This trend is also mirrored in various surveys that have been conducted by Accenture, such as The Equality = Innovation, Getting to Equal 2019: Creating a culture that drives innovation report. A key finding of this survey that informed the report, is that a culture of equality – in other words, the same kind of workplace environment that helps everyone advance to higher positions – is a powerful multiplier of innovation and growth (measured by 40 specific workplace factors). 

The study, which was conducted among more than 18,000 employees in 27 countries, amongst others, also found that:

• People are more willing and able to innovate in faster-growing economies and in geographics with higher labour-productivity growth.
• The power of a workplace culture of equality to drive employees’ innovation mindset – or their willingness and ability to innovate – is strong.
• Equality has more impact than age or gender and leads to an increase in innovation mindset in all industries and all countries.
• In fact, employees’ innovation mindset is six times higher in the most-equal cultures than in the least equal ones.

The report confirms that innovation also equals economic growth and that the stakes are enormous. Accenture for example calculated that the global GDP will increase by up to US$8 trillion by 2028 if innovation mindset in all countries were raised by only 10%.

The effect of gender on innovation in emerging economies

A Korean Study, The Gender Effect on a Firm’s Innovative Activities in the Emerging Economies, which was published by the Multidisciplinary Digital Publishing Institute (MDPI) in 2019, examined the impact of gender at three different positions in a firm’s hierarchy on innovative activities, across ±6,500 businesses in 30 emerging countries. The study also cites a league of similar studies which are in consensus that gender diversity has a positive impact on innovation, with just a few key observations as follows:

• Greater representation of women in boards of directors enhances the return on investment in research and development (R&D) expenditure.
• Gender diversity on boards enhances environmental innovation.
• Greater female presence in boards leads to enhanced organisational performance and enhanced innovation.
• Gender diversity is a critical driver of organisational innovation because of how women positively mediate the decision-making culture dimension of cognitive conflict, preparation and involvement in board meetings.
• Gender diversity at top management level has a proven positive effect on the important relationship between knowledge, capability and innovation performance.

Findings like these do not bode well for businesses in the likes of South Africa for example, where to this day, a mere ±10% of top leadership positions such as CEOs and chairpersons are held by women.

Gender diversity and innovation – then and now

Not surprisingly, the fact that gender diversity has an important role in business innovation is by no means new, as it has been demonstrated over and over again over the years. Data that was analysed from Fortune 500 companies from 2001 to 2010 for example, shows that those who have female CEOs or gender-diverse boards demonstrate greater organisational performance. 

Similarly, an analysis of statistics of 125 non-financial companies that are listed on the Madrid Stock Exchange from 2005 to 2009, showed that an increase in female board members also increased the economic performance of companies. Not to mention that the 2012 World Development Report already provided concrete proof that the path to growth and development is through realising women’s rights. 

Fast-forward to our future, and it becomes clear that these trends are not changing. On the contrary, according to a recent article by WEF, “The business case for diversity in the workplace is now overwhelming.” The article confirms that there is substantial research which indicates that diversity has a range of tangible business advantages, including increased profitability and creativity, greater governance and enhanced problem-solving capabilities. Allow me to quote: “Employees with diverse backgrounds bring to bear their own perspectives, ideas and experiences, helping to create organizations that are resilient and effective, and which outperform organisations that do not invest in diversity.” 

Getting equal is no longer merely an ethical imperative, but a business priority

In the words of my colleague Luis Martinez, Senior Digital Delivery Manager at Accenture: “One of the most important conclusions that we can draw from studies like these, is that building a culture of equality is not just an ethical imperative, but a business priority. If organizations want to thrive, they have to get equal.”

The theme for this year – She, He, We, is Power – has a strong message: to harness the power of diversity, collective effort is needed. It refers to the collective power—of women and men—that is now needed to build a more powerful, economically inclusive future. The future relies on collaboration – the theme emphasises that we are more powerful when we stand together in unity.
 
The Voices of Change movement was born at the 2017 One Young World Summit when Accenture and Thomson Reuters identified an opportunity to leverage their networks and experience to create a lasting and impactful change. In 2018 we held our first Voices of Change conference in South Africa. 

Voices of Change is an ideal platform for global thought leadership discussion. It was established in response to help get to ‘destination equal’ as soon as possible. We do however believe that the only way we can truly reach ‘destination equal,’ is by every man and every woman becoming an agent of gender equality within their own workplaces and spheres of influence. This realisation is also the inspiration behind the theme of Voices of Change 2021, which is “She, He, We, is Power,” the essence of which captures a profound message; that we are no doubt stronger when we stand together in unity, and that collective effort is required to harness the true power of diversity. 

It is our intent that these lessons learnt from the thought leadership discussions and case studies shared, will serve to empower and encourage every business and institutional leader to proactively start weaving equality into their very operational DNA.  DM/BM

Voices of Change 2021 was held on 5 August 2021 and was made possible by Accenture, AECI, AngloGold Ashanti, Aspen, Astron Energy, Business Engage, FNB, Imperial, Life Healthcare, Nedbank, Pfizer, Refinitiv, RMB, Vodacom and Wesbank.