Over the past month, I've done a deep dive into the many potential benefits, both cultural and financial, of universal allyship in the financial industry.
Fighting to increase the number of women (particularly women of color) in the industry is not only the right thing to do, but it’s also an opportunity for you and your organization: While you're more actively supporting female colleagues, you’ll also have the opportunity to gather critical insights into the realities of their experiences, which are a reflection of your institution’s culture. If you want to lead your organization more effectively, having a more developed and accurate understanding of it is critical.
So, whether you do it for the right reasons—to be equitable and inclusive—or for the wrong one—to share in a potential business windfall—increasing gender diversity in our industry is a huge opportunity. And one of the most impactful ways to achieve this is for male leaders to serve as allies for female colleagues.
Here's a list of great resources for those looking to learn more:
- https://www.mckinsey.com/featured-insights/diversity-and-inclusion/women-in-the-workplace
- https://www.mckinsey.com/featured-insights/leadership/the-ceo-moment-leadership-for-a-new-era
- https://blog.dce.harvard.edu/professional-development/how-to-promote-gender-diversity-in-leadership
- https://hbr.org/2016/02/study-firms-with-more-women-in-the-c-suite-are-more-profitable
- https://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/3063/female_representation.pdf
- https://www.mckinsey.com/business-functions/organization/our-insights/confronting-the-early-career-gender-gap
- https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_701767/lang--en/index.htm
- https://www.businessinsider.com/why-women-almost-never-become-ceo-2016-9
- https://assets.kpmg/content/dam/kpmg/ph/pdf/ThoughtLeadershipPublications/KPMGWomensLeadershipStudy.pdf
- https://www.bcg.com/en-us/publications/2017/people-organization-behavior-culture-five-ways-men-improve-gender-diversity-work
- https://www.pwc.com/gx/en/about/diversity/iwd/iwd-female-talent-report-web.pdf
Walter K. Booker is the chief operating officer of MarketCounsel, a business and regulatory compliance consultancy for investment advisors.