Gender Parity: Aim 50-50
Gender parity was long time coming and with fortune companies supporting the model for parity, women workforce will definitely see a high in coming years
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Gender parity was long time coming and with fortune companies supporting the model for parity, women workforce will definitely see a high in coming years. As major organizations throughout the world are taking a pledge to advance and empower women through their administrative structure, we are witnessing a huge growth for women in the elite work class of the fortune 500 companies.
Ellen Kullman the CEO of Dupant Inc and Jewelle Bickford the senior partner at Evercare Health Management urged the heads of all the fortune 500 companies to boost the number of women in their top ranks to parity with men by 2030 and to join the program called' Paradigm for Parity' that prescribes the advancement of women.
As the result of this program companies like Barclays, HSBC, Deutsche Bank, Morgan Stanley, Bank of America, American Electric Power Company, Coca Cola and some other global leaders signed a pledge aimed at getting more women into leadership at their organization by 2030.
The gender parity program was a much awaited action to help women in the workforce grow and achieve as per their capabilities. There is a long road ahead as 24 companies on the fortune 500 list still don't have a single female board member. But with paradigm to parity program the scenario is going to witness a major change in the coming years. The statistics over the years have also shown that companies with more women in the Board of Directors panel tend to give 34% greater returns to shareholders.
Though some tech giants like Apple, Google, Facebook and Accenture are still to achieve gender parity, according to the data 40% of their new hires are women.
Amidst this struggle there are various multinational giants who have achieved full gender parity or are on a verge of achieving parity on its Board of Directors. Let's know about some of them:
1. Navient- A Student loan corporation company:
Navient tops our chart because it is one of the few companies with more women in the Board of Directors. Navient added five women directors in 2014 and now has six women on its 11 member board.
2. General Motors:
General motors became one of the biggest companies to achieve gender parity. The company made Mary Barra the first women CEO of the company in 2014 and promoted Jane Mendillo to the Board of Directors. The 12 member board is now evenly distributed between men and women.
3. Tupperware Brands:
Tupperware has 59% of women workforce which is huge for a company of this standard. The company added Meg Crofton to Board of Directors. 5 of the 12 directors are women.
4. Michael Kors Holdings:
The company has 50% parity on its board of directors. 4 of the 8 Board of Directors in the company are women making it one of the few fashion brands to have gender parity at top level.
5. Select Comfort:
Achieved parity in March this year the company added 2 new directors, Barbara R. Matas and Vicki A. Omeara. Now the company has even split of men and women at directorial position.
6. Voya Financial:
Inching close to the parity 4 out of 10 seats on Voya board are occupied by women. Martin Jr. the CEO of the company hopes the split will be equal soon. Martin wants the board to look like their customer base.
With some great days ahead for the paradigm program and women at higher positons in the work force the CEOs of top companies believes that the paradigm isn't about driving toward a percentage, but creating the best board for the company and empowering the new chapter of empowerment.
(Inputs by Kshitiz Mohan)