights of our careers with the cameras rolling and the fans cheering—and I looked around and had a moment of awe. I felt so grateful to be there—included in the company of Kobe and Peyton. I had a momentary feeling of having arrived: like we women had finally made it.
Then the applause ended and it was time for the three of us to exit stage left. And as I watched those men walk off the stage, it dawned on me that the three of us were stepping away into very different futures.
Each of us, Kobe, Peyton and I—we made the same sacrifices, we shed the same amount of blood sweat and tears, we’d left it all on the field for decades with the same ferocity, talent and commitment—but our retirements wouldn’t be the same at all. Because Kobe and Peyton walked away from their careers with something I didn’t have: enormous bank accounts. Because of that they had something else I didn’t have: freedom. Their hustling days were over; mine were just beginning.
Later that night, back in my hotel room, I laid in bed and thought: this isn’t just about me, and this isn’t just about soccer.
We talk a lot about the pay gap. We talk about how we U.S. women overall still earn only 80 cents on the dollar compared to men, and black women make only 63 cents, while Latinas make 54 cents. What we need to talk about more is the aggregate and compounding effects of the pay gap on women’s lives. Over time, the pay gap means women are able to invest less and save less so they have to work longer. When we talk about what the pay gap costs us, let's be clear. It costs us our very lives.
And it hit me that I’d spent most of my time during my career the same way I'd spent my time on that ESPYs stage. Just feeling grateful. Grateful to be one of the only women to have a seat at the table. I was so grateful to receive any respect at all for myself that I often missed opportunities to demand equality for all of us.
But as you know, women of Barnard—CHANGE. IS. HERE.
Women have learned that we can be grateful for what we have while also demanding what we deserve.
Like all little girls, I was taught to be grateful. I was taught to keep my head down, stay on the path, and get my job done. I was freaking Little Red Riding Hood.
You know the fairy tale: It’s just one iteration of the warning stories girls are told the world over. Little Red Riding Hood heads off through the woods and is given strict instructions: Stay on the path. Don’t talk to anybody. Keep your head down hidden underneath your Handmaid’s Tale cape.
And she does… at first. But then she dares to get a little curious and she ventures off the path. That’s of course when she encounters the Big Bad Wolf and all hell breaks loose. The message is clear: Don’t be curious, don’t make trouble, don’t say too much or BAD THINGS WILL HAPPEN.
I stayed on the path out of fear, not of being eaten by a wolf, but of being cut, being benched, losing my paycheck.
If I could go back and tell my younger self one thing it would be this:
“Abby, you were never Little Red Riding Hood; you were always the wolf.”
So when I was entrusted with the honor of speaking here today, I decided that the most important thing for me to say to you is this:
BARNARD WOMEN—CLASS OF 2018—WE. ARE. THE. WOLVES.
In 1995, around the year of your birth, wolves were re-introduced into Yellowstone National Park after being absent for seventy years.
In those years, the number of deer had skyrocketed because they were unchallenged, alone at the top of the food chain. They grazed away and reduced the vegetation, so much that the river banks were eroding.
Once the wolves arrived, they thinned out the deer through hunting. But more significantly, their presence changed the behavior of the deer. Wisely, the deer started avoiding the valleys, and the vegetation in those places regenerated. Trees quintupled in just six years. Birds and beavers started moving in. The river dams the beavers built provided habitats for otters and ducks and fish. The animal ecosystem regenerated. But that wasn’t all. The rivers actually changed as well. The plant regeneration stabilized the river banks so they stopped collapsing. The rivers steadied—all because of the wolves’ presence.
See what happened here?
The wolves, who were feared as a threat to the system, turned out to be its salvation.
Barnard women, are you picking up what I’m laying down here?
Women are feared as a threat to our system—and we will also be our society’s salvation.
Our landscape is overrun with archaic ways of thinking about women, about people of color, about the “other,” about the rich and the poor, about the the powerful and the powerless—and these ways of thinking are destroying us.
We are the ones we’ve been waiting for.
We will not Little Red Riding Hood our way through life. We will unite our pack, storm the valley together and change the whole bloody system.
Throughout my life, my pack has been my team.
Teams need a unifying structure, and the best way to create one collective heartbeat is to establish rules for your team to live by. It doesn’t matter what specific page you’re all on, just as long as you’re all on the same one.
Here are four rules I’ve used to unite my pack and lead them to gold.
Rule One: MAKE FAILURE YOUR FUEL
Here’s something the best athletes understand, but seems like a hard concept for non-athletes to grasp. Non-athletes don’t know what to do with the gift of failure. So they hide it, pretend it never happened, reject it outright—and they end up wasting it.
Listen: Failure is not something to be ashamed of, it's something to be POWERED by. Failure is the highest octane fuel your life can run on. You gotta learn to make failure your fuel.
When I was on the Youth National Team, only dreaming of playing alongside Mia Hamm. You know her? Good. I had the opportunity to visit the National Team’s locker room. The thing that struck me most wasn’t my heroes' grass-stained cleats or their names and numbers hanging above their lockers—it was a picture. It was a picture that someone had taped next to the door so that It would be the last thing every player saw before she headed out to the training pitch.
You might guess it was a picture of their last big win, of them standing on a podium accepting gold medals—but it wasn’t. It was a picture of their longtime rival—the Norwegian national team—celebrating after having just beaten the USA in the 1995 World Cup.
In that locker room, I learned that in order to become my very best—on the pitch and off—I’d need to spend my life letting the feelings and lessons of failure transform into my power. Failure is fuel. Fuel is power.
Women, listen to me. We must embrace failure as our fuel instead of accepting it as our destruction.
As Michelle Obama recently said: "I wish that girls could fail as well as men do and be okay. Because let me tell you watching men fail up—it’s frustrating. It’s frustrating to see men blow it and win. And we hold ourselves to these crazy, crazy standards."
Wolf Pack: Fail up. Blow it, and win.
Rule Two: LEAD FROM THE BENCH
Imagine this: You’ve scored more goals than any human being on the planet—female or male. You’ve co-captained and led Team USA in almost every category for the past decade. And you and your coach sit down and decide together that you won’t be a starter in your last World Cup for Team USA.
So… that sucked.
You’ll feel benched sometimes, too. You’ll be passed over for the promotion, taken off the project—you might even find yourself holding a baby instead of a briefcase—watching your colleagues “get ahead.”
Here’s what’s important. You are allowed to be disappointed when it feels like life’s benched you. What you aren’t allowed to do is miss your opportunity to lead from the bench.
During that last World Cup, my teammates told me that my presence, my support, my vocal and relentless belief in them from the bench is what gave them the confidence they needed to win us that championship.
If you’re not a leader on the bench, don’t call yourself a leader on the field. You’re either a leader everywhere or nowhere.
And by the way: the fiercest leading I’ve ever seen has been done between mother and child. Parenting is no bench. It just might be the big game.
Wolf Pack: Wherever you’re put, lead from there.
Rule Three: CHAMPION EACH OTHER
During every 90-minute soccer match there are a few magical moments when the ball actually hits the back of the net and a goal is scored. When this happens, it means that everything has come together perfectly—the perfect pass, the perfectly timed run, every player in the right place at exactly the right time: all of this culminating in a moment in which one player scores that goal.
What happens next on the field is what transforms a bunch of individual women into a team. Teammates from all over the field rush toward the goal scorer. It appears that we’re celebrating her: but what we’re REALLY celebrating is every player, every coach, every practice, every sprint, every doubt, and every failure that this one single goal represents.
You will not always be the goal scorer. And when you are not—you better be rushing toward her.
Women must champion each other. This can be difficult for us. Women have been pitted against each other since the beginning of time for that one seat at the table. Scarcity has been planted inside of us and among us. This scarcity is not our fault. But it is our problem. And it is within our power to create abundance for women where scarcity used to live.
As you go out into the world: Amplify each others’ voices. Demand seats for women, people of color and all marginalized people at every table where decisions are made. Call out each other’s wins and just like we do on the field: claim the success of one woman, as a collective success for all women.
Joy. Success. Power. These are not pies where a bigger slice for her means a smaller slice for you. These are infinite. In any revolution, the way to make something true starts with believing it is. Let’s claim infinite joy, success, and power—together.
Wolf Pack: Her Victory is your Victory. Celebrate it.
Rule Four: DEMAND THE BALL
When I was a teenager, I was lucky enough to play with one of my heroes, Michelle Akers. She needed a place to train since there was not yet a women’s professional league. Michelle was tall like I am, built like I’d be built, and the most courageous soccer player I’d ever seen play. She personified every one of my dreams.
We were playing a small sided scrimmage—5 against 5. We were eighteen-year-olds and she was—Michelle Akers—a chiseled, thirty-year-old powerhouse. For the first three quarters of the game, she was taking it easy on us, coaching us, teaching us about spacing, timing and the tactics of the game.
By the fourth quarter, she realized that because of all of this coaching, her team was losing by three goals. In that moment, a light switched on inside of her.
She ran back to her own goalkeeper, stood one yard away from her, and screamed:
GIVE. ME. THE. EFFING. BALL.
And the goalkeeper gave her the effing ball.
And she took that ball and she dribbled through our entire effing team and she scored.
Now this game was winner’s keepers, so if you scored you got the ball back. So, as soon as Michelle scored, she ran back to her goalie, stood a yard away from her and screamed:
GIVE ME THE BALL.
The keeper did. And again she dribbled though us and scored. And then she did it again. And she took her team to victory.
Michelle Akers knew what her team needed from her at every moment of that game.
Don't forget that until the fourth quarter, leadership had required Michelle to help, support, and teach, but eventually leadership called her to demand the ball.
Women. At this moment in history leadership is calling us to say:
GIVE ME THE EFFING BALL.
GIVE ME THE EFFING JOB.
GIVE ME THE SAME PAY THAT THE GUY NEXT TO ME GETS.
GIVE ME THE PROMOTION.
GIVE ME THE MICROPHONE.
GIVE ME THE OVAL OFFICE.
GIVE ME THE RESPECT I’VE EARNED AND GIVE IT TO MY WOLF PACK TOO.
In closing, I want to leave you with the most important thing I’ve learned since leaving soccer.
When I retired, my sponsor Gatorade surprised me at a meeting with the plan for my send-off commercial. The message was this: Forget Me.
They’d nailed it. They knew I wanted my legacy to be ensuring the future success of the sport I’d dedicated my life to. If my name were forgotten, that would mean that the women who came behind me were breaking records, winning championships and pushing the game to new heights. When I shot that commercial I cried.
A year later, I found myself coaching my ten-year old daughter’s soccer team. I’d coached them all the way to the championship. (#Humblebrag.) One day I was warming the team up, doing a little shooting drill. I was telling them a story about when I retired. And one of those little girls looked up at me and said: “So what did you retire from?” And I looked down at her and I said, “SOCCER.” And she said, “Oh. Who did you play for?” And I said, “THE. UNITED. STATES. OF. AMERICA.” And she said, “Oh. Does that mean you know Alex Morgan?”
Be careful what you wish for, Barnard. They forgot me.
But that’s okay. Being forgotten in my retirement didn’t scare me. What scared me was losing the identity the game gave me. I defined myself as Abby Wambach, soccer player—the one who showed up and gave 100 percent to my team and fought alongside my wolf pack to make a better future for the next generation.
Without soccer who would I be?
A few months after retirement, I began creating my new life. I met Glennon and our three children and I became a wife, a mother, a business owner and an activist.
And you know who I am now? I’m still the same Abby. I still show up and give 100 percent—now to my new pack—and I still fight every day to make a better future for the next generation.
You see, soccer didn’t make me who I was. I brought who I was to soccer, and I get to bring who I am wherever I go. And guess what? So do you.
As you leave here today and everyday going forward: Don’t just ask yourself, “What do I want to do?” Ask yourself: “WHO do I want to be?” Because the most important thing I've learned is that what you do will never define you. Who you are always will.
And who you are—Barnard women—are the wolves.
Surrounding you today is your wolf pack. Look around.
Don’t lose each other.
Leave these sacred grounds united, storm the valleys together, and be our salvation.
The Power of Parity: Advancing women's equality in Asia Pacific (McKinsey Global Institute, April 2018)
Advancing women’s equality in the countries of Asia Pacific could add $4.5 trillion to their collective annual GDP in 2025, a 12 percent increase over the business-as-usual trajectory.
Asia Pacific is today arguably the most dynamic region in the world, a global engine of growth driven by productivity, investment, technology, and innovation. Women can help—and are helping—to power this engine, making vital contributions to sustaining and enhancing Asia’s growth and lifting more people out of poverty. Yet gaps remain large in many countries in the region on gender equality both in work and in society. From an economic perspective, trying to grow without enabling the full potential of women is like fighting with one hand tied behind one’s back.
Five potential areas to prioritize to improve gender parity in Asia Pacific
There has been progress towards gender parity Asia Pacific overall. But there is still much more to do. Now is the time to redouble efforts.
Advancing women’s equality in the countries of Asia Pacific could add $4.5 trillion to their collective GDP annually in 2025, a 12 percent increase over a business-as-usual GDP trajectory. This additional GDP would be equivalent to adding an economy the combined size of Germany and Austria each year.
All countries in Asia Pacific could boost growth by advancing women’s equality All countries in Asia Pacific could boost growth by advancing women’s equalityAll countries Asia Pacific would benefit from advancing women’s equality. In a best-in-region scenario in which each country matches the rate of progress of the fastest-improving country in its region, the largest absolute GDP opportunity is in China, at $2.6 trillion, a 13 percent increase over business-as-usual GDP. The largest relative GDP opportunity is in India, which could achieve an 18 percent increase over business-as-usual GDP, or $770 billion (Exhibit 1).
To achieve this significant boost to growth will require the region to tackle three economic levers: increase women’s labor-force participation rate, increase the number of paid hours women work (part-time versus full-time mix of jobs), and raise women’s productivity relative to men’s by adding more women to higher-productivity sectors. Of the total $4.5 trillion GDP opportunity, 58 percent would come from raising the female-to-male labor-force participation ratio, in line with the global average contribution. A further 17 percent of the GDP opportunity would come from increasing the number of paid hours women work, and the remaining 25 percent from more women working in higher-productivity sectors.
McKinsey Global Institute’s calculation is a supply-side estimate of the size of the additional GDP available from closing the gender gap in employment. We acknowledge that the supply-side approach needs to be accompanied by demand-side policies that could influence the ability to create jobs to absorb additional female workers and require investment. In addition, education and vocational training systems will need to keep pace with rapid technological changes that are altering the nature of work and creating new types of jobs.
There is no one Asia Pacific journey toward gender equality
In its 2015 original “power of parity” report, MGI established a strong link between gender equality in work and in society—the former is not achievable without the latter. MGI’s Gender Parity Score (GPS) uses 15 indicators of gender equality in work and society to measure the distance each country has traveled toward parity, which is set at 1.00. Overall, Asia Pacific has a GPS of 0.56, slightly below the global average of 0.61—both high levels of gender inequality (Exhibit 2).
The research examines Asia Pacific as a whole with a particular focus on seven countries: Australia, China, India, Indonesia, Japan, the Philippines, and Singapore. On gender equality in work, the Philippines stands out for its progress, followed by New Zealand and Singapore. The six countries furthest from gender parity in work are Bangladesh, India, Japan, Nepal, Pakistan, and South Korea. China does well on female labor-force participation but can improve its share of women in leadership—as can most countries in Asia. Gender inequality also remains high across the region in the sharing of unpaid care work.
On gender equality in society, Australia, New Zealand, the Philippines, and Singapore are ahead of most in the region on essential services such as education, maternal and reproductive health, financial and digital inclusion, and legal protection and political voice; countries like Bangladesh, India, Nepal, and Pakistan still have a considerable distance to travel. Achieving gender parity in digital and financial inclusion is a large opportunity in many South Asian and Southeast Asian countries. Physical security and autonomy remains a concern in many parts of the region—and globally.
Asia Pacific nations have made progress in the past decade, driven by a combination of economic development, government measures, technological change, market forces, and activism. Maternal mortality and gender gaps in education have declined in countries including Bangladesh, Cambodia, India, and Nepal. Many countries have increased women’s labor-force participation, but participation has fallen in Bangladesh, India, and Sri Lanka, a trend that may be linked to rising household income.
Women are heavily underrepresented in leadership positions
Women’s relatively low representation in leadership positions—measured using the female-to-male ratio—is a global issue. Worldwide, slightly less than four women hold leadership positions for every ten men in business and politics. In Asia Pacific, there is only one woman in leadership positions for every four men. In some countries in East Asia, there are only 12 to 20 women leaders for every 100 men. This is a waste of talent that the region can ill afford, especially when many economies are aging, labor pools are eroding, and skills shortages are on the rise (Exhibit 3).
Most countries in Asia Pacific have female-to-male ratios of less than 0.5. Even in Australia, New Zealand, and Singapore, three of the region’s more advanced economies, the gender imbalance is notable. The Philippines, a traditionally matriarchal society whose government has been proactive in narrowing gender gaps, is the country in the world nearest to gender parity. However, even there, only 15 percent of board members are women.
There has been progress in recent years. On average in the region, women’s representation on boards increased from 6 percent in 2011 to 13 percent in 2016 (Exhibit 4). This appears partly to reflect regulations and corporate policies instituted during this period. For instance, India has made it mandatory for companies to have at least one female director, and the Australian Securities Exchange Corporate Governance Council tracks gender diversity in its constituent companies. However, women’s representation on boards in Asia Pacific is still low compared with the average share in advanced economies of 28 percent.
The smaller share of women in company leadership isn’t all about the glass ceiling. The relative lack of women in the top positions in business has its roots far earlier in the talent pipeline that runs from enrollment in tertiary education to entry-level positions, middle management, and the boardroom. In the seven countries we highlight in this research, the share of women erodes the further they are along this pipeline, with different patterns and bottlenecks among countries.
A McKinsey survey found that by far the largest barrier to women moving into senior roles cited by executives—45 percent—was the “anytime, anywhere” performance model. The second biggest—cited by 32 percent of respondents—was the “double burden” of women holding down a job while looking after their families, particularly in societies where women are still expected to take sole responsibility for family and household duties. Third was an absence of female role models, followed by a lack of pro-family public policies and support, including childcare; 30 percent of respondents cited the latter factor.
Policy makers, companies, and nongovernmental organizations can consider prioritizing measures in five key areas
Mapping the road ahead, policy makers, companies, and nongovernmental organizations could consider prioritizing action in five areas. Each of them applies across the region to differing degrees. Some aspects, namely female labor-market participation, are crucial for securing the potential economic benefits identified in most countries. Others, including the role that digital technologies can play, offer an opportunity to raise economic participation and earning while potentially improving gender equality in society. The imperative to shift societal attitudes toward women’s role in society and work appears in virtually all countries and can enable—or hold back—progress on all other aspects of gender inequality. Some approaches are more suitable for the formal economy, others for the informal economy. Broadly, measures need to be tailored to the cultural and economic context of each country, based on decision makers’ judgment—and experience—of what will be most effective. In the research, MGI has explored specific priorities for each of the seven countries highlighted. The following five key areas for action have relevance to all countries in the region:
Time's' 2018 Most Influential People list has record number of women, people under 40 (April 2018, USA Today)
Time magazine unveiled its annual list of the 100 most influential people in the world Thursday, including record numbers of 45 women and 45 people under the age of 40.
"The TIME 100, always a reflection of its moment, looks quite different than in the past," Time Editor-in-Chief Edward Felsenthal wrote in a letter explaining how the magazine chose the 100 people on the list. "Influence increasingly knows no single zip code and no minimum age."
The magazine paired guest contributors to write about each of the 100 people on the list. Former president Barack Obama says he draws inspiration from the Parkland, Fla., shooting survivors turned activists who organized the March for Our Lives rally against gun violence.
“They have the power so often inherent in youth: to see the world anew; to reject the old constraints, outdated conventions and cowardice too often dressed up as wisdom,” Obama wrote about Jaclyn Corin, Emma Gonzalez, David Hogg, Cameron Kasky, and Alex Wind. "The power to insist that America can be better."
Among the 45 women chosen were activist Tarana Burke, who founded Me Too and human rights activist Nice Nailantei Leng’ete, who has worked to end female genital mutilation in Kenya.
"While we remain much too far from gender parity in global leadership, there are more women than ever on this year’s TIME 100—proof that there are ways of changing the world beyond traditional power structures," Felsenthal wrote.
Six of the top 100 will be featured on covers of the magazine’s special issue, and include: Burke; tennis champion Roger Federer; comedian and actor Tiffany Haddish; actor Nicole Kidman; singer Jennifer Lopez; and Microsoft CEO Satya Nadella.
The list is not a measure of power or a collection of milestones but is instead, according to Felsenthal, "a designation of individuals whose time, in our estimation, is now."
Or, in other words: “Was this their year?”