Closing the gender gap is good business

The world is changing quickly and businesses need to be ready to meet the needs of a dynamic marketplace. How do you prepare for the unknown? Make sure you have the right leadership and workforce in place to understand and adapt to the needs of your customers. Understanding the needs of women as consumers is a key ingredient to any successful strategy.

According to the Center for Talent Innovation, women are the largest and fastest growing segment of purchasers in the economy – any economy. In the US alone, women account for the vast majority of all consumer purchases – including 85% of healthcare expenditures; and they own 75% of the nation’s wealth. So it should come as no surprise that companies comprised of individuals who represent and intuitively understand women will have a competitive edge. Focusing on women in the marketplace and in the workplace makes sense. The thoughtful and deliberate infusion of women’s perspective in corporate strategies can drive growth.

Talented women leaders bring diverse opinions, experiences and greater problem-solving skills and creativity to the workforce. That is why women make up 75% of Aetna employees; five of our board seats are occupied by prominent women business leaders and five women hold key leadership roles on Aetna’s executive committee. Still, just 1 in 4 of our top 240 positions is currently held by a woman.

To improve on this, we have a number of initiatives to help advance women in the workplace. This includes the Aetna Women’s Leadership Alliance, a programme that is increasing the pipeline of those ready to move into senior roles, and Strategies for Success, which provides enhanced career opportunities targeted to high-potential female executives.

Aetna has a long-standing record of women leading our business operations and managing teams of people who reflect the communities we serve. We continue to promote a culture where all of our leaders can consciously partner to achieve a business environment where everyone is able to realize their full value. This not only gives us a performance edge in an industry that is seeing more change than it has seen in the last 50 years, but it is the right thing to do.

Regardless of obstacle or opportunity, advancing in one’s career requires hard work, clearly articulated goals and discipline. Every leader has an obligation to find those who can help them excel and grow, and then pass along those lessons to others.

I have been very fortunate to have had the opportunity to work for great leaders at good companies throughout my career. In my advancement, greater roles have been earned, not given, and delivering results has led to greater responsibilities.

I encourage my leaders to promote collaboration and development throughout their organizations. Often I see non-technical individuals working closely and transparently with technical specialists who provide opportunities to learn from one another rather than functioning in silos.

A recent research study by Credit Suisse confirms that the higher the share of women in leadership, the greater the returns. The biggest risk that organizations face is that they will fall behind and not tap into this opportunity. Making symbolic, incremental shifts towards gender parity will not allow them to realize the competitive edge they will gain by recruiting, hiring, mentoring, retaining and promoting women.

Achieving gender parity is not a women’s initiative. It’s good business. And that’s something we all can embrace.

Author: Meg McCarthy is Executive Vice-President, Operations and Technology, at Aetna

Image:DATE IMPORTED:October 06, 2007A woman stands in a balcony of the new building of billionaire U.S. condo builder Jorge Perez during its inauguration in downtown Miami, October 4, 2007. REUTERS/Carlos Barria