Research shows that gender diversity is one of the most consequential aspects of modern business. Study after study shows that organizations that embrace gender diversity as a fundamental, cultural value secure higher market values and revenue growth than those who don’t. Innovation is the process by which inventions bring about economic and social transformation. Put in this light, it becomes absolutely clear that innovation demands diversity and diversity drives corporate performance.
Greater diversity also means better representation of end-user markets, a broader spectrum of ideas, and better products. For job-seekers it’s an indicator of the vibrancy of a company’s talent pipeline and for investors, the competence of its leadership.
Data Powers Progress
- McKinsey & Company’s study of 1,000 companies in 12 countries found that those ranking in the top 25% for diverse executive leadership teams were more likely to outperform on profitability (21%) and value creation (27%).
- Diverse teams are 158% more likely to understand target consumers with at least one member representing their targeted gender, race, age, sexual orientation, or culture.
- Organizations in the top 25% for ethnic/cultural diversity were more likely to achieve above-average profitability—33% for diverse executive teams and 43% for diverse boards.
Source: Catalyst, Quick Take: Why Diversity and Inclusion Matter (August 1, 2018).
Admittedly, we have a lot of work to do in overcoming the systemic biases that cause many companies to forfeit the competitive advantages of a diverse workforce. That’s why it’s essential to celebrate progress and showcase the vision of San Diego’s STEM community.
Partnerships That Propel Gender Equality and Corporate Performance
To commemorate its 20th Anniversary, Athena became a signatory to the United Nations Global Compact (UNGC) and its Sustainable Development Goals (SDGs). The UNGC is the world’s largest corporate sustainability initiative and serves as a universal call to action for businesses to close the gender gap and other widespread inequities. Athena’s partnership with the UNGC is focused on SDG 5, Gender Equality.
Athena’s role in this collaboration leverages its convening power, its deep market access and its 5000+ member stakeholder community to advance gender equality and drive corporate performance. To help advance SDG 5, Athena is launching the “Athena Assembly” – a three-year consortium of 15 to 20 global companies to establish, pilot and publish a roadmap for achieving diversity and inclusion in the STEM fields. During the United Nations 4th Annual Forum on Science, Technology and Innovation, in May, Athena and the New York Academy of Sciences announced their partnership to bring empirically based research to achieve gender equality for companies ready to modernize their workforce.
Athena Board and United Nations Global Compact representatives announce their collaboration to advance SDG5: gender equality
Answering the call from STEM companies struggling to meet workforce gender and diversity goals, the Athena Assembly will deliver data-driven tools and methodologies that companies can implement as they seek to attract and retain female talent and outperform their competitors in innovation output and customer/employee/brand loyalty.
If your company is committed to driving corporate performance through gender diversity, contact Holly@athenasd.org, to learn more on joining the Athena Assembly.
Athena is a women’s empowerment organization that fast tracks women in STEM through leadership development. In transforming female scientists and technologists into corporate leaders, the goal is to widen the bridge and empower 1 million women leading in STEM by 2030. Its 20+ year history of advancing women in one of the nation’s leading STEM hubs marks Athena as a premier women’s empowerment advocate.
Tags: Partner Content
