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42 n e w h a v e n B I Z | M a y / J u n e 2 0 1 9 | n e w h a v e n b i z . c o m T H E L O O P G ender diversity is critical to any organi- zation's success — particularly when it comes to leadership roles. A recent study found a correlation between women and board membership: Companies with more women in board positions had a 66-percent higher return on investment compared to those with fewer females. In 2018, a record 248 women were appointed board directors among some of the most prom- inent companies in the U.S., but they comprise just 31 percent of total new board directors selected last year. Even with more women on boards, women are still earning 77.9 cents for every dollar earned by men. However, the main cause for a gender gap in pay is not necessarily that men are paid more for the same work as a woman, but that they're more likely to be pro- moted faster because they have fewer obstacles to overcome. As more women graduate from college and enter the workforce, it's essential women in existing leadership positions create a workplace environment that removes unconscious bias. For instance, here are four best practices to ensure an equal playing field and promote women in the workplace: n Foster open communication — When women are exposed to female role models and leaders, they are more likely to endorse other women who are well suited for leadership roles. With more women entering the workforce, it's im- portant for all employees to be comfortable in order to build trust. In the wake of the #MeToo movement and with more women entering the workforce, this is especially true. e advice, mentorship and feedback that a female leader shares with those around her can have an impact on generations of workers to come. n Amend rigid policies to address employee needs — Women today outnumber men on college campuses nationwide and represent more than half of the U.S. workforce. We have made great strides when it comes to female business ownership — today 36 percent of businesses are women-owned. However, there's still progress to be made. By midcareer, men are 70 percent more likely than women to be in executive positions, Closing the Boardroom Gender Gap Courtney Jinjika in many cases a result of external factors. E.g., women are five times more likely than men to take extended absences for child rearing. Upon a woman's return from having children, the child care duties don't subside. Consider offering flexibility, like work from home or flex hours, to help women better balance their two full-time jobs, one as a mother and the other as an employee of your business. Flexibility doesn't mean they will be doing less work – it will only help familial caretakers do their job and do their job well. n Flip the script on traditional HR practices — Whether business leaders admit it or not, unconscious bias exists and factors into HR functions such as hiring and promoting. To level the playing field to help close the gap between women and men in more senior roles, consider reviewing candidates blind. Removing identifiers such as a person's name allows managers to be more objective when evaluating skills, knowledge and potential to succeed without allowing unconscious biases about age, gender, race or education level to taint hiring decisions. Hiring blind reinforces the notion that you are hiring the most qualified candidate for the job. n Challenge group-think — Not only can remov- ing personal traits like gender, race and age from the evaluation calculus promote equal opportu- nity, it can enhance your company's diversity and boost revenue. As diverse newcomers disrupt group-think, companies become more profitable and productive. Moreover, when women serve on boards, those companies become more profitable — and not by just a little. If you're sitting in a group of like-minded people from similar walks of life to think through company strategy, you may not be harnessing the full potential of your organization. By introducing disruptors to group-think, your company will be challenged to think outside the proverbial box by inviting new perspectives into the conversation. n Courtney Jinjika is KeyBank's regional retail leader for Connecticut and western Massachusetts. She also co-chairs KeyBank's Key4Women chapter in Connecticut and western Massachusetts. V I E W P O I N T