Women’s History Month (March) has become a popular time to show recognition and appreciation for women throughout the world. Yet, recently, there has been a heightened focus on women’s empowerment and equality being felt across all industries, all the time.
With a record-breaking midterm election this year, 131 women now hold seats in Congress. And a record number of 14 women won Oscars last month. Now, more than ever, women are not only making their mark, they’re finally being recognized for it.
At the forefront of this topic is female leadership and employment. A recent study by McKinsey & Company noted that gender diversity is correlated with profitability. The study found that companies with females on their executive team were 21 percent more likely to experience above-average profitability. However, many companies are still slow to consider this when promoting executives.
In fact, only 25 Fortune 500 companies have female CEOs. According to the National Association for Female Executives, Men get promoted 18 percent more often and the trend continues into the mid to senior levels, causing a huge chasm in the male-to-female ratio at leadership levels. They recommend several ways for women to reach the next level and even the playing field:
- Seize every opportunity
- Get uncomfortable (raise your hand for new opportunities)
- Maintain a positive attitude
At Philadelphia-based fine jewelry brand LAGOS, the executive team is almost entirely female, led by women in the Vice President roles of Marketing, Sales, New Product Development, PR, Digital and E-commerce. The brand sees its female-dominated leadership team as a key differentiator and continues to gain market share thanks to the strong team they’ve built.
For 42 years, LAGOS has been a pioneer in designer fine jewelry and a supporter of women’s empowerment and equality. LAGOS takes every step to educate, empower and provide growth opportunities for female employees, which according to McKinsey & Company, is a clear predictor of profitability.
The Chamber positions diversity and inclusion as critical for business maturation and growth. Our Diversity & Inclusion Initiative drives economic competitiveness and highlights diverse employee populations that are underrepresented in the region.