We cannot move the dial on Diversity and Inclusion (D&I) without a strong, concerted movement towards gender equality. In a world of 7.7 billion people, women represent half that quota and by implication own the right to half the world’s potential. Sadly, this is not our reality.

 

The World Bank estimates that women account for only 38% of human capital wealth, and according to World Economic Forum’s Global Gender Gap Report 2021, another generation of women will have to wait for gender parity.

 

A May 2021 report focusing on gender diversity in the travel and tourism sector produced by World Tourism Forum Lucerne (WTFL) and Aptamind Partners reverberates this dismal status quo. In a sector that has one of the most gender diverse workforces with more than 50% female employees, the ascension into positions of leadership and power leaves much to be desired.

 

According to the report which researched 100 publicly traded companies in travel and tourism around the world, “female representation falls to 40% at mid-level management and 33% at senior executive level, above which there is an invisible glass ceiling between senior management and the Excom/C-Suite, where 19% of roles are filled by women. Only five of the top 100 listed firms in travel, tourism and hospitality are led by a female CEO, while six companies have a female Chair of the Board.”

 

Women can no longer be used to create and acquire wealth for a patriarchal society that undervalues their value and contribution to a sustainable future. And while the report highlights the devastating fate of women across the globe, there are pockets of hope and indications that business is moving in the right direction albeit slowly.

 

In December 2020, the World Travel & Tourism Council (WTTC) compiled and published high-level guidelines, to support businesses in the sector as research has proven that businesses enjoy increased creativity and innovation, greater productivity, and a happier workforce when they support and promote diverse, inclusive environments.

 

Here are more trends that are driving businesses to prioritise the D&I agenda.

 

Meeting market demand

Any business looking to increase market share and maximise revenue-generating potential must align with the needs of its consumers. Those that understand the buying power of women and their impact on family consumption will unlock value and unlimited potential. To do this, one will need more women on one’s team to access and understand the influence of the female phenomenon.

 

Heightened focus on sustainability

Younger generations prioritise Environmental, Social and Governance (ESG) issues more than previous generations. This heightened focus on sustainability influences every aspect of their lives. From what they eat and wear to how they travel, work and play. They support businesses and brands that prove their commitment through action and not merely policy.

 

Investment potential

It is not only consumers who are driving accountability and sustainability, investors and stakeholders are also demanding it. Gender diversity at board level, succession planning, and equal pay are all elements that potential investors and financiers consider as companies where women are more involved tend to outperform in terms of shareholder returns and manage risk better.  

 

Gender diversity is not only the right thing to do, it is good for business. And what is good for business is good for society and our overall sustainability.

 

First published on 2 July 2021 here.