International Women’s Day on the 8th of March brings an important reminder of the ways that we can create more gender equality and recognition in the corporate world – particularly in the Boardroom. According to recent statistics by Deloitte, women hold only 5.3% of board chair positions and 4.4% percent of CEO roles globally. With Boardtrac’s own CEO forming part of these numbers, the potential of an impactful contribution to innovation and a diverse work culture is very real and one that needs to be encouraged.
The new decade needs to see a rise in the statistics of more women in the boardroom, based on the truth that the more diverse a board is, better decisions are made – ultimately leading to increased financial returns and long-term market value. Recent history has seen women enter the workforce and higher education market almost on equal terms as men. In fact, a Harvard University study has found that 93% of female directors (and 64% of male directors) believe that there is an abundant pool of qualified and diverse candidates to choose from. However, the fact remains that they still seem to remain underrepresented in the most senior positions. This needs to change, and this must be encouraged from the boardroom.
A recent article by Forbes has stated that companies with more women on their boards set the tone for a more inclusive workplace culture. The same article noted that organisations with at least three female board members see median productivity of 1.2% above competitors. It is imperative therefore to train women and the wider organisation on the importance of diversity and inclusion, to provide the confidence in taking on senior positions. Boardtrac’s sister company, Safetrac, offers interactive training courses on topics such as diversity and inclusion, that can be used at any level of an organisation to further educate and promote these values within your company.
The role of the Boardroom is becoming more and more integral as we move into a new decade in which workplace culture, compliance and technology advancements are some of the key responsibilities that need to be addressed by those sitting at the top level of the business. Along with a more informed boardroom, using the tools of corporate governance and innovative technology to drive impactful change, we hope to see the values of diversity, inclusion and equality trickle down from the top.
From all of us at Boardtrac, Happy International Women’s Day!
If you are interested in having a demonstration of Boardtrac, contact us below or call 1800 170 830.