We’ve long
known that equal rights – women’s, civil, gay – are continuing struggles for
what so many of us believe is “right.” But a recent article in The New
York Times frames equal rights as being strong for our economy.
Research
presented by 4 U.S. economists makes the case that in the last 50 years, 20% of
increased productivity in our country can be credited to women and
blacks. Changes that have affected both populations – and the equal
talents they bring to the workplace – have tremendously increased the
availability of highly skilled and enterprising professionals. This is
referred to by researchers as “improved allocation of talent.”
This swell
in the “talent pool” and its effect on our economy is confirmed by a 2009
report, The Business of Empowering Women, based on a survey of 2,300
senior private sector executives conducted by McKinsey and Company. The
report asked corporate respondents, “Do you expect your company’s engagement
with women to increase the company’s profits?”
Attracting
and retaining female employees is also an effective business strategy,
according to McKinsey. Their research demonstrates that the presence
of gender- and race-diverse leadership correlates with stronger financial and
organizational performance. Companies with greater leadership diversity
have reported operating margins twice as high as those with little or no female
leadership, and there is a strong correlation between the percentage of top
managers who are female and a company’s return on assets and equity.
Although we
certainly aren’t a gender- or race-neutral society yet, significant shifts have
occurred over the last half-century, note the researchers. The New
York Times article notes:
In case
you are behind in your viewing of “Mad Men,” the television drama set in 1960s
New York, (the show) is a reminder of how truly supreme white men were in the
United States half a century ago. In 1960, 96% of lawyers were white men, 94%
of doctors were white men and 86% percent of managers were white men. The
subsequent 50 years were a revolution. By 2008, white men accounted for
just 61% of lawyers, 63% of doctors and 57% of managers.
“We’ve come a long way, baby.”
Thank you for being part of this
movement.
