Despite decades of progress, we’re still living in a world where opportunities aren’t equally available to everyone.
I recently came across an insightful piece by Eva-Maria Baumer, former VP of corporate engagement at Mastercard, that got me thinking about how far we’ve come in the gender equality journey – and how far we still have to go.
What struck me most was Baumer’s observation that “too much of the world has been designed without women in mind and without women involved.” It’s one of those statements that seems obvious once you hear it, but explains so much about why progress sometimes feels painfully slow.
The numbers tell a sobering story. While UK companies can boast about hitting that 30% mark for women on FTSE 100 boards (a genuine achievement), the fact that only 5% of CEOs are women shows we’re still miles away from true parity where it really counts – in the positions of greatest influence and decision-making power.
The High Cost of Exclusion
Let’s be honest – gender inequality isn’t just unfair, it’s expensive. And I don’t just mean in the moral sense (though that cost is immeasurable).
According to global consulting firm Oliver Wyman, the financial industry alone is missing out on a staggering $700 billion in revenue by failing to properly serve women consumers. That’s not a typo – that’s BILLION with a B. When you consider that women make up to 80% of day-to-day purchase decisions, this blind spot seems almost comically self-defeating for businesses.
But the costs go deeper than lost revenue. In some countries, the situation remains dire. A UN Women study highlighted that there are still nations where women legally can’t inherit property or are required by law to obey their husbands. Almost half of the world’s economies have laws restricting women’s decisions to join or remain in the workforce. It’s 2025, and we’re still dealing with this.
Perhaps most concerning is how these biases are being baked into our technological future. A 2016 study examining word embeddings in Google News articles found that the vector analogy “man is to computer programmer as woman is to x” was completed with “homemaker.” As someone who’s spent years in tech, this kind of algorithmic bias makes me want to bang my head against my keyboard. It reminds me of an issue I’ve noticed in negotiation training courses too – how often they teach strategies based on traditionally masculine approaches without acknowledging that effective negotiation can take many forms.
Last year, I participated in one of those artificial intelligence training courses that all the big tech companies seem to be rolling out these days. The instructor spent maybe five minutes on algorithmic bias before moving on to more “technical” topics. Several women in the room exchanged knowing glances – this casual treatment of such a critical issue explained a lot about the sorry state of AI fairness today.
Bright Spots on the Horizon.
Take parental leave, for instance. Mastercard now offers four months of maternity leave and two months of paternity leave globally, with 80% of male employees actually taking that leave. That last part is crucial – policies only matter if people use them without fear of career penalties. They’re even exploring unified parental leave regardless of gender, which would help level the playing field significantly.
Education initiatives are also making inroads. Mastercard’s Girls4Tech program has already inspired more than 800,000 girls across 27 countries to explore STEM subjects like AI and cybersecurity. I wish something like this had existed when I was growing up – my own journey into tech might have been a lot less lonely. Many organizations are now also investing in negotiation training courses tailored specifically for women, recognizing that traditional approaches often don’t account for the unique challenges women face at the bargaining table.
The Three-Pronged Approach to Change
Baumer outlines a three-part framework that businesses can adopt to drive meaningful progress:
1. Support Your People
Equal pay for equal work is non-negotiable in this equation. So is ensuring balanced recruitment and active succession planning to increase diversity at all levels.
I’ve sat through countless diversity training courses where executives nod along but then fail to implement the lessons in their daily decisions. The organizations making real progress are those where leaders model the behavior they expect from others – from how they run meetings to who they mentor and sponsor.
2. Impact the Market
Creating products and programs that actually meet women’s needs requires understanding those needs in the first place.
Mastercard conducted research involving over 40,000 people that shattered some persistent myths. It turns out women are just as financially confident as men but have different priorities – seeking more simplicity and stability in financial products. This research didn’t just sit on a shelf; it directly informed their product development framework.
The Mastercard Index of Women Entrepreneurs is another fantastic initiative tracking progress across 58 markets. One clear finding: female business owners perform better in high-income, advanced economies with enabling conditions. This shouldn’t be surprising, but it emphasizes how critical supportive infrastructure is for entrepreneurial success.
3. Drive Societal Change
This is where the rubber meets the road. Individual companies can only do so much – systemic change requires collective action through public-private partnerships.
Organizations like the 30% Club (working with businesses to drive culture change) and the Financial Alliance for Women (helping financial institutions better serve women customers) show how collaboration can accelerate progress. UN Women continues to advocate for improved policies and living conditions worldwide.
What Now? Practical Steps Forward
If you’re feeling inspired to contribute to this movement (and I hope you are), here are some concrete steps you can take:
For Business Leaders:
- Audit your recruiting, promotion, and compensation practices for gender bias
- Implement flexible work policies that support caregiving responsibilities
- Invest in mentorship and sponsorship programs specifically designed to advance women
- Ensure your product development process includes diverse perspectives from the start
- Provide negotiation training courses that address the documented differences in how men and women are perceived during negotiations
For Managers:
- Review how speaking time is distributed in your meetings
- Examine your go-to people for high-visibility assignments
- Create opportunities for all team members to showcase their expertise
- Advocate for your female team members’ advancement
For Everyone:
- Call out biased behavior when you see it (yes, even when it’s uncomfortable)
- Amplify women’s voices and ideas in meetings
- Seek out and share diverse perspectives
- Support businesses that prioritize gender equality
One of the most effective steps I’ve taken in my own career was organizing a peer mentoring circle for women in technical roles at my company. We meet monthly to share challenges, strategize solutions, and celebrate wins. It started with just five of us but has grown to over twenty. Several members have since been promoted or taken on leadership roles, citing the confidence and support gained from the group as a key factor.
The Business Case Is Clear
Gender equality isn’t a women’s issue – it’s a business imperative and an economic opportunity. Creating a world designed with women in mind and with women involved benefits everyone. As Baumer eloquently puts it, this isn’t about men versus women but collaboration between men and women.
The next time someone suggests gender equality initiatives are just about being “politically correct,” remind them of that $700 billion revenue opportunity the financial sector alone is missing. Nothing speaks louder than the bottom line.
A world that works better for women creates limitless possibilities for everyone. That’s not just a nice sentiment – it’s good business.
