Gender equality vital for business success

Gender diversity in the business world has been gaining attention as studies show that having at least three women on company boards can significantly impact the bottom line. Last week, Debra Walton, Global Managing Director at Thomson Reuters, engaged with businesswomen in Southern Africa to discuss gender mainstreaming and the importance of men in empowering more women. The event in Johannesburg, led by Colin Lassen, CEO of Business Engage and head of the 30% club in South Africa, highlighted innovative programs to prepare women for board positions. Business Engage's 'Boardwalk' program mentors women with male board directors, while the 'Alternate Director' initiative allows companies to nominate women as alternates to gain board insight. These programs aim to address the challenge of building a diverse pipeline for leadership roles. Gender mainstreaming, described as gender equality, ensures equal opportunities for all candidates regardless of gender or ethnicity. Walton emphasized the need for a gender-blind environment to level the playing field in talent access and appointments. In conversations with women globally, Walton noticed a shift towards discussing business performance over gender issues, signaling a growing recognition that gender diversity is a business imperative. Companies with three or more women in leadership roles or on boards tend to outperform non-diverse organizations significantly. Women offer diverse perspectives on risk and reflect customer demographics, enhancing decision-making and company performance. Thomson Reuters' Diversity and Inclusion Index, a pioneering initiative, measures companies' diversity and inclusion programs and tracks their financial performance. Drawing from a database of 5,000 global firms, the index assesses gender representation in leadership, flexible work environments, and work-life balance programs. By ranking the top 100 companies based on these criteria, the index has demonstrated strong financial performance, surpassing global financial indices. This success underscores the correlation between diversity initiatives and business success, highlighting the value of empowering women in the corporate world.