Data driven companies and broad international studies show that companies with gender diverse leadership drive higher profits. A move from no female leaders to 30 percent representation is associated with a 15 percent increase in the net revenue margin, according to a study of 22,000 firms.
“The first step we can take as an industry is to recognize that the issue exists,” Berg added. “Although many hospitality industry executives believe that their companies have solved the challenges of gender diversity, Castell Project statistics indicate that most have not. Something in the water does not compute where more than 90 percent of companies say they prioritize gender and racial diversity because it leads to better business results, but only 42 percent of employees think this is the case for gender diversity, according to a recent report by McKinsey. We challenge corporate leadership to build gender-diversity in their companies – it’s critical to a competitive bottom line.”
ABOUT THE CASTELL PROJECT
Castell Project, Inc. is a 501(c)3 nonprofit dedicated to the advancement of women to the highest levels within the hospitality industry. With support from industry partners, Castell delivers impactful leadership development for talented, high potential women, including a workshop with professional trainers specialized in developing women executives, ongoing training and networking opportunities and performance metrics tracked by Georgia State University, an academic partner to Castell Project. Castell Project also delivers innovative research on diversity in the hospitality industry.