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Gender parity in the FTSE 350 has been pushed back four years due to COVID-19, according to a new report.
The Women Count 2021 report, released today by The Pipeline, has also revealed that gender parity in the FTSE 350 is crucial for the UK’s COVID-19 financial recovery.
After a devastating 15 months tackling the pandemic, the report shows companies with greater gender diversity at the top achieved higher profits and companies without female executives suffered bigger COVID-19 financial losses. The report data shows that companies with women making up at least 50 per cent of the executive committee secured a profit margin of 21.2 per cent. In contrast, FTSE 350 companies without women on their executive committees suffered on average a fall in profits of 17.5 per cent.
The Women Count 2021 report is the only report in the UK that looks into the number of women on executive committees in the FTSE 350. The report revealed that the predicted year for gender parity for women holding executive positions is now 2036, a regression of four years from last year’s assessment.
Representation of women holding executive positions has hit the exceptionally low glass ceiling and C-Suite positions are a near total male domain. The report found that UK businesses are failing to make progress on gender diversity at the top of organisations, with women accounting for just five per cent of CEO positions in FTSE 350 companies, a small rise from last year’s low figure of four per cent and continuing a trend of slow incremental growth.
Speaking about the report, Lorna Fitzsimons, Co-founder of The Pipeline, said, “The last year has been dominated by Covid-19, which has disrupted so much.”
“Times of crisis are moments that offer the possibility of major shifts away from established paradigms, but the extreme stresses involved can also drive a response that is regressive.”
“The data in Women Count 2021 reveals that FTSE 350 companies have not used the pandemic as a transformative moment for their businesses, instead there has been a reversion to type with companies continuing to fail women.”
Margaret McDonagh Co-founder of The Pipeline, added, “Women Count 2021 shows that without decisive action, the future is looking grim for both women who want to be the next boss and the wider economy.”
“Evidence of this lies in the incredibly low-level of women who are in executive committee roles with profit and loss responsibility, which are critical pre-CEO positions, a situation that remains largely unchanged in the last 12 months.”
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COVID-19 has pushed gender parity back by another generation, according to a new report.
The World Economic Forum’s Global Gender Gap Report 2021 found that another generation of women will have for gender parity, as closing the global gender gap has increased from 99.5 years to 135.6 years.
Progress towards gender parity is stalling in several large economies and industries. This is partly due to women being more frequently employed in sectors hardest hit by lockdowns combined with the additional pressures of providing care at home.
We’ve kept wishing the world would change. Almost overnight, the wish has been granted – only not quite in the way we’d imagined.
Watching the Covid-19 pandemic sweep across the globe, forcibly shunting individuals, businesses, and entire economies into behaviour they’d never imagined possible, has left us clutching for hope. How can we harness this vast, ruinous, desperately fast change, and extract from it the prescription for leading our world of work into a lastingly transformed future?