"The pandemic provided an opportunity to push forward with meaningful change, but instead we have gone backwards and the prospect for women seeking advancement to the senior echelons of FTSE 350 companies looks as desolate as ever," the firm said in a statement.
The Pipeline's Women Count report showed that companies where at least 50% of their board members were women experienced a profit margin of 21.2%. On the other hand, firms without women on their executive committees saw a drop in profits of 17.5%. "If companies continue to actively ignore the importance of gender diversity at the top, the U.K. will suffer financially and struggle to bounce back quickly from the pandemic," the consultancy firm said.
The prospect for women seeking advancement to the senior echelons of FTSE 350 companies looks as desolate as ever.Other institutions have previously warned about the impact that the coronavirus pandemic has had on gender equality, and many researchers have noted that a more diverse representation on company boards is often correlated with a more successful business.
The International Monetary Fund, for instance, said in October that women were among those at the highest risk from the economic crisis. At the time, the Fund highlighted that women were more likely to be working in sectors that were brought to a halt by social restrictions, while also taking on the biggest proportion of childcare.
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