Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Leading-edge diversity and ethnicity reporting tool launched

Leading-edge diversity and ethnicity reporting tool launched by New Zealand business Champions

Forty-four of New Zealand’s leading private and publicly-listed companies have voluntarily committed to a new diversity reporting framework that heralds a huge commitment to change, and one that will enable a new generation of diverse leaders to drive New Zealand’s future economic growth and social prosperity.

In an international capacity, the reporting framework is at the forefront of reporting. It has been, developed by Champions for Change, on gender and ethnicity representation within the workforce and across boards, with a spotlight on leadership pipelines.

Champions for Change co-Chair, Dame Jenny Shipley, says that developing clear targets and metrics to measure diversity and inclusion is critical to breaking entrenched patterns that inhibit organisations achieving their full potential.

“As Champions for Change, these leaders are stepping up to take the lead in holding themselves accountable to an agreed set of consistent reporting standards and in doing so will be benchmarking their efforts and progress amongst their peer group as they strive towards achieving truly diverse and inclusive leadership in their organisations,” she says.

“By voluntarily coming together to share their workforce diversity data, they intend to learn from each other as they develop a much richer understanding of how New Zealand is making the best use of our people and in doing so achieve much greater social and economic performance and prosperity for our companies and our country,” she says.

Thomas Pippos, CEO Deloitte, says that diversity and inclusion deliver better business results. “Globally, our research and experience tells us it results in larger pools of talent, more diverse thinking, smarter innovation, better decision making and – here’s the clincher for leaders who might question its value – better returns for shareholders,” he says.

“Companies in the top quartile of gender diversity are 15 per cent more likely to financially outperform their industry, and companies in the top quartile of ethnic diversity are 35 per cent more likely to financially outperform their industry. This is our case for change,” says Pippos.

Secretary to the Treasury, and Champion for Change Gabriel Makhlouf adds that being a diverse and inclusive country makes us stronger, more resilient and insightful. “It helps us to understand the present, better anticipate the challenges and opportunities that may arise in the future and better manage the pace, complexity and cross-cutting nature of change. Inclusive diversity in all its forms –is at the core of our continued success as a nation.”

“Half the people in the country are women,” he says. “Our labour force participation rate for women is currently at 65.3 percent, up from 56.6 percent just twenty years ago. Women are gaining qualifications at a greater rate than men but their skills are not being translated into greater career opportunities and development in the workplace, says Makhlouf.”
Global Women CEO Miranda Burdon says that the World Bank Women, Business and Law 2016 Report identified New Zealand as one of only 18 nations (of 173) that have no legal differences between men and women.

“New Zealand has a real chance to be a world leader in gender equality, but only if we make a meaningful commitment to lead the change,” says Burdon. “Currently women make up only 20 per cent of senior management and 17 per cent of the boards of listed companies,” she says. “We have a long way to go to reach even the 30 per cent minimum target that Australia has committed to.”

“One of the ways in which we get there is reporting. Clear reporting is crucial if change is to be achieved; because what we know is that what gets measured gets done.”

Burdon says that reporting on diversity figures helps organisations understand and track their progress, and gives them an idea of where they can improve. This approach has already led to success with gender representation on Boards in the UK, where a combination of reporting and voluntary target-setting saw the number of women on FTSE100 boards increase from 12.5% to 26% between 2011 and 2015—an overall increase of 52% over just four years.

-Ends-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Port Move: Cabinet Ministers Deliberate On Report

Cabinet ministers now have a copy of a report urging the government to move the Auckland port up north, but say no final decisions have been made. More>>

ALSO:

Toxicology Tests Planned: Dead Rats Washed Up On Beaches

As many as 600 rats washed up on Westport's North Beach over the weekend to the horror of locals. DOC said they may have been killed by a recent 1080 poison drop 140km away and washed down the Buller River after heavy rain battered the coast. More>>

ALSO:

Transition To Low Carbon: Mineral And Petroleum Resource Strategy

Responsibly Delivering Value – A Minerals and Petroleum Strategy for Aotearoa New Zealand: 2019-2029 has been developed to provide the direction for the sector in the transition to a low carbon and productive, sustainable and inclusive economy. More>>

ALSO:

MethaneSAT: Methane Satellite Mission Control In New Zealand

Mission Control for an international space mission to help tackle climate change will be based in New Zealand, with the Government putting $26 million towards the state-of-the-art satellite...More>>

ALSO:

Real Estate: Late Spring Surge

The continued shortage of quality real estate listings, coupled with record low mortgage interest rates have combined to add some zing to the property market over October. More>>

Wellbeing Stats: Finances Less Terrible And Less Great

According to results from the General Social Survey, the proportion of people who felt they had enough or more than enough money to meet everyday needs increased from 51 percent in 2008 to 63 percent in 2018, Stats NZ said today. More>>

ALSO: