Did you know we’re just under a month away from International Women’s Day (8 March)? Did you also know that it’s proven that organisations that commit to greater diversity in their workforces are more successful?
Research shows that gender-balanced teams drive more sustained and predictable results at all levels of an organisation. According to research by McKinsey, a 10% increase of women in senior management has demonstrated a 3.5% increase in a company returns in the UK.
As well as undergoing a transformation to decarbonise and provide affordable and secure energy; the energy sector is starting to wake-up to, and seek, the benefits of making energy companies more inclusive workplaces.
In Ofgem, we value all colleagues, regardless of gender, background, ethnicity, age, nationality, expertise or experience. We are better and stronger the more diverse we are. We need to keep our culture inclusive, so all colleagues can flourish.
And we want to see the same across the whole energy sector.
A more representative and diverse energy sector can only help get better outcomes for consumers.
However, the challenge of changing is reflected by the industry’s gender pay gap. A representative sample of network companies and suppliers illustrates that the majority of the energy sector underrepresents women in senior roles. Using publicly available gender pay gap data, we estimate that the median gender pay gap in the industry is ~20%. But there are reasons to be cheerful – some companies operating in the sector have eliminated their gender pay gap, setting a great example for the rest of us to follow.
Here at Ofgem, we have worked hard to create and support a diverse workforce. We encourage flexible working across all levels of staff and have invested in infrastructure that accommodates various ways of working. In addition, we are trialling blind recruitment and considering whether it should be rolled out across the whole organisation.
Launching our Diversity & Inclusion Strategy
On 7 March, the eve of International Women’s Day, we’ll be hosting Diversity and Inclusion in Energy events in Glasgow and London.
Join us to hear about the launch of our first ever Diversity & inclusion Strategy, and explore with our panel of industry and government speakers how we can make energy a more diverse and inclusive industry.
If you’d like to attend, please register your interest now.
This year's International Women’s Day theme, #BalanceforBetter, is a call to action for all employers to achieve equal representation and compensation for women in the workforce. Ofgem is proud to champion these goals for #WomenInEnergy in the UK and beyond.