Fewer than 17% of the thousands of business executives who responded to a recent Korn Ferry survey said their organisations possess the leadership capabilities they need. So why aren’t more companies making a bigger push to close the gender pay gap, and to benefit even more from the talents of half their workforce?
The Korn Ferry study offered a solid business case for why the gender pay gap must be closed─and why and how organisations can benefit if they stop underutilizing half their workforce.
What steps should companies undertake?
- Rethink how women get recruited, developed, and rewarded
Are processes and postings bias-free? Are diverse candidates, especially women, sought out even before posts are advertised? When it comes to pay, are women recognized without bias, say through big data and performance metrics that see their key roles as influencers at hubs of work, where they are in the middle of the action?
- Ensure robust representation of women in the talent pipeline.
Are companies’ elite, men and women, championing diversity programs? Are they actively recruiting females into such efforts, rather than relying on women to step up and apply? Do positions put unnecessary demands for rising leaders to disrupt families with frequent moves?
- Scrutinize the culture–and being willing to change it.
What do women want in the workplace culture, and what does sound, current research say about benefits that females really desire? Is the workplace toxic to women, such that they are forced to act just like aggressive, unhappy male colleagues?
Download the report Leveling the Playing Field: What Organisations Can Do, for more Korn Ferry advice on how to promote, develop and reward women.