Gender balance—and how best to achieve it for the benefit of men and women—has long been debated. This year’s International Men’s Day has the theme of Better Relations Between Men and Women.
As part of a series of interviews with male CEOs, I talk with David Schwimmer, CEO of London Stock Exchange Group, about how to progress gender equality. And he shares the urgency he feels for this.
The UK is making very real progress on a greater balance between men and women. There are more women than men pursuing higher education, women’s representation in the workforce is increasing, the gender pay gap is narrowing and the FTSE250 companies are appointing more women to senior leadership roles.
We are making progress, but is it fast enough?
A Time For Swift Action
London Stock Exchange Group (LSEG) is making great strides in achieving its gender diversity targets. Schwimmer explains that the firm had set a target for itself of 40% of its senior leadership positions to be held by women by the end of 2022—and it is close to this. There is work to do but, as Schwimmer says, the firm is working on this with each hire made.
According to Schwimmer, progress has been brought about by two factors: leadership demonstrating a focused commitment to change; and doing this with a sense of urgency.
Schwimmer recounts how this need for urgency crystallized for him.
At a meeting some years ago, he was asked how he felt about gender issues in the workplace and what plans there were for having women in important leadership roles within the Group. Schwimmer says that, in his reply, he had emphasized his commitment to this and its importance. However, at the end of the comment, he added words acknowledging it would take time.
Schwimmer remembers the almost grimace-like expression on the woman’s face in response to that statement. And Schwimmer agrees, saying: “This is an issue that should have been addressed by organizations and society decades ago. In practice, change does take time and it has to be worked through, but it needs a sense of urgency at the same time.”
He continues: “Careers have come and gone in the time we should have fixed these things.”
Our People Expect More From Us
LSEG is going through a transformation—both operationally and culturally. This, Schwimmer notes, provides the ideal time to “reset the culture”. The leadership team has been intentional about this, aiming to create a culture that “fosters belonging”. Schwimmer and his team have identified three other key pillars: ensure the leadership team is diverse; accelerate the career progression of underrepresented talent; and shape the industry regarding inclusion.
Schwimmer was initially surprised at the strength of feeling of LSEG employees concerning this final point. “It is really important to our people that we are seen to be taking a stand on this and to be talking about this externally. We have a role as a standard bearer for corporate governance in the market, so it makes complete sense that we should also be taking a leadership role in this area.”
Men And Women Together Will Create Change
Urgently accelerating the greater inclusivity of all women within the workforce should not be left to women to sort out. This is an issue that men and women, with joint responsibility, need to come together to action. It requires leadership and commitment from the very top of organizations.
Schwimmer echoes this as he gives the example of male allyship as being one way that men can help shift behaviors and demonstrate support for change. He comments: “Allyship is fundamental to bringing about balance. However, to effect real change, it requires leadership to recognize the issue, articulate the type of organization people want it to be and to make the practical changes. People want to see that we are trying to create an inclusive environment for everyone—and everyone has their role to play.”
It makes sense—common sense. We want to work within an organization in which fairness and equality prevail. Put simply, we need to get this actioned now.
