Former US Secretary of State Hillary Clinton has said companies can gain a competitive edge by being more representative during a keynote address at the 30% Club Ireland's seventh annual Chair & CEO Conference on Tuesday.
Speaking via Zoom with former President Mary McAleese, Clinton said that many people underestimate the advances firms can make "selling [their] organisation as a representative one that is connected to the world."
Clinton, a former US Senator for New York and First Lady, said that inclusivity among present and future employees was both progressive and desirable, especially given the widespread challenges in hiring and retaining staff being experienced at present.
"Diversity is our friend in a complex and global economy that we are now in," she said. "Everyone should understand that the more different voices that are part of the decision-making process, the better decisions that will be made."
Clinton said that the US was focused on "reaching and exceeding" quotas for board diversity in European countries, and challenged companies to "take a hard look at your hiring, retaining, promotion policies – just try to really analyse if there is implicit bias at work.
In Association with
"The heads of companies who talk the talk need to walk the walk … examine your own data. Come up with an analysis, you analyse everything else from how you’re going to improve your supply chain to how you’re going to improve your marketing – all the pieces of the puzzle about being profitable.
"Well, look at your employment practices and your promotional practices, especially now when a lot of companies are having trouble both hiring and retaining employees."
Speaking at the same event, EU Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness said that "more diverse teams are more likely to think about society as a whole.”
"Looking towards my area of finance, some of the most exciting developments are coming from fintech – it’s transforming how we think about finance and money: instant payments, virtual cards, artificial intelligence to make forecasts and manage data," she continued.
"But…only 12% of global fintech founders are women. So, we’ve a plethora of new products and services shaking up the market - but if fintech is dominated by men do these products reflect the needs of women - or society as a whole?”
Around 750 people working at companies that are members of the 30% Club Ireland attended the event. The organisation aims for 30% gender balance at senior decision-making levels in firms nationwide.
Rachel Hussey, Clients and Markets Partner at Arthur Cox and outgoing chair of the 30% Club Ireland said the theme of sustaining progress is a critical one.
"Looking back, when the pandemic first hit, there was a concern that business issues such as diversity and sustainability - which are arguably one and the same - might have to take a back seat," she said.
"The opposite has in fact been the case, and businesses are more focused on these areas than ever. We have made some welcome progress, but plenty remains to be done - and our theme for today is sustaining that progress, as we face new economic challenges. We must stay determined to keep these key issues front and centre as we work together, to drive more progress."
Melíosa O’Caoimh, Country Head at Northern Trust Ireland and incoming chair of the 30% Club said: "I am delighted and honoured to take on this new role and building on the progress of the 30% Club to date, is one of my key objectives. To echo the words of the former Secretary of State, there is no time to rest on this issue, and our initiative and plans will ensure that."
