The very slow march toward gender equality

Earlier this year it was announced that the gender pay gap had widened to 1994 levels. A gender pay gap of 18.2 per cent is not good for anyone.

Since the Equal Pay Cases of 1969 and 1972 there has been glacial change. This is not without effort. A lot of people care and are active on this issue.

Indeed, not even the fearsome and formidable power women of the 1980s could change the status quo.

It is often asked by some: is this even an issue?

Gender inequality is one of the greatest weaknesses in our economy. Women are attaining university education at higher rates to men, almost across every field. The challenge is that this is not translating to the workforce generally, and especially in leadership.

This week Gail Kelly has announced her retirement from leading Westpac, and in doing so the ASX has become that little bit more male.

Kelly is expected to dedicate more of her time to issues of diversity because she realises that investments made in girls and women's education are not paying off.

There are a few things that make up economic gender inequality. The highly feminised industries are often paid less, combining this with a lack of senior women across the economy and the positioning of women in pay bands predominantly at the bottom compounds gender inequality.

This is a complex mix and a can be difficult to translate to superficially curious.

Some people might take issue with that and question it. I agree that scrutinising research and data is really important, however the same issues keep being found.

In 2012, it was found that if women's wages rose to that of men's our GDP would expand by $93 billion. That might be a merely economic dream, but if the Australian labour market used women's talents the same as Canada our economy would expand by $25 billion.

These are not small sums of money, it recognises that women are havens of productivity and economic transformation.

This weekend the G20 is expected to finalise an announcement on how they will close the gender pay gap. They have (finally) realised that in order to live out their mandate as an economic forum they need to better consider women's efforts.

Excuse the cynicism, but I'm surprised it has taken this long.

Jeff Borland from the University of Melbourne has found that women-dominated occupations fail to have above-average income increases. Additionally, the Yale-educated professor, found that there has not been a uniform rise in female/male earnings ratio within occupations. Men's wages were growing faster than women's.

The lack of women's representation in the economy, especially at senior levels, is a cause for concern for everyone.

Not only should we be asking "where are these women going?" – because I am sure we can all name a handful; we must also consider why the market isn't trying to find these women in a more rigorous way.

When I speak with human resource managers and executives I ask them about gender diversity in their organisation. There is some innovative and transformational work being done.

Some organisations have a long way to go. Asking them why they lag is important. Why should the status quo remain? Should organisations be looking for the best talent?

Talent is not gendered – it is not held only by men or only by women.

For me, this is not a political issue or in women's interest alone – it is in the national interest that more women are active in the economy.

There are some who will say that competent women will merely rise to the challenge. That is true. I know some of those women, and they would agree that they have been fortunate.

It cannot be denied that there are talented and capable women who can lead and serve in prominent roles in the economy. Every senior woman I have spoken to on this issue has had a moment in their career where they have realised that gender equality is an issue.

Often it comes at a point of outward discrimination to a woman junior to them or when they are the only woman in the room.

It is a realisation that the issues facing women are not isolated. Hence the importance of organisations such as Chief Executive Women to support more women into these leading positions.

We cannot stagnate any longer. Gender equality is not just an issue for women. We need a breadth of voices on this issue.

There is too much to gain. I am bored of reciting research and economic modelling on how much is at stake.

Shareholders and organisational partners should be asking where gender diversity sits within the company and what they are doing about it. If they are lacking, questions should be asked over how seriously they take operational effectiveness and productivity.

Good leaders get it. Gender equality is good for business and good for society.

Let's just get on with it.