As the international institution for public-private cooperation, they connect communities of leaders to discuss global issues with the underlying belief that dialogue and cooperation between business, government, and civil society can improve the state of the world.
With all female co-chairs overseeing the event, the aim of the 48th World Economic Forum Annual Meeting is to have leaders from all walks of life develop a shared narrative to improve the state of the world. With talks being held by individuals such as Angela Merkel, Malala Yousafzai, Jean-Claude Juncker and Donald Trump the event proved to be thought-provoking.
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By April 2018, companies with more than 500 UK employees will be subject to the gender pay gap reporting regulations. The presence of women in the workplace has been a discussion point for many speakers at the Davos 2018 World Economic Forum summit, with Canadian Prime Justin Trudeau presenting a compelling argument for stronger diversity within business.
Within his speech, PM Trudeau outlined the research that suggests that organisations with women on their boards and in key leadership positions perform better than those without. The Peterson Institute for International Economics has found that increasing the share of women leadership positions from 0% to 30% translates into a 15% boost to profitability. Continuing his speech, PM Trudeau outlines that the economic gender parity could add $1.75 trillion to the United States’ GDP whilst for China it could be as much as $2.5 trillion.
These statistics highlight the importance of diversity within a business and, whilst you would expect diversity to be common practice in 2018, the ongoing political and cultural movements demonstrate that this is not the case. Diversity within a company is, as evident from the stats above, not only ethically right but also business smart.
Diversity does not have to be confined to just a CSR pie chart and a table within remuneration, the benefits should be highlighted. Case studies, visual aids and clear and concise content are simple ways of communicating the benefits of diversity within a business. To have creative and meaningful content outlining your approach to diversity and the benefits it can bring to your business, contact Jones and Palmer.