Preface v

Acknowledgements vii

Executive summary ix

Key insights ix

  The business case for gender diversity continues to strengthen ix

  Gender imbalances in the labour market persist, despite some improvements x

  Progress in the private sector is real but uneven x

  Policies, monitoring frameworks and voluntary targets make a measurable difference xi

  Looking forward xii

Abbreviations and acronyms xiii

1. Introduction 1

  Gender equality and diversity in business: A strategic imperative at a turning point 4

  A changing global context: Key drivers of transformation 4

  Towards a transformative agenda for gender equality and diversity 5

  About this report 5

    Structure of the report 5

    Methodological overview 6

2. Women in the labour market: Trends, gaps and outcomes 9

  Labour force participation: Slow progress and structural constraints 11

    Global overview 11

    Regional variations 13

  Labour market shocks and women’s resilience 13

  More women are now business owners or employers 14

  More women than ever before participate in higher education 15

  More women are in management but gender balance remains out of reach 16

  Demographics and the imperative for talent acquisition 19

  Digital and green transitions offer opportunities and risks 19

  Women continue to earn less than men 20

  What the evidence suggests 20

3. The business case for gender diversity 23

  More businesses report improved outcomes from gender equality and diversity initiatives 25

  Motivations behind gender equality and diversity initiatives 28

  Most enterprises that promote women in management report increased profits 28

  Women leaders improve business outcomes, with effects strengthening over time 30

  Tackling gender gaps boosts economic growth 32

  What the evidence suggests 32

4. Women in the private sector: Representation, progression and leadership gaps 35

  Gender diversity in enterprises shows modest improvements 38

  Steady progress in women’s presence in management and leadership, but the leaky pipeline persists 38

  Weak gender balance in junior and middle management puts senior talent pipelines at risk 41

  More women in business leadership, but women leaders still the exception rather than the norm 44

    The C-suite: Progress but still far from parity 44

    Board composition: Progress towards critical thresholds, but gaps remain 45

    Female board chairs are catalysts for gender diversity 46

  Progress across functions and sectors, but barriers persist 48

  What the evidence suggests 51

5. Enterprise initiatives that make the difference 55

  Maternity leave, preventing and addressing violence and harassment, and equal pay initiatives are most effective 57

  Gender equality and diversity policies are associated with improved business outcomes 59

  Fewer enterprises implement gender equality and diversity initiatives 61

  ESG both drives and is shaped by gender equality and diversity 64

  ESG is widespread, associated with improved outcomes, and incorporates gender dimensions 65

  Gender metrics and targets are associated with increased profits 68

  ESG and gender diversity: A mutually reinforcing relationship 71

  What the evidence suggests 71

6. Where next? 73

Annex 1. The enterprise survey on women in business and management 75

  The survey sample 75

    Enterprise characteristics 75

    Respondent characteristics 78

Annex 2. Supplementary figures 79

Annex 3. Case studies 86

  Case study 1: Centenary Bank, Uganda (banking) 86

    Empowering women: a core value 86

    Learning and development are key 86

    Impact and plans for the future 87

  Case study 2: HPS, Morocco (electronic payment solutions) 87

    Drivers for action 88

    Walking the talk 88

    Meeting international standards 88

    Impact and targets 89

    Plans for the future 89

  Case study 3: Airspeed, the Philippines (logistics) 89

    Identifying what works 90

    Changing wider culture 91

  Case study 4: Havas India (media and advertising) 91

    The case for change 91

    From vision to implementation 91

    Successful initiatives 92

    Where next? 93

  Case study 5: Executive Genesis, the Philippines (service contracting) 93

    Employers’ organizations make the difference 93

    Supporting clients to make the most of DEI 94

    Advice for other enterprises 94

References 95