Help women, profits climb

According to Chief Executive magazine’s 2009 “Best & Worst States” survey, Georgia improved its standing as one of the best states for jobs and business growth. The state moved up in the rankings to fourth place from seventh.

While that may be good news for the ol’ boys’ network, the women in Georgia have no cause to celebrate.

According to a new report from The Board of Directors Network, an advocacy organization for women in corporate leadership, the number of female directors on the boards of Georgia’s top public companies grew by less than 1 percent from 2007 to 2008.

Only 7 percent of the directors at the companies surveyed were women. For women of color, the situation was even worse. This group held less than 1 percent of all board seats.

This despite the fact several studies have shown a strong correlation between corporate performance and diversity, including the number of women in leadership positions.

And, while the most recent annual report from the Georgia Department of Economic Development boasts a 13 percent increase in jobs as a result of more project announcements, the highest paying jobs are going to the men. Almost three quarters of the companies in the BDN survey had no women among the top compensated employees.

If the number of women on the national payroll surpasses the number of men, as economists are predicting, the pay imbalance could have negative repercussions on the state’s financial health.

Even the best-laid stimulus plans are at risk unless gender inequities in the workplace are righted. Closing the gender gap and promoting women in the workplace has to be part of the package. Already Georgia is looking at allocating almost $20 billion for food stamps and more than $1 million for increased Medicaid payments.

When women are paid less than men, and those women are the financial heads of households, the need for food, health, child care and education assistance will increase. Perhaps the economic realities of gender equity can spur companies to take action in promoting women. Nothing else has worked so far.

Taking action is simple.

If each of the 83 Georgia public companies with no women directors were to fill one board seat with a woman, the number of women-held board seats would almost double to 100 percent.

Those positions don’t need to be filled with unqualified candidates. Organizations like the National Association of Corporate Directors and the Executive Leadership Council can help identify talented, female candidates from not-for-profit organizations, private company boards, trade groups and universities.

Businesses can also work to implement mentoring and succession planning for women, offer equal pay for equal work and implement work/life programs to help women manage the challenges of balancing demanding careers and household responsibilities.

The gender imbalance in Georgia’s public companies is bad for women, bad for civil rights, bad for business and bad for the economy. And, as more men are displaced from their jobs, it’s bad for the good ol’ boys. There is no way they can continue to enjoy the lifestyles to which they have become accustomed unless the women who support them bring home bigger paychecks.

> Liz O’Donnell writes for The Glass Hammer and blogs for Skirt! magazine.