Bloomberg has released its latest industry report from 380 publicly traded companies on their gender equality practices.
The Bloomberg 2021 Gender-Equality Index provides self-reported data from the companies in an effort to increase transparency about what they are doing to promote a more favorable work environment for women, Bloomberg said. The data, based on company reports from fiscal year 2019, includes information from companies located in 44 countries.
“The companies included in this year’s Gender-Equality Index are committed to providing an inclusive work environment and supporting work-life balance and flexible work arrangements to retain a talented workforce, [thereby] creating a competitive advantage in this changing business environment,” Peter T. Grauer, chairman of Bloomberg, said in a statement.
According to the index, 87% of companies provided flexible working hours and 85% offered flexible working locations. On average, index members’ boards were comprised of 29% women, and 61% had a chief diversity officer or an executive with the primary responsibility for diversity and inclusion.
The companies had an average of 39% women in revenue-producing roles and 52% required a gender diverse slate of candidates for management positions. On average, index member companies are hiring more women than they are losing. Sixty-nine percent had a strategy for recruiting women.
Sixty percent of the companies sponsored financial education programs for women in the community and 64% sponsored programs dedicated to educating women in science, technology, engineering and math.
The index shows whether companies are providing a leadership and talent pipeline for women, equal pay and gender pay parity, an inclusive culture, sexual harassment policies, and a pro-women brand.
“As businesses strive to maintain strong corporate cultures in today’s virtual world, business leaders have the opportunity to drive progress on gender equality for years to come,” Patricia Torres, global head of Bloomberg Sustainable Finance Solutions, said in a statement. “This progress can begin with the gender-equality index framework, which helps companies assess where they are on the path to gender parity relative to their peers, and hold themselves accountable to their goals.
“In turn, the index gives investors a view into how these practices are driving increased employee engagement and productivity, bringing higher market value to companies, and creating positive change in local communities,” Torres added.
Dave McKay, CEO of the Royal Bank of Canada, a member company, said in a statement, “In the wake of the global pandemic, we can’t risk rolling back the important strides we’ve made to eliminate barriers and increase representation of women in leadership. We have a unique opportunity in front of us to reassess gender equality policies and practices, and rethink how we balance life and work in the future.”