Transparency and accountability can help companies bridge the gap between commitment and action.
Throughout our consultations, private sector businesses have acknowledged that a lack of transparency and accountability is a major hurdle to achieving gender equality in the workplace. McKinsey & Company’s “The Power of Parity” study reveals that this shortcoming is prevalent across the Canadian private sector. In the study, 55 percent of companies had not set any targets for female inclusion, 75 percent did not reward leaders for fostering gender diversity, and 100 percent did not have monetary incentives tied to the promotion of gender diversity. 1
Internal and external transparency measures can be uncomfortable and intimidating at first, but both are crucial to ensure that organizations are held fully accountable for their gender equality commitments, creating opportunities for advancing meaningful action. For instance, Bill Morris, retired president and senior managing director of Accenture Canada, acknowledged that while sharing workforce diversity metrics on the company’s external website was difficult, he soon learned that the “power of transparency” could drive commitment and action internally as well as enhance trust within the workforce. 2