Business Case

“How does gender equality impact businesses?”

  • Gender inequality costs the United States $2,000,000,000,000 (trillion) in lost GDP. (source, Fast Business)
  • Gender diversity/inclusion is more than just a moral imperative, it is good business:
    • Gender diverse teams are more innovative and better able to anticipate future consumer needs and buying patterns. (source, Harvard Business Review)
    • Gender diverse teams are more creative, better able to recognize previously unappreciated opportunities, and more likely to anticipate problems. (source, Catalyst)
    • Businesses with executive teams in the top quartile of gender diversity were 25% more likely to achieve above-average profitability compared with companies in the bottom quartile for gender diversity. (source, McKinsey & Co.)
    • From 2000 to 2018 the percentage of Board seats held by women jumped from 12.3% to 23.4%. (source, Women in Work Index, PWC) In comparison, women make up over half the American population and drive 70-80% of consumer decisions (source, Forbes). At the current pace of change, corporate Boards of Directors will not achieve racial, ethnic and gender equality for more than two generations. (source, Government Accountability Office)
  • American consumers prefer to do business with socially conscious companies, particularly with respect to gender and racial equity. (source, Forbes)
  • Building a gender diverse workforce has become a critical factor for companies wanting to attract and retain top talent.
    • Around 80% of all millennials (86% female and 74% male) believe a prospective employer’s policies on diversity, equality, and inclusion are decisive factors when accepting a position. (source, PWC)
    • Inattention to diversity and inclusion can lead to increased turnover and increased recruiting and retention expenses. (sources, Boston Consulting Group and Korn Ferry)
  • 108 American companies filed an amicus brief in Virginia v Ferriero that included the statement that the 28th Amendment (Equal Rights) will “…improve American competitiveness and help accelerate the post-COVID-19 economic recovery.” (source, Amicus Brief filed by Paul Weiss, Virginia v Ferriero)
    For more information on the 28th Amendment and COVID-19, please see the FAQ “COVID-19.”

Proudly joining the overwhelming majority of Americans that support the ERA, amici recognize that eliminating systemic barriers that impede women’s economic and social advancement will result in a more just, vibrant, and productive America.

Amicus Brief filed on behalf of 108 American corporations by Paul Weiss, Virginia v Ferriero

ADDITIONAL FAQs


Contracts

“Won’t women contractors lose enhanced status for contract bids?”

COVID-19

“What kind of impact is COVID-19 having on gender equality?”

Draft

“Does constitutional equality mean women will be drafted?”

History

“What is the history of the 28th Amendment (Equal Rights)?”
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