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Feminomics: time for an economic turnaround?

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Erika Watson

on 12 March 2014

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Transcript of Feminomics: time for an economic turnaround?

Feminomics:Time for an
economic turnaround?

"We can't solve problems by using the same kind of thinking we used when we created them" said Einstein.
Lots of people think the economic crisis was 'man-made'
The
evidence

Bankers
or at least a product of... 'masculine' values
Money/ things
Work
Economic growth
Big and fast
Single minded
Individualistic
as opposed to 'feminine'
People/ relationships
Life
Sustainability
Small and slow
Reflective
Collaborative
Findings:
women earn 55% less than male counterparts - the LARGEST pay gap of any UK industry
The pay gap is just as wide for new recruits
Female bonus is just 1/5 of male counterparts
Highly stereotypical roles are common
Women who take maternity leave feel punished
Sexism is rife - overt and insidious
The UK's most
Reckless
Sexist
Economists
After several months and lots of soul searching leading economists concluded...erm...
This woman asked "Why did no-one
see the recession coming?"
Silo thinking
Focused on wealth and financial innovation at the expense of other human concerns
Reduced the world to mathematical formulae
Lacked imagination!
Alternatives
Politicians
The Treasury Select Committee...spot the women (hint, there are two)
And here are the people giving evidence...notice any similarities?
Dr John Coates of Cambridge University found that traders on a 'winning streak' can have dangerously high levels of testosterone and risk taking
Group think
what you get when a situation is dominated by people with similar experience and views
Identified as a key factor in what went wrong at Northern Rock, HBOS and RBS
And influential industry
The massive salaries in
investment banking
led to a culture of entitlement
at the top levels of the public services
need we say more?
Banking contributed a quarter of UK Corporation tax...leaving politicians in thrawl
Right-wing economist
Leading academic
Govt. adviser
Business
This is one eighth -
the proportion of women
in top company Boards
It's also a wedge...in almost every industry
the number of women diminishes
like this as salaries and seniority rise.
Women who make it to the top
are less likely to have children
and often need to absorb
male business culture to make it.
More women who want to
succeed in business in their own
terms are starting businesses.
60% of young women
are interested in
starting their own business
(LSE 2011)
The only significant Government investment
in women's businesses has been a £12.5million
women's business venture capital fund.
The champion minister was a former
investment banker - it's what she knew!
...after 3 years, only 5 businesses have been
supported with a total investment of £1.4million.
But Government enterprise policy
doesn't understand or support
women's enterprise
Values
"Two-thirds of people around the world think the global economic crisis is also a crisis of ethical values" (Davos 2010)
Economic
What measures matters
GDP
which includes...
Value of air pollution
war & defence
car accidents
Consumer sales
and that is...
We need to account for....
Quality of health and education
Environmental sustainability
Unpaid work (mostly done by women and equates to 1/3-1/2 of GDP)
Economics which reflects real life, not just cash, but also care, community and the environment
Leadership
Quotas?
They are working
to balance business
leadership
in Norway, Spain
and France
It's a myth
that there's a
shortage of
able women
At the current pace it will take 70+ years for balanced boards to evolve...But it's not just about equality... Businesses with gender balanced boards perform better too.
Culture change is urgent.
There are more men called Dave and Nick than women in parliament....any wonder the average woman in the UK is £250k poorer over her lifetime than the average man? (EHRC)
The gender wedge
is apparent in our
World leadership too
Spot the
woman!
meritocracy?
Banking
Audur Capital an Icelandic financial services company...that made a profit during the crisis
Furious about the mess a small group of young men
have made of their country...
They are making a stir globally for...
risk awareness (not risk aversion)
profit with principles - social and environmental
emotional due diligence of corporate culture
demystifying the language of finance
increasing women's financial independence
Sound principles for banking and business
Business
Needs freedom from stereotypes: allowing men to care and women to compete.
Cheap female labour has been driving economic growth since the industrial revolution
That's the flip side of the 'man-cession - not the kind of gender levelling any of us want
Women's enterprise is changing the rules

More innovative and ambitious
Strong ethical values
Risk aware and long-term vision
But...
Don't fit mainstream models of finance and business support
Don't get tenders or contracts
Less senior experience and contacts
Imagine if we had business policies which worked with women...rather than shoe-horning them into a male model?
Balance is best!

Prezi by Erika Watson
www.greenwellconsulting.co.uk
Get in touch if you'd like me to deliver this to your group
Gender balance mitigates risk
Female fund manager perform better
Trading floors benefit from diversity
for People
Planet
& Profit
Women business owners
who get past the road blocks
are now the UK's fastest growing
group of millionaires.
Full transcript