Gender equality and equal pay in the workplace are in the national spotlight, now more than ever. The latest World Economic Forum report reveals that 2017 was the first time in ten years that the gender gap began to widen again. Yet, we know that diversity makes good business sense – as companies who embrace it outperform those who don’t.
Bentley President Gloria Larson, along with guest experts, joined Bloomberg Radio’s Carol Massar and Cory Johnson, to talk about what higher education and industry can do together, to help advance women in the workplace. Here are excerpts from the show.
Gender equality and pay issues are at the forefront
The change of pace today is extremely rapid in many fields, specifically STEM fields. While women have been pushing forward in these related fields, every other field needs to follow, so that women do not fall behind. At the university level, women need to be encouraged and set up with skills to get past middle management. The issue is continuing to rise, and Wall Street has its eye on it, and so does the general public. However, there has not yet been a tipping point where we have seen the numbers start to change, and that is where universities and industries can partner to help change.
- Gloria Larson, Bentley University President. Listen to President Larson's entire interview.
The business case has been accepted by CEO’s
I’ve noticed that increasingly CEO’s have recognized and accepted the business case for diversity. This is encouraging and means we no longer need to prove that there is inequality. What companies want to know is how to move forward, that’s the demand in the marketplace right now. What’s key for organizations is setting objectives, accountability, and, most importantly, putting tools and training in place to help individuals actually understand how to reach those objectives. The Center for Women and Business at Bentley has continued to create programs, partnering with corporate sponsors, to help push women forward at different points in their careers.
- Deb Pine, Executive Director, Center for Women and Business. Listen to Deb's entire interview.
Diversity should be paramount in corporate culture
State Street is at the forefront of women’s equality within the workplace, creating the Fearless Girl statue in lower Manhattan. The statue is a symbol of the corporation’s dedication to diversity and inclusion. We are committed to ensuring that entry level women have role models at all levels within the organization. As studies have shown that within the first three to four years women’s confidence tends to drop in the workplace, State Street has put an emphasis on having proper knowledge, training, and role models at these levels. Setting goals and tracking progress is paramount. Focusing on gender equality in the workplace is not only an ethics case, but also a business case – according to McKinsey there is a potential to add up to $26 trillion, or 26 percent, to annual global GDP by 2025.
- Paul Francisco, Chief Diversity Officer, State Street Corporation. Listen to Paul's entire interview.
The media has gone forward, but also backwards
In media today, women are still not portrayed equally to men. There are many reasons why women still do not have the pay equity or opportunities in Hollywood Films. A sense of urgency must be created to address the issues of why women are not well represented on the screen. Understanding the positives and negatives of bringing up these conversations will help drive the movement and knowledge in the right direction. It is important to have women in important roles within entertainment, such as directors, green lighters, writers, because this gives them the opportunity to hire more women. The entertainment industry has an opportunity to portray what we hope the world to look like, from both on the screen and off the screen.
-Liz LeDoux, Senior Lecturer, Bentley University. Listen to Liz's entire interview.