The session followed one in December 2004, also attended by Stephanie and Diane, to launch the UK government’s efforts to get more women onto corporate boards, including a board-level mentoring program. That initiative is showing signs of great success, particularly the cross-company mentoring program, which has led to several board appointments for women. It now involves as mentors, Chairmen from 32 of the top 100 companies listed on the London FTSE exchange. The women in the program are chosen by their companies and then mentored by a Chairman from a different company.
The May 24 seminar looked more broadly at women’s advancement in the workplace, and focused on policy issues related to participation and retention of women in senior corporate roles. The key points of discussion were:
• No country has effectively “cracked” the issue of gender equality and more thought leadership is needed on the issue.
• There is a compelling economic case to be made for encouraging women’s participation and advancement in the workplace. It is estimated that the UK economy could gain 15 to 23 billion GPB if participation of women in the workforce at all levels is improved.
• In the UK, the need for gender equality in the workplace is now a political necessity – no party will consider running without it being a key component in their platform.
• There is still a substantial pay gap between women and men and women suffer extensive earnings penalties for stepping out to raise children. However, women have the power to lessen the gap by improving negotiations on assignments and pay.
• Workplace culture is still a significant impediment to women, essentially being made by men for men, and that despite the large influx of women in the workplace it still rewards qualities that are predominantly male.
• Talent and participation of women is essential for economic competitiveness.
• Flex work is an important strategy to retain women in the system and it must be family-friendly allowing both parents of young children flexible working conditions.
• Education is key to advancement and emphasis needs to be on recruiting more women to business schools.
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