Weathering the Storm: Why Gender Equality is Still Good Business
news published date 3 February 2025Diversity isn’t just under scrutiny—it’s under attack. From corporate cutbacks to political grandstanding, DEI has become a lightning rod for controversy. What was once recognised as a driver of progress and performance is now tangled in ideological battles. In the U.S., Donald Trump is dismantling diversity initiatives, dismissing them as obstacles to “meritocracy.” In the UK, anti-woke rhetoric is fuelling scepticism, leading some firms to quietly roll back their commitments.
The message from critics? That inclusion is optional. But here’s the reality: companies that fail to reflect society will fail to serve it—and that makes them unsustainable.
The Business Case for Change
The numbers tell us what we already know—diverse companies perform better.
- Businesses with gender-inclusive cultures are 60% more likely to improve profits and productivity.
- Women will control 70% of global wealth by 2030.
- A $90 trillion wealth transfer is reshaping financial services, yet women remain underrepresented as both employees and customers.
If half the population is female but your board isn’t, are you truly hiring the best people? Are you positioning your business for long-term success in a changing world?
And yet, despite the clear financial case, progress is stalling. The latest Women Count report shows that for the first time in eight years, female representation on FTSE 350 executive committees has declined. The momentum we’ve built is at risk of being undone, and that should concern anyone who cares about sustainable business growth.
Against this backdrop, I was invited to give a keynote on diversity in UK FinTech earlier this month. Looking at the damning statistics from EY and Innovate Finance, I knew this couldn’t be just another DEI speech. Instead, I challenged the audience to think differently—not just about fairness (which, of course, matters), but about opportunity.
Diversity isn’t a tick-box exercise—it’s the rocket fuel for innovation, growth, and competitive edge.
A Moment of Reflection at the House of Commons
This message was reinforced again at the House of Commons this week, where WIBF joined 10 other organisations to launch EY’s report: “DE&I Interventions That Deliver.” As volunteer CEO of WIBF, I was proud to stand alongside organisations committed to real action, not just conversation.
The report provides a much-needed evidence base for what actually works in DEI. It was no surprise that Anna Anthony, Managing Partner of EY’s UK Financial Services division, focused on the commercial benefits:
- A sense of belonging can increase job performance by 56% (BetterUp study).
- Employees in inclusive environments are 167% more likely to recommend their company as a great place to work.
The evidence is overwhelming: diversity fuels success.
So, What Happens Next?
The stakes are high—but so are the opportunities. We know that diverse teams outperform. We know that gender-balanced businesses deliver higher shareholder value. We know that the next wave of financial wealth will be held by women.
So, here’s my challenge as we enter 2025:
- Call out the myths – DEI isn’t bad for business; ignorance is.
- Stop the stagnation – If leadership still looks the same as it did 20 years ago, change it.
- Create workplaces where talent thrives – This isn’t about quotas. It’s about unlocking potential and driving growth.
At WIBF, we stand for action. The business case is clear.
Let’s get to work.
Anna Lane
President, Women in Banking & Finance