Balancing Access To Capital And Resources For Diverse Entrepreneurs In The Ecosystem – Women’s representation in oil and gas remains unchanged at 22% – the same level as in 2017, when the World Petroleum Council (WPC) first examined the sector’s gender balance. In order to attract the talent needed to respond to the energy transition and digitization, the industry must improve diversity and inclusion (D&I). Here are some other key results from this second collaboration within the WPC:
Read the report here to assess the gender balance in oil and gas and see how eight leading companies are addressing D&I challenges in their organizations.
Balancing Access To Capital And Resources For Diverse Entrepreneurs In The Ecosystem
While the oil and gas industry has made significant progress toward greater diversity, much remains to be done to realize the performance and productivity benefits of a diverse workforce.
Culture And Influence In The Workplace: Individualism Vs Collectivism
Since 2017, when the World Petroleum Council (WPC) first addressed gender balance in oil and gas, there has been much disruption in the industry. Along with the dire consequences of the COVID-19 pandemic, the continued growth of the global energy transition and digitalization has accelerated the need and pace of change.
The percentage of women working in the oil and gas industry remained unchanged at 22%, the same level as in 2017. While the pandemic and oil price shocks may impact progress, there is a glimmer of hope (D&I) showing the need for continued focus, commitment and action to improve diversity and inclusion: the number of D&I policies and programs introduced by companies has increased by nearly 50% since 2017. , indicated that results have been sustained, commitment to action and the foundation for future progress has been strengthened throughout the country.
More needs to be done to achieve gender equality and improve diversity There are significant gaps in policies and programs Fewer than half of companies link leadership compensation to D&I goals And only one-third have procedures in place to ensure “blind” screening of applicants
Building A Diverse, Engaged Workforce
To thrive in a low-carbon, data-driven world, companies need to take urgent steps to increase diversity in their workplace and make diversity a strategic priority. This new world will require innovation, and innovation requires diversity; Companies with greater diversity outperform others in innovation and
To attract and retain a diverse talent pool, companies need to take practical steps like flexible working and accelerate efforts to create an inclusive environment. In addition, the industry’s values and priorities need to be more closely aligned with potential new hires – on climate issues, but also on the definition of social equity and diversity.
While other sectors have realized the importance of managed work goals, better work-life balance and independence, many oil and gas companies have begun to seriously commit to this path. Our findings suggest that while the importance of race in oil and gas sector D&I conversations is increasing (based on industry press coverage), gender remains a primary topic.
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So far oil and gas companies have adopted simple and straightforward D&I initiatives and met local regulatory and legal requirements. Further progress will require business leaders and managers to take tougher steps—questioning unconscious biases and making informed decisions to increase diversity and inclusion in their hiring choices, policies and supports throughout the employee’s career. Such efforts require a more intentional and proactive approach, led from the top, that embeds D&I values into all key business processes, especially those related to human resources. According to our findings, five challenges require particularly urgent attention:
A more proactive approach by the industry has led to positive results in important areas While the overall representation of women in industry remained unchanged, the share of women in global companies (operating in multiple countries) increased slightly from 24% to 25%, and the share of women in global companies entering the industry as university graduates. increased slightly, from 26% to 28% In addition, the number of D&I policies and programs implemented by companies increased by an average of 50% – a significant and very positive change from 2017.
Notably, all of the companies we surveyed in 2020 offer maternity leave, and more than 95% of them support equal pay, offer parental leave, and have sexual harassment policies (67% of companies do, compared to 90% of companies that offer maternity leave). ) which supports equal pay and 56% of companies offering paternity leave in 2017). Now that these important table roles (often mandated by governments) are widespread, companies are beginning to explore more advanced policies and programs, such as child care support and making diversity a key component of executive compensation.
Cracking The Glass Cultural Ceiling
The business case is clear. By creating a diverse and inclusive culture, oil and gas companies can benefit from a depth and breadth of perspective and improve business performance. According to Catalyst, a non-profit organization, companies with more women on their boards outperformed their counterparts on at least three financial measures: return on equity (53% higher), sales (42% higher) and invested capital (66% higher). Another study found that companies with the highest quartile of racial and ethnic diversity performance enjoyed 35% higher financial returns, and those with the highest quartile of gender diversity were 15% more likely to be industry-beaters.
But how can senior leaders create an environment that attracts, retains and develops diverse individuals whose profiles differ from the dominant?
During our research, we identified three essential elements that form the framework for a successful D&I strategy (See Annex 1.)
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Our research and industry engagement show that the following six ways to address these ongoing challenges can have the greatest impact at all career levels.
The first two approaches are particularly relevant to the “leadership” level of our framework, while the last four relate to the “operating model” level of the framework.
To help companies identify the actions they need to take to increase their diversity score, WPC has developed a Diversity and Inclusion Maturity Assessment Tool, which rates companies on 12 parameters and assigns a score of one to five for each. . The parameters cover factors ranging from CEO commitment to flexible working and fit into the five categories in the box above. Using these tools, companies can build momentum and create more targeted policies and programs to move the needle on D&I. (See our tools for assessing (and improving) D&I maturity.)
Conglomerate: Definition, Meaning, Creation, And Examples
Major advances in women’s representation in the oil and gas industry have stalled at 22% since 2017. In addition, the oil and gas industry ranks third lowest for gender equality among nine sectors, lagging behind other sectors. (See Exhibit 2.) Within the industry, however, we noted some pockets of regional improvement
Europe has made the biggest progress in gender equality since 2017 In Germany, the Netherlands and other countries, increasing government intervention has increased women’s representation from 24% to 33%. : Same gender doing the same job In other regions, women’s representation improved slightly or remained the same The only region where there was a decline in female representation was the Asia-Pacific region.
About 40% of the companies in this year’s company survey are multinational companies operating in different countries Companies in this global category in 2020 include the largest players in the industry and are comparable to those in 2017. Global companies tend to set more D&I goals and policies and are more proactive in achieving these goals than regional companies. Women’s representation among global companies increased slightly from 24% to 25%
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The overall decline in representation as women progress from middle to senior positions exceeds 50% – a number we saw in 2017.
The data also reveals other important changes among global companies, with the first two related to the “attraction” component of the framework operating model and the third to the “retention” and “advancement” components:
In general, men and women express different opinions about their company’s efforts to address the gender imbalance, although the gap is narrowing. Our research identified the following developments:
Enabling Innovation For Impact. Three Different But Interconnected…
Experience in a technical position is usually a prerequisite for senior management positions with P&L responsibilities. Both male and female employees in our survey believe that technical skills are essential for promotion: 71% say that technical skills are the main criterion for promotion and 60% say that being an engineer or similar technical education is important. Doing is the primary factor. Without urgent action to improve acceptance—both early-career hiring and lateral mid-career hiring—and keeping women in these technical roles, progress toward gender parity in oil and gas leadership will be more difficult in the coming years. .
Some leading players are rethinking their job requirements for middle management technical positions. For example, they occupy the scene
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