the commercial imperative for putting a gender lens on your business 1 30% CLUB & PwC ARE YOU MISSING MILLIONS? 2 3 FORE CONTENTS 4 Foreword 8 1. Imagine what full inclusion could do for your business Transformational Opportunity 13 2. Open to all: A blueprint for inclusive business Spotting the Gaps: Just how many millions could your business be missing? 19 Bridging the Credit Gap – HSBC Case Study 22 Better for Everyone: Design & Development 24 Connecting Women: Mobile Initiatives in Emerging Markets – 27 Vodafone Case Study Brand Differentiator: Marketing, Projection & Reputation 28 Unstereotype in Advertising – Unilever Case Study 32 Balanced Picture: Gender Portrayal in Advertising – Diageo Case Study 34 Positive Influence: Fostering an Inclusive Supply Chain 36 Inclusive Sourcing: Boosting Supplier Diversity – GSK Case Study 38 Force for Good: Social Licence to Operate 41 LEAP Network – PwC Case Study 44 3. Commercial inclusion as a critical business driver 01: Transformation requires enterprise-wide buy-in and change 49 02: Focus in on where your commercial skills and experience 50 will deliver the greatest value WORD 03: Understand where you are now and articulate where you 53 want to be and why 04: Turn ambition into action 54 Power of a consistent organisational voice: Gender Equality at Mastercard 56 How can we drive gender Maturity Framework: Where is your business now, and where do you 58 want to be? equality faster and further? 05: Collaborate to accelerate the pace of change 61 Jaza Duka: Fill up your Store – Unilever/Mastercard Case Study 64 Let’s do business through 4. So where do you begin? a gender lens. How to get started 69 Acknowledgements 70 Letter from Brenda Trenowden CBE Global Co-Chair, 30% Club Footnotes 72 7 revenue, while also being a force THE VOLUME OF DISCUSSION for good in society. Ultimately, we need to aspire to have organisations AROUND THE GENDER BIAS that consider the gender impact of everything they do. ACROSS COMMERCIAL OUTPUT Drawing on real life examples from leading organisations worldwide, HAS BEEN INCREASING, AND this report starts to explore how to make doing business through a WE AT THE 30% CLUB HAVE gender lens a reality. Addressing this is critical for TAKEN NOTICE. businesses who want to stay culturally relevant and our report provides examples on gender as a starting point. In doing so, we fully acknowledge that considerations of ethnicity, disability, The recent bestseller Invisible and marginalisation has no place in sexual orientation, socioeconomic Women1 highlights a long list of our society from a moral perspective. background and beyond are all part of challenges negatively impacting But it’s also a commercial ‘own goal’. the journey; and that gender identities women. From the dimensions of Studies in the US have found that are themselves evolving rapidly. a smartphone to the testing and by around 2028, the average woman I look forward to sharing ideas and dosage of medicine and car safety, is projected to earn more than the approaches as we launch this next step women even endure the so-called average man5 and by 2030, women of our journey. We would like to thank ‘pink tax’2 for comparable goods will control two-thirds of private all the companies that contributed – with studies revealing many wealth6 in the US. their ideas and experiences. products marketed to women, The 30% Club knows from Stay in touch with us via our like a pink-coloured razor, can experience that business has the LinkedIn: 30percentClub-UK cost up to 50% more than one power to level the playing field. and Twitter: @30percentclub targeted at men. We created a Strategy Best using #TheMissingMillions Practices Working Group to review The challenges also extend how organisations can address the Brenda Trenowden CBE to our screens. For every female potential ‘missing millions’ of gender- Global Co-Chair, 30% Club film character there are 2.24 men3 related insights and opportunities November 2019 and when women do appear, the company-wide, to drive better projections are often distorted, with outcomes for women and men alike. studies showing only 3% of women A positive Environmental, Social in advertisements are portrayed in and Governance (ESG) vision of the leadership positions, for example.4 future includes companies that enjoy This kind of disempowerment sustainable growth and high-quality 8 8 9 TRANSFORMATIONAL10 OPPORTUNITY SECTION 1 HOW MUCH STRONGER WOULD YOUR BUSINESS BE IF WOMEN 1. IMAGINE WHAT FULL INCLUSION AND MEN WERE TRULY AN EQUAL COULD DO FOR YOUR BUSINESS. CONSIDERATION IN STRATEGIC Looking at diversity and inclusion through a commercial PLANNING, TECHNOLOGICAL lens is a huge, but still largely untapped, opportunity to differentiate your business, boost brand loyalty DEVELOPMENT, PRODUCT and reinforce your social licence to operate. DESIGN, MARKETING AND EXTERNAL ENGAGEMENT? This isn’t just an opportunity But true change will mean thinking to tap into a vast and still largely about the women and men who are under-served market, but also your customers, your suppliers and your to create offerings that are community, as well as your employees. innovative and unique. Where to start? An ‘outside-in’ In the same way workers, consumers approach to gender equality and investors are gravitating towards In this report, we explore what leading sustainable businesses, they also organisations are already doing to favour inclusive companies and build diversity and inclusion into will vote with their feet if they’re business strategy, from creating more not demonstrating this. diverse supply chains, to challenging stereotypes within marketing. More than just a talent priority To achieve a truly positive outcome, Diversity and inclusion are quickly businesses will require an enterprise- rising up the business agenda – they’re wide approach, examining every primarily seen as talent priorities, aspect of their operations through building fairer representation within a gender lens, while acknowledging senior positions, tackling pay gaps, differentiation by gender may not bias, and creating a more flexible always be appropriate. and inclusive internal environment. 13 A key step is understanding what gender data is available for analysis. Governance structures, operating models and technology may also need to be put in place to support an enterprise-wide gender lens approach. But this won’t solve it all – along with the models and tools for change, there will need to be a focus on adjusting your culture to help make sure applying a gender lens becomes part of the way you do business every day. This may require strong leadership and accountability, a clear articulation of your expectations, priorities and rationale for change, and the adaptation of your approach for local community needs and expectations. WE EXPLORE WHAT LEADING ORGANISATIONS ARE ALREADY DOING TO BUILD DIVERSITY AND INCLUSION INTO BUSINESS STRATEGY. 14 15 16 SECTION 2 SPOTTING 2. OPEN TO ALL: A BLUEPRINT FOR INCLUSIVE BUSINESS. JUSTTHE HOW GAPS MANY How can your business capitalise on the untapped MILLIONS COULD potential within your markets and empower the communities you serve? YOUR BUSINESS BE MISSING? A large part of your marketplace may THE WAY FORWARD be missing out. How can you embrace those who are under-served? • Build commercial inclusion into board discussions, business The starting point for strategic inclusivity is planning, development and execution treating it in the same way as any other business imperative, such as sales or customer experience. • Ensure accountability for This requires gender data that helps you commercial and societal inclusion understand your current customer base as and build this into leadership well as untapped potential in the community. objectives, appraisals and How much data do you have on any differences incentives – this is a strategic issue between what men and women want from your that shouldn’t be delegated business? Are there any gaps in the services you provide? Once you’ve identified areas for • Collect data with a diversity improvement, gender data can also be used to lens where possible. Build gender help create key performance indicators (KPIs) data and considerations into KPIs to inform decision making, track performance including net promoter scores, and drive continuous innovation. revenues and return on investment 19 BRIDG- ING THE “TO SEE CHANGE, WE NEED CREDIT TO BE THE CHANGE.” Case study: HSBC GAP 20 21 HSBC Bridging The Credit Gap FOR EVERY Why is this a focus? FinTech start-up to technology specialists). £1 OF VC For every £1 of VC investment in the UK, HSBC also works with clients who are all-female founder teams get less than 1p.7 interested in investing in female-founded INVESTMENT Female founders in the US raised $2.88 billion businesses. The partnership with AllBright has in 2018 – a mere 2.2% of the $130 billion total already been extended from the UK to the US IN THE UK, capital8 invested in venture-backed start-ups. and broadened to include Commercial and And the International Finance Corporation Retail Bank colleagues. HSBC is also bringing ALL-FEMALE (IFC) estimates there is a $1.5 trillion credit Pitch Day and the AllBright to Hong Kong for gap for female-owned SMEs.9 further activity around female entrepreneurship FOUNDER In spite of this, a US study of 350 start-ups and investment opportunity. founded and co-founded by women reveals TEAMS GET they generated 10% more in cumulative revenue What’s the outcome? over a five-year period and delivered two times HSBC Private Banking Relationship Manager LESS THAN 1P. as much for every dollar invested than those Gitanjali Sharma says her involvement in set up by men.10 AllBright’s pitch days has enabled her to “better understand the female entrepreneur What’s the company doing? landscape – what businesswomen really need In 2019, HSBC’s Global Banking and and what we can we do to help them achieve Markets business launched its Gender Lens their goals”.