Femeconomy Promotes Gender Equality within Businesses
Femeconomy is trailblazing a new way to spread awareness about gender equality within the workplace. Femeconomy only promotes and supports brands that have 30% or more of women on their Board of Directors or are 50% female owned. Women are the majority of the consumer market, as they make 85% of decisions relating to purchasing, so it only makes sense to have the minds of women in the office in powerful positions.
Femeconomy is giving people the power to support brands they love while also encouraging equal rights. The Femeconomy Effect is accelerating equality by giving people the resources they need to support companies who have women in leadership positions, therefore increasing that companies profit and encouraging other companies to hire or promote women. Research shows that gender diverse companies show more success as they earn more profit, have a smaller wage gap, and demonstrate greater flexibility.
Already 700 companies meet Femeconomy’s criteria and over 2000 consumer and B2B brands are supported on the Femeconomy website. Among those are some of AmCham’s members, like ANZ, Suncorp and PepsiCo, as well as AmCham itself.
As a female member of the AmCham team, I can feel the strong female presence as the majority of staff surrounding me every day are women. There are 3 women on our Board of Directors, – including our Chair, Maureen Dougherty, who is also President of Boeing Australia & South Pacific. Additionally, there are 12 women on the Council of Governors in NSW alone, and half of our General Managers are women.
AmCham member ANZ has taken genuine steps towards equal opportunity, with all leaders and executives split evenly, females to males. More than just token female representation, their board of directors is 50% female – an extraordinary step for gender equality. Similarly, Femeconomy also features and supports Suncorp on their website due to the strong female presence on their Board of Directors and among senior executives. Three women hold the title of Non-Executive Director and five are senior executives in a range of different departments. Suncorp is Australia’s fifth largest bank and was awarded Money magazine’s Bank of the Year in 2016. If two Australian banking companies this large in scale can be this successful with women in leadership positions, especially in a sector so predominantly male, then every company has no excuse to erase the gender gap.
PepsiCo maintains a strong focus on the people of their company and searching hard for the best candidates for the job. They truly believe that without a group of intelligent, successful people, they will not develop. One of the four major attributes of the PepsiCo work environment is diversity. They know that people need to feel comfortable in their work place to perform well. The products they sell include a range of flavours and themes and their customers are just as diverse, so it would be contradictory for their employees to be non-inclusive. PepsiCo has also initiated a work life quality program that allows for flexible working conditions and has “One Simple Thing,” where employees and managers engage in conversation about how to maintain a healthy work-life balance. Robbert Rietbroek, CEO of PepsiCo ANZ and AmCham Director, states that “our core values are to care for customers, consumers and the world, win with diversity and inclusion and respect others and succeed together.” PepsiCo was rewarded the Employer of Choice for Women in 2017 due to all of the policies they have implemented.
What all of these companies have in common is that they each recognise that embracing diversity and engaging the best and brightest women at all levels of the organisation is not just a PR exercise – it delivers real financial gains.
If your brand meets the requirements and you’d like to be listed as a Femeconomy company, go to their website and submit your brand!
Kaitlyn Pryor is currently interning at AmCham in Sydney.