Liz McAreavey: Business group that puts ladies first

The words of our First Minister Nicola Sturgeon, whom the Edinburgh Chamber of Commerce is delighted to host at our Women in Business lunch this month, speak a powerful truth. Her commitment to women’s equality and fairness is well known to us all and we look forward to hearing what she has to say.

We are often asked why the Chamber needs a Women in Business group – why do you want special attention? The answer is simple – because it is necessary.

Sadly, even in 2019, women are still not given equal opportunity or treated with equal respect. A global survey by Grant Thornton last year found that the number of women in senior business roles in the UK had dropped – by two per cent in a year – to just 19 per cent. Shockingly, despite all of the efforts and noise around this issue, that is similar to levels reported a decade ago, and the UK is the second-worst performing country in Europe in this regard, and the fifth worst in the world.

This is the case, in spite of the fact that the evidence is mounting that having women in senior positions, and in particular at board levels, creates many positive benefits.

The British Chambers of Commerce maintains that more women on boards leads to better innovation, and other organisations have said it leads to improved sales revenues and margins and increased satisfaction and productivity. McKinsey reports that gender diverse companies are 15 per cent more likely to have financial returns above their national median.

There’s no longer any doubt. Boardroom equality and fairness equals improved business performance. Companies that overlook half of the world’s population overlook half of the world’s talent.

As a Chamber we promote responsible business, equality, inclusivity and fairness. The gender pay gap was revealed last year, some eight years after the law was tabled to compel companies across the UK to reveal the extent of the difference between male and female wages. Almost eight in ten companies and public-sector bodies pay men more than women with the gap averaging close to ten per cent.

Progress is being made and reporting and highlighting the inequalities can only accelerate this progress.

Let’s not kid ourselves, getting a room of women together creates an energy and buzz that is great fun. By the way – all men welcome.

Liz McAreavey is the chief executive of Edinburgh Chamber of Commerce.