DEI initiatives have been found to correlate positively with business performance. Organizational studies uphold that organizations prioritizing DEI have more successful businesses and better financial outcomes than businesses without these initiatives. Companies with higher levels of diversity in leadership roles experience higher profits and improved financial performance. Research upholds that specifically gender diversity within higher levels of business consistently report increased financial returns.
Efforts toward fostering DEI have yet to achieve greater representation of marginalized groups in many organizations. Institutional and cultural barriers limit opportunities for underrepresented groups, like implicit bias and discrimination. Organizations require comprehensive policies to create an equitable environment including enforcement mechanisms, effective training, or enforcing accountability from leaders for DEI-related commitments. Unequal access to education, career advancement, and resources limit the ability of marginalized groups to gain representation at higher levels in the workplace. Such disparities are compounded by unequal access to financial resources.
Recent global events affected movements of businesses, decisions of regulatory institutions, and international financial deals. Because of the pandemic and Brexit, companies have had to adjust by merging with other firms, issuing shares and debt, and
re-arranging company structures. Board reforms, changes in taxation, and workplace safety have also been altered due to COVID. Advocate networks have worked to ensure international financial institutions promote responsible financial practices. This includes stressing banks to prevent activities that damage the environment or contribute to inequality, propagating sustainable investing and banking practices, and encouraging the development of new, morally responsible technologies. By socializing these international financial institutions, they are better equipped to address current global events and ensure the long-term stability of the global economy. The Paris and Trans-Pacific Partnership agreements have also played a role in furthering the goals of these advocate networks by promoting greater international cooperation and establishing more transparent regulations
for global economic dealings.
The IMF has established a connection between financial stability and gender inequality, leading to establishing rules and regulations to be followed by international economic actors and maintaining certain attitudes towards economics. The regulations
address issues such as low wages for women, unequal access to resources and services, limited voice and representation in decision-making, and gender-based violence. These regulations attempt to create fairer and more equal economies that reduce the gap between men and women regarding macroeconomic indicators like labor force participation, productivity, and wages. In this way, such regulation effectively promotes gender equality and economic stability while also providing a corrective mechanism of enforcement.
Add comment
Comments