The theme for International Women’s Day in 2021 is #ChooseToChallenge. It encourages everyone to take ownership and do something to help create a gender-equal world. At BIC Services, we’re using this important day to solidify our commitment to reducing the gender wage gap by getting more women into leadership positions.
The Current Situation In Australia
Despite a growing acknowledgement of gender bias in workplaces, women continue to be underrepresented in leadership positions. According to the Workplace Gender Equality Agency (WGEA), women make up only:
- 5% of key management positions
- 1% of directors
- 3% of CEOs
- 6% of board chairs
That’s despite women making up 50.5% of the private sector workforce.
Why Increasing Female Representation Is Good For Business
Placing more women in leadership positions is crucial in addressing the gender pay gap. A study run by the WGEA and the Bankwest Curtin Economics Centre over a five-year period showed that having equal representation on governing boards created a 6.3-point reduction in the gender pay gap for full-time managers.
The study also showed that companies with women in key decision-making positions were more productive and more profitable. For an average-sized company, the report showed that increasing female representation increased the company market value of between $52m and $70m.
Our Plan For Increasing Female Representation In Leadership Positions
Currently, 42% of our leadership and management positions are filled by women. We want to increase this number to 50%, and we have developed a strategy to achieve this:
Gender diverse leadership teams are good for business. Gender diverse leadership teams are also an effective way to reduce the gender wage gap.
At BIC Services, we’ve always believed that our people make our brand. We want to attract the best possible talent, and that means creating a workplace that embraces diversity and gives everyone an equal opportunity to succeed.